Wednesday, January 3, 2007

Larry Klein Shuts the Doors on NF Communications, Jeopardizes Credibility of the CRFA Designation

as reported by:

by Rob Billingham

One of Larry Klein’s books is entitled 400 Greatest Financial Jokes, and it appears that his reputation might become joke number 401.

On December 15, 2006, Klein shut the doors on NF Communications, a company that packaged “top marketing systems of producers” and provided them to agents and brokers. Klein ended operations without warning and without notifying some of his customers.

Klein, now former president of NF Communications, is well-known in the industry for his senior marketing system. His books such as Marketing Financial Services to Seniors and How to Become a Million Dollar Producer: A Change in Your Paradigm have gained national attention and popularity.

Nobody knows exactly why he closed down, but he certainly left his customers, employees and acquaintances stranded. It is possible that the closing may be linked to Klein’s connection to the current proliferation of circumspect senior designations. Or even worse, fraudulence.

Klein founded the Certified Retirement Financial Advisor (CRFA) designation, which joins a group of senior-focused certifications strongly criticized by The American College, the media and others.

In response to the news, one of Klein’s customers, Ray Ohlson, president of the Ohlson Group said, “I’ve known Larry a long time. We’ve been good business acquaintances. We’ve promoted his marketing seminar to our producers. I am surprised that he closed his doors and I am disappointed that an e-mail did not go out to his customers. The day before I found out that NF Communications shut down, I was still promoting his marketing seminar to my producers. Now we are left in an awkward situation.”

Clicking on any link to NF Communications, or any of Klein’s book titles, will lead you to a page that reads:

NF Communications has ceased operations.

There are no longer employees or managers as the company has dissolved.
There is no way to contact anyone from NF Communications, as all personnel have been terminated.
We are sorry for the inconvenience this causes and regret that the organization can no longer serve you.

If you have interest in programs and tools that help financial advisors grow their business, please click here.

When users click on the link, they are directed to “Javelin Marketing,” a suspicious company that showcases ads for marketing systems similar to those promoted by NF Communications. It appears that as one business dissolved, the other is trying to pick up the pieces.

Neither Klein, nor anybody else at NF Communications or Javelin Marketing, was available by phone on repeated attempts. Callers are told that “email correspondence is preferred.”

For those of you not familiar with Klein, here’s how he positioned himself to our industry:

Mr. Klein claims to have assisted, "...10,000 financial professionals to increase their clients and income. He offers his marketing programs, tested in his own practice, and practices of top producers to financial advisors throughout the United States." Mr. Klein started his career as a CPA with a "big eight" accounting firm and moved into advising retail clients as a Vice President of Investments at Great Western Financial Securities and then as a First Vice-President and branch manager with Prudential Securities (where he was in the top 5% of producers, nationally).

Mr. Klein claims to be a CPA/PFS, a Certified Senior Advisor (one of 8,000 in the US), and holds an MBA from Harvard Business School as do his "alter egos, Bob Roberts and Bob Callis".

Larry has been an invited speaker at leading venues such as the Charles Schwab Advisor Conference, the NAIFA Financial Advisors Forum and the Million Dollar Round Table.

Klein claims to have been interviewed on CNNfn and in industry publications including On Wall Street, Registered Representative Magazine, The Agents Sales Journal, Research Magazine, and Financial Advisor Pro and writes columns for Financial Services Journal Online, Horsesmouth, and on Wall Street Online. In these industry publications, he counsels financial services professionals how to use smart and efficient seminars, direct mail and direct response marketing to obtain substantial increases in their income.

No comments: