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September 08, 2015 at 07:22 AM
Their parents, boomers and some seniors, told millennials they could be anything. Great songs about the children being the future were sung back in the 80s and early 90s. With such high hopes for their future, millennials embarked down a road of immense dreams.
For some, those dreams are already coming true. Across every industry, millennials are reinventing the way the world works, just as earlier generations have done. The insurance and financial services space is no exception. A select group of math whizzes, product visionaries and sales stars are building a compelling future for the industry. This list, the first of its kind for LifeHealthPro, tells the stories of 30 of them.
For more on how millennials are changing the insurance industry, go here.
Melina Ahmandpour
Agent, intern, public speaker
New York Life
Why did you choose a career in insurance or financial services?
I unfortunately lost my mom years ago to cancer. I had had a previous scholarship to college and I was looking for other scholarships and other ways for funding school. I looked at the Life Happens scholarship and because I was so desperate and determined to get it, I applied for three years in a row and finally got it.
Afterward, [Life Happens] asked me to speak, so I was a speaker at NAIFA National in 2013. Then, I spoke at a few other events and ended up landing an internship with New York Life. It just kind of spiraled.
Describe what you do.
I work as a speaker for the insurance and financial industries. I speak at conferences, associations, and companies. Through that, I landed an internship with New York Life and they have licensed me. I’m under an internship contract because I am still in college, but I do work as an agent.
As a speaker, I share my personal story of loss, and how my mom unfortunately didn’t have life insurance. Every awful thing that you can possibly think of happened in my case. I talk about this in an effort to inspire people who are in the insurance industry. And for other people who think that life insurance is not necessary, I think my story gives them a second thought. Within the last two years, I’ve done about 20 talks nationally and internationally. It’s been a whirlwind.
Share an achievement you are especially proud of.
I am very proud of the fact that I don’t give up easily. I’ll maybe fail one, two or ten times, but if I really think that I can do this, I’ll keep doing it until I succeed That’s kind of what happened with the scholarship, which ended up opening all these other doors for me. It showed me not to be afraid of failure. I’m happy that, with that kind of mindset, I was able to go from having a very difficult situation in my life to having it turn to this, which is crazy wonderful. I’m sure that there are many more exciting things to come.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
I think this is a general challenge and it’s definitely been a challenge for me: approaching people. How do you bring up life insurance out of thin air without making people feel like “Hey, I’m trying to sell you something.” Because the second they sense that, they avoid you.
We’re trained on how to overcome this challenge and we have all these workshops, and I don’t want to downplay our trainers or the people who teach us by any means. They do a great job and work really hard, but I don’t think any kind of [formal] training can really teach you. I really think that the best teachers, especially in my short experience, have been established agents. When you talk to them, they too went through the training, they experienced it, they too were new at one point; they figured out what to say.
If there’s one thing that I would like to see happening more, it’s mentoring. I would really like to see more established agents taking new agents under their wings, taking them to appointments with them, teaching them. You can read books and go to classes, but you can’t learn it if you don’t experience it. You have to think on your toes.
What is the biggest opportunity that you see in the industry?
I think that there’s a great opportunity for people to start marketing themselves in a different way, especially with social media right now. We’re just in a whole different generation and place in the world today. I talk to agents and they talk about the old days, “I went door to door,” they say. Those days are over. No one is going to do that anymore.
I know that New York Life has a great social media platform and I’m sure other companies do as well. If you take advantage of that, it will help you approach more prospects. You make a page on Facebook and everyone there sees that you’re an insurance agent. If they see something that they might need, they might contact you because of your presence on Facebook.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
In college and on the news all we hear is that Social Security is running out and your 401(k) doesn’t mean anything any more. All the tools for money-saving and retirement are not doing what they used to do. I think millennials are looking for something concrete and permanent, something that they know that if they put their money into it, it’s not going to go away by the time that they retire. And I’m almost positive that millennials don’t want to retire at age 65. They want to retire earlier. What they’re looking for in an advisor is someone who is either young like they are or someone older that can relate to them that and that can give them something that’s not going to cost a fortune.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Get yourself a good mentor. I am lucky that I have a great mentor and he has helped me so much. You have to look for someone who challenges you and pushes you, and when you want to give up and you say, “I can’t do this,” they can talk to you about it. Finding a mentor will save you in so many ways. They can come with you to appointments and if you say something wrong, they are there to save you. And when you go to appointments with them, you can see how they interact with people.
I would also make a note of saying this is not an immediate gratification kind of job. This is something that takes time. Try not to get frustrated at the fact that you may not make a ton of money immediately, but keep going at it because there are opportunities to be successful in this industry.
Travis Babb
Senior partner
Babb Financial Group, LLC
Why did you choose a career in insurance or financial services?
Both of my parents were financial planners, so I grew up around the business. The dinner table conversation involved a lot of business talk, so I like to think I absorbed most of the information through osmosis.
I also would walk to my parents’ office and help with filing after school, so I am not really sure I chose my career but rather it chose me.
Describe what you do.
I help preserve and grow our clients’ wealth in order for them to retire with confidence.
Share an achievement you are especially proud of.
I studied Economics at ASU’s business school, which I felt was hard enough as it is, but to add to it, I had my Series 7 test lined up the day after I graduated. So not only did I have to study for finals, but I also had to study for this six hour exam in addition to packing my home up and moving. It was one of the more stressful points in my life, but I passed and actually started work the very next day. That year I went on to qualify for MDRT at the age of 23.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The biggest challenge is the complexity of the investments on the market. Apple is such a successful company because they make everything so user-friendly and intuitive as opposed to their competition. We need investments that are concise and easier to understand. The problem is consumers want to be educated now more than ever, but when I hand them a 24-page illustration their eyes begin to gloss over. As an industry, we need to get rid of all the red tape and speak in layman terms.
What is the biggest opportunity that you see in the industry?
