Mother’s Day Rescue at Sea

May 17, 2016 | posted in: Blog, Frye Happenings | by

Policemen and Firemen face mortal danger on a regular basis, and Doctors and EMS technicians routinely save lives. Financial Planners on the other hand don’t usually save actual lives. While we may be first responders in times of financial or family crises, risking life and limb is, generally, not part of our job description. No, there is not much of an adrenaline rush in helping Americans save for their futures and in making sure they don’t run out of retirement funds, though we do get involved in our fair share of urgent client issues – many more than you might expect. Clients call me to discuss problems in their marriages. They call me when their high school kid gets kicked out of school for smoking marijuana (OK — I practice law too, but mostly Trusts and Estates). They call when family members are sick or hospitalized. They call when the sale of their business might be about to fall through, and when they find out a long term employee has embezzled from them. They call for my thoughts on how a potential Donald Trump presidency would affect their stock portfolios. They want to know whether they should buy a home or rent a home and whether they should purchase a car or lease their transportation. They call me to find the best doctors and the best restaurants. Take that Mr. 1-800-Vanguard or Fidelity!! Clients call me for just about everything. As an LPL Financial Planner and lawyer, I feel gratified that I can help improve the lives of my clients, in more varied ways than I can list here. But up until yesterday, I could not say, other than metaphorically, that I, in fact, save lives. On Mother’s Day, May 8, 2016, that narrative changed for me, permanently. Late that afternoon, on a spectacular day, I decided to take my wife, Heidi, for a ride on our paddleboards around North Lake in Hollywood, Florida. Heidi was happy to go, but had trepidation about our launch site on the Stranahan Lake off Holland Park. The problem being that in order to get to North Lake we would first have to transverse a short but somewhat turbulent section of the Intercoastal waterway between Holland Park on one side and the bars and restaurants of North Ocean Drive on the other. As we entered the rough waters of the Intercoastal on our boards, I was surprised to spot two swimmers in the middle of the waterway’s boat traffic, attempting to cross the channel. My immediate thoughts as they passed beyond my field of vision was that were probably both very strong swimmers, though severely lacking in judgment. As Heidi and I safely navigated a path close to the shoreline, a fisherman yelled out, “Look at those two idiots trying to swim across the channel!” Seconds later, another person on the shore started screaming for someone to,” Call 911! Those guys are drowning!” And then the swimmers chilling pleas, “Help, help we’re drowning” left no doubt as to the urgency of the situation we were suddenly in the midst of. I immediately performed a 180 turn on my board and headed back a hundred yards to the struggling, desperate swimmers. By the time I reached them they were completely exhausted, fighting the currents to no avail. I first dragged the weakest swimmer on to my board and then the next. Fortunately, for all of us, I had chosen that day to use a racing paddleboard that had a very thick hull and could handle a lot of extra weight. I dropped to my knees and paddled my board like a kayak, struggling to keep from tipping over. We all made it safely to shore and the dazed and relieved swimmers were delivered to terra firma. Things happened so quickly that I never got the swimmers names and they didn’t get mine. They thanked me profusely, as did the swelling crowds along the shoreline. Now I am left with so many questions swirling around in my head. Were the two men drunk and showing off to their friends? Did they learn a lesson? Will these two “20 somethings” lead productive lives? I will never know the answers to these questions. What I do know is that in what seemed like seconds, two lives were saved, and just as quickly, Heidi and I were off paddling the more gentle waters of North Lake. Yes my friends, financial advisors do help improve the lives of their clients, and maybe, once in a lifetime, they actually save a couple of lives!

Austin Frye Quoted in Piece on Tips for Buying a Kentucky Derby-Winning Racehorse

May 12, 2016 | posted in: Blog | by

            “5 Things to Know Before You Buy a (Future) Kentucky Derby-Winning Racehorse” By: Brad Tuttle Excerpt from article… Owning a racehorse can be a heckuva lot of fun. As an Investment News story put it, casual investors should think of racehorses as “an expensive hobby, not a business venture.” “Don’t expect that you are going to make money, but you may get a great temporary ride,” Austin Frye, principal of Frye Financial Center, said to Investment News. After all, gambling can be thrilling, and when you’re involved in the game on a deeper, more personal level, as with thoroughbred ownership, the stakes are high and the payoff can be especially rewarding. Read full article here.

Austin Frye Interviewed by Bloomberg Business on Breaking Up with Your Financial Advisor

April 8, 2016 | posted in: Blog | by

“Breaking up is Hell. Especially With Your Financial Advisor”
By: Suzanne Woolley Excerpt from article: …Advisors can be leery of clients, too. Austin Frye, an adviser in Miami, was introduced to a man at a Christmas party who was very unhappy with his adviser because his portfolio was down for the year. The guy had had a few drinks, and Frye remembers the “veins bulging out on his neck.” “I’m thinking,” said Frye, “I don’t want you as a client.” Early in his career, Frye took on a client who admitted he was ditching his financial adviser because the guy had gained a lot of weight and the client feared it showed a lack of control. Two years later, Frye got a note from the client saying he was going back to his old adviser, and called to ask why. “He lost weight,” the man said. Read the full article.

Austin Frye Interviewed by The Wall Street Journal on the Rise of Postnuptial Agreements

March 28, 2016 | posted in: Financial Insights | by

“Why Postnuptial Agreements Are on the Rise”
By: Veronica Dagher     Excerpt from article: …As more couples sign prenups, more are likely to sign postnups later on, attorneys say. When a client of Austin Frye got married, his fiancee decided she liked a thinner version of him. Their prenup provided that the wife was entitled to an extra $150,000 property settlement if the husband weighed over 220 pounds at the time of her divorce petition, the Miami attorney and CERTIFIED FINANCIAL PLANNER ™ says. “Ten years later the clause didn’t seem so cute anymore to the husband,” Mr. Frye says. The wife agreed to drop it. Read the full article.

Could the S&P 500 Make History?

March 23, 2016 | posted in: Blog, Financial Insights | by

  Could the S&P 500 Make History? WEEKLY MARKET COMMENTARY – LPL FINANCIAL- MARCH 22, 2016   The S&P 500 could do something this quarter it hasn’t done since the Great Depression. Yesterday, we looked at what happens after the S&P 500 is up five straight weeks; we also mentioned that after being down 10% for the year at the February lows, it is now green. Today, we’ll take a closer look at that reversal. On February 11, 2016, the S&P 500 was down 10.5% for the year, but it has come all the way back to positive, and as of yesterday was up +0.4% for the year. Going back to 1928, only eight years have ever been down at least 10% and then finished in the green by the end of the year. Obviously, 2016 isn’t over yet and there is plenty of time for market moves in either direction; however, this statistic shows just how rare it is for a year to make a comeback after being down 10%.                     Read the full commentary by LPL Financial Market Strategists here.

Market Volatility

February 11, 2016 | posted in: Blog, Financial Insights | by

Many of you are understandably concerned about the current volatility we are experiencing in equity markets. As my staff and I continue to reach out to review your particular situations with you, I want to convey a general message regarding how I feel about current conditions.