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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Lawrence Sprung, CFP® profiled on Advisor Insights via Investopedia
Mitlin Minute: Get Your Financial House In Order
Mitlin Minute: Beneficiary Designation Review
This is a good question and one I can answer from experience, as my firm bills monthly.
Monthly billing is not as common in the industry, quarterly is the most common. I chose to bill monthly so clients were not "shocked" with a three month bill all at once. People are used to paying most of their bills monthly and this smooths things out for them on a cash flow basis as well. In short, there is nothing worng with being billed monthly.
You should make sure that the bill is being calculated correct, as we provide each client with a monthly invoice that shows them what the bill is and how it was calculated. Most clients have the fee assessed to the account that is being billed, but you can certainly pay it with outside funds to keep more of your money invested.
Based upon your question, the other piece of information I would be curious to see is how does he account for withdrawals. So for example, lets say you account is $1MM at the beginning of the year and he is charging 1% or $10K. How does the fee get impacted if you remove $200k from the account? Do you get a credit for the removal and is your fee reduced accordingly?
Great question and best of luck! Paying monthly is not an issue.
This is an excellent ”problem” to have and I congratulate you on being debt free.
The most immediate thing you could do is increase your 401(k) contribution. You are currently contributing 6%, which represents $7800 of your earnings. The maximum you could contribute is $18,500 this year, which would bring you to (roughly) 14%. This would certainly help your tax situation.
It may also be a good idea to speak with your CPA and a fiduciary advisor to see what other options may be available to you to lower your tax burden. Additional information would be needed to discuss additional strategies, but I gave you the one that is clear from the information given.
Best of luck!
In order to answer your question directly, yes you can. Your game plan is completely possible, but would require some planning on your part.
It would be key for you to consult with an estate planning attorney. As a side note, I would assure that you are working with an attorney whose specialty is estate planning and is not a general practitioner. Estate planning is a specialization that requires a special skill set. This will help assure that the planning you have done will be enacted.
In the end, your estate planning attorney will be able to formulate your distribution strategy in whatever way you prefer. Best of luck in setting up your plan!
This is a complicated question and one many New Yorkers encounter due to the high cost of living and real estate.
It seems to me, with the information provided in your question, that you have to seriously consider whether or not you want to pull back your 401(k) contributions. The amount of money that you currently have saved for retirement, if that is a total view, seems to lead me to believe that you are behind where you should/need/want to be. It is very important that at your stage of life you have a plan in place to help guide you through the decision making process you are entering right now.
Prior to moving forward with a home purchase, I would engage a fiduciary advisor to help you develop a financial plan. the plan will show you whether you are ahead, behind or on target with your goals. Then you can project how lowering your retirement plan contributions, to afford a more expensive home, will impact things. You have to remember, although you have the ability to borrow to purchase a home, there is no loan for retirement.
Putting a plan in place will shed light on your overall situation and help guide you ffor many years to come. Good luck as you go through this process!
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!