When I first got into the business, it was all about the baby boomers retiring. It still is all about the baby boomers; we have had more referrals from our clients then we ever had because of baby boomers retiring.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
I believe millennials are more skeptical than other generations due to the amount of information that is available. They receive a lot of conflicting information from parents, friends and the Internet. It will be hard to serve this type of client because a little bit of information can be very dangerous.
I think advisors will need to better educate millennials about their options. It will also be harder to establish relationships with people who have been stuck in front of screens for years. Regardless of age, all people want human interaction, but it might be more difficult with the millennials as they are used to communicating in different ways.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Proximity is power. It is very hard to try and get a client base by going it alone. I would recommend establishing great relationships with people in the industry that need help. There are also a ton of advisors looking to retire that are looking for someone to buy their business as they phase out. The key is finding a solid partner to buy it from who has already a great relationship with their clients.
Brenden Barkate
Senior vice president
Exclusive Insurance Brokerage
Why did you choose a career in insurance or financial services?
I was playing football at the University of Redlands and my head coach brought me into his office. I wasn’t exactly sure what the circumstances were and, quite frankly, assumed I was in trouble.
He told me that a successful alumni was starting an insurance brokerage and that he specifically asked for me. I asked my dad, who has been in the financial planning business for 30+ years, and he said it would be a great start to learn the business inside and out. I knew my father was very successful in what he did, and I wanted to pursue that same level of success.
Describe what you do.
I help financial planners, CPAs and attorneys brainstorm and find solutions to financial concerns they are facing with either their personal needs, estates, or businesses. Whether it is creating an estate plan, a tax-mitigation technique for a business owner, or simply implementing some insurance solutions for an individual; every day can be a little bit different.
Share an achievement you are especially proud of.
I came into the business with nothing. I was given a computer, phone, and a desk in a bullpen. I was one of two people who started the company. Today, I am a Senior VP at one of the largest insurance brokerage and consulting firms in the United States. Two years ago, I assisted an advisor in closing one of the largest life insurance policies ever sold. I thought that was pretty neat.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The one thing I would change is adding more regulation to the insurance industry, specifically pertaining to the sale of index life or index annuity products. I oftentimes come across advisors who have a life license they obtained in 52 hours. The following week, they are persuading clients into products they know relatively nothing about. These insurance products are phenomenal solutions for certain clients and I hate to see them sold incorrectly or abused, as it gives a black eye to our industry.
What is the biggest opportunity that you see in the industry?
I go to insurance conferences, meetings, product panels, etc. and oftentimes I am the youngest person in the room by 20+ years. The average financial planner is aging and there is plenty of room for young professionals to come into the insurance industry and make a difference in people’s lives. The insurance industry has been around for 100+ years and is not going anywhere soon.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
With access to Google, I think millennials are looking for transparency in a financial advisor. With information readily available at your fingertips, no longer can financial advisors dance around the facts. Advisors need to approach millennials as extremely bright, and present solutions with all the facts — even if some are not what the client wants to hear.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
While there is plenty of opportunity inside this industry to start your own business, there is no shortcut for hard work. There is no “manual” for starting an insurance practice, per se. You need to find a part of this industry that you care about and devote yourself to that cause. If you can do that and aren’t afraid to fail, then you won’t be anything but successful.
Chantel Bonneau, CFP
Wealth management advisor
Northwestern Mutual
Why did you choose a career in insurance or financial services?
I was interested in a career that focused on financial planning at a holistic level. Risk management is extremely important and undervalued by so many people. I put risk management at the foundation of my clients’ plans because it builds stability and predictability into their plans. As someone who loves both analytical work and spending time with people, this was a perfect role that combined those skills. There aren’t many careers that allow you to grow in both ways.
Describe what you do.
I work with individuals to build financial plans that reflect their ambitions, goals, and resources, both current and future. I spend my time getting to know a client and what they’re focused on accomplishing from a personal, professional and financial standpoint. From there, I assess their current financial situation and determine solutions that will get them closer to their goals.
Much of what I do is about creating a roadmap they can understand and follow. Like most goals, having a partner is beneficial and I try to be their partner in education and in execution.
Share an achievement you are especially proud of.
I’m particularly proud of the client relationships that I’ve built. It’s extremely rewarding to have clients that I’ve worked with for four or five years and to see the impact of that planning. I have clients that feel secure in their retirement trajectory, have put important insurance products into place while they’re healthy, and feel confident in their strategies.
All of what we learn is important in theory, but a plan is only as good as the implementation, and I’m always excited to see clients who prioritize their future because of the work we’ve done. For example, I have a client who started as a single young professional with no planning at all. Over time, he has grown in his career, bought a condo, and recently got engaged. As he went through these different phases, we were able to keep his planning up to speed with his life and priorities.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
I wish people would share more stories about advisors who have been helpful to them. So often we hear the negatives, but there are many people who are much better off because of the relationship they have with a trusted and knowledgeable advisor. While media and social media have made us a nation of Do-It-Yourself’ers, your finances, like your health, are an area where you don’t want to self-treat. Working with a professional to take care of your financial wellness has proven rewards. Northwestern Mutual’s Planning & Progress research repeatedly shows that those individuals who work with advisors feel significantly happier and more financially secure in retirement.
What is the biggest opportunity that you see in the industry?
As a millennial myself, I see my generation as the greatest opportunity. We’re a large group, we’re educated and, according to research, we’re more financially disciplined and focused on building financial security than some might expect. Cultivating millennial clients now will plant the seeds for a relationship that will grow as their income and assets do. I’ve had success working with millennials because I focus on educating them about the key components of prudent financial plans. They like information before taking action and value being brought up to speed on the financial fundamentals that are often overlooked in traditional education.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
Millennials want transparency and honesty, as they should! Insurance is extremely important and, as we know, typically the younger you purchase protection products, the more cost-effective they are. Millennials need to learn more about risk products and be given recommendations tailored to them in the context of their overall financial plan.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Ask questions of your clients that help you truly understand them and their priorities. If you know why they’re working so hard and toward what goal, you can provide great guidance as well as develop a great relationship.
