The Financial Services Network Welcomes Tim Baumert VP of Portfolio Consulting Services

The Financial Services Network is thrilled to announce that Tim Baumert has joined their Portfolio Consulting team as VP, of Portfolio Consulting (PC) services. Baumert has nearly three decades of experience as an investment officer with two pension funds – Oregon State, CalSTRS, and senior-level positions at firms such as BlackRock and State Street.

As PC continues to grow and expand their offerings, Baumert’s multifaceted experience will elevate the investment team, as well as increase the caliber of support provided to advisors. “I’m amazed by how well everyone here is aligned with The Network’s mission. Joining PC has been a collaborative process, which is perfect as I hold teamwork paramount,” he said. “With my institutional background, I’m looking forward to working within a boutique firm focused on growth so I can directly see my impact.”

“Tim is a highly accomplished financial services professional that will lead our team through our newly enhanced service offering,” Jeremy Olen, Managing Partner and Chief Investment Officer said. “We’re excited to leverage his extensive experience in portfolio management and business solutions to help boost productivity and better the investment experience for both our affiliated advisors and their clients.”

The Financial Services Network (The Network) is a group of professionals that provide services to financial professionals affiliated with LPL Financial (LPL) or Strategic Wealth Advisors Group (SWAG). Advisors who are affiliated with LPL Financial as an Investment Advisor Representative and a Registered Representative oversee $9.2B of advisory assets and $9.3B of brokerage assets through LPL. Strategic Wealth Advisors Group (SWAG) is a Registered Investment Advisor (RIA) with over $6.3B in assets under management as of November 2021. Those advisors affiliated with SWAG and are registered representatives of LPL Financial and oversee $4.2B of brokerage assets at LPL. The Network supports advisors who affiliate with independent broker/dealer, LPL Financial, (for both brokerage and advisory business). The Network’s hybrid RIA, SWAG, also supports advisors who manage a Fee Only/RIA Only business as well as those in need of a Hybrid RIA.

Portfolio Consulting is a service provided through The Network that provides customized portfolio research for advisors that are proprietary to each independent advisor’s practice. The service includes customized model guidance, investment research and due diligence, monitoring, trading/rebalancing, tax harvesting, concentrated stock management, investment committee meetings, as well as trade logs, rationale and documentation modeled after an institutional investment process. The Portfolio Consulting team is currently providing services to select group of advisors with assets custodied at LPL Financial, Schwab, Fidelity, and TD Ameritrade.

The consultants of The Financial Services Network are registered representatives with, and securities are offered through, LPL Financial, member FINRA/SIPC. Fee-based investment advisory services may be offered through Strategic Wealth Advisors Group (SWAG) or LPL Financial. Neither SWAG nor The Financial Services Network are affiliated with LPL Financial. Schwab, Fidelity and TD Ameritrade are separate entities from LPL Financial.

Time to Celebrate! The Network Anniversaries – October 2021

This October, we’re celebrating the anniversary of Karina Sierra from Business Transitions and Debbie McKenzie from our Virtual Admin team. They both joined The Network in 2018 and reflected on their third year with us.

Moving at the speed of light while managing countless details, Karina enjoys the challenge of helping advisors transition their books of business. When we asked what excites her most about her job, she said it can be summarized in one word: TRUST. “The level of confidence an advisor places on me to ensure things go smoothly during an incredibly complex process is an amazing feeling,” she said.

While she is grateful for the trust from advisors, Karina says her favorite part of her position is the teamwork. “Working on real-time assignments and balancing all the different moving parts on a daily basis, I have developed the amazing and highly rewarding skill of collaboration. I can count on any of my team members at The Network!”

Something people might be surprised to learn about Karina? “I took mixed martial arts and boxing classes as a teenager,” she shared. “And my dream car would be a 1969 Chevrolet Yenko Camaro.”

As Administrative Operations Manager, Debbie first learned about The Network through our Compliance Supervisor, Stacey Richmond. “Stacey and I worked together before she joined TFSN,” Debbie told us. Three years later, they still enjoy being colleagues.

When we asked Debbie what her favorite part about being a Virtual Admin is, she said, “The ever-changing landscape of the financial industry, and the excitement of adapting to the unique culture of each office that I support,” she said. “I feel challenged everyday, which keeps things interesting. I hate being bored!”

While Debbie seems to have found the perfect position for her skillset, we asked what the weirdest job she’s ever had was. “I once worked on an oil platform in Alaska as a chef!” she divulged.

