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July 23, 2017 at 12:44 AM
Here’s a three-part list to make you think: the ThinkAdvisor Life Health 30 Under 30 award winners for 2017.
This is a look at young life, health and benefits professionals who have already started to make a mark.
We collected nominations in January and have been reviewing and processing the entries ever since.
(Related: 30 Under 30, Part 2: Young Life, Health and Annuity Stars)
One startling fact about these young financial services professionals: They are all millennials, but, depending on what definition of the term “millennial” we use, this could be one of the last such lists we compile in which all of the people who make the final cut are millennials. Some say that the millennial generation ran from 1977 to 1995. Some say the youngest millennials were born in 2000. Either way: Some of the youngest people working in U.S. insurance company and insurance agency offices today are members of the post-millennial generation. The bright-eyed kid in your own office who goes out to get the bagels may really be a member of the iGeneration.
(Related: 30 Under 30: Meet the Millennials Who Are Transforming the Insurance Industry)
The millennials in this year’s class of 30 Under 30 professionals are a formidable bunch:
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They have seen rapid change in their personal lives. In the course of a few years, they went from rewinding videotapes to watch their favorite cartoons to watching their shows online.
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They are tough. They have done well in spite of starting their careers in a time when health insurance faces endless turmoil in Congress, the U.S. Department of Labor has applied new rules to annuity sellers, and low interest rates are making it difficult for insurers to write interest-sensitive products. Between the time we started this year’s nomination process and today, the wake from those forces led to changes in our own application processing procedures and winner publication strategy.
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They, and the companies they are affiliated with, work harder than the rest at identifying opportunities. They tweet. They have up-to-date LinkedIn pages. They, or someone who’s looking out for them, noticed our 30 Under 30 call for entries. They seem to be better than average at noticing all sorts of things.
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They think. They had to fill out extensive questionnaires to participate in this year’s 30 Under 30 search. Their answers paint an impressive picture of how the financial services market might change over the next few decades.
For a look at the first 10 people on the 2017 list, read on. We’ll publish the second batch of 10 honorees July 31, and the third Aug. 7.
Note that we’ve based these entries on information provided by the nominators, the nominees, the nominees’ LinkedIn entries, and the nominees’ employers’ websites. The ages, job titles and other biographical bits reflect how things were when the nominators submitted their nomination forms.
Michael Alvarez
28
Atlanta
Vice President, Client Advisor, Insurance Solutions Group
Voya Investment Management
ThinkAdvisor Life Health: Why did you choose a career in insurance or financial services?
Michael Alvarez: I graduated college with the goal of landing a job in strategy and came across what I thought was a pretty unique opportunity to join ING U.S. (now Voya Financial) just as it was beginning its separation from ING Group. I was able to land an analyst role on the four-person Strategy & Corporate Development team, which was responsible for spearheading the separation efforts. In preparation for the initial public offering, our team worked closely with the bankers and lawyers along with internal teams throughout the organization to crystalize how ING U.S. would convey its strategy and competitive advantages to the market. It was an amazing learning experience and a whirlwind introduction to the insurance industry.
I then moved into the investment management division and held several roles before the opportunity came up to focus solely on working with insurance companies on their investment portfolios. From my past experience on the strategy team, I had a high level understanding of the complexities of insurance investing and thought that the intricacies of the industry could provide a knowledgeable client advisor with the opportunity to add significant value. I jumped at the chance to shift my work back into the insurance space.
Describe what you do.
While insurance companies have broadly similar goals for their investment portfolios, each one has a unique set of specific objectives and constraints based on their liabilities, regulatory environment, capital position, and history. My first responsibility is to work with the chief investment officer of these insurance companies and his or her staff to deeply understand their specific set of circumstances. Based on these needs and objectives and using Voya’s deep investment resources, our team provides tailored recommendations and designs, builds, and manages customized investment solutions for insurance companies. In my role, I get to be in the center of the iterative process employed to develop and implement these ideas.
Share an achievement you are especially proud of.
Winning my first wrestling match in college. I walked on to the varsity wrestling team at the start of my freshman year and ended up in the starting lineup for almost the entire season due to injuries. I went the whole first year without winning a match (0-19). At the end of the year, I sat down with my coach to decide what to do about next season without any proof that I could actually compete at the Division I level (I hadn’t been recruited anywhere, I hadn’t beaten a Division I wrestler, and I hadn’t even won the wrestle-off for my starting spot). One option was stopping then, but we decided on an off-season training program and giving it at least one more year. The dedication paid off, and I won eight matches the next season. While I never became an outstanding Division I wrestler, I am proud of the individual progress I made as well as the team success we had over the next three years, culminating with a winning record in our league for the first time in 23 years while I was captain.
What is the biggest challenge you see in the industry, or what is the one thing you would change?
A huge challenge for the insurance industry, and one that is extremely pertinent to my role, is the low yield environment, which has put enormous pressure on the investment income and profitability of insurance companies. The persistence of low interest rates and muted global growth has forced insurers to reinvest cash flows from maturing investments and new premium into investments yielding less than the overall portfolio yield for years. These falling yields have forced insurers to rethink their investment portfolios as they try to meet the return targets assumed in the pricing of their products. While there are prudent mitigating steps insurance companies can take, there are always trade-offs, and balancing these trade-offs between risk, liquidity, duration, capital efficiency, and yield is an enormous challenge. The industry would be greatly helped by a gradual rising rate environment to ease some of this pressure on profitability.
