“The payoff though is tremendous in the sense that it builds generational loyalty,” he said, while also acknowledging there was a potential downside as well.
“It’s a simple ‘yes’ that turns a prospect into a client for a wealth management firm,” he said. “However, for that same client to purchase life or disability insurance, it requires not only he or she to commit to buying the coverage, but that the insurance company also be willing to insure the risk. I’ve had situations where the entire relationship was tarnished because I wasn’t able to secure insurance for the client because of health issues. I’ve learned to disclose that possibility up front so there are no surprises.”
Rosen said he looked forward to leveraging his firm’s new partnership with Creative Planning to enhance the services already offered.
“For us, its an issue of scale and efficiency,” he said in the email. “It’s a dream to be able to make one internal call and refer a client to another division of CP for help in so many different areas.”
Incap (Baltimore) served as financial advisor to Rosen Capital Management on its transaction with Creative Planning. Financial terms were not disclosed.
With the closing of this latest acquisition—the second in just the past two weeks—Creative Planning currently manages or advises on over $225 billion in assets across all 50 states and in 65 countries, with continued plans for growth throughout the rest of 2022, the company said.