The Lev Group at Morgan Stanley SmithBarney returned to the Country Club on Wednesday, October 15 to give a lecture entitled “Helping to Sustain Income in Volatile Times.”
“The Lev Group is in the business of managing our clients’ wealth so that they can focus on other priorities in life,” said Michael Rosen of The Lev Group, who is also a moderator for the North Shore Towers Investment Club.
Rosen said that The Lev Group is currently managing more than $260 million for about 150 “ideal families.” He also said that the individuals they work with predominantly fall into three distinct groups – retirees, working wealth and people in transition.
North Shore Towers resident Judy Lev, who is the Senior Vice President of Wealth Management for The Lev Group, also spoke about the work they do.
“We sit down with people and we find out what they need and we help them accomplish it,” she said. “It’s not just about their investments; it’s about every aspect of their life.”
Judy Lev then went on to talk about different types of municipal bonds, including general obligation bonds, revenue bonds, lease revenue bonds, certificates of participation, pre-refunded bonds and private activity bonds. She also spoke about corporate bonds and U.S. agency bonds.
Judy Lev said that, as people get older, they want more safety in their portfolios and do not want everything invested in the stock market. In order to get income, she said, a person needs more bonds than stocks.
The final speaker was Corey Lev, who is The Lev Group’s Vice President of Wealth Management and focused on income sources. He said that, when they sit down with a client, they figure out how much the person needs to live off of, based on their expenses and things they want to do, such as traveling.
During his portion of the presentation, Corey Lev explained that, in 2010, a rule is coming out that will allow a person to convert their IRA to a Roth IRA regardless of the income they make the following year. The two differ in the way they are taxed and the current law states that anyone who earns more than $100,000 cannot convert.
Corey Lev said that, in his opinion, Roth IRAs don’t make sense for people who are older than 50.
He concluded the event by discussing the steps The Lev Group takes to develop a financial plan. They include defining the person’s financial goals and needs, gathering relevant financial information, performing a financial assessment, creating a strategy, implementing financial recommendations and monitoring results.
For more information about The Lev Group, contact Judy Lev or Corey Lev by calling 516-227-2899 or e-mailing TheLevGroup@smithbarney.com.
