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Michael Herman, ChFC, LUTCF
Founder, Golden Wealth Solutions
Denver, Colorado
Member MDRT, NAIFA

Top producer Mike Herman is the founder of Denver-based Golden Wealth Solutions, a fee-based wealth management and financial planning firm specializing in insurance, estate planning, and small business planning. With more than 1,000 clients and a very small staff of three – Mike believes that taking a highly personalized approach to client relationships is the key to creating the referrals that keep a practice growing over the years.

What’s your secret to success?
Individualized client service. We’ve created a hands-on, detailed process that helps us customize each client’s portfolio around their personal values and goals to deliver a plan that is right for them – not “right” according to generic ideas about investing. We start with an interactive ‘discovery session’ where we learn about the client’s personal attitudes about wealth, their goals for the future, and other factors that help us create the ideal approach to managing their personal wealth. At the other end of the cycle is the ‘family circle’ where we invite family members – spouse (if they haven’t already been involved), children, parents – to join in on the discussion. In the end, we are 100% certain we’re agreeing on an approach that is right for the individual.

With more than 1,000 individuals and business owners to service, how do you find the time?
We use a web-based CRM system that makes it easy to share the details of every client account, no matter who is working with the client, or whether they’re in the office, traveling, or working from home. The system (SmartOffice^® from Pasadena-based E-Z Data) helps us process new business and manage accounts in a fraction of the time, so we have more time to spend adding real value to the wealth management process rather than being consumed by the behind-the-scenes ‘work’ of account management. Integrated with Financial Profiles and Laser App saves us time by streamlining form filling and making it easier to build customized financial plans. We also use the system to create client appreciation groups – from clients who are interested in certain areas of investing, to those who enjoy wine tasting, to anyone who would enjoy tickets to a ball game. Even with just four people in our practice, we have the time to give our clients personal attention, as well as take the time to work with each new client to establish carefully defined goals so we can serve their best interests.

How does your work with business owners add to your practice?
Business owners have a unique set of concerns when it comes to wealth management. From carefully balancing the mix of business assets and personal assets, to liability and protection, to security, every detail needs to be planned out. Interestingly, many business owners are so focused on building their organization that they neglect to plan for their own retirement. Even if they offer their employees a 401K, they don’t necessarily contribute to their own plan because they view the business as their primary investment. All of these issues provide valuable opportunities for us to help.

Mike frequently conducts workshops on retirement planning strategies and accumulating wealth. He has been a speaker at local associations on a variety of insurance and financial topics. Mike has also contributed articles to various industry magazines on values-based financial planning issues. In addition to these activities, Mike also teaches various classes for the American College and the Life Underwriter Training Council.