Mitlin Financial Inc.
As Mitlin Financial’s president and lead wealth manager, Larry Sprung drives planning and asset management services, as well as business development, for the firm.
Larry entered the financial industry in 1996, and continues to be inspired and energized by the challenge of helping his clients achieve and even surpass their financial goals.
Larry earned a Bachelor’s Degree in Mathematics from Binghamton University. He holds the Certified Financial Planner™ designation, reflecting expertise across a broad range of planning topics.
He started his career at a small boutique, and later served as a Financial Consultant at Salomon Smith Barney and a Vice President at Bank of America Investments. He founded Mitlin Financial in 2004, incorporating in the business the best features and practices from his previous firms.
Today, Larry is proud to be serving the second and third generations of his clients. He has seen first-hand how strong financial habits, instilled in parents, children and grandchildren, can impact a family’s wealth and wealth stewardship for generations.
Larry is known as a devoted educator. His efforts include not just regular client meetings but also workshops on diverse financial topics. He is also a frequent speaker at industry conferences.
An active volunteer, Larry serves on the National Board of the American Foundation for Suicide Prevention, and sits on its Financial and Investment committees. With his wife, Denise, he has raised more than $700,000 for the organization through the Keith Milano Memorial Fund. The fund was created at AFSP in memory of Larry and Denise’s brother-in-law and brother, respectively.
Larry has been recognized as one of Long Island Business News' "40 Under 40*," and was subsequently chosen, in 2009, as Valedictorian of the "40 Under 40*" Class of 2006. His commentary is regularly featured in publications such as Long Island Business News, U.S. News & World Reports, Newsday and RT Digital Magazine, serving the author community.
A Smithtown resident, Larry is an avid New York Rangers fan, and gets on the ice himself whenever he can. He and Denise travel frequently to watch their two sons play hockey in traveling leagues.
BS, Mathematics, Binghamton University
Assets Under Management:
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Robo Advisor (Are they really advising?)
Mitlin Minute: Get Your Financial House In Order
Mitlin Minute: Beneficiary Designation Review
I would congratulate you on your discipline of saving and investing. This discipline early on will pay off in spades as you get older and you take advantage of compounding.
This question is a personal preference and not one that works for everyone. I would recommend that you base your decision off of two main criteria:
1) Are you looking for more than invesment advice and guidance? Meaning, do you have planning needs. Do you know if what you are currently doing is optimal based upon your current fact and circumstances and future goals.
2) Do you feel comfortable entrusting your financial future to a robo solution or would you prefer having a personal relationship with an advisor that you can have a personal relationship with? You will want to make sure that, whomever you move forward with, it is a good fit for you and that you are a good fit for the firm you are working with.
Good luck and congratulations again!
This is a great question and in short, the earlier the better and start with what you can. I believe you are ready to start and it is evidenced merely by the fact that you are asking this question.
We have clients that are of similair age investing $50 per week in order to get started building their wealth. I would certainly guide you to look to work with a fiduciary. You can learn more about this by reading Tony Robbins book Master The Money Game.
Start building good habit today and they will pay dividends for you in the future. Get started today!
First and foremost, I think it is excellent that your 15 year old is looking to start saving at such an early age.
Depending on the amount of money she is looking to invest, I would suggest you take an appraoch that will not only allow her to invest, but will act as a learning experience as well. I have done this with my own children who are now 11 and 14.
I had each of my boys select two companies that they used on a regular basis, loved their products and felt the companies had a bright future. They then went online and did a bit of research on each and came back to me with the one best idea. They then "made their case" for investing in the company and if it made sense we went forward, if it did not I asked them to research their other idea.
We then took the funds they had available, less than $1000 in each case, and purchased as many shares in their company as they could. We also elected to reinvest dividends. I have provided them with their own log on and they receive statements each month.
They now look for their company in the news to see how their investment is doing and we discuss it regularly.
This works great for small sums of money. Should you have a larger sum, you may want to do this with a portion of the funds and then find a well diversified ETF for the remainder of the assets. I believe each of these strategies will yield your daughter a better return in the long run and also provide her with a great educational opportunity at the same time. Good luck!
This is an excellent question and could change in the coming months depending on tax reforms that may or may not pass.
As it stands today, it would depend on whether the trust was a revocable or irrevocable trust.
Stock that was contributed to a revocable trust could be eligible for a step up in basis at the time of death. This would mean that the beneficiaries would receive the stock with the basis equal to the value at your time of death. This could save your beneficiaries a good deal of capital gains exposure. This may be a compelling reason to hold onto extremely low basis stock assuming it makes sense overall.
Stock that was contributed to an irrevocable trust can be different. This is something that should be discussed with your attorney and tax advisor. Depending on how the trust is structured you may be eligible for the step up in basis outlined above for the revocable trust. In other instances, the stock may retain the basis at the time you gifted it to the trust. These are two very different things and you will need to know which applies to your trust if it is irrevocable.
Without knowing the full details of the trust it cannot be determined which of these scenarios exactly applies to you. I think this outlines a good start and an avenue to determine what will apply to you.
I think this is an excellent idea assuming you still have the financial cushion needed outside of the retirement account. Assuming this cushion is in place, up and beyond what you will withdraw to fund your retirement accounts, go for it.
Used properly, this will give you a significant leg up on reaching your goals.
Good luck with building your net worth!