A new poll for you

Number Two Supersized

I read with great interest this morning in the April edition of Money the results of a poll they conducted in February.  I haven’t decided if I am either troubled, perplexed or just out of the loop.  The poll was comprised of 16,494 responses from interviews taken in New York City, so one would be lead to believe that there would be at least a basic level of sophistication going on.  The results make me think as a profession, the financial services industry is failing in a very big way.  The question was “Where have you gotten the best financial advice?” Here is what the results say:

34% The Media, 28% A Professional Financial Advisor, 22% from a Family Member, and 16% from A Friend

I was shocked at how large a percentage of respondents said the media.  As a individual, I wonder how the sweeping type of statements made in a public forum can prove to be in the least bit useful to my situation.  Sure the “Pay down credit cards” and “Diversify” articles are solid ideas, but to qualify that as the “best financial advise” shows what a great job magazines, the internet, and TV/Radio have done to make our society believe our financial futures can be handled as easily as hitting the “Drive Thru” at McDonald’s.

Given that less than 1/3 of the respondents claimed an advisor, I am left wondering if it is because as a profession we give poor advice, or if it is a function of real people not being able to find us.  I could make an argument either way but fear it’s more of my profession seeming out of reach from the average American.  I suggest this is the case given that almost 40% of those asked looked to friends or family for advice.  I’ll follow this post up with a poll asking you that don’t use an advisor “Why Not?”.  I’m interested to know.

I was also left wondering about what this means to the state of our financial well being.  One thought that crossed my mind was that perhaps many of those asked were not really saving.  Given how it played out, I think that perhaps those that are, are doing it through a workplace retirement plan only.  Maybe this is what left them  to think they only had the media, friends, or family to turn to.  I then began to wonder if our employers are doing a good enough job helping us get the advice we need to manage such an important asset.  Depending on your answers to the first poll, I’ll follow that up with one asking about comfort levels in the education provided at work for your 401(k).

I’ll leave by saying that I’m disappointed in this poll and what it has caused me to think about.  I hope that the financial services industry can find a better way to engage the American public and that all of us good people can have the courage to know that financial well being is something that you have to work toward and can’t be created with a quick read or internet search.  If the best advice we all find is in the media (and the internet is included), then I hope I can provide it to you right here, right now.  The single most important thing you can do as an individual seeking financial stability now and in the future is to seek a professional capable of looking at your situation individually before providing any advice.  Take your internet time to find someone you can trust and work with personally.  None of us should be grouped into a “Number Two, Supersized”

Tell us what you think!

a weekend 12 years in the making

For those of you who have attended NASCAR races before, you know what a spectacle they are.  From the time the gates open on Friday morning till the sun sets on Sunday afternoon, there is a buzz that is almost unequaled anywhere in the world.  This weekend was no exception, but because of the excitement of Victory Lane Wealth Solutions NASCAR debut, the experience seemed to be enhanced  beyond explanation.

I grew up with my dad taking me to the race track.  When Roger Penske brought racing back to Southern California in the mid 90′s my cousin convinced me to buy season tickets and I haven’t missed a race since.  12 years ago, I was lucky enough to have a contact that set me up with garage passes to a race in Sonoma.  At the time there were 3 drivers I followed:  Bobby Labonte, Jeff Burton, and Ricky Rudd.  My contact was a mucky muck for Exide Batteries so I was able to spend time with Burton (he drove the 99 Exide Ford in those days).  Seeing the sport from the inside was amazing, and spending time with Jeff Burton seeing how professional the drivers were off the track made me comment to my business partner at the time that there had to be a way to be more involved.  I’m grateful that TRG has helped me make that dream a reality.   Yesterday I found Jeff Burton as he hopped out of the Corvette he took his parade lap in and also thanked him for the experience that pushed me to the point of an associate sponsor for Bobby Labonte and the 71 TRG Chevrolet.

When I left Sonoma, I had 3 autographs.  The opportunity for more was there, but I only wanted the three.  In hindsight, I wish I had Earnhardt Sr’s, but I was proud of those I collected.  When Bobby signed my program 12 years ago, I remember him being as gracious to me as a fan as he has been now as a supporter of his team.  He is a genuine man and the reputation he has earned as a “great guy” is well placed and much deserved.  Spending the last 12 years building a successful business has been rewarding, and the excitement for me has never faded.  Being in a place now to support a sport I enjoy is a thrill to me and I’m proud of the new brand we have created with Victory Lane. More than that however, I’m proud of affiliating with TRG Motorsports and Bobby Labonte.  Both the race team and the driver exhibit the same great qualities I have found in my organization and it’s supporters over the years I have been in business.  I hope that those of you following these posts look to see how we can help you so we can continue to justify our affiliation with the 71 now that we know Bobby is coming back next year!

After the press release Saturday, I was able to talk to Bobby and hear about how he felt this was a great move because the commitment TRG has made to be in this sport.  Watching the race until the point the 88 started what ended our day I can see why.  This race team has created good partners, and the assistance they receive in and out of the garage comes from those around them knowing they are working with good people. You know it takes a special group to come to Sprint Cup and before the end of their first full year have a champion driver locked up for the next year and sponsors beginning to clamor to be involved with them.

Hard work and perseverance is a phrase that comes to mind when I think about this team.  That’s why we chose to work with them.  That’s why they are going to do big things.  As they continue to find funding things can only get better.  On the track, as I watched the scoring monitor, they were consistently a top 10-12 car.  They still have some challenges in the pits but not surprising given how this is a new team.  When we dropped a few spots on stops, Bobby picked them back up on the track.  Had we lost only a few less, we would have been in front of that wreck and I bet had a top 15.  Bobby said so much after the race.  Slugger tuned the car and made it fast.  It’s just going to keep getting better.  These guys really are good.

