Freedom: Realizing the True Benefits of Joining L.M. Kohn
Larry Kohn founded L.M. Kohn & Company in 1990 primarily because he saw the need for a change in his industry. He was dissatisfied with the level of control that large firms exert over their advisors. Larry wanted to create an environment where he could be in full control over his own financial advisory practice, that’s why he designed L.M. Kohn to offer freedom to the independent financial advisors under its umbrella. Not only in allowing advisors to use the products and services that they think are best for their clients, but also to create and run their businesses their own way. This comes as a refreshing change to most of the advisors who join L.M. Kohn, particularly those who have spent any number of years at a large firm.
Mark Durket is one of those advisors. After 31 years with his former firm, he was its longest tenured broker. When he received the news from his firm’s owner that it would be shutting down in a matter of weeks, Mark knew he had to find room for his 300 clients somewhere else. Luckily, he had the benefit of knowing Larry Kohn over the years. Within five minutes of receiving the email, Mark picked up the phone and called Larry to take him up on his longstanding offer to come onboard. Larry happily agreed.
A year and a half later, Mark’s life is a far cry from how things used to be with his old firm. Most importantly, the biggest change for his clients was that they just use a different phone number to get in touch with him now. After making the switch to L.M. Kohn, Mark decided to work from home. This has proven to be a big benefit to him, especially during the pandemic. Today he takes client calls and video meetings from his home office, next to a TV tuned to business and financial market coverage for eight hours every day (one of several business expense write-offs). He’s also more comfortable, from both eschewing the suit-and-tie work uniforms of his office days, as well as financially from his reduced work expenses. Between dry cleaning, downtown parking fees, lunches, gas and city taxes, Mark estimates he saves around $700 per month working from home.
While it’s the little things in life that make someone happy, there’s also been some big benefits to Mark’s transition to L.M. Kohn. After making the switch, the compliance department at L.M. Kohn has been more flexible and accommodating with Mark’s commission schedule, bumping his commissions by 25% or more.
In addition to the freedoms Mark now enjoys as an independent broker with L.M. Kohn, he’s also been able to secure some large pieces of new business with the support of the firm’s leadership. L.M. Kohn President Carl Hollister and members of the LM Kohn staff frequently work with Mark to submit RFPs and conduct presentations to prospective clients, and he’s been able to increase his business considerably.
“The help that I got from L.M. Kohn made the transition from my previous firm very simple and not difficult at all,” said Mark. “They keep me up-to-date, so I never miss out on any new product innovations, and no client has ever questioned my move. I enjoy the freedom that my new position affords, and I’m making larger commissions with less expenses. Thinking back to my old firm, I thought I was happy and doing fine where I was. In reality, I would’ve done a lot better had I gone with L.M. Kohn sooner.”
To learn more about how L.M. Kohn can give you the freedom to run your business as you see fit, contact us today.