How to Cope with Financial Setbacks By Frank LaRosa

Beyond planning for the vicissitudes of the macro-economy, individuals and families should include emergency economic planning in their overall financial plan. Having the means to cope with financial setbacks and unexpected bills can stave off the possibility of financial ruin and keep a household afloat for the future.

Financial planners ardently emphasize the need to establish an emergency fund. Even when income is tight, creating an emergency fund should not be neglected. Even small financial windfalls, such as a birthday gift or bonus, can help shore up such funds.

On top of creating an emergency fund, prudent households will carry the right kind of insurance to meet their current and future needs. This includes life, health, disability, car, and renter’s insurance. It also includes buying long-term care insurance, which protects against the need for expensive stays in nursing homes or health care facilities.

If it becomes necessary to dip into personal investments, avoid touching retirement accounts. In addition to harming a household’s future nest egg, dipping into these accounts can trigger penalties and income taxes.

About Frank LaRosa: A veteran financial services professional, Frank LaRosa is President of Elite Recruiting and Consulting, a placement firm focusing on the recruitment of qualified financial advisors throughout the United States.


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Frank Larosa

Frank LaRosa leverages more than a decade of experience in the financial sector toward his role as President and CEO of ELITE Recruitment & Consulting. In this position, he focuses on getting to know financial advisors and other investment professionals before recommending that they change firms. The competition is fierce for successful financial advisors, who often bring their clients with them when they change firms. Applying his expertise, LaRosa helps clients through the process. Under LaRosa’s leadership, ELITE Recruitment & Consulting specializes in working with financial professionals to help them move from one company to another. At ELITE Recruitment & Consulting, Frank LaRosa draws on his extensive experience in the investment industry. Frank LaRosa possesses the knowledge and experience necessary to help clients make a smooth the transition. He has worked continuously in the financial industry since graduating from New Jersey’s Kean College in 1996 with a Bachelor’s degree in Marketing. He has stood out in every position he has held. In his first role as a financial advisor with Prudential Securities, he made a name for himself as the firm’s number-one trainee of the year. By late 1998, he had generated over $320,000 in annual revenue. Under his management, client assets amounted to over $18 million. Subsequently, Frank LaRosa worked as a financial advisor for Smith Barney in Red Bank, New Jersey, where he became Assistant Branch Manager. He then received a promotion to Branch Manager of Smith Barney in Alexandria, Virginia. Following this role, he served as Senior Vice President of Smith Barney in Mount Laurel, New Jersey. After Morgan Stanley acquired a majority stake in Smith Barney in 2009, Frank LaRosa became Senior Vice President of the Southern New Jersey Complex, the second-largest in the region with over 115 financial advisors. His achievements included raising the average revenue per financial advisor to $650,000. He was also the region’s top recruiter. Moreover, the highly respected magazine On Wall Street named LaRosa to its fifth annual list of the Top 10 Managers for 2010. In his free time, Frank LaRosa is an avid amateur boxer. He also enjoys golfing and fishing with his boys, as well playing with his two bulldogs. Residing Moorestown, New Jersey, he is married with two sons.