Retireholics host JD Carlson wondered on his most recent webcast about the FinTech exhibitors at the Wealth@wor(k) conference, mentioning IRALOGIX specifically.
The Pittsburgh-based firm is a NextGen, cloud-based, omnibus IRA program, according to Joe Forlines, its Director of Sales.
“We give firms the ability to offer immediate access to institutional share class funds and digital advice regardless of the IRA size or account type. It’s on a completely white labeled basis, and it has the look and feel of a 401k because it’s trading omnibus.”
Its clients include some of the largest RIAs and recordkeepers in the industry that are looking for the ability to “service their client’s retirement needs past the point of employment and well into their retirement. IRAs allow them to achieve this objective.”
At $12 trillion and growing, “every financial firm is looking for ways to enter the IRA marketplace more effectively,” Forlines claimed.
“Being able to say ‘yes’ to all of the customers in your business footprint, regardless of account balance, is a revolutionary thought and, at the end of the day, the right thing to do. The applications are endless.”
The former Marine also described his involvement with Team Honor, an organization he founded and runs dedicated to helping veterans, as well as Gold and Blue Star families.
“It’s something I started in 2014 after meeting the Gold Star father of a Navy SEAL who had died in a helicopter crash known as Extortion 17,” he explained. “He was looking for a way to get out of his depression. He had another son who was also a Navy SEAL and another serving in the Navy. His challenge was trying to get over the loss of his oldest son while still celebrating the lives of his two living boys.”
With his two sons in special operations, the father had to be careful with his public statements, which made it difficult to express his feelings. He needed a challenge and purpose. Three months later, he joined Forlines on a 52-mile charity bike ride.
MORE INFORMATION ABOUT TEAM HONOR IS FOUND HERE
“When we met initially, he had a shot glass that his son would drink from after every mission, which he gave to me. Fast forward to the bike ride, and with two miles to go, I told him I’d wait for him at that finish line. When he arrived, I pulled out the shot glass and filled it with Jameson for a toast. He hugged me and said it was exactly what he needed and that we needed to do something more, and that’s the genesis for Team Honor.”
While it certainly helps veterans in their darkest hour, the mission statement and primary focus are to help Gold and Blue Star families.
“We’ll step in when needed and assess the situation and to what extent we can help,” Forlines said. “We’ll go right to the individual charging them, whether it’s a contractor or landlord or whomever. If they are struggling to feed the family, we’ll work with their local grocery store, or f they need to clothe the kids, whatever it might be.”
In addition to Forline’s commitment to Team Honor, he’s also a coach and mentor to the Special Operations community through a group called The Honor Foundation, helping Special Operations Fellows as they transition from the military to civilian roles. He has also built a special tricycle to escort mobility-challenged veterans on extended rides, taking a fellow Marine who served with Forline during Desert Storm, and now struggling with Epilepsy, on two 52-mile rides so far.
Comparing one last point to the 401k industry, he concluded that “it’s not simply the job at hand. If we know other resources that are good for them, we hand them over to our other friends in the community who can pick up the torch and run with the other necessities they need.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
Keep up the good work Joe. Well done. Since both of my parents are Marines, I think I can say Semper Fi!
Greg Buzzell
Thank you 401kSpecialist for putting the spotlight on Joe – it’s well-deserved…even for a Marine!