Karen Carr, CFP
Society of Grownups
Why did you choose a career in insurance or financial services?
I was always interested in financial services. Finding the right financial products, including insurance, can be an intimidating process, but it is so important for someone’s overall financial plan. I was excited to be in an industry where I could be an unbiased resource and help people navigate those decisions in their best interest.
Before joining Society of Grownups, I completed a B.S. in finance, obtained my CFP®, and worked as an advisor at a boutique private wealth management firm. I specialized in comprehensive financial planning, including insurance planning, for individuals and families at all life stages. During this time, I discovered my passion for working with young professionals who offer their own unique planning opportunities and challenges.
I was excited about the unique approach to financial literacy that Massachusetts Mutual Life Insurance Company (MassMutual) was taking with the development of Society of Grownups, and I knew I wanted to be a part of it.
Describe what you do.
I am one of five Certified Financial Planner professionals at Society of Grownups, a MassMutual learning initiative dedicated to fostering financial literacy among twenty-and-thirty-somethings. Our main objective is to change, and open up, the conversation about money and make financial planning more fun and less intimidating.
At Society of Grownups, I teach some of the core financial classes, including “Loans and Groans,” a student loans workshop, “Buying a Home,” a three-part series on first-time home buying, and “The Basics of Investing.” I also conduct one-on-one sessions with Grownups who come into our space, either a 20-minute checkup or a longer, more in-depth 90-minute appointment.
During these one-on-one sessions, I talk with Grownups about their individual situations, offer balanced advice and perspective, and create actionable steps to help them work toward their financial goals. This can sometimes involve providing recommendations for products and services when it’s in the best interest of the Grownup. However, we do not sell any products at our space or on our website.
I also assist with Society of Grownups’ corporate and university partnerships by teaching classes to employees or students. I also help develop curriculum for our various classes and events, work with our PR team to develop expert content for our blog and other publications, and assist with developing digital tools and resources on SocietyofGrownUps.com.
Share an achievement you are especially proud of.
The launch of Society of Grownups. We just opened our doors in October 2014 and weren’t sure what the reaction was going to be. This financial literacy learning initiative aimed at the millennial generation is a really new, innovative concept — we are approaching the conversation around money, personal finance, and being a Grownup in an entirely new way. I am really proud that I was part of the team that helped bring this concept to life and am excited by how well it’s been received.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
Engaging with millennials — they haven’t traditionally been the most attractive customers to the industry because they aren’t always seen as a profitable demographic. Figuring out how to connect with these Grownups, and how best to serve them, is definitely a challenge when, traditionally, this generation is so distrusting of the financial industry and insurance companies. The challenge is in figuring out how we, as financial planning professionals and insurance providers, can be a resource for these twenty-and-thirty-somethings and act in their best interest.
What is the biggest opportunity that you see in the industry?
Innovation. The insurance and financial industries have operated one way for a very long time, and it’s ripe for the opportunity to try a new approach and engage a new demographic.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
Millennials are really looking for someone who will listen to them, meet them where they are, and, most importantly, someone they can really trust. Advisors can best serve the millennial market by speaking in plain English, avoiding confusing jargon, and being a trustworthy resource who acts in the best interest of their clients.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Don’t be afraid to think outside the box — there is lots of opportunity in this industry for innovation and creativity, so it’s okay to push the envelope a little bit.
Joshua Coleman
Founder, CEO of Momentum Advanced Planning
Independent advisor associated with The Penn Mutual Life Insurance Company
Why did you choose a career in insurance or financial services?
I’m a self-proclaimed nerd and was drawn to insurance first because of its relation to math. After graduating from Villanova University with a degree in finance, specializing in financial mathematics, I wanted to do something with math and numbers that wasn’t teaching. I wanted do something in practice with numbers. So, finance and insurance were appealing.
Secondly, I recognized an opportunity within the aging workforce in the space. To me, it was just another basic math problem. There’s a ton of people that have to be taken care of, and after advisors retire, there are fewer and fewer new advisors joining the industry to fill that role. That presents a challenge and an opportunity and I was intrigued by that.
Describe what you do.
I play quarterback, but not the type of quarterback you may be thinking of. I serve as an advanced planning quarterback for families and successful businesses. I do this through partnering with the advisors they’re already working with and acting as a financial engineer.
I supplement what the advisory team is already doing, bring potential new ideas to the table, and then play quarterback to build out any additions to the advisory team that may be necessary, and service the solutions put in place.
Share an achievement you are especially proud of.
What makes me most proud is my first year in the insurance space. During the span of just 365 days, I was able to make a charitable impact of over nine figures for a very small group of our initial clients. When clients are happy and a large group of charities are benefitting, that’s a win to me and definitely something I’m proud to have been a part of.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The biggest challenge in this industry is that we implement extremely sophisticated solutions that include a lot of moving parts. This challenge has become, in my mind, the biggest risk for the industry.
The solutions are good, but that doesn’t mean that they’ll be maintained properly and carried out well in the future. The reason I say this is because the industry is currently faced with an aging workforce, and we also have the upfront compensation in insurance.
How can we eliminate this risk? One thing I’d like to change is to spread compensation based on keeping solutions in place and long-term success.
What is the biggest opportunity that you see in the industry?
There’s an innumerable amount of families and businesses to help, and that’s exciting to me. So many advisors have become really niche, which is great, and I see it as a huge opportunity for a group like ours to weave together those niche practitioners for the broader long-term solutions. There’s no shortage of niche specialists and no shortage of clients that need help, so bridging that gap and bringing those groups together is exciting.
Also, there’s an amazing opportunity in this industry for those just stepping into the career world or those looking to make a change. In our industry, you get to build a career around your life as opposed to being forced into a career that regulates your life. At Momentum, we currently offer employees the option to work remotely which is extremely unique in the industry. You can design the life you want to live and build a career around it, and you really can’t beat that!
