Industry veteran and Wisconsin native, Timothy W. Powers, has returned home to lead MassMutual’s general agency, Platinum Wealth Management.
“Powers’ industry expertise and keen understanding of Wisconsin’s needs makes him the ideal choice to head up our operations there,” said Tom Jurkowski, a MassMutual home-office executive who oversees the Wisconsin agency. “Tim’s breadth of work with MassMutual in various regions of the country will be an asset as he sets his focus on his home state.”
Powers’ agency reach covers Wisconsin and parts of Northern Illinois.
“Economic turmoil is still prevalent in these areas,” said Powers. “It is up to us to provide people with the help and guidance they need to recession-proof their financial plans.”
Powers said his goal is to help his clients and other Wisconsin consumers realize financial planning is not just something for the wealthy.
According to a recent study by the insurance industry research group LIMRA, 30 percent of U.S. households (35 million people) have no life insurance. Among households with children under 18, 11 million have no life insurance protection.
Life insurance, Powers said, is often the foundation of a financial plan.
And even among the affluent, those with over $100,000 in income, lack sufficient life insurance. One-third say they have no coverage.
“The lack of planning leaves many families and their children vulnerable to financial hardship,” he said. “MassMutual provides wonderful products and programs for families to help them prepare and protect their families. It is my and my firm’s obligation to help people understand that you do not need an extra $300,000 in savings to start.”
Powers’ passion to help was fostered well before he entered financial services.
Prior to coming to MassMutual, Powers graduated with a degree in psychology from the University of Wisconsin-La Crosse. He then spent seven years as a social worker for the state of Wisconsin.
“Insurance and financial planning is about understanding people and their individual needs, desires and concerns,” Powers said. “My degree in psychology helps me see through the numbers, percentages, statements and returns — to really understand what people are trying to say and do in their lives.”
Powers, a Madison, Wis., resident, was heading up one of two MassMutual Dallas operations before returning to Wisconsin. A prolific sales manager for the company for five years, Powers was identified as a “high potential” performer and groomed for key leadership positions with MassMutual.
“Tim achieved unprecedented levels of success in Dallas, helping thousands of people safeguard their future,” Jurkowski said.
Powers plans to launch an aggressive campaign to hire dozens of new financial professionals to his Madison agency. The firm has about 90 financial professionals now.
“I want to see that number well over 100,” he said. “By providing these professionals with resources and tools to grow their practices, we will not only grow the agency but help the community by expanding our outreach with financial expertise.”