Lee Kramer
Financial Advisor
Lee Kramer
Kramer Financial Inc.
20300 Century Boulevard
Germantown, MD 20874
TTY:(877)423-0060
FAX:(301)1528-6609
VOICE:(301)1528-6618
E-mail: [email protected]
www.kramerfinancial.com
Lee Kramer first started as a financial advisor with Allmerica Financial, Inc. in 1985 after getting training. By 1997, his practice had grown so much that he decided to start his own business, ‘Kramer Financial.’ His first office was in Newton, MD and in 2000 he set up his own branch office in Germantown, MD but they also use office space in Waltham, MA, Glastonbury, CT, White Plains, NY and Philadelphia, PA to meet with clients in those cities.
“I am a comprehensive Financial Planner as well as a licensed stockbroker. I provide a wide range of services from Retirement Planning, College Planning, Life Insurance, Investments, Estate Planning, Budget Analysis, etc.
“I wanted to serve as the bridge between the deaf world and the financial services industry. I was aware that deaf people were lacking information about financial planning and lacked access to the professionals who could help them achieve their goals.”
After attending the Clarke School through the eighth grade, Kramer attended Northfield Mt. Hermon School, a prep school in Mt Hermon, MA. “I did not have an interpreter but got by with the notes of my classmates,” he recalls, “I attended Wesleyan University in Connecticut for my Bachelors in pre-med studies. Again, I had no interpreter. Then finally, when I went to get my MBA [Masters in Business Administration] at Northeastern University, I was able to get an interpreter.”
Funding The Business
“I basically funded my business from my own pocket. As my business and earnings grew, I was able to add additional people to my team. When I first started m 1985, I had only a ‘volunteer’ interpreter. Once my earnings allowed it, I switched to a part time paid interpreter, then a full time paid interpreter, then added a secretary, then a financial analyst, and then a customer service manager. I also have to pay for all of my other expenses, such as rent, phone, postage, advertising, computers, videoconference equipment, etc.
“I like being my own boss. I tend to be a hard worker, so it feels good to know that the more I work the more I can earn. When you work for someone else on a salary, no matter how hard you work your earnings stay the same. The downside is the unsteady income. When the economy takes a downturn, my earnings will suffer too.
“When I first started, I had to do a lot of advertising, direct mail, and cold calling. Now my business grows mostly by ‘word of mouth’ [or ‘sign of hand’!] Most of my advertising now is to show support for special events within the Deaf Community. I usually put a small ad in the Program Book when a Deaf Organization celebrates a special anniversary. I also like to attend large Deaf Conventions such as National Association of the Deaf and Deaf Seniors of America. I usually have an exhibit booth and make a presentation. It is a great way to keep in touch with my present clients and get a chance to meet potential new clients, in a very social atmosphere. We just launched our website, of which we are very proud. Feel free to visit us at www.kramerfinancial.com.
When asked what his biggest challenge in starting the business was, Kramer says it was “‘building trust’ with deaf clients. For most of my deaf clients, this was the first time using a Deaf Financial Advisor. It felt strange revealing personal information to a ‘member’ of their own community. The Deaf World is so small. They had to learn that I could be trusted not to reveal their identity or confidential information to other deaf people.
“I am an ‘independent broker.’ That means I am able to provide products (Stocks, Bonds, Mutual Funds, Annuities, Life Insurance, etc) from a wide variety of companies. I am not limited to ‘proprietary products’ (meaning only one ‘brand’ of a particular product). That means clients can choose their favorite companies or we can ‘shop around’ for the company with the best prices, and I can still be the broker to handle their needs.”
Kramer explains that all independent stockbrokers must choose a “broker/dealer” to affiliate with. “I chose to use Allmerica Investments, Inc. as my broker/dealer. I remain a part of their network of Financial Advisors, which helps me keep up with the changes in the field, gives me a peer group of professionals to exchange ideas, and provides me with office space to meet clients in various cities when I travel.
“Prompt, quality customer service is extremely important to me. Because I have a staff of four people working with me, we are able to handle most inquiries within 24 hours. Even when I am on the road on business, my clients still receive high-level service.”
When asked how many other employees he currently employs and if they were Deaf or hearing, Kramer responds “There are two other Financial Advisors who work with Kramer Financial, David Frank and Danny Lacey. They are both Deaf. I have a support staff of four people: an Interpreter (hearing), a Customer Service Manager (hearing, fluent signer), an Office Manager (hearing, learning to sign) and a Financial Analyst (Deaf).
“About 30% of my clients are hearing. Most of the companies I deal with require phone communication on a voice phone. For this purpose, I have a full time interpreter on staff. She also interprets between my clients and a local lawyer and local accountant who provide Estate Planning and Tax Preparation services in my office.
“When clients come to see me, they are very happy to have the services of an interpreter. We can quickly make phone calls and take care of many tasks (such as requesting a “PIN number” from a company), which would be very “tedious” to accomplish through the Relay Service. Having an interpreter, I can also get answers to their questions more quickly than if I had to use the TTY.
“I also have a good working relationship with a local lawyer and local accountant. They are both very willing to meet clients at my office, for the purpose of writing wills and tax preparation. Again, my interpreter is available, which makes for easy communication.
“Finally, I provide a number of ‘good will’ services. For example, if I client has a retirement plan through work (such as a 401-K, 403-b, or TSP), I will give them advice about the best funds and allocations. Clients also come to me for advice about their mortgage or before signing papers for a custom-built home. I treat my clients as if they were my brother or sister, so I want them to feel peace of mind in all aspects of their financial life.”
Kramer is a member of National Association of Insurance and Financial Advisors (NAIFA), Financial Planning Association (FPA), College of Financial Planning (CFP), and the Institute of Business and Finance which presents the CFS/Certified Fund Specialist designation.
Born Deaf In Jewish Family
“I was born deaf,” he explains, “Both of my parents are deaf, as is my younger sister. My older brother is hearing. Even though my parents are deaf, they raised me orally and sent me to Clarke School. Our whole family relocated from Philadelphia, PA to Springfield, MA in order for my sister and me to attend school. I learned to sign at age 20, through my socialization with the Deaf Community in Boston. I was raised in a Reform house hold. We attended synagogue for the High Holidays. We also celebrated Passover and Chanukah.
I am married to Bonnie and have three children, Ethan, Jena, and Dalton. Bonnie converted to Judaism before we got married. This was a decision she made on her own, with no pressure from me. She attended class for 20 weeks and then went to the Mikveh. We are raising our kids to be Jewish. In 2000, I followed my parents’ example and relocated my family from Massachusetts to Maryland, in order to send my kids to the Maryland School for the Deaf.
Luckily, MSD also provides an after school program of Jewish Religious Education [sponsored by the Center for Jewish Education/Jewish Advocates of Deaf Education in Baltimore], every Wednesday. All three of my kids participate.
We are also involved in the Havura Group (for deaf families) of the Washington Society of Jewish Deaf. They hold special gatherings about four times a year, to celebrate holidays such as Chanukah, Passover, Shavuot, etc.
