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| Of all the tasks in life, perhaps the most challenging and intimidating one is managing your finances and making plans for the future. We're all familiar with the old adage about not putting your nest egg in one basket—and how the best bet is to put your retirement money in a number of places to manage your risks. But determining exactly how to do this is an entirely different matter. To make things even more complex, a virtual landslide of information is available to investors, ranging from magazines, to websites, TV programs and through investment clubs that seem to be popping up everywhere. As someone who is not a CPA or an economist, how do you make sense of it all? How do you know whom to trust? And more importantly, how do you decide what's the right path for you? One approach is to leave the research and background to the experts: Financial Advisers like Lincoln Square Chamber of Commerce member Danny Kyle at Oppenheimer & Co., who is a professional trained to recommend investments and strategies designed to help you meet the goals that are important to you. |
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| At Oppenheimer, Danny is able to offer clients impartial advice because he has no affiliations with the various investment and mutual fund companies represented in the plans he recommends. Such advisers can focus solely on assembling a plan that is tailored to your needs, since they are not obligated to push a particular product. Typically, financial advisers work in two possible ways: on a commission basis, which means that they receive a commission each time they buy or sell stock for you, and on a fee basis, when they receive a set percentage of the assets they manage for you. Working with an adviser on a fee basis can be a mutually rewarding relationship since both of your goals are aligned—the more your investments grow, the more the adviser will earn. |
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| There are a number of scenarios in life that may require the help of a financial adviser, such as inheriting a sum of money, preparing for your retirement, managing a small business or sending your kids to college. Danny Kyle uses the metaphor of the three-legged stool to describe the most advantageous place to be: you should be prepared for anything if you have a reliable CPA, good attorney and a trustworthy financial adviser. Most financial advisers tend to specialize in serving a particular type of client. |
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 Oppenheimer & Co. combines the resources of financial advisers like Danny, with consultants, asset managers and researchers who work together as a team to help clients meet their investment goals. Unlike many other financial firms, Oppenheimer & Co. has no in-house mutual funds; all the funds they recommend come from other companies. (Oppenheimer & Co. is not affiliated in any way with Oppenheimer Funds, which is a mutual fund company.) Oppenheimer Financial Advisers have direct access to the respected asset management services of their affiliate firm, Oppenheimer Asset Management. They employ a vigilant due diligence process that includes on-site interviews, regular communication and ongoing qualitative reviews that helps them make sure that the money managers they identify continue to exhibit the traits that make them appropriate for their clients. As an Oppenheimer Financial Adviser, Danny can offer his clients the opportunity to invest with money managers that are typically reserved for $1 to $20 million investors. |
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| So once you're ready to see a financial adviser, how does it work? "We do things differently," describes Danny. "We use a four step process in which each client is addressed according to their specific, customized situation." In the first step, you would sit down and discuss your current situation with someone like Danny, including where you are right now and where you want to be. "We ask questions that help us understand your dreams and ambitions," says Danny. "For example, do they want to contribute to a foundation or a charitable organization? Do they want to plan for college for their children, or their grandchildren?" In step two, Danny asks clients to answer a special questionnaire that identifies a client's tolerance for risk. He then begins to develop a proposal based on the information gathered in the questionnaire that provides a number of different options based on the client's specific needs and goals. "It doesn't do a client any good if the portfolio performs well but it won't allow him to sleep at night," explains Danny. |
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| Step three is to determine the best strategic asset allocation for the client's specific situation. This is how the client's investment in stocks, bonds, mutual funds, etc. breaks down by percentage, according to the amount of risk he or she is comfortable with. At this point, Danny may identify some money managers whose strategies are tailored to match the client's objectives. During step three, the client decides which option he or she wants and whether to go with the recommended money managers. Step four is the ongoing monitoring and management of the client's portfolio. "We don't just sell the service and walk away," says Danny. "Clients receive periodic reports and can view the status of their account via the Internet 24 hours a day." Clients also have access to Danny and his team when they have questions, and when they feel it's time to make changes to their plan as their needs change. "It's not stock selection," explains Danny, "it's the strategic allocation of assets that make real wealth. Financial performance is not determined by the investments, it's determined by the performance of the investor." The key is working with professionals like Danny who know their clients and can pair them up with the money managers who are skilled at doing what his clients need. |
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 Although he began in a field that's not directly related to finances, Danny was always driven by his desire to work closely with people. Danny grew up in northeast Louisiana where his father was an electrician and his mother worked for AT&T. He got his degree in chemistry from the University of Louisiana. "I didn't want to be stuck in a lab, because I enjoyed being with people much more than things," recalls Danny. He eventually got his MBA and specialized in chemical marketing. His first job out of college was with DuPont as a sales rep for plastic film products in an area encompassing 13 states. In 1983, he moved to Chicago and was promoted to a different territory. In 1985, he married his wife, Lanie. After a long successful career with DuPont, Danny was ready to move on in 1986. "I wanted a different challenge," Danny says, "so I decided that I would use my sales and MBA skills to go into the investment business." He started out by working for McDonald & Co. Securities for seven years. In 1993 when his son Aidan was born, Danny left for Oppenheimer. "I am very happy at Oppenheimer," says Danny. "They offer fantastic support and they have a great name on the street. And it's a real benefit that they are unbiased and have no in-house products." |
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| Danny lives in the Lincoln Square area and is involved with various community organizations. He has been on the board of the Ravenswood Manor Improvement Association for five years. In 2001, he joined the Lincoln Square Chamber of Commerce because he wanted to get involved and give back to the neighborhood. As a financial adviser, Danny works to make people aware of how they can financially plan to help their local organizations. "Typically, people can donate their securities to foundations like the Lincoln Square Foundation to get an immediate tax deduction for the full value of the stock," says Danny. "They shouldn't have to pay taxes on the stock." (Investors should consult with their tax advisers before implementing any tax strategies.) |
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| It may not have been a direct path that took Danny Kyle to where he is today, but there's no doubt that he ended up in the right place. "I really enjoy talking to clients and hearing the stories about how they started their business and how they got where they are," says Danny. "I also am proud to help people realize their financial dreams, to help them figure out what they want and suggest ways for them to work at achieving it—those are the things that push me and make me happy." Danny admits that the economy of the last three years has made things unbelievably difficult, even for those who are professional money managers and advisers. "It is important for people right now—whether they know it or not—to have someone they can trust who can guide them to make knowledgeable financial decisions for their future," says Danny. |
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| If you are in need of advice, ready to start a new retirement plan or you think it may be time to reevaluate your current plan, consider contacting Danny Kyle or one of his colleagues at Oppenheimer & Co. for impartial advice and access to investment opportunities. |
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Danny Kyle
Director—Investments
Oppenheimer & Co.
500 West Madison
Suite 4000
Chicago, IL 60661
312.360.5961
dan.kyle@opco.com
www.opco.com |
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| Danny Kyle is a Financial Adviser with Oppenheimer & Co. His opinions do not necessarily reflect those of the firm. This story is not and is under no circumstances to be construed as an offer to sell or buy any securities. The information set forth herein has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis. Opinions expressed herein are subject to change without notice. Additional information is available from Oppenheimer & Co. upon request. |
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