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
Millennials are looking for someone that’s been where they are and understands where they’re coming from. The absolute worst thing you can do for a millennial is try to convince them that you know exactly what they need.
Also, millennials appreciate someone who’s going to value their input into a solution. Their access to information is immense, and their ability to get it means that they should be part of the solution dialogue. Advancements in technology have made it simpler to include millennials in that dialogue, but at the same time, involving the millennial in the decision, to me, is crucial.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Listen to advice and learn from people who are in the space — but don’t copy it. Combine it with your own personal take on the world, and think of how you can bring something to the table that would enhance what you’re being told or shown. Providing a different perspective is invaluable.
The best advice I could have gotten starting out in this industry would have been to not be afraid and not to think that every successful person does it the same way. In reality, it’s very much the opposite. So, if you don’t start forging custom paths through the space early, you probably never will, and as a result you may not be as successful and effective.
Mary Deutsch
Founder
MTD Financial
Why did you choose a career in insurance or financial services?
I had previously been a business owner and when I learned of fixed indexed annuities (FIAs); I was working in the retail industry. Once I heard more about how they work and saw the benefit to both the client and myself, as a business owner, I knew I had to make a change.
Describe what you do.
I hold educational retirement seminars to teach people about FIAs. The presentation is very direct and honest, including the pros and cons of annuities, and also includes a history and overview of some of the common misconceptions of the stock market and the financial and insurance industries as a whole. At the conclusion of my presentation, people schedule appointments to meet with me in the following weeks. At those meetings, I use a no pressure system that helps the client and myself determine what, if any, insurance products are a right fit for them. I encourage all potential clients to start with only a small amount that they are comfortable with to begin, knowing that we can help them with more later. Finally, myself and my office make sure to follow up with and take care of our potential and existing clients to offer top-notch service and experience.
Share an achievement you are especially proud of.
Although I have worked in sales, management, marketing, and finance, I had never worked with FIAs prior to starting my business. However, from the time I sold my first FIA to 12 months later, I hit over $7 million in personal FIA production, which wouldn’t have been possible without continual focus on the education and assistance of others, which allowed me to help hundreds of people. The interesting thing about that achievement is that I really didn’t know it was unusual and simply kept working with the help of my marketing organization, my marketer, and my fellow producers to make that happen.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
I feel that more producers should look out for what is in the best interest of the client. Not just in regard to suitability, although that is important, but also with regard to selecting the proper product and its features, negating the personal benefit to satisfy the client’s benefit. If more people did that, I think we would see an increase in production industrywide.
What is the biggest opportunity that you see in the industry?
In order for our industry to have continued growth, we must look to advance our products and their benefits, understanding that the change in times calls for adaptation. As the younger generations grow, more individuals are starting to look at the future and their retirement at a younger age.
Being a younger individual myself, I think the industry could use more products that benefit the 40-and-under population to start saving for retirement earlier. If we can capture that market, the growth of our industry is inevitable, and we would see more product, company, and industry loyalty.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
They are looking for an individual who can educate them in a way that makes sense to the consumer. So many people want to understand the opportunities for growth and safety of their hard earned money, but many advisors use verbiage or double-talk that causes more confusion and distrust. We have to remember that we are the experts and professionals in our field and that is the reason that clients reach out to us for help. Remember, if our clients wanted to know everything that we do, they would go get their license and wouldn’t need us.
Listen more than talk, ask rather than tell, and you will help more than hurt. Be honest, straightforward, and explain things in simple terms that would make sense to anyone, and you will earn trust.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
I would encourage anyone looking to enter this industry to find the most successful people who are where you want to be, and surround yourself with them. Listen, take direction, put your ego in the back seat, and help others. You will find success if your top priority is to help others and you remain laser-focused on your goals. Throw away doubt and get to work. What has made me who I am today has been the work ethic and passion that I learned growing up on a dairy farm. I’ve always followed the philosophy that those who work the hardest, who make some personal sacrifices and are willing to endure failure while maintaining confidence and a positive attitude, will see success.
Amelia Dobson
Independent insurance agent, producer
Rice Insurance, LLC
Why did you choose a career in insurance or financial services?
I was offered a full-time receptionist position right out of college, and felt that was a superior alternative to the three part-time jobs I held at the time. I soon found out the agent that hired me was ranked top 20 out of 14,000 or so State Farm agents in the country. He paid for me to get my license, transitioned me into service and then sales shortly after. The impact I made on people’s lives by being someone who was knowledgeable, friendly, trustworthy and dedicated hooked me instantly. I’m a natural people person. My clients became loyal to me because I was loyal to them. They say once you start in insurance, you’ll never get out. So far, I’ve found that to be true.
Describe what you do.
My job is to help people navigate the world of personal insurance. I listen to them and learn about their lives and with that information I build an insurance package to fit their specific needs and budget.
As an independent agent, I work with multiple carriers, which allows me to bring many options to the table. I am all about education. I don’t sell you things you don’t need; I don’t cut coverage to beat your current rate. I tell you what’s available, how it covers you, how much it costs, but most importantly, I listen. I give people the tools necessary to build the levels of protection they want. My job is to change people’s perception of the insurance industry, one client at a time.
Share an achievement you are especially proud of.
A lot of people in our community hear the word “insurance” and think of me. I’ve proven, over time, that I can be relied upon and trusted. This has allowed me to write a relatively high volume and it continues to increase. The first couple of years definitely were slower. I wasn’t struggling, but I chose to invest my time into activities that would pay off in the long run, not the short run. It was hard to stick it out at times, but the last year or two, it has really paid off.
The greatest thing that comes from this isn’t the numbers, it’s my community. Success in sales depends on what type of professional you are, and this directly relates to who you are as a person. I’ve learned so much about people, about life and about myself. I can honestly say my career in insurance has made me a better me. That is something I am not only proud of, I’m extremely thankful for.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The biggest challenge I see in our industry goes back to what I’m actively trying to change: the perception. Too many agents out there don’t take the time to really explain how policies do and don’t work. People are busy, and learning about their coverage doesn’t take high priority, especially when they think their agent is taking proper care of them.
