Client Letter - Happy 40th!

Greetings!

Forty years ago today, Jory Berkwits called to offer me a job. He was the office manager of the Merrill Lynch, Burlington, MA office, and I was 22 years old. He told me I was too young, a bit immature and a bit rough around the edges, but he said, “I’m going to hire you anyway.” Why? Well, at Suffolk, I had very good grades. Although grades are often not as important as students think, they are a piece of evidence. At the time, I was working part time as a landscaper, and I was playing varsity hockey for Suffolk University. I had told Jory “I will outwork everyone.” And he believed me. I had evidence.

Tight Schedule?

Oh, by the way, I also had a girlfriend of 4 years at the time. I’d met her when she was a senior at Norwood High and I was a freshman at Providence College. She’s the reason I left Providence College after two years for Suffolk University. I needed to be home in Norwood on the weekend. I just wanted to spend all of my “spare” time with her. Her name is Sheila – the mother of my three daughters.

The Girls Are All Currently in Violation of My 200-Mile Rule

All three girls were required to be within 200 miles of their father. This rule was followed through undergraduate school. But:

1. Grace (29) is a scientist in San Francisco. She’s working on gene therapy. There’s a good chance she ends up back in Greater Boston.
2. Rose (27) is an emergency department registered nurse (R.N.) in Denver. She and her husband Danny Spychala, also an R.N., like to hike and ski. There is little chance of Rose ever complying with my 200-mile rule.
3. Sophie (25) met a Dubliner during a semester in Dublin while at Providence College. Now Connor is in medical school in Limerick, and Sophie is working in marketing in Dublin after earning a master’s degree from Trinity College Dublin. We’ll see where she winds up.

So, the question is, which one (s) do I disinherit?

On the 25^th anniversary of my hiring, I had lunch with Jory. He said with a laugh, “You were so young – even for your age. You know I shouldn’t have hired you.” I said, “Yes, I know. But I kept my promise.” Of course, I left Merrill after four years and I kept my promise at A.G. Edwards – a legendary firm (since “bought out” of existence). But that’s another story…

Today, Eppolito Financial Strategies, LLC (EFS) is an independent firm. Independence is the way to go. Generally, all independent firms must partner with a brokerage firm. We chose Raymond James. Many in the industry consider Raymond James to be very “A.G. Edwards-like.” And we’ve found this to be quite true.

I still have clients from 1984! A very few are not much older than me. Many longer-term clients used to send us their successful friends. Many now send us their successful grown-up children.

I Didn’t Do It Alone

Needless to say, I needed help over the years. Carole Alexander has been expertly handling clients for 26 years (her 26^th anniversary is April 20th). She considers our clients family and ensures the details of their financial lives are carefully managed. She and daughter Shannon, who oversees office management details, have been integral to my success.

The Gameplan – More Help

I still feel like a kid. I still believe I work harder than my peers (but it’s more fun today!). After two years with Fidelity, Michael Carbone has now been with me for nearly eight years. He reminds me of a better version of a young me – he’s way ahead of where I was 10 years into the financial services industry. Of course, he had a great mentor… 😊 Carole Alexander calls him “Carbon Copy.”

Michael will have his own junior partner soon. Right now, we plan on hiring a Finance major out of undergraduate school, as opposed to someone already in the business. We have strong beliefs and want to mold our partner in a certain way. We expect this person to pursue a master’s degree in finance and become certified in financial planning. This is not a job. It is much more than that. Taking on a partner is like marriage. We know exactly what we want. Stay tuned.

I’m 63 in June and although no one knows what the future holds, I plan on working normally toward age 70. By that point I expect to cut back and take more time off. But I expect to stay in the game. Hopefully I’ll still be writing the EFS client letters.

I want to thank you all for your faith in me and for your loyalty over the years.

Best wishes,

Larry