Business & Finance

Individually Tailored Financial Services From Generation to Generation

No two clients are alike and not all financial service proposals should be the same either. Mark and Sidney Weinstock believe that a sound financial plan is one that is custom tailored to the needs of each individual client.

How did you get involved in financial services?

Sidney: Unexpectedly. My family had, and still has, a thriving kosher meat business. In the late 80’s, the family was offered the opportunity to partner with Maximum Life, an insurance company just starting out. My father, uncle, and their partner, thought that I might be a good fit to manage that project. In order to familiarize myself with the industry, I enrolled in a full year program at the College of Insurance. It was a whole new world for me. Murray Rosen, a senior professor, taught some of my favorite classes and we really connected.
Murray figured that between my networking abilities and his expertise, we could make a great team. We worked together for a while, targeting the most complex, estate-planning cases I could find; with a professor at your side, nothing is too complex. You tend to learn more in real-world settings and I was no exception. When Murray decided to retire, he referred me to his friends at Lee, Nolan & Koroghlian, LLC. For the last 30 years, I have often thought about how grateful I am to Mr. Rosen for his guidance and for connecting me to my current firm.

What areas do you specialize in?

Mark: You could say we are financial service coordinators. We specialize in bridging the gap
between laymen and industry professionals. Attorneys, CPAs and investment advisors, while highly trained, don’t have the time to prioritize the issues of every individual client. Our job is to make sure the client’s needs are met.

As a financial advisor you help clients reduce and defer taxes, and you advise them regarding insurance and estate planning. Is there one particular area you prefer dealing with?

Sidney: Coming from a family business, I strongly identify with the concerns of business owners. People would like their business to continue for generations and are focused on the issues that will enable that. For example, what if only some of the children are involved in the business? Can the business provide for the founders in their retirement? Because of my early years with Murray, I learned to relish challenging estate-planning concepts while coordinating with lawyers and accountants to optimize the process.

Please explain your relationship as an associate with the financial group Lee, Nolanand Koroghlian, LLC. Is there a benefit to working under this arrangement?

Sidney: Lee, Nolan & Koroghlian, LLC is a full-service, financial services organization. Most of the associates here are given the space to specialize in their area of preference. I’ve been with them for 30 years and Mark has been there for almost eight. The great value for us, and our clients, is the support the firm provides us with. We have specialists available to offer second opinions at no extra charge. New concepts and trends are analyzed so we can give people the most current, up-to-date advice.

How do you forge a personal dynamic with your clients?
Mark: People often call our office, out of the blue, and say something like, “I’m a friend of ABC who just did XYZ with you. Sign me up for the same.” Without knowing the friend’s specifics, financials and aspirations, how can we just do the same thing? We live in a world of instant downloads but that doesn’t mean we can skip the whole discussion.

Transparency is a fundamental principle in financial services. How do you achieve this?
Sidney: We are upfront with each person as to how we are paid. Simply put, we do not charge for our time. During a long-term relationship, there are often solutions that the client feels are appropriate. These include investments, retirement plans, insurances or annuities, and we are compensated by whichever suitable company has been selected to establish that contract.

What do you find the most satisfying about your job?

Sidney: I don’t know of a more satisfying feeling than seeing a sense of relief and a look of confidence replace a concerned frown. Everyone’s challenges are different. It’s very rewarding when, after really getting to know a client, we present them with a completely customized plan that fully addresses their needs and concerns.
I also love how our work brings several generations of one family together, especially now that I’m working with my own son! It’s amazing to see 2nd and 3rd generations of a client’s family coming in to plan for their families. Our business is growing in the most wonderful way: from generation to generation.

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Sidney and Mark Weinstock have almost 40 years of combined experience in helping clients plan for multi-generational financially secure futures. Contact: Office 646-867-8310 sweinstock@financialguide.com markweinstock@financialguide.com

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