What is the biggest opportunity that you see in the industry?
The biggest opportunity in insurance is the fact that you have the flexibility to steer your own ship. You choose how you get referrals. You choose how much time you put in each day. It’s up to you to decide what type of agent you want to be.
Do you focus on volume or service, or a combination of both? Are you going after a niche market? You have to differentiate yourself, that’s a fact. But how you differentiate yourself is entirely up to you. There’s a lot of power and opportunity in that. You need the support of your company, but ultimately your success rides on your shoulders. I love the accountability aspect of it. When you feel accomplished, you can thank yourself for that.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
I find millennials are much more interested in learning the details of their policies. They’re smart, intuitive, innovative and invest in themselves. They not only want to trust the person they’re working with, they want to get along with them. Maintaining a professional demeanor is key, but at the same time you have to let personalities guide the relationship. Think outside of the box. Use technology to your advantage. Save them time.
Each year that passes, our lives transition farther away from the simplicity of what was our childhood and head deeper into the chaotic reality of today. Hash out the details over email or phone for convenience, and then take them out for coffee or happy hour to thank them for their business. Work first, play later! At least, that’s my motto.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Sales can be a daunting profession and if you don’t see results immediately, a lot of people can’t handle it. Figure out your personal brand. Everything you do is a reflection of who you are and where you’re going. Treat every person you encounter with respect and appreciation. If you always give, you’ll always have. All this to say, go above and beyond for your clients, prospects, referral partners and everyone in between.
Sales is about earning trust and respect, it’s about being consistent and having integrity. It’s hard work and your efforts should be focused on the small activities you can complete every day. Reach out to people. Stay top of mind. Provide value without expecting something in return. If you’re spending your time wisely and prioritizing your integrity, there is nothing anyone can do to stop you.
Conor Drake
Marketing director
Exclusive Insurance Brokerage
Why did you choose a career in insurance or financial services?
I was finishing up graduate school in 2011 and, like many graduates, I completely financed my education. I began to do some research as to how I should structure and pay off the loans I had accrued and realized that this was a growing problem among recent graduates. The more I looked into this issue, the more passionate I became.
In wanting to try to help others in my situation, I eventually reached out to interview at a number of different financial planning firms. I was lucky enough to catch on at one of the fastest growing companies in the country.
Describe what you do.
I operate as a consultant to different financial advisors, asset gatherers or insurance specialists to help them design, develop and implement strategies for individuals or businesses.
No two people or businesses are the same, so everything I do is extremely personalized and tailored to each particular business or individual and their specific set of circumstances.
Share an achievement you are especially proud of.
Last year, I helped design and implement a number of financial products and strategies that is going to help a family save up to $60 million in potential estate taxes. Being able to help a family maintain wealth for several generations was a great experience.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
A current challenge I see is people making financial decisions without all of the proper information in hand. With all of the tools that the Internet provides, many people are making important financial decisions based on flashy TV commercials, Google or Wikipedia. While I believe every client should do research on their own surrounding any important financial decision, there is also a lot of misinformation out there and it can be difficult to figure out what information is good information. I believe it is hard to replace the expertise and feedback that is available through working with a great financial services professional.
What is the biggest opportunity that you see in the industry?
Social media is an area I see more and more financial professionals utilizing. I am a huge proponent of staying engaged with your clientele. I think that all of the opportunities that social media provides for us to stay engaged with our clients on a more consistent basis allows us to build a more mutually beneficial relationship with our clients.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
I think more than anything else, they are looking for someone they can trust. I think this is important for anyone looking for an insurance advisor, but I think millennials are particularly skeptical. I think a great way to serve this market and build this trust would be for an advisor to be proficient in managing student loan debt. I am obviously biased here, but by getting in with millennials before they are at their peak earning years and helping them when maybe it is not the most lucrative time to do so for the advisor, they can start to build this trust and create a client for life.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
I would tell someone that there is no substitute for hard work. I think the financial services profession as a whole is aging and that there is a very good opportunity for a young person with the right attitude and work ethic to be successful. I had an old football coach who used to love the saying, “There is no elevator to success. You have to take the stairs” and I think that is an especially relevant sentiment for any young person looking to get into the industry.
Michele Fournier
PC, life & health licenses
Marketing & communication supervisor
Assurance
Why did you choose a career in insurance or financial services?
This is a funny question, as insurance wasn’t an industry I ever saw myself having a career in. Truth be told, there were a lot stereotypes that didn’t seem appealing to a young marketing & communications professional.
I originally wanted to go into sports marketing, and when I got there, realized that I needed a more stable, 9-5 environment. I sort of fell into insurance, and now I couldn’t imagine not being a part of the industry.
Describe what you do.
I’m a Marketing Communication Supervisor at Assurance – a top 50 U.S. insurance brokerage. I oversee three individuals on the marketing team and manage a portion of our external communications, working closely with the company’s staffing and construction practices.
In addition to attending and helping plan industry trade shows, I write many of our communication pieces, including flyers, RFPs, email campaigns and web content. I’m also heavily involved in the company’s public relations efforts and blog writing.
Every day is completely different as far as projects. Essentially, my job is to:
1. help clients minimize risk and maximize the health of employees,
2. bring in new prospects, and
3. attract the best & brightest talent through marketing initiatives.
Share an achievement you are especially proud of.
I was named Assurance’s 2014 Employee of the Year. Considering I work with 350 bright and motivated insurance professionals, it was an extremely humbling honor.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
As a marketer within the insurance industry, a big challenge is bridging the gap that exists among the different generations in an organization, especially as it relates to marketing automation and other technologies in the sales process.
I have some brokers who embrace digital marketing spheres and CRM, and I have others that are still selling without using technology – and doing well. I think a lot of brokerages are challenged with reinventing their brand, trying to embrace change/technology and adding young talent while still also catering to seasoned insurance veterans.
