BUSINESS & PROFESSIONAL

eme

Sta ff p hoto by Ang i

,aeir nasI

Mitchell Mondry, left,
gets financial advice
from Marc Schechter
and Jason Zimmerman.

Wealth Of Advice

You need to do your homework to find the right financial planner.

Bill Carroll
Special to the Jewish News

I

n the "good old days" of financial planning and
investing — as "old" as early last year — giving
people financial advice and investing in stocks,

bonds and other funds was almost as easy as
"throwing darts at a dart board," quips a local finan-
cial planner.

"Then in late 2007, the darts started falling off the
board," he adds solemnly, "and the board even crum-
bled and fell down."

and not make rash decisions.
One of the best-known financial planners is Rick
Bloom, 54, a partner with his

the end of last year and early this
year that people were just not even
opening their financial statements

brother, Ken, 57, in Bloom Asset
Management Inc., Farmington Hills,

each month. The envelopes piled up
while people fretted."

currently marking its 25th year in the
business.
Rick, a veteran of giving finan-
cial advice in several newspaper

Bloom Asset Management handles
diversified financial planning and
money management for individual
investors on a no-commission, fee-

The average portfolio dropped by about 40 percent
in 2008. But some call that situation a "past crisis"
and insist there are brighter times ahead in the finan-

columns and radio programs and
seminars, can't use enough terms
in his wordsmith
background to urge clients to keep
under control.
"I tell them not to let emotions dic-

cial planning industry.
Recent newspaper headlines belie that optimism
somewhat: "Banks Ramp Up Home Foreclosures,"

tate their decisions," he says. "They
should keep a level head, maintain
a strong discipline, don't act out of

"Bankruptcies At All-Time High," "Unemployment
Soars." These extreme times of widespread layoffs,

fear, keep their emotions in check,
don't act rashly in uncertain eco-

pay reductions and shrinking retirement accounts
have families thinking twice before making large
investments and retail purchasing decisions.
Financial planners are urging clients to keep calm

nomic times, think before they make
a move."
Lyle Wolberg, a partner in Telemus Wealth Advisers
in Southfield, points out "the situation got so bad at

Ken Bloom

Lyle Wolberg

only basis, using no-load mutual
funds — "with no additional compensation from fund
companies we recommend," adds Bloom.

"The funds we manage have grown to more than
$600 million over the years. We also provide legal, tax

and estate planning to our clients," he says.
"When Ken and I opened this business in a rented
conference room in an old building — we now have
18 employees — people really didn't know what

retirement meant. They worked; then they died. Now,
retirement is the beginning of everything for maybe 30

more years — senior activities, cruises, fun with their
grandchildren.

WEALTH OF ADVICE on page B4

June 11

0

2009

B3