By Kurt Anthony Krug
Legal News
David Lau originally intended to be an attorney, but instead joined the family business Lau & Lau Associates, LLC, a financial management firm based in Bloomfield Hills that spans three generations.
In 1973, Lau joined his father, Donald F. Lau — whose career began in the life insurance business in 1940 — in founding Lau & Lau in its current incarnation.
He became the principal upon his father’s death in 1980. In 2004, he was joined by his son, Jonathan D. Lau.
“I have worked with my father and my son,” said Lau, of Bloomfield Hills, who has been a financial adviser for nearly 40 years. “It has been a tremendous opportunity and thrill.”
He graduated from DePauw University in Greencastle, Ind. in 1973.
In 1978, he was awarded a juris doctorate from the Detroit College of Law (now the Michigan State University College of Law). Additionally, he received the Chartered Life Underwriter (CLU) designation in
1983, the Chartered Financial Consultant (ChFC) in 1984, and the Life Insurance Counselor (LIC) in 1987.
“Initially after graduation, I thought wanted I wanted to practice law. I started in the life insurance business. As this transformed into a financial services practice, I felt this was the area I could benefit people in a most positive way,” said Lau. “Ours is a history of creating financial plans, adjusting to changes in the lives of our clients and in the world in which we live, and — ultimately — assisting clients in the achievement of their financial goals.”
Lau & Lau offers a variety of services, such as employee benefit solutions, risk management, investment advisory and brokerage services, charitable planning, and trust and fiduciary services.
In the case of the latter, Lau & Lau has partnered with the MassMutual Trust Co. in Endfield, Conn. in order to implement wealth transfer plans and offer the flexibility to adapt to their clients’ changing fiduciary needs — especially in today’s volatile economy.
“The economy is scary at this time,” he said. “Companies are reluctant to hire because of the great deal of uncertainly that exists currently and seems to be actually promoted by government action and inaction. When there is an indication that government will reduce its interference in the free markets, you will see sustained growth in the markets, which will drive the overall economy positively.” Until the economy recovers from this long recession, the best advice Lau can offer to people in terms of staying financially solvent is to live within their means.
“So many people use credit in inappropriate ways today. Control your lifestyle, control your spending, and save first! An appropriate goal for most when they are starting out is to save 10 percent of their income,” he said.
“This is a great business which requires hard work, dedication, a positive attitude, the willingness to change and yet be true to the ideals of integrity and servant leadership.”
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