Then and Now: Lorence Helps Clients Achieve Their Financial Goals

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Editor’s note: The following story appeared in the July 5 issue of the Northwest Arkansas Business Journal. “Then & Now” is the profile of a former member of the Business Journal’s Forty Under 40 class.

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Rick Lorence has spent the past 18 years working in wealth management after leaving the healthcare industry. Lorence, 57, is an investment advisor for WealthPath Investment Advisors in Little Rock.

At Rose Care at Rogers, he was general counsel when the Northwest Arkansas Business Journal named him in its inaugural Forty Under 40 class in 1997.

He became CEO of the nursing center he started at shortly after graduating from Rogers High School. He earned his bachelor’s degree and law degrees from the University of Arkansas while working at Rose Care. Prior to his promotion to CEO, he said some employees had reached retirement age and there was an opportunity for him to move into that position.

“I did a little work with investments when I was at Rose Care and enjoyed that aspect of my tenure with them,” he said. He left health care because he was looking for something different.

In 2003, the Rogers native moved to Little Rock to become a financial advisor at Morgan Keegan. He worked there until 2005, when he joined the wealth management group of First Security Bank. In 2010, he became a financial advisor for Investment Professionals Inc.

He joined WealthPath in June 2013. The Rogers-based independent wealth management firm was founded in 2011 and as of 2020 had $468 million in assets under management and more than 750 investment advisory clients.

Lorence said he enjoys working with clients, helping them achieve their investment goals and seeing them succeed in retirement. He also likes to see young people start investing early because of its impact and how they can more easily achieve their goals. They don’t need to save as much to have a financially secure retirement, he said. Her goals are to keep working to see her clients succeed and achieve their goals. He is one of seven employees who work at the company’s Little Rock office.

“We have an investment planning process that we use to try to maximize upside and minimize downside risk,” he said. “It has worked well for the past 20 years.”

He said the COVID-19 pandemic has accelerated the adoption of digital documents. The company uses the Fidelity and Schwab investment platforms, and the Fidelity platform is entirely electronic, he said. Customers can complete signatures electronically. Additionally, older customers have understood the need for digital documents and have embraced them more readily.

“With the market turmoil last year, we made some adjustments to our portfolio that have worked well over the past 12 to 15 months,” he said. “Our clients have had phenomenal results during this period due to some of the adjustments we have made to the good times during market ups and downs. It’s always positive when our clients do well.

When asked how his law degree has helped him in his career, Lorence explained that he does a lot of financial and retirement planning and works with estate planners to help him plan his estate. .

“It gave me a solid foundation and experience to help clients in this regard,” he added. He noted that he knows other financial advisers with law degrees, but it is not common.

“A law degree is great training for any type of business you’re getting into,” he said. “It teaches a lot of critical thinking, problem scouting, and it’s just a great background for any business you get into.”

Additionally, Lorence noted that his wife, Lindsey, is an assistant U.S. attorney at the U.S. Attorney’s Office in Little Rock.

He is a member of Rotary, which supports Camp Aldersgate, and recently provided child care for young health care providers at the University of Arkansas for Medical Sciences amid the pandemic. He has four children and two grandchildren. He spends free time at his children’s sporting events, including baseball and basketball, and has helped out as an assistant coach. He also enjoys cycling, but the pandemic has suspended his group outings.

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