Firm:
Mitlin Financial Inc.
Job Title:
President
Biography:
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.
Education:
BS, Mathematics, Binghamton University
Assets Under Management:
$46 million
Fee Structure:
Asset-Based
Fixed
CRD Number:
158247
Insurance License:
#NY
Disclaimer:
Mitlin Financial, Inc. ("Mitlin Financial”) is an investment advisor located in New York. Mitlin Financial and its representatives are in compliance with the current registration requirements of those states in which Mitlin Financial maintains clients. Mitlin Financial may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Mitlin Financial's website is limited to the dissemination of general information pertaining to its investment advisory services. Accordingly, the publication of the Mitlin Financial website on the internet should not be construed by any consumer and/or prospective client as Mitlin Financial's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the internet. Any subsequent, direct communication by Mitlin Financial with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. A copy of Mitlin Financial's current written disclosure statement discussing Mitlin Financial's business operations, services, and fees is available from Mitlin Financial upon request. Mitlin Financial does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Mitlin Financial's website or incorporated herein, and takes no responsibility thereof. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by Mitlin Financial) or product made reference to directly or indirectly by Mitlin Financial in its website, or indirectly via a link to an unaffiliated third party website, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client's investment portfolio. Historical performance results for investment indices and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.
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To the extent that any client or prospective client utilizes any economic calculator or similar device contained within or linked to Mitlin Financial' website, the client and/or prospective client is advised that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Mitlin Financial, or from any other investment professional. Clients utilizing this website for the purpose of accessing documents posted to a web portal do so with the understanding that accessing such information through the portal should be done only through secure channels and on non-public machines. Mitlin Financial cannot be responsible for criminal activities of others, specifically those that may access client information through the use of a client’s password or other credentials.
Clients are strongly encouraged to compare the information found through the portal with any information received directly from their account custodian. Registration as an Investment Advisor does not imply any certain level of skill or training.
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Lawrence Sprung, CFP® profiled on Advisor Insights via Investopedia -
Mitlin Minute: Get Your Financial House In Order -
Fiduciary Rule -
Mitlin Minute: Beneficiary Designation Review
This is a great question! The short answer is no. Essentially you could purchase a stock and sell it seconds later for a profit or loss.
I think you may be thinking of the period of time needed to hold a stock for it to be considered long term capital gains, as opposed to short term capital gains. In this case, you would need to hold the security for 12 months and then could sell it the next day and it would be considered a long term capital gain. Should you sell the security before the 12 months is up, the gain or loss would be considered short term and taxed at ordinary income rates, not the more favorable capital gains rates.
Best of luck investing!
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 a great question and one that I must answer, it depends, due to lack of information.
The only instance that would allow you to rollover the inherited IRA assets would be if they were being inherited from yuor spouse. This is the only time, regardless of age, that you can rollover assest from a decedant's IRA to your own.
When you inherit assest from anyone other than your spouse, you are required to open an inherited IRA and begin taking required minimum distributions each year. This will be a minimum amount you will need to take out each year and you can always take out more if needed, regardless of age.
So, if it is a spouse's IRA you can roll it over to your own otherwise you cannot. I am sorry for your loss and hope this helps!
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 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!