After 27 years in corporate America, Scott Lask was ready to trade in his daily trip to White Plains. It wasn”™t just the commute ”“ the financial adviser said he was ready to take a different approach to investing, “one that put the client first.”
“I felt I could it better than I had been doing in big-box finance. Instead of using the traditional model of doing business and seeing people pay for services they never used or needed, I wanted that money to go into my clients”™ pockets.”
Lask”™s family was supportive of his decision to start his own business five years ago, which was the greatest motivator of all. “Their faith in me was what really helped,” he said. “I knew I could do it better. I didn”™t have the Wall Street mentality and wanted to expand on my investment approach and bring it directly to my clients.”
Lask says the stock market is “looking tired right now. I think it needs to digest the gains it has made in the last few months. If the market pulls back up, I might buy into it. I like indexes. If I like an industry, I”™d rather get the whole school of fish. If you buy into technologies, it opens up a whole range of industries.”
Variable annuities are “great for building pensions,” said Lask. “I buy them for myself and I like the guarantee the insurance companies provide and the predictability of income. That”™s the approach I take and one I don”™t think you”™ll find on ”˜the Street.”™ And while it”™s OK to be wrong on Wall Street, it”™s just ridiculous to stay wrong. If you”™ve been kicked off the ledge twice in nine years, hopefully you”™ll start looking for a more proactive approach. My goal is to limit losses, not encourage them.”
Dr. John Reed, owner of New Windsor Family Medicine, is a solo practitioner and has been investing with Lask for a little more than a year. “We met through BNI (a business networking organization). Both of us were ”˜solo”™ and BNI is a great way to network and meet people. I like Scott because there”™s a lot of communication between us. My prior experience with financial investment advisers is that I didn”™t hear from them. Whether it is good or bad, Scott wants me to know what”™s happening. What made me feel even more comfortable was that he”™d looked over some other investments I had that were not with him, gave me some good advice and moved on. There was no push to get all the apples I had in my basket.”
At the end of the day, Lask says he believes what separates him from large corporate finance groups is that, “While no one can escape dramatic downturns, there”™s a big difference between being sucked down the drain or coming out in one piece. I like to come out in one piece, and I like my clients to do the same.”
Everett Smith, owner of Sentinel Publishing in New Windsor, also likes Lask”™s approach to finance. “He keeps in touch ”“ he doesn”™t just take your account and then never get in touch with you. Scott keeps me in the loop, let”™s me know what he”™s doing and what he”™s thinking of doing. It”™s been nice to make some money back from the losses I took in 2008, thanks to his guidance.”
Lask said, “Rational people don”™t wear shorts in the winter or wear a wool overcoat in the middle of July. Rational investors know there is a season for different sectors, different markets as well as different financial instruments. The goal is to eliminate the dead weight. I have a ranking system from zero to five, measuring specific supply-and-demand criteria. Anything below a three is eliminated. We want to go where the strength is, watch where the markets are heading. A few months ago, bank bonds looked very attractive. I took advantage of it, and my clients made between 15-25 percent back on their investment. Now, energy and small companies are looking good.
Basically, you follow supply and demand. That”™s where the money is. My job is making sure I”™m on top of it.”