What is the biggest opportunity that you see in the industry?
In the life insurance and benefits arena especially, I think there will be a bigger opportunity in how insurance brokerages educate clients and their employees on their benefits program. Generations tend to learn differently and have diverse motivators. There’s a lot of opportunity for insurance companies to work hand-in-hand with their clients to demonstrate the value of employer-sponsored healthcare and a more customized approach.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
The millennial generation is synonymous for jumping from organization to organization. As such, I think a lot of millennials are focused on instant gratification. They want to know what they can do now within their plan.
Advisors can help by being present (not just at renewal or open enrollment) and finding new and different ways to reach millennials to explain their benefits. If you think about it, millennials have the option to stay on their parent’s plan until the age of 26. Going through an enrollment period, understanding an individual plan and effectively utilizing benefits is likely new.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
This would really be for anyone at any level entering the insurance industry: Fnd your strengths, brand yourself, but, at the end of the day, stay nimble enough to embrace change. There will be a lot of it!
Brent Gritton
Wealth strategist
Semler Financial Group
Why did you choose a career in insurance or financial services?
I am the third generation in my family to work in the insurance industry. When I officially told my dad, Doug, this is what I wanted to do, he said, “Great! Brent, be prepared because this is going to be the hardest thing you’ve ever done.”
The reasons that ultimately led to my decision were that I wanted to have the freedom to be my own boss, I wanted my income to be a direct result of performance (no guarantees, unlimited upside), and I knew at the end of the day, every dollar I made would be a direct result of positively impacting others’ lives. I wanted to help people and be significant.
Describe what you do.
I help folks navigate the increasingly complex world of personal finance through proven macro-economic principles. I show them how to increase their money supply without taking additional risk and how to position themselves for maximum retirement income without the fear of running out of money. I play the role of educator with my clients so they can confidently make decisions regarding their financial affairs.
Share an achievement you are especially proud of.
To this point, the achievement I’m most proud of is qualifying for Million Dollar Round Table (MDRT) for the first time in 2014. I was close in prior years, but close doesn’t count. This was a goal of mine since I entered the business.
My grandfather had a ring made with a diamond for every year he qualified for MDRT. I remember seeing him wearing it while growing up, but didn’t understand the significance. My grandfather passed away before I began my career, but my dad showed me the ring at that point and told me my first goal needed to be qualifying for MDRT. It took me four years but once I did, it was a great moment.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The biggest challenge in the industry is bringing new millennials into the business. The average age of advisors today is in the mid-50s. We need to bring on younger guys and gals and train them to take over.
In my opinion, in the insurance and financial services industry, there’s a lot of: “My daddy can beat up your daddy.” What I mean by that is that there is far too much bashing of particular products or strategies. Everyone’s situation is different. In the world of personal finance, it’s next to impossible to say “everyone should do this and no one should do that or use this product and never use that product.” The only thing that does is make the decision process for consumers more difficult.
I believe there is a scenario or set of circumstances out there for every financial tool. I would like to see more educating instead of selling. I feel that would make the decision process for consumers easier, which is a great thing for the industry as a whole.
What is the biggest opportunity that you see in the industry?
Without question, I believe retirement income planning is the biggest opportunity in our industry today. I feel this is the area that poses the largest problem for consumers. With defined benefit pension plans being nonexistent for most, the need for creating retirement income falls solely on the consumer. With that comes a great deal of risk.
In addition to risk, the mindset for retirement income becomes one of scarcity because of the very real fear of running out of money. Teaching consumers ways to maximize their future retirement income without taking more risk, and without the fear of running out of money is a message a lot of folks need to hear. This doesn’t just apply to someone five years from retirement. These discussions are relevant to the individual or family just starting out. After all, the reason we save money long-term is to be able to generate income in retirement. The sooner one can position their savings in ways that will maximize their future income without the fear of running out, the better.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
Certainly, millennials want to work with someone they like and feel is knowledgeable. I believe they are looking for someone to give them answers. I have to use the word ‘education’ again because I feel it’s so important and is the basis for a lifelong relationship with an advisor and helps develop trust over time. Someone who can play quarterback for all of their financial affairs. I don’t mean being a jack of all trades, but someone who can point them in the direction for guidance in all areas.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Wow. There’s so much I want to say and it’s hard to give just one thing. My message would be, do it. This can be a very rewarding and satisfying career, but if you are like most (myself included) there will be days you struggle. Maybe even days you question why you are doing this; just keep at it.
Always spend time increasing your knowledge. Constantly be thinking of ways to enhance your business and ways you can help your clients understand complex issues. You don’t have to be in this alone. Find mentors. Pick the brains of home office executives and producers alike.
Brenton D. Harrison
Associate, financial advisor
Henderson Financial Group, Inc.
Why did you choose a career in insurance or financial services?
When I started in the insurance business, I took a financial advisor position because I needed a job. What made me stay when I invested in the profession was the realization of how great an impact I could have on a family through insurance planning. From the people I come in contact with to the value I feel we provide as advisors, it would be difficult for me to find another field I enjoy as much as ours.
Describe what you do.
I work with my clients to maximize their savings, minimize their taxable burden and protect against health emergencies and financial downturns. To do that, I use insurance and investments.
Share an achievement you are especially proud of.
In 2014, I was named one of Nashville’s Emerging Leaders. It was an important achievement to me because the honorees were chosen not just by their professional accomplishments, but by the impact they have on their community. It’s very easy to get wrapped up in your work, and it was nice to know that the things I do outside the office can make a difference as well.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The biggest challenge I see in our industry is attracting and retaining young talent. Many young advisors can’t stick around long enough to gain a passion for our industry, and finances are a big reason why. We need to find ways to financially incentivize new talent and support them until they can build a sustainable book of business. If we don’t, we will continue to see a decline in new recruits to the financial industry.
What is the biggest opportunity that you see in the industry?
