In this episode, Jack Sharry talks with Len Reinhart, a pioneer in the UMH industry and founder of several successful advisory firms. Len began discussing the subject of separately managed accounts, managed money, an advisory approach, and, of course, UMH, nearly 20 years ago.
As a baby boomer himself, Len witnessed firsthand the diminishing benefits for boomers as retirement suddenly became their primary responsibility. Simultaneously, he began his career working with managed money where the goal was listening to clients first, unlike the aggressively cold-calling brokers he sat beside. He listened to clients’ goals, their risk requirements, and built strategies to meet those individual needs.
Focusing on retirement and listening to clients’ end goals, both financial and personal, became the basis of his approach to advising. As he built firms with a client-first approach in mind, his success caught the attention of competitors and the industry.
Len and Jack discuss the transition from winning the financial rat race to simply funding future liabilities. They also discuss why UMH is such a powerful tool for accomplishing lifelong goals and how the role of advisors has shifted to help clients reach those goals.
“The end goal of the unified managed household is to take all the clients’ assets, their goals, and aspirations – meaning what are they trying to accomplish with their life – and put them together. And I think the further you take this, the better.” ~ Len Reinhart
Main takeaways
- When UMH is done properly, investing takes a backseat. In other words, the original selling point for advisors has become the secondary selling point. Everything, including investing, is evaluated based on its probability of contributing to a client’s long-term success.
- UMH is evolving into a guidepost by which financial decisions are made. Meaning decisions that were previously handled separately (i.e., taxes) are now made in conjunction with one another.
- As UMH becomes commonplace, the way advisors work with clients is rapidly changing. Lifestyle management (managing cost, tax, and risk) is leading the conversation while beating the market is taking a backseat.
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