Member of the Month - Man on a Mission

An Interview with NEB Member Leonard Martin

Leonard Martin is an advisor with a mission. In his younger days, his grandfather entered a nursing home and died two years later. Then his grandmother entered a facility and lived there for 12 years. They deteriorated both personally and financially, and it bothered him that he didn’t know how to help.

Years later, when he entered financial services, he found his mission in life. “I decided to help as many seniors as possible to avoid the heartaches my grandparents went through,” he says. “Retirees have worked for 40 or 50 years. They should get to keep as much of their money as possible.”

Martin’s passion for helping seniors has guided the evolution of his firm—Leonard Martin & Associates, based in Warwick, Rhode Island. Founded in 1981, his company specializes in reducing or eliminating the taxes seniors pay, increasing their savings without risking principal, protecting them from nursing home costs and Medicaid spend down, and helping them pass their estates on to their children, grandchildren, other heirs, or charities—with the government, lawyers or probate courts getting as little as possible.

Martin assesses his clients’ overall needs—“I’m the quarterback,” he says—then provides life insurance, annuities, and long-term care solutions. He refers investment business to a securities specialist.

Martin also formed a network of providers called the Senior Resource Alliance of Greater Providence Metro. The network includes in-home caregivers, continuing care facilities, geriatric care managers, hospice services, and providers of durable medical equipment. Other participants include an elder law attorney, an Enrolled Agent, and downsizing and relocation providers.

Why put together such an extensive network? “Because seniors are looking for answers,” Martin responds. “We don’t have all the answers within my firm, but we have outside resources that can give seniors answers.” Another feature of his network is that all participants are highly professional and do business with integrity. “We all trust each other,” Martin says. “That’s what makes the alliance work.”

Working is no strange concept to Martin. He was raised in a poor section of Fall River, Massachusetts. When his Dad left, his Mom was hard-pressed financially. The utility company shut off their electricity, and Martin had to shine shoes on the street to help his Mom pay bills. “I’ve seen poverty, and I’ve seen people struggle. That’s why I really enjoy helping people with their finances,” he explains. “It lets me be of some use to society.”

After graduating from Bristol Community College in 1972, Martin joined Prudential as an agent. He learned everything he could, then left five years later to start his own firm.

“I didn’t want anyone to put limits on my growth,” Martin said. Twenty-six years later, his firm has hundreds of clients who trust him with their finances. It has a staff of three—Patricia Sierra, office manager, Kerri Caraballo, executive assistant, and Jillian Martin, office assistant—who are committed to providing excellent service to his senior clientele.

Another element in Martin’s success has been his commitment to ethics. “I’m looking for long-term client relationships, not a short-term buck,” Martin says. People disclose things to me they don’t even disclose to their children. So you have to have an honor code and be able to establish trust.

 “I sleep well at night because I never present inappropriate products to my clients,” Martin adds.

This isn’t always easy given the incentives insurance companies offer to sell certain products. “If I find that a product isn’t right, I don’t promote it,” says Martin. “I get the commission once, but my clients—and their children—have to live with the product for a lifetime. It better be suitable.”

Martin decided to communicate his ethical principles by joining the National Ethics Bureau. “NEB is a good organization for enhancing your credibility," he says. "You actually have to pass a background check in order to become a member. Other groups you just have to sign a piece of paper." For this reason, Martin encourages clients to check him out by calling NEB.

How are you maximizing your NEB membership to grow your business? Would you like to be featured in our newsletter? The National Ethics Bureau welcomes your input. Send your comments to: hlew@ethicscheck.com