Establishing trust. Optimizing results.

About Us

Lynch & Associates is a well-established boutique financial services firm operating primarily in the bank-owned and corporate-owned life insurance arena.  Innovative, enterprising and proactive, Lynch & Associates is constantly repositioning to remain on the cutting edge of financial strategies and solution-oriented services. For more than two decades, we have been singularly focused on delivering optimal bank-owned and corporate-owned life insurance and investment solutions based on the principles of accuracy, transparency and value-added insight.   Building upon a foundation begun in 1958, Lynch & Associates imbues a culture of longevity. We build long-term, personal relationships with each client, providing guidance and analytics while demystifying regulatory requirements and tax law complexities. Our clients are confident putting their faith in us. Some of our clients have been with us for over twenty years, and half our clients have valued the relationship in excess of ten years. We design, service, and reposition client life insurance assets to weather all economic cycles, outlast successive management teams and the whims of industry fads. Since one does not know how the business environment will change, we apply the same principles and approach throughout the life cycle of the relationship. This long term continuity assures our clients they have made a sound decision by partnering with Lynch & Associates.

 

 

 

Guiding Principles

ACCURACY

Lynch & Associates is committed to providing accurate financial assessments, Insurance Portfolio Management services, consultation, and strategic alternatives to its customers.  When you trust Lynch & Associates to evaluate and optimize an existing insurance portfolio you are rewarded with a comprehensive assessment, explanation of the associated risks, identification of specific areas for potential improvement, and an executable optimization plan. Beyond that plan, we provide ongoing assessments to ensure that your portfolio continues to perform as forecast, delivering full potential from this important asset.

TRANSPARENCY

Lynch & Associates believes clients trust necessitates full transparency. That is why we freely disclose both our fees and the true cost of all transactions. We partner with the best insurance companies, investment managers, and counterparties without bias. This combination of honesty and independence enables us to align our interests with our clients, succeeding as they succeed.

INSIGHT

Our team at Lynch & Associates has extensive connections with senior resources in the financial, accounting, legal, regulatory, tax, insurance and capital markets sectors. These relationships are leveraged to monitor emerging trends and issues, stay abreast of changes and garner information. Additionally, these insights enable us to identify new product development opportunities and investment strategy potential, and tailor our strategies and solutions accordingly. Being part of the innovation and evolution of business-owned life insurance products is a critical component of the long term relationship Lynch & Associates offers its customers and the ability to achieve optimal results.

History

Lynch & Associates is independently owned and operates with a cohesive management team that has been together for over 20 years. Lynch currently manages 80,000 policies placed with over 35 insurance carriers.  These policies have over $9bn of assets invested with over 30 asset managers and represent $45bn of insurance face amount.

During the 1980s, William J. (Bill) Lynch III, building on the foundation started by his father in 1958, began charting the course for an innovative venture – a business-owned life insurance consultation service that reduced product price, better explained client options and pried open the “black box” of the true cost of insurance.

Since then, Bill has followed his father’s advice, “tell a straight story”.  Lynch & Associates has grown into a market leader, representing and earning the trust of many of the world’s most respected corporations, some for over 20 years.

The Lynch & Associates business model is designed to align it with clients having team objectives and putting full force behind the guiding principles of accuracy, transparency and value-added insight. Since the beginning we have enhanced our reputation by assisting clients through extremely tumultuous financial times and modifying our systems and services to adapt and evolve to the ever-changing market.

Our Team

Lynch & Associates is a highly skilled group of life insurance professionals who average over 20 years in business-owned life insurance and executive benefits. They offer extensive experience and unique insight on the insurance carrier side of the business as well, enabling us to achieve the optimal price and terms for our clients while maximizing potential savings by drilling deep into product design, risk management, and investment strategy.

Bill Lynch is the founder and Chief Executive Officer of Lynch & Associates. He is primarily responsible for refining the strategic direction, identifying market opportunities, cultivating institutional relationships and leading the firm’s highly entrepreneurial management team.

After graduating from Boston College with a degree in finance, Bill began his career in estate planning at his father’s insurance agency. After working up to customizing insurance programs for business clients, Bill left his father’s firm in 1991 to open his own agency offering specialized business-owned life insurance (“BOLI”) products. Through a combination of his innovative institutional BOLI solutions and commitment to transparency and service, Lynch has served as a catalyst for the firm’s transformation into a dominant position in the BOLI market.

