Founder and Chair – LMFC
Vice Chair – LMFC
President and CEO – The Bank of Northern Michigan
SVP of Shared Services - LMFC
Senior Vice President, Traverse City Market Manager

Hear from the founder of Lake Michigan Financial Corporation, Rich Lievense, and his insight on what this blog encompasses.

In his book, "The Quants," Wall Street Journal columnist Scott Patterson looks at how a new breed of math wizards contributed to the meltdown of our financial system during the years of 2007-2009. It seems these highly intellectual analysts believed that the rules of physics could be applied as easily to financial products using complex algorithms.   Early on these Quants got their start trying to devise systems to win guessed it! Blackjack. The book has good lessons for future investing. As Warren Buffet is quoted "Beware of Geeks Bearing Formulas."

Read more article: The Minds Behind the Meltdown from the Wall Street Journal.

Most great ideas for enhancing corporate growth and profits aren’t discovered in the lab late at night, or in the isolation of the executive suite.  They come from the people who fight the company’s battles, who serve the customers, explore new markets, and fend off the competition.  In other words, the employees.  Are you listening to them?

Read more article: Who Has Innovative Ideas? Employees. from the Wall Street Journal.

Ever wonder why we have so much trouble saving for distant goals like retirement and college education for that newly born child?  The emerging field of behavioral economics helps to explain why spending comes so much easier than saving. 
Read more article: Why We Buy from Ode Magazine

A popular buzzword in business is ‘delighting your customers’.  We talk about it at the bank all the time.  The attached article advances an argument that the key to winning customer loyalty is simply solving their problems. This idea makes sense to me and may have application to your business. 

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