The regulatory push for transparency creates a real opportunity for advisors. The more information a client has at their disposal, the easier it is for us to establish trust and make them feel as if they are informed and knowledgeable about their finances. These are soft skills, things that have nothing to do with book knowledge. But if we can master them, we’ll always be irreplaceable to our clients.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
I believe millennials want an insurance advisor who will treat them as partners in insurance planning, rather than customers. The Internet now gives consumers access to all of the information that we have as advisors. To serve millennials, we need to be able to explain products in a way they understand. In addition, we also need the ability to get a person to act on attaining coverage they need, even when they don’t understand what that particular product is at first.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Find a mentor who will take you into meetings and situations that are over your head. Luckily, I have a mentor who not only encourages me to think bigger, but also takes me into complex situations where I can watch and learn. I’m in my fifth year and am just now coming across my own clients who need some of the strategies I watched him implement when I first started. If I hadn’t learned how to read a room and see a client’s unspoken needs, I would miss out on those opportunities to be of service.
Cameron Jacox
Cofounder
InforcePro
Why did you choose a career in insurance or financial services?
When the idea for InforcePro was hatched, I was still in college. We went into the industry to solve the particular problem that we discovered. That problem has now been solved with our software, but now we realize that there is an array of different and complementary problems that we can solve using software.
Describe what you do.
I’m co-founder at InforcePro, which is the only software company to have built an in-force, or “post-issue” solution for policy monitoring and policyholder engagement. Technology in our industry has been laser-focused on pre-issue — getting a policy into force faster and better — for over 20 years. The dropoff of technology vendors’ focus after a policy was issued mirrored the drop off in attention by the agent in that regard, but that begged the “chicken or egg” question: Did the agent fail to engage with in-force policies because he did not have adequate technology, or did adequate technology not exist because the agent wouldn’t use it? At InforcePro, we’ve discovered that the answer is the former. In short, InforcePro can download, update, alert on, market to, and report about in-force business.
Share an achievement you are especially proud of.
I think it’s extremely exciting that InforcePro has, in just 12 months, developed partnerships with eight of the top ten national marketing organizations, earned over 110 BGAs as clients, and come to monitor over two million in-force policies. Our growth is probably the thing that I’m most proud of. It illustrates the really fundamental need for post-issue solutions and the pent-up demand for in-force monitoring capabilities.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The single biggest challenge that we face today is the same as our single biggest historical mistake: Saying “gotcha” to policyholders or, more specifically, the fact that the exclusive way of communicating with policyholders was through the use of “terse” 30-day notices prior to major policy events. This way of doing business has corollary concepts in “buyer beware.” But the life insurance industry has hurt its reputation this way, so why has it continued?
What is the biggest opportunity that you see in the industry?
The biggest opportunity is to embrace post-issue technology solutions to follow the policyholder after they become one. The foundation for that is information about the inforce contract; what is it, what needs to be monitored, and how can technology enable it? That needs to be readily accessible to the carrier and agency. Next, comes the creative aspect: The ability to connect with policyholders’ social and banking profiles online, generate periodic reevaluations of coverage and even risk. InforcePro has focused, first, on the moving parts in policy contracts. Conversion options cannot be a gotcha provision provided 30 days prior to expiration – or not at all.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
We’re looking for someone who is just as tech savvy as we are. We’re OK with an in-person meeting, but we don’t need a policy delivered and we sure don’t find it acceptable to have to call in to get a policy update, make a payment, or make a change – that needs to happen online. And once our policy is in-force, our needs and desires are fluid and mobile as are our lives; we need to be able to make changes, evaluate the in-force policy, and increase or decrease the coverage or structure more easily. Otherwise, it will seem too static and out of touch.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Enter with your head up and keep your head up. Realize that the industry is driven by sales and distribution, along with data and analytics, and success in those capabilities can drive your career forward unlike any others.
Karan Kanodia
Co-founder, managing partner
InforcePro
Why did you choose a career in insurance or financial services?
My career in insurance was never planned. I was always interested in the cross section of technology and finance. The road down the insurance industry was driven by naïveté, driven by the belief that it is one of the largest industries globally with extremely slow technology adoption. In addition to the specific opportunity we were tackling, I believed there was an opportunity to have a dramatic impact on this industry through technology. That’s turning out to be true more and more with every passing day.
Describe what you do.
InforcePro is the first ever post-sale customer engagement platform for insurance distributors. Most technology is focused on pre-issue in our industry such as CRMs, quoting providers, e-apps, etc. InforcePro is focused on the bridging the post-sale gap. It is able to do so by automating inforce data feeds from carriers, creating the first ever database of legacy products going way back to the 80s, and finally integrating with multiple quoting providers to create an end-to-end policy review engine that enables distributors to stay on top their books like never before.
Share an achievement you are especially proud of.
Conversion of large enterprise customer pilots into full scale implementations. As a young company, resources are scarce while demands of multinational enterprises are multi-dimensional; they often include comprehensive product features, support, IT security, etc. Today, InforcePro has 1000+ enterprises as clients with some multi-billion dollar houses such as Scotia Bank.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
Lack of transparency and proactive customer engagement. Insurance is often seen as a static one-time purchase by consumers who have little awareness of the complexities. Through InforcePro, I’d like to empower distributors to engage with policyholders and aid consumers to take well-informed risk mitigations decisions.
What is the biggest opportunity that you see in the industry?
There’s a wealth of opportunity to leverage data and generate insights for a stronger understanding of consumer purchase patterns, agency management, product performance variations, etc. The key pre-requisite is easy access to in-force data which is one of InforcePro’s core focuses.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
As a millennial myself and having grown up with easy access to information through the Internet, we have a tendency to research topics ourselves instead of taking them at face-value. Advisors can stand out by playing to that instinct of millennials instead of the older-style information-monopoly mindset.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
This industry is a combination of data and relationships. So skills in data analytics with comfort getting out into the field and building relationships will go a long way.
Ryan J. McCarty
Founding partner
Megastar Advisors, LLC
Why did you choose a career in insurance or financial services?