Bill has served on the board of TBG Financial, The Hemisphere Group, and Berklee College of Music. He is currently on Berklee’s President’s Advisory Council. Further, Bill is a founding member and former trustee of the Vineyard Golf Club and a founding member and team rider of the North American Speed Sailing Project.
Mike Longino is the President of Lynch & Associates, directing the company’s client focused financial analysis, benefit plan design, asset-liability management and program implementation. He is also the primary executive contact with our clients, insurance companies, investment managers and marketing partners.

Mike has a degree in economics from the University of Connecticut and joined Lynch in 1991, bringing expertise in financial planning, insurance marketing and sales as well as the design of group universal life insurance for large corporate clients. His experience and style was a natural fit with Bill Lynch and his corporate vision. The two have built the firm into a major force in the corporate marketplace. Mike uses his sophisticated qualitative and quantitative skills to work with clients to optimize their complex issues, while connecting with team members from multiple disciplines within the client’s organization.
Chris Stulb is the Chief Financial Officer and Chief Compliance Officer, handling all of the financial and operational responsibilities for Lynch & Associates, its broker dealer operations and compliance, as well as assisting in the financial aspects of transaction design for prospective clients.

Chris joined Lynch in 1997 and operates out of the firm’s Boston office. A native of Massachusetts, Chris attended the College of the Holy Cross receiving his degree in economics. He went to graduate school at Boston College earning his MBA in 1991. Chris started his career selling life insurance, and then moved into the financial sector, working for State Street Bank in mutual fund accounting. Immediately prior to joining Lynch & Associates, he was working for Merrill Lynch in real estate finance and operations.

Chris has been on the board of Courageous Sailing Center since 1992, and has held leadership roles in numerous other not for profit organizations.
Mike Hartnett is the Executive Vice President of Lynch & Associates and responsible for product design and structuring, pricing and counterparty negotiations, investment and risk analytics, regulatory compliance activities, institutional client services, account management and business development.

Mike joined the firm in 2004 after seven years at Zurich Benefit Finance where he ultimately served as President and CEO. In this capacity he was responsible for all aspects of Zurich Financial Services Private Placement business owned life insurance program. Graduating from Bowdoin College in 1988 with a liberal arts degree, Mike joined Peat Marwick (KPMG) focusing on tax planning and analysis for public and private clients. He then worked for UNUM as a member of their Financial Management Program, Merrill Lynch as a Financial Consultant, and Chubb Life as a Senior Financial Analyst. Mike transitioned into the bank distribution of Chubb’s marketing organization where he became a Business Development Officer. He was then recruited in 1996 to be a founding member of a senior officer team that developed and implemented Zurich’s BOLI program.
Rick Coakley is Vice President, Executive Benefits, for Lynch & Associates, working in the firm’s Florida office and is responsible for project management, Insurance Portfolio Management related analysis, annual portfolio reviews, and the firm’s research and marketing activities.

After earning his business administration degree from Post University with a focus on management and marketing, Rick joined Lynch & Associates in 1998. Rick spent three years at Pacific Life Insurance Company in Florida working in case design and subsequently as sales director prior to joining Lynch.
Lori DeHart, Vice President, Program Services, is responsible for account management, designing and preparing client periodic reports and managing day-to-day client inquiries.

Lori studied accounting and business administration at Appalachian State University, and spent 12 years with Manulife Financial in Florida before joining Lynch in 1999. On any given day, Lori will work with our clients’ auditors, to get the information our clients need to prepare their accounting reports and regulatory filings, monitor investment performance and facilitate quarterly portfolio reviews and market outlook forecasts. She is responsible for quality control of Lynch’s data receipt, processing and distribution system as well as oversight of the client servicing team.
John Filosi is an Investment Analytics/Client Service Associate at Lynch & Associates and operates out of the Boston office. John is responsible for fixed income investment performance monitoring, performance reporting and risk monitoring and reporting. His risk analytics work includes evaluating the impact of stress testing scenarios on fixed income portfolios and producing financial analysis for clients. Additionally, John is responsible for periodic financial reporting of highly specialized insurance assets including, asset-liability management, performance mismatch, analysis of bank risk based capital implications of asset allocation, and monitoring and reporting of counterparty credit exposures. Before joining Lynch & Associates in January 2012, John earned a degree in Business Management from Bentley University and spent 13 years with State Street Corporation, where he was a Custodial Operations Manager with concentrations in Third Party Foreign Exchange and Derivative SWAP contracts.
Katherine (“Kat”) Barry is the Accounting & Operations Manager Kat’s primary responsibilities include financial reporting, working closely with the CFO/Compliance Officer to implement regulatory policies and procedures, and manage corporate operations. Kat received her B.S. in Accounting from Boston College. She worked in fund accounting for Mutual Fund Service Company and the Boston accounting firm, DiPesa & Company, specializing in tax preparation and audits. She went on to receive her Master’s in Education from Lesley University in early childhood special education. After an eight year career teaching special needs children, achieving personal and professional success, she made a decision to return to the financial/accounting services industry. Most recently, Kat worked at Diane Denty & Co, a firm that specializes in personalized financial services for high net worth individuals and small businesses. This position included responsibility for all aspects of business operation including client relations, account management and managing accounting systems. Kat joined the Boston office in 2013 after working with Lynch & Associates as a consultant from 2011-2012.
Karen Sommers is a Client Services Associate and has worked for Lynch & Associates since 2008.

