Mike Schwenker, the producing manager for Sorrento Pacific at Four Points Financial, the broker-dealer unit of Farmers and Merchants Bank in Burlington, Iowa, signed on in March 2006 to resurrect a dying program of just $6 million in assets. That's just one reason he is known in his community as the guy who'll lend a helping hand—and have fun doing it. Here's how the advisor takes his charitable spirit to the no-investor-left-behind philosophy of a brokerage program that wouldn't exist without him.
When Schwenker signed on to lead the program, the bank's existing advisor quickly left, taking as many clients as she could with her. To make matters worse, Schwenker wanted a paperless office and the bank's third-party marketer at the time, Investment Centers of America (ICA), didn't yet have that full capability. These dual upheavals halved the program's client list to around 100. "I was new here, I was changing broker-dealers and I had the former rep taking accounts," Schwenker sighs. "I had to spend a lot of time talking to clients about what was good and being honest about what was not so good," about the program.
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