This is the last of a four-part series highlighting some special “players” in our industry. Thus far, I have focused on some obvious choices, namely the “independent” financial advisor, the independent marketing organization and the product manufacturer. These three players (let’s call them “The Big Three”) form an incredible relationship that allows for the design, creation and distribution of some much needed financial and insurance products.
The Big Three need each other to survive. A great product would be a non-product without the proper education and distribution, and great distribution channels wouldn’t quite work without good products, etc.
The player that I highlight this month is one that the Big Three need as well to survive — in fact, I’ll go as far to say that the entire industry needs this fourth player to keep it moving and growing in the right direction.
The “players” that I am referring to are the thousands of administrative staff and back office personnel that allow the independent financial advisors, the independent marketing organizations and the product manufacturers to do what they do and do it well. I have been in the business long enough to know that the old saying, “It is tough to find good people” is true. Without the right staff and support, the Big Three would come to a virtual standstill.
The “staff” that I refer to comes from a variety of impressive backgrounds — some are CPAs and bookkeepers, others are HR executives and benefits specialists. And a small, yet potent group, are the actuaries who actually make the products work for all parties involved. Finally you have executive secretaries, graphic designers, marketing pros, customer service experts and other administrative positions that keep things clicking.
And when I say that, I don’t say it lightly … let’s face it, the Big Three collectively account for the sale of tens of billions of dollars of financial products and advice. The Big Three are entrusted to deliver financial, investment and retirement advice to millions of middle Americans who are often overlooked because they are not considered rich enough.