She supports the senior management in both the St. Petersburg and Boston offices in all aspects of client service activities. She has more than 25 years of administrative experience and has worked in sales, marketing and event planning.
Acksonephet ("Tuti") Miller is an Administrative Assistant for Lynch & Associates and operates out of the St. Petersburg office. She provides comprehensive support to the management team in both the St. Petersburg and Boston offices.

Tuti’s responsibilities include office management, coordinate information technology troubleshooting, and client service support for insurance carrier interactions. Tuti has been in the administrative field since 2001 working in finance. Before joining Lynch & Associates in January 2012, Tuti served as an Administrative Assistant to the Executive Director of Economic Development Washington County, Wisconsin. Tuti studied accounting at the University of Wisconsin and ultimately received her Associates Degree, Administrative Professional, from Waukesha County Technical College in 1998.
Amy Caplan Stern is Senior Vice President and the leader of Lynch & Associates utility practice. Based in Baltimore, Maryland, Amy is primarily responsible for client account management and communicating financial and investment analysis.

Amy joined Lynch & Associates in 2002 after working extensively with Lynch during a shared consultant relationship. She is a graduate of Johns Hopkins University, receiving both a bachelor’s degree in political economy and a graduate diploma from the Johns Hopkins School of Advanced International Studies in Bologna, Italy. She began her career as a utilities analyst at Legg Mason where she was recognized by The Wall Street Journal in 1993 as one of Wall Street's “Best Stock Pickers” and the Most Accurate Earnings Estimator.” Prior to joining Lynch & Associates, she worked for Clark Bardes. Stern received her CFA (Chartered Financial Analyst) designation in 1986.
Allan McLean is Senior Vice President and executive benefits expert for Lynch & Associates, specializing in supplemental retirement and disability plans for executives and group medical, dental, life and disability plans.

Allan began working with Bill’s father in 1967, and then rejoined the company in 1998 after 14 years with Alexander & Alexander Consulting and Aon Consulting. Holding a degree in economics from Boston College and a master’s degree in financial services from The American College, Allan is a Chartered Life Underwriter and a Chartered Financial Consultant. Allan is also an expert in estate planning and insurance advisory services for high net worth individuals as well as in financial restructuring to reduce the cost of corporate medical insurance, with more than 35 years of experience in the corporate insurance and benefit arenas. He is former Chairman of the Board of Trustees of Leonard Morse Hospital, and former Board Chairman of MetroWest Medical Center and MetroWest Health Inc. He is Chairman Emeritus of Berklee College of Music, a director of MetroWest Emergency Physicians Inc. and a trustee of Mary Ann Morse Health Care Corp. A former Marine Corps officer, Allan is also Executive Director of the Marion Bermuda Cruising Yacht Race.
Robin Kippenberger is a consultant with Lynch & Associates. His main focus is marketing to high net worth clients, senior executives and their advisors to provide innovative life insurance strategies for estate planning, business succession and employee benefit funding. Robin has developed a business network that includes executives at some of the top financial firms in the nation and the Florida banking community. Robin’s unique ability to establish client trust is the key factor to his success. Robin has introduced nationally recognized clients to Lynch that appreciate his and the Lynch approach to business.

Robin has bachelors in science degree from FSU and joined Lynch in 1991. He has been active in the insurance industry since 1977.  Robin is an integral leader in local charities and networking groups.
Paula Reeves is a consultant with Lynch & Associates. Her main focus is working closely with high net worth clients and their advisors to provide life insurance strategies for estate planning, business succession and individual needs.

Paula attended St. Pete College and joined the Lynch firm in 1999. She has been active in the insurance industry since 1990.  Paula is active in local charities and networking groups.

