By Callie Sharkey
The world of finance and investing is constantly changing. Opportunities arise, and trends emerge and disappear without much warning. It can all be overwhelming. This is why finding the right financial advisor is worth the time and effort. Lou LoFranco, who works with the financial firm Edward Jones, enjoys investing his expertise as a financial advisor to help people in the Wellington area.
“The best thing about our office is we answer the phone,” LoFranco said. “We are a private company. We don’t sell a specific product or fiduciary, and it’s not about what we can make off our clients.”
LoFranco has worked in different sectors of the finance industry since the 1980s. He began working on the budget management side with UPS and shifted to a consultant role for GE, managing logistics for wind energy. Then he found FPL and took a position, also in wind industry management. After commuting from Fort Myers to Philadelphia, he realized that his family wasn’t happy, and they soon moved to South Florida permanently.
With six children being homeschooled by his wife Maria, LoFranco knew that there had to be a better way to take care of his family.
“I called my financial advisor, and he said that it’s time to come on board. I’ve been in Wellington since 2015, and what started as temporary work, well, it’s now nine years later,” LoFranco said. “It has been a great experience and a blessing to be working with the community and helping a lot of the elderly — that I really enjoy.”
He has a deep concern for senior care and quality of life, especially after being a caretaker for his own mother for more than four years. LoFranco worries when he learns of people taking advantage of the elderly.
“I just want to make sure they never run out of money and can live the life, have the lifestyle that they need, and they’ve worked all their life for,” he said. “I like to teach clients that it is more than just looking at the financial picture. We look at health insurance, life insurance or umbrella insurance. If we don’t have the whole picture, we can’t give a good plan for success. We try to do the deep dive; it’s building that relationship, personally getting to know their families, their kids, their grandkids. It’s a long-life process of legacy planning.”
Whether clients are looking for retirement and estate planning, or just trying to figure out where to begin, LoFranco and Edward Jones are there with research and data backing their plans. The company does not deal with any investments that are not federally approved, such as cryptocurrencies.
“I’m a faith-based advisor. We do everything ethically and morally,” he said. “I think we have a good client base that trusts us.”
LoFranco has clients who get more than just financial advice. He has helped them set up bill pay and is even helping a client get a new roof.
“It’s not about making money, it’s about comfort. We go car shopping with clients, too. ‘Can you help me find a boat?’ they’ll ask. We helped a client find a house,” LoFranco said. “So, that’s what I love about it — it’s more than the investments. Being a financial advisor has been a blessing because it gives you work-life balance. You can make all the money in the world, but if you don’t have time for family, it doesn’t matter. Now I’m living the dream of helping people.”
When asked his top advice on where to begin, LoFranco made it clear that it is important to tackle and manage debt. Clients may walk in with crippling credit card and student loan debt, but he has a strategy to help.
“I lay out a plan. If they have four or five credit cards, depending on the balance, we can help them pay it off within 24 to 36 months. If they don’t have debt, we look at their goals. What is important to you? We do a three-minute ‘priority’ quiz,” he said. “We’ve found that for clients, family is the most important, then travel and then retirement.”
LoFranco and his team of Yara Gonsalves and Tito Lopez have an office in Wellington that is open to walk-ins from 8:30 a.m. to 5 p.m., Monday through Friday. Gonsalves is also available to assist clients who speak Spanish. They are happy to work with clients and potential clients. Not only that, but the consultations are free.
“Appointments are an hour, and it usually takes two or three appointments because they might not be ready,” LoFranco explained. “There is no cost for the consultations, we don’t believe in that. We believe in finding out what’s important for them. It’s all about the long-term relationships because you become family. The trust factor is the most critical thing.”
Lou LoFranco’s Edward Jones office is located at 12020 South Shore Blvd., Suite 100, in Wellington. To learn more, or to schedule an appointment, call (561) 798-4106 or e-mail lou.lofranco@edwardjones.com.