Keep looking here for updates on the team as well as for ideas regarding your financial well being too…we are as passionate about what we do as those on the 71 team and together we know we’ll do good things!

headed to… victory lane (wealth solutions that is)

great news

Showing up at the track today was so exciting.  I knew coming in that TRG had scheduled a big press conference but assumed it was about a new sponsor for next year.  Hearing it was not only a great sponsorship deal, but that it also facilitated the signing of Bobby Labonte for the 2010 season was awesome.

As I was taking a look at the 71 car and the Victory Lane Wealth Solutions decal, I had a chance to talk to Bobby for a few minutes.  He was really happy to have been able to nail this down now so he can focus on a great 2010 season.  I mentioned that I liked how our company was represented right above his foundation’s decal.  I thought it was appropriate that we were together on the car since we are committed to what he is doing with the Bobby Labonte Foundation.

Having a partner like Bobby and TRG is what makes this endeavor so great.  Knowing that if we are able to be successful with our 2 race associate sponsorship that we can continue this partnership into 2010 was great news. We are proud of how we represent this team and want to be great partners for years to come.  We are already seeing business from our association and know we will be able to provide solid advice for fans that chose to work with us.  We promise that as long as the fans support us, we will continue to support this race team.  If you want to know more about our philosophy, please email us for a complimentary copy of “The Informed Investor” at: info@victorylanewealth.com

did i mention it was a great day?

Sure, there was a lot of “business” going on today, but what a day!  Being in the middle of all that was going on was simply amazing.  I’ve been to several tracks (Fontana, Sonoma, Chicagoland, and Darlington on the current schedule), but never PIR.  I will go on the record as saying that this is a really neat place.  If it were not for Darlington’s history, Phoenix would be at the top of my list.

TRG was BUSY!!  Aside from the usual race weekend stuff, they were attempting to put a first time Cup driver in a second car and just barely missed it…The equiptment was there, but the driver had never driven a COT and was also entered in the Truck and Nationwide race. Even though he is a talented guy it had to have been crazy trying to keep all the equiptment straight.  Either way, Labonte qualified 20th and seemed excited about his car.

I ran into Bobby in the hauler and we chatted about the Foundation focus we are working on.  I know everyone likes NASCAR because they think the drivers are great guys, but I can tell you that Bobby Labonte really is.  He is professional, and fully engaged in all he does.  In addition it’s obvious to me he is bright and very excited to be doing what he is doing, and is committed to making a difference with his Foundation.  We are very lucky to have a true Champion to partner with.

I had to wait for another meeting for a little bit as my appointment was getting mauled because she had just announced a press conference for tomorrow (11/14) at 11:05 Mountain time.  There was quite a buzz generated so expectations are that TRG has some cool stuff to talk about while I’m here.  Since she wouldn’t tell me the scoop, I was left to assume it will be about our associate sponsorship for the last two races this year.  Somehow I doubt it.

I also had a chance to talk with Kevin Buckler (TRG’s owner) and could not have been more impressed.  This guy is a racer and it is clear to me why Bobby seems to be smiling more than I’ve noticed the last few years.  I know we are going to see big things from this team.

I watched the start of the Truck race then bugged out for an In-N-Out Double Double. I’m already looking forward to tomorrow.  I hope you had a chance to check the pictures I posted on our Facebook page (look for us as Victory Lane Wealth Solutions and be a friend) It really was a great day.

Charity begins at the track

As we thought of what we wanted to do with Victory Lane Wealth Solutions, it was very clear to us from the beginning we wanted to make a difference.  From the business side of it, we wanted to deliver the high end thinking and service that we provide to our affluent clients to the everyday American.  From a partner side, we wanted to work with a team and driver that shared our goals and that we could build success with together.  But as we continued to think of what else was important, we realized that we wanted to make a difference in the world around us.

Part of our Wealth Management experience is delivered through what we call advanced planning.  Charitable planning is one of the four areas advanced planning  addresses.  (Wealth Enhancement, Wealth Transfer, and Wealth Protection are the other three).  Charitable planning is one of the few things that we address that can not only make our clients financial lives better, it also strengthens the communities we live in.

Our affiliation with TRG Motorsports and Bobby Labonte was the perfect fit for us in being able to make a difference.  Through their participation in the NASCAR Sprint Cup Series, they reach not only the everyday American, but also many of the successful business owners that our existing practice serves.  More importantly, we have found that Bobby Labonte shares our goals, and with TRG’s support we are using Bobby’s foundation to make that difference.  Part of all proceeds we generate  will be donated to Bobby’s foundation.  In addition to that, we have featured the foundation on our sponsor page (www.victorylanewealth.com/sponsors).  We want everybody we reach to go and see what Bobby is doing with the money he raises.  You will surely be impressed.

We love what we do day to day.  But we also love what we are doing with TRG, Bobby and all the other professionals that are part of this.  Surrounding yourself with people that share a common goal makes our lives much more rewarding.

Look for a follow up on how proper charitable planning can make a difference for you too.  If you can’t wait, you can always send us a note at info@victorylanewealth.com  and reference “charity” in the subject line

Debut Associate Sponsorship of TRG Motorsports #71 and Bobby Labonte

Today marked the debut of Victory Lane Wealth Solutions NASCAR Sprint Cup Series sponsorship.  11 years ago there was a dream.  33 days ago an idea, and today we rolled it out.  In addition to positioning our firm as an expert when working with small to mid-size business owners, we are using this sponsorship  to bring our services to the everyday investor as well.   10% of our profits will also be returned to charity through our association with Bobby Labonte’s foundation.  Be sure to check out what we are doing at www.victorylanewealth.com