Testimonials

This Fortune 50 global firm's relationship with Lynch & Associates dates back to the late 1990’s. The firm first brought Lynch in to assume broker services for its existing corporate-owned life insurance (COLI) policies that had been purchased to support a deferred compensation plan. Although this initial engagement was one plan only, it was not long before the company turned to Lynch to consolidate its entire portfolio of COLI investments and deferred compensation plans. During a six month review, the Lynch team completed an evaluation of all the different COLIs, spelled out the terms and conditions that were in place, and identified ways to further optimize the programs.

The firm’s Director of Retirement Investments said, "Basically, we hired Lynch as a global COLI oversight adviser. They get a fee based on certain assets under management, and they need to achieve savings in the amount of the fee every year to be paid that fee, so our interests are aligned. Another thing they did was help us gain additional flexibility in one of our larger accounts to more effectively hedge our growing liabilities. They worked with MetLife for probably a year and a half to get this done. I had been trying to accomplish this for two or three years and was never successful. As a result, we got an additional $100 million in variable insurance capacity to hedge our growing mark-to-market equity and fixed income liabilities."

Lynch & Associates took over the company's tracking system and optimized it so the entire deferred compensation program can be viewed across multiple operating companies and tracked against the COLI program to assess the effectiveness of the hedging strategy.

"We're delighted with that. They saved us $1 million in hard costs by reducing expenditures. They restructured an existing set of policies and saved us $17 million present value dollars in premiums. They took all of our insurance policies, ran them in their system and found $7 million in death benefits that had not been obtained by our existing third party administrators. All of that was just in 2010."

The company official believes that Lynch differs from its competitors in the personal and customized service it offers.

"This is a small group that is highly specialized. I am able to put that team in front of our most senior executives to explain these programs, and they always acquit themselves well. We have the same team dealing with us now that we have had for almost 10 years. They absolutely understand what we want and are willing to customize the information in any way that we request. We have always been very well served by Lynch, and I am delighted with the relationship. Corporate-owned life insurance policies go on for decades, so this relationship will go on through the remainder of my career. But eventually, I am going to retire, and someone else is going to have to take this over. They are going to need Lynch."
A large East Coast utility engaged Lynch and Associates for its executive compensation plan and was pleased with the work. So when the need arose to restructure a nuclear decommissioning trust, they approached Lynch to bid on the project. It involved a complicated move of the utility from one service agent to another as well as bringing the Trust from a general account program to a separate account program to give the utility more protection. It was a large trust, more than $100 million, with lots of moving parts.

Lynch won the business and immediately went to work sorting out all the component parts, which turned out to be a messy proposition. One of the first things discovered was that some previous insurance carriers handling the NDT accounts had not done their work properly, creating tax liability problems for the utility.

The utility's Treasurer noted how Lynch & Associates not only discovered the problem, but moved quickly to resolve it.

"We had to clean that up with the regulators. They discovered the problem, took the initiative to correct it and got us through it. Kudos to them. They handled things admirably. They stay on top of things."

In addition to this complication, many of the policies under the previous program were not operating at maximum efficiency and effectiveness, and Lynch worked diligently to close out these old policies and transfer cash to a new program for active employees, all the while ensuring that in moving from a general account to a separate account program for active employees, there was enough money left in the old program to protect the company's retirees.

"That is not our area of expertise. It is very technical, and that is why we are very dependent on Lynch & Associates. We are very satisfied with them because they have a lot of expertise. The firm provides tremendous customer service. They are always available when you need them and are very open to discussions. They are friendly, engaging people, and you like working with them."
This relationship began after this client’s bank owned life insurance (BOLI) portfolio grew from $2 billion to $4 billion following a material merger. The company realized it was time to reassess the combined portfolio, evaluate its options and ultimately restructure to improve both the economics and risk profile.

According to the bank’s managing director, "We spoke to many consultants and carriers to understand what we needed to do and what type of resources were available. Our $4 billion portfolio involved 17 different carriers and a complexity of products with every bell and whistle you can imagine. If you look at all the different considerations – tax risk, credit risk, regulatory risk, reputation risk, economic and relationship issues – you have all these different dynamics and complexities that need to be managed on a parallel basis. Otherwise, you are not going to get the best result, and you can put yourself in a position to actually increasing your risk instead of mitigating it."

It was critical for the bank and its consultant service provider to be in sync in order to maximize the result.

"What we still ended up with is still 17 different carriers, but the composition and structure is more unique, with improved economics, a lower risk profile, and increased flexibility in the future to manage the investment allocations The objective was to save money, to mitigate credit risks, to not increase tax risks, to improve investment flexibility and to make sure we were compliant from a risk management point of view, which is dictated by banking regulations."