The insurance industry chose me — my grandfather, Roger McCarty, founded Brokers International over 60 years ago, which today is one of the largest IMOs in the industry. My family encouraged me to learn the insurance business from the ground up. Subsequently, that is what I’ve done.
I remember working summers at Brokers, where I saw first-hand how brokers created long-lasting relationships with advisors across the country and develop some of the most exciting products in the industry.
These experiences and values convinced me to enter the insurance industry. I am proud to be a third-generation member of this business, and now co-creator of Megastar Advisors, an IMO in partnership with Brokers International.
Describe what you do.
I’m a founding partner of Megastar Advisors, a young, progressive IMO with business model platforms that give advisors a competitive advantage over their competition. Some of these models include our Virtual Tax Platform, Social Security and Retirement Workshops as well as an innovative Federal Benefits program which are all trained by top producers in the country.
At our home office, I’m responsible for the day-to-day operations of overseeing our recruiting, servicing and contracting department. The market is always changing, so I spend a large percentage of my time staying current on the industry and using that knowledge to find and create new opportunities for our agents. If they’re successful, we’re successful.
Share an achievement you are especially proud of.
I’m proud that our team comes to work every day with one goal — help our agents get in front of more prospective clients. We do this well because our models are successful! This has allowed our company to grow by over 50 percent every year since its founding. When you fulfill your promises to agents and back up commitments with results, you get noticed.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
The biggest challenge that I see in our industry is that we have many salespeople and not enough business owners. I find that many advisors constantly “hunt” for their next prospect instead of “farm.” And farming, or long-term growth, requires a strategic plan and mindset.
So it was clear that our biggest challenge was to change advisors’ way of thinking. We began to educate our agents about other successful business practices and models, outside of the common seminar. An example of this could be adding a tax practice, but where an advisor would lean on Megastar’s network of CPAs to cover the processing of the returns by using our secure cloud based technology. We push both ourselves and our agents on how to work smarter, not harder.
What is the biggest opportunity that you see in the industry?
According to the Office of Personnel Management, an independent agency of the United States government, 60 percent of the four-million federal employee workforce will be eligible to retire by 2016. This means that there are approximately 2.4 million potential clients for professionals in our industry to serve. This is huge!
Yet, there are very few advisors and IMOs that can understand and target the opportunities to help these prospects. That’s why we’ve developed a program to help advisors capture their share of this rapidly-growing market.
What do you think millennials are looking for in an insurance advisor? How can advisors best serve this market?
Frankly, I think millennials are looking for an insurance advisor who will give them the time of day. Our industry tends to focus on the senior and boomer market over the millennial generation, so I think this is an underserved market.
Many millennials had their first taste of the stock market in 2008 – I know I did. So how can agents better help them navigate the ups and downs and prepare for their future? Advisors can help put together a plan that fits their lifestyle and goals. They can also educate them on the multitude of products that are available outside of the common 401(k) or the powerful advantages of overfunding Index Universal Life products.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Never stop reading and learning. In an industry dominated by older insurance agents, I can’t tell how many of them have said, “If only I knew in my twenties what I know now.” I took this to heart and constantly stretch my limits on unfamiliar topics, and you should, too. There are many advisors open to mentoring young professionals. Take advantage of this opportunity.
Virginia A. McNeil
Junior partner; director of case design
McNeil, Ahrens & Lambert Financial Group, LLC
Why did you choose a career in insurance or financial services?
I grew up in the industry. I’m the fourth generation to join the firm. When we were teenagers, our parents always made us have jobs in the summer once we turned 15. When I started coming in, I realized very soon that this is what I wanted to do. I started to see how people were coming in with their problems and my father and grandfather would help them.
Then, I went to college and studied financial planning. After that, I worked for an insurance company for about a year and then joined the firm.
Describe what you do.
I am the director of case design. When we have new clients come in, I’m the one who analyzes everything and puts it all together. Then, when we go to present in the second meeting, I’m the one presenting. I do a lot of the case work and designing financial plans.
The best part of what I do is that I don’t have to come to work every day and do the same thing. Creating a plan that fits the client’s unique needs is the core of what we do.
The other thing is that some days I do things that I’ve never done before. We treat our clients like family and I feel like when it comes down to it … if a client is going through a death or tragedy we are going to do everything we can to help them and make it easier for them.
Share an achievement you are especially proud of.
When I joined the firm in May 2012, I was the youngest by a long stretch. The partners are all in their late 50s and up. When I joined as an associate, I was very adamant about changing some things, implementing some efficiency in the office, updating the CRM system and going paperless and things that they were not thrilled at all about doing. But after we really were able to accomplish a lot more efficiency in the office, I feel like we were able to do a lot more business and serve our clients better.
Fast forward to two years later, I made partner in 2014. Now, in 2015, we are on track to double our production from last year, so I feel like that has a lot to do with the changes that we made and implemented. These changes have really helped the efficiency of the business and have made us able to do more.
What is the biggest challenge that you see in the industry or what is the one thing you would change?
When a new or prospective client has been burned by another advisor. I think that is the biggest challenge to overcome because you have to make up for lost time. We’ve had people come to us and their previous advisor has either misled them or put them in investments they don’t understand. That is the biggest challenge: trying to gain their trust back.
What we really do is, when we sit down with our prospective and existing clients on an annual or semi-annual basis, we take things very slowly. We’re not trying to push and sell. We are very slow and thorough. We are doing things very clearly in their best interests. We really take the fiduciary approach, whereas it might not pay off right then, in the end it will because we’re going to keep those clients for longer and they’re going to refer clients for us. We have a lot of referrals.
What is the biggest opportunity that you see in the industry?
The biggest opportunity is marketing to women. Just being the only woman in the firm that is a partner, all the other partners pointed out that when I was in meetings with the clients, how I was able to connect with the wives. And a lot of times it’s the woman who makes all the decisions and she usually has the final say on which way they’re going to lean.
Justin Wisz 
