Milford Allstate Office Offers More than Insurance

lBy Terry Rogers

Just over one year ago, Louis Fevrin purchased an Allstate Insurance Agency in Milford. Mr. Fevrin is originally from New Jersey and has over 15 years of financial service experience. He has worked at companies such as AXA-Equitable, Wachovia Wealth Management and even ran his own firm Vision Planning Group LLC. He is licensed in multiple states because clients he has had over the past 15 years have moved to different states, but ask him to continue providing them with financial planning advice.

“The opportunity came to purchase this agency and we were looking for a location with lower taxes than New Jersey,” Mr. Fevrin said. “Milford is small, up and coming community with many great opportunities. I wanted to be part of a community that was growing. We looked at several locations, but this was the one we wanted to be part of.”

Mr. Fevrin has a Bachelors of Business Administration and holds a Series 7 security. He is licensed in Pennsylvania, New Jersey, Maryland, Delaware, New York, Connecticut and Washington DC. Although his business is insurance, he says that he offers much more to his clients than simply selling them auto or home insurance policy. With his background he can offer them financial planning as well.

One of the things that concerns Mr. Fevrin is commercials that advertise cheap, quick auto insurance. He says that many people look only at what the insurance will cost them and not what coverage they actually have. He says that the wrong automobile insurance policy can be devastating to your financial health if you are involved in an accident. According to Mr. Fevrin if you do not have adequate coverage and are involved in an accident where you are deemed to be at fault, the other driver could file legal action that may cost you a significant amount of money.

“We live in a litigious society,” Mr. Fevrin said. “You may have saved a few dollars a month with cheap insurance, but those few dollars could be putting your home, your retirement and all your savings at risk.” Mr. Fevrin said that auto insurance is currently in a state of change. As the economy improves and people return to work, more cars are on the highways, leading to more accidents. In addition, more people are purchasing new cars and not trading in their old cars which also increases the number of cars on the road. This is leading many auto insurance companies to raise rates to cover their added expenses due to losses. Mr. Fevrin suggested that now was the best time to have a qualified insurance agent review your auto policies to be sure coverage is adequate and that the price is correct. We can help you review your auto, renters, home, landlord, motorcycle, umbrella or boat policies.

Mr. Fevrin also provided financial planning and says that it is best to begin financial planning when you are young. Invest in life insurance beyond what is offered through their employer. Although employer provided life insurance is the cheapest available and should be taken if it is offered, an additional policy can provide financial security. Just remember at some point you will leave your employer whether by choice or not and most plans don’t leave with you. He says that life insurance rates in your 20s are the cheapest available and that Allstate offers a term life insurance policy that can be converted to a permanent policy as your income increases. The policy can also provide an additional retirement income later on.

Mr. Fevrin says that any financial goal can be reached with proper planning. He said that most people believe they need to have a ton of money to invest or to get started. He said that although there are brokers who won’t talk to clients unless they have a substantial amount to invest, his office has no minimum requirements just good advice. He says that the most common myths he hears are “I can’t afford it” or “when I get the money.”

“There is something called the Lottery Curse,” Mr. Fevrin said. “90 percent of people who win the lottery end up worse off within the year. When you have no plan for the two cents you have in your pocket now, you will have no plan for the $200,000 you win in the lottery. By the time a lottery winner gets to a financial planner, even if it was just a day or two, they have purchased cars, boats, houses and other things so the money is half gone. It is a myth that you need a lot of money to invest. When my clients say to me ‘It isn’t much’ I tell them not to think that way. It may be only two cents, but it is your two cents. You earned it and now we will make it grow.”

The key is to start, Mr. Fevrin said as money cannot grow if you don’t take the steps to make it grow. He says that he is excited to have created a place in Milford where people without a lot of money can come talk to someone who can help them grow it into enough money to achieve their dreams. He said that when the market is up or down, he hears people either excited or panicking.

“When I hear someone say ‘Oh no, the market is down 10 percent’ or ‘Great, the market is up ten percent,’ I ask them how that affects them. Surprisingly, very few know. Someone has sold them a product, but not explained what it is or how it works. I try to explain that if you are 30 years from retirement and the market is down, this is a good thing because you can now purchase at lower prices, increasing your investment. If you are within a few years of retirement and the market is down, we can look over the investments to make sure it will not be detrimental. It is all about planning.”

“At the first appointment with new clients, I don’t even discuss the products we offer,” Mr. Fevrin said. “I take more of a planning approach and want to know what the client’s goals are. At that first meeting, I ask them to tell me what they hope to accomplish, what they see as their financial goals. Then I can work on providing them with the products and resources that will help them reach that goal. The fact is, you cannot reach a goal unless you have a plan to get there. It is my job to help you with that plan and put the things in place that will get you there.

Mr. Fevrin says that anyone who wants a quote for insurance can stop in his office in the Airpark Plaza at 915 North Dupont Boulevard, Suite 102. For financial planning, he recommends setting up an appointment so he can have information available to answer questions. Appointments can be made by calling 302-424-8490. The Louis Fevrin Insurance Agency also has a referral program were you will receive a $10 gift card if you refer anyone to us that is not an Allstate customer.

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