Time to Celebrate! The Network Anniversaries – September 2021

This month at The Network, we’re celebrating two colleagues, Lauren Abais from Compliance and Patrick Leiker from our Business Transitions team. Patrick celebrated his first anniversary, and Lauren just hit her fifth!

Lauren is the Compliance team’s Administrative Associate. Before she joined TFSN, she worked in Advertising Review at LPL Financial. “I had heard a lot about The Network, and I even recognized a lot of the names.”

Living in Los Angeles, Lauren says “it was so surreal not having to commute to work. I was extremely excited to start my new job, and I joined in on team calls right away. I’m the type to get nervous on first days, but at The Network, I felt comfortable since a lot of the systems were familiar to me!”

How does she spend her free time since she doesn’t have to sit in L.A. traffic? She plays competitive doubles beach volleyball!

As our Sales Development Representative, Patrick told us what his favorite part about his job is: “I speak with advisors each week who often feel like small fish in a large pond when it comes to services and support at their current firms. When we get into the details of how we support our advisors, the conversation changes. It makes me very proud of the dedication and services The Network provides, and the community we create.”

In the past year, Patrick says, “The biggest lesson I’ve learned is how to ask the right questions. It is so important to narrow down the specific needs of an advisor to build a relationship and know how we can best support them. If you don’t ask the right questions in your first conversation, you may not get a chance for a second.”

When we asked about his go-to karaoke song, he answered right away: “Journey’s Faithfully – and yes, I can hit every note!”

Preparation is The Key

You can’t listen to the news today without being struck by the important of preparation, both personally and professionally.

Here’s the top five insights our Business Consulting team has shared with Advisors this month:

Disasters are Likely; Planning is Essential

Natural and man-made disasters are infrequent but always potentially devastating. Wildfires, pandemics, earthquakes, floods, or even solar flares can cripple an advisor’s ability to communicate with clients or access vital client records. Business continuity requires planning for worst-case scenarios.

Client Service is Our Top Priority

Business continuity isn’t just about major catastrophes. Even a one-hour disruption caused by a power or phone outage can severely negatively impact a client’s portfolio or their ability to access assets. Ensuring that an advisor’s office can seamlessly keep running in the event of an unforeseen mishap is essential.

Two Sets of Eyes on The Plan

The same person may be responsible for reviewing and approving the business continuity plan but, for the sake of accuracy, it’s better to have at least two separate people involved in the process.

Recovery Location

With office situations in flux due to the pandemic, many advisors work from home, at least a few days per week. If you’ve already set up a robust home office, you’re probably in good shape. That said, you’ll need to consider alternative locations for different kinds of disruptions, including forced evacuations, wildfires, or cell tower outages that cut communications for extended periods. Consider and plan backup locations. 

Make a Video

At least once a year, walk around your office and your home, and take a video of everything you have. A visual record can be extremely helpful in reconstructing a work space that is disrupted or destroyed for one reason or another.  

Like what you read? These topics were also discussed during our recent webinar, Business Continuity with Steven Charley, Sr. Analyst, LPL Financial. You can catch the recording along with others here. Still have questions? Reach out to our Business Consulting team to learn more!

Time to Celebrate! The Network Anniversaries

This month, we’ve got an extra exciting anniversary to acknowledge: Tammie Barsocchini, our Chief Financial Officer and Vice President of Business Transitions, is celebrating her 30th year with The Network! Starting with us as an administrative assistant, she’s grown from admin to VP, and remains an integral part of each element of our company.

We asked, what has been your biggest “lesson learned”?  “Everything changes, and you have to be prepared to adapt,“ she said. “We should always be curious and willing to learn.”

“I really enjoy the entrepreneurial spirit that The Network promotes and the opportunities they provide to independent financial advisors.

With TFSN, advisors can take advantage of networking, education, technology, business consulting, and succession planning. It’s satisfying to see an advisor grow their practice and have the opportunity to give it a value, sell it, and enjoy their retirement.”

Tammie’s favorite part of working for The Network

With 30 years under her belt, Tammie gave us advice for new hires: “This is a great place to work and have a career – not just a job. There are many opportunities with the various teams and great industry-related education available for personal development.”

When she’s not working, Tammie likes to spend time outdoors hiking, kayaking, walking and running. She loves reading mystery novels and can’t wait to plan her next vacation – Hawaii’s a favorite!

We don’t know what we’d do without Tammie. Here’s to many more wonderful years with you as part of our team!