Framework – Larry Sprung: Accessibility, Referrals, and the Future of Financial Advising

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On this episode of Framework, Jamie Hopkins talks with Larry Sprung, the founder and wealth advisor at Mitlin Financial.

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When Larry was a teenager, his mom was diagnosed with cancer. His dad struggled to make ends meet while also paying for his mom’s medical bills. Though it was difficult to watch, he realized that it wouldn’t actually matter how much money they had — it wouldn’t make his mom healthy.

That understanding, that while money could make many things easier, it couldn’t create happiness, is at the heart of where he finds joy today in helping families navigate the financial landscape. Larry originally started as a pre-med major, but quickly switched to math. His financial services internship stuck with him and he’s been in the industry ever since.

Larry talks with Jamie about everything from unpaid internships, to pizza, hockey, and, of course, financial planning. Larry is passionate about his work and loves seeing the impact that his financial planning can have on people’s lives. He also shares his ideas on where the industry needs to shift and what the future holds for financial advisors.

(29:07) “If you’re not ingrained in it every day, the financial industry is very confusing. It’s a cloud of confusion. So to be able to take some of that cloud and be able to mitigate it for people and be able to bring it down to a level that they understand and how it relates back to them is very rewarding.” ~ @Lawrence_Sprung

Main Takeaways

  • Everyone has part of the wealth and everyone deserves to have access to the profession. We’re at a point where we need to make the financial advisor profession better for all.
  • Making sure clients are a good fit with your firm is critical. If they’re not, you will end up losing the client in the long run and fail to secure any of their future generations for your firm.
  • Referrals are always a great way to grow, but social media is tapping a new generation who is starting to have more of their own wealth and are in need of advisors.

Links and Important Mentions

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