2009 Advisor of the Year

I have found that if you clearly deliver solutions that meet the clients’ needs then over 90 percent of our “seconds” become clients.

SMA: Prospecting is the lifeblood of an advisor. What are some of the keys you embrace in the area of prospecting?

Williams: Well, first and foremost, all of us are constantly introducing each other to anyone we meet. That 60-
second elevator speech is critical. However, the last year has really presented some unique challenges. Unfortunately, most of the news about advisors in our industry has been negative and that has really put the public on defense–and probably rightfully so. We have a wonderful client base and have stepped up our involvement with them to bring us new prospects. They know a lot of people who have been financially hurt and they’re reluctant to make any changes. We have simply gotten them involved in what I call the “help a friend and family” campaign.

One of the things that we have done is educate our clients on the type of clients we are looking for and remind them of the principles that we operate on. We have client advisory boards that meet three times a year. This group is now in the process of inviting their friends that meet our profile to a one-on-one dinner with my wife and me and their friends for an informal meet-and-greet. This is proving to be a very effective process for meeting prospective clients that are already prequalified.

The other area that is quite effective is our client “bring a friend” program and educational events. I’m always amazed and humbled when your clients honor you by bringing their friends and family who need help to meet with you.

Finally, I believe that the Web offers unique opportunities that we have just begun to tap.

SMA: What are the biggest challenges you see facing the industry today and in the foreseeable future?

Williams: The two major challenges that come to mind are demographic and regulatory. In the demographic realm we are all aware of the baby boomers’ impact, with just the sheer volume of people reaching retirement age. But this is also creating a different set of problems that we have never had to address before. Let’s face it, the previous generation were savers, had pensions and precipitated the buy-and-hold strategy for decades. Most of our older clients never used their assets and estate planning was a major focus.

Today, the boomers face different challenges. Pensions are becoming a thing of the past and many have not thoroughly planned for retirement.

If you couple that with the risks of investment, longevity and inflation, along with having to educate them that the returns of the ’90s are probably things of the past–this is creating some exciting times. They are going to require greater education and hands-on management than their parents and grandparents. That’s not necessarily a bad thing, but advisors must be prepared for this change.

The other area is the regulatory environment. In the past four years we have seen some interesting movement to cloud the areas between fixed and risk-based investments. I have my series 7 and 66 licenses, but I worry that sometimes we overreact to situations. This past year has been painful for a lot of Americans, but I’m not sure that overregulation is the answer. In the past 30 years of my working life, my experience has been that this will only enhance the layers of bureaucratic compliance and increase the costs. None of which, in the long run, will benefit the consumer. With that said, we all must make sure that we are doing the right thing for the clients. Regardless of whether or not a carrier requires a suitability form, we have a responsibility to act with the greatest level of integrity. Even if that means we don’t make the sale. It’s always about doing the right thing.

SMA: With your busy schedule, how do you maintain a balanced life while still being a top advisor?

Williams: In looking back on my career, I believe I am one of the luckiest people alive. I love what I do. I tell people that this is not a job but a passion. Having said that, I love the saying, “I never met someone who on their death bed said, ‘Gee, I wish I had spent more time at the office.’” Every time I’m asked this question, I give the same response, “I love my job but it is not the most important thing in my life.” In fact it’s No. 3. My faith and family have higher priorities and that has really put things in perspective.

I’ve gotten to the point where we try to meet with clients only on Tuesday-Thursday. Mondays and Fridays are administrative days, or if we’re lucky, only half days on Fridays. We have also gotten to the point that with the exception of dinner seminars, I no longer do evening appointments after 6 p.m. I have a very efficient staff that handles all of my scheduling and administrative tasks, allowing me to focus solely on my clients. This has really made me more efficient with my time.

SMA: We’ve talked about your work regimen, your business philosophy and your industry networking. So, what are the next steps or phases you’d like to accomplish in your career?

Williams: Earlier, I spoke about my role on an advisory board. I have really enjoyed helping others see the needs of the field and how that relates to the corporate environment. Having spent a good part of my career in that environment, I believe I bring a unique perspective, so I’m looking to see where that leads.

One thing that I have a passion for is teaching and helping others. I see a strong need to help advisors grow their practices in a profitable way. Sales are just one component of the business and I see where I might be able to bring a perspective to the business growth and profitability side.

We are about to experience the greatest transfer of wealth this world has ever seen and we need to make sure that the agent/representative community is ready to handle that. I also would like to get more involved in providing education to the community. I see that area lacking and believe there are tremendous opportunities.