The bank's major concern in restructuring “was not underestimating or having an accurate analysis of the benefits and the execution risk It was key to have a firm that we were comfortable with at all levels so we could execute the plan. We developed a great relationship with Lynch. Lynch is a breed apart from what is out there in the industry and really sets the standard for what banks and insurance companies need to do with respect to these insurance products."

The bank initially hired Lynch & Associates to re-evaluate and restructure its portfolio, a process that took about two years to complete. Subsequently, Lynch was retained to provide comprehensive administrative, investment analytics, risk management and regulatory compliance services for the entire $4 billion asset portfolio.

"The space that they're in, specific to the services they provide to us, is pretty unique and obscure, and because of that, it presents a significant number of challenges for both insurance carriers and banks to access.. A firm like Lynch & Associates effectively is a conduit that both carriers and banks need to access the bank-owned, corporate-owned life insurance market so we can obtain the best economic benefits and at the same time do it in a way that doesn't introduce risk associated with the accounting and tax aspects and is also regulatory compliant. They are not just brokers. They provide a very unique service to this market space. Their business model is based on that. They are not a commission-driven shop like many of the others in the marketplace are today. They provide real value added, and that is what truly differentiates them from their competition."

Services

Lynch & Associates provides a range of services to support banks and corporations in the ownership of life insurance assets.

Insurance Portfolio Management (IPM) defines our approach to servicing our clients. IPM effectively manages and measures the risk, expense and performance of insurance assets to hedge benefit liabilities. The process generates opportunities to mitigate risk, maximize returns and quantitatively benchmark insurance assets.   IPM can include any of these services:
  • Restructure an existing BOLI portfolio to mitigate credit risk, improve returns or improve asset/liability match
  • Purchase of new BOLI to hedge an unfunded liability
  •  Service a BOLI portfolio to provide continuous monitoring, reporting and evolution to current market conditions
The process will:
  • Reduce the long term costs of benefit plans
  • Improve return on plan assets
  • Reduce financial statement risk
  • Minimize contractual surprises
Regulatory compliance is woven into every aspect of Lynch & Associates' business.

Through its wholly owned broker dealer and insurance agency, the firm must comply with the requirements of the SEC, FINRA and state regulators. These regulators oversee the primary products that Lynch & Associates offers clients to fund and/or hedge their liabilities. With a wholly owned broker dealer, the team working with the clients is the same team assuring the products, business conduct and services are compliant. Areas of compliance for Lynch & Associates include CPA audited financial disclosure product due diligence, communication monitoring, data network security and business continuity planning. Through SSAE No. 16, an annual audit of internal reporting controls and data network integrity is conducted. This report not only provides a snapshot of the firm’s controls, it also provides a strategy for constantly improving reporting, internal audit procedures and risk management tools for clients.

This compliance regimen carries over to our work with clients to meet their needs to comply with their regulators and auditors. For banks, this means compliance with the regulations laid out for Pre and Post BOLI Purchases (i.e. Interagency Bulletin 2004-56), annual program reviews, and Basel III capital risk assessments. Board presentations and audits. For utilities, Lynch & Associates helps clients comply with their rate setting commissions. For all companies, this compliance applies to their internal and external auditors, their boards, risk management executives and ultimately, their public filings.

Lynch & Associates begins its involvement with a pre-purchase analysis (or post-purchase assessment of an existing client portfolio) including plan design, product and service providers, sizing, and risk management parameters. Each client receives an in-depth administration manual delineating the due diligence process, regulatory and corporate compliance, risk monitoring, and monthly reporting parameters. This document serves as the basic manual for the client’s compliance requirements and is supplemented with an in-depth annual review and update.

Please visit our News and Insights page for an in depth view of regulatory compliance.
Corporations have a myriad of organizational structures and unique regulatory obligations. These structures and obligations are constantly changing from internal and external mandates. Lynch works with a client to assure its life insurance assets conform to these structures and obligations and change with the times in the following ways:
 
  • Granular level detail and organization of legal and financial data
  • Support for all regulatory capital reporting
  • Board annual due diligence reports
  • Consultation on mergers and acquisitions
  • Accounting audit support

Contact

BOSTON

535 Boylston St. Suite T2
Boston, MA 02116
T 617.247.7000
F 617.247.7275

ST. PETERSBURG

One Progress Plaza Suite 2210
St. Petersburg, FL 33701
T 727.572.0000
F 727.572.9840

 

If you have a question or would like to receive more information, please contact us at mlongino@wjlynch.com.