What is the biggest opportunity you see in the industry?
In my view, rapid advances in the technology will create a massive opportunity for new winners to emerge in the insurance industry. We have seen changing technology completely reshape numerous industries over past decades, and I don’t think insurance will be any different over the long run. The companies that are able to skillfully adopt, apply, and/or develop new technology will have an enormous advantage over their peers in serving clients efficiently and profitably, and ultimately generating healthy returns on equity for investors.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
While it doesn’t appear to be the popular answer to this question, I don’t know that millennials are that much different from the generations that came before them. I believe people (including millennials) crave integrity, service and reliability. I believe they are looking for an advisor who listens and understands their individual needs — and someone they can trust to put their own needs in front of the advisor’s personal incentives. And I also believe that people of all generations are convenience-minded.
Advisors that can blend reliable, thoughtful and individually tailored advice with a convenient and painless customer experience will continue to be highly valuable to people of all generations, including millennials.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
My advice for any young person, including one in the insurance industry, is to evaluate potential opportunities not by the specific role being offered but by the people that you will work for in that role. I believe the most efficient way to start and grow a career is to work for people that are highly successful in your desired field and to align yourself with those that will allow you to trade your hard work and energy for their wisdom and guidance. Highly successful people have already spent years honing their craft, figuring out best practices, and learning from past mistakes. Working hard for them and adding value to their career is what gives you access to those lessons. Trying to recreate all of this knowledge and wisdom on your own instead can be highly inefficient and costly.
(Related: 10 Top ACA Individual Risk-Adjustment Bills)
Doug Amis
27
Cary, North Carolina
President
Cardinal Retirement Planning Inc.
ThinkAdvisor Life Health: Why did you choose a career in insurance or financial services?
Doug Amis: Like a lot of my fellow graduates I wanted to make a positive impact and do more than just work as a cog in a machine. I worked with one of my economics professors to narrow down just how I could help people most: advising. This field let me play to my analytical strengths without sacrificing the value of face-to-face service. The business provides me a path for professional and personal development and a foundation for a rewarding future.
Describe what you do:
I started out in the field as a stockbroker and it gave me a taste for financial advising, but I found my stride working as an independent advisor and financial planner. Working with my mentor we chartered an RIA to provide our clients individual service under a fiduciary standard. Being able to offer sound advice and provide a professional level of service while implementing investment and insurance recommendations has empowered my clients to rest easier and feel more secure about their retirement. My day is filled with planning for retirement income and protecting against risks like long-term care. Our firm places a great deal of importance on consumer education, helping people make the right decisions when it comes to risk management and investing. I work one-on-one with families and heirs both before and during retirement and throughout any financial crises.
Share an achievement you are especially proud of.
We have a number of families that have faced demanding healthcare crises and whenever I can go above and beyond it makes me feel especially proud. One client had been living in Florida for decades apart from his family. Following a diagnosis of dementia and a relocation to North Carolina, I helped him and his family recover close to $2,000 in unclaimed property. These lost checks were due to escheat to the state but a few internet searches allowed me to put this money back in the client’s pocket. The opportunity to help them unexpectedly in their time of need really made me value the little things we can do as an advisor.
What is the biggest challenge you see in the industry, or what is the one thing you would change?
The biggest challenge I see for the industry is how to best deliver the necessary advice to consumers that need our help. As more and more consumers look to fiduciaries, firms are going to need to listen. I would encourage the insurance industry to work alongside a qualified advisors providing comprehensive planning. The combination of conflict-free advice with a professional insurance advisor is a winning recipe.
What is the biggest opportunity you see in the industry?
The baby boomer population is a huge opportunity for advisors. There is a great need for specialized distribution planning and advice. On top of the various on-going changes to regulation, advisors need to respond to the changing financial markets. Having a multi-disciplined approach that combines risk management, conservative investing, and tax and estate planning can help advisors serve all markets of investors.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
I think millennial investors are looking for a competent advisor that can provide actionable advice. Millennials are often associated with the tech-savvy; providing education to these individuals empowers them to act independently. An advisor can best serve the millennial market by being flexible: flat fee, hourly fees, and recurring fee structures with a defined scope of work can attract these “do-it-yourself” investors. More and more millennial clients prefer to maintain control but want to have the safety of consulting a professional — without a sales pitch.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
This industry is becoming harder and harder to access. Career agencies have limited recruitment, and many entry-level jobs start in a call center environment. Looking for a company that can provide you a place to grow is important. Find the company that fosters responsibility and develops you by putting you in a position to make an impact. Do not underestimate the importance of having a mentor that challenges you to think outside of yourself: you can learn something new every day in this industry.
(Related: 4 Ways to Bridge the $12 Trillion Life Insurance Gap)
Whicliff Bihayi
26
Concord, New Hampshire
Competitive services consultant
Lincoln Financial Group
ThinkAdvisor Life Health: Why did you choose a career in insurance or financial services?
Whicliff Bihayi: Growing up I actually wanted to work for the United Nations, like my dad. But he had a different plan for me, and he suggested I consider majoring in economics/finance and go into a career in financial services. And just as he’s done throughout my life, he didn’t let me down.
I was admitted into Lincoln’s leadership development program once I graduated college, which is a highly competitive program designed to accelerate professional development and be prepared to handle more complex roles.
Once I got established in my role and saw the impact we could have in people’s lives and their financial wellbeing — I was convinced that this was the right career for me.
The same altruistic reason why wanted to work for the United Nations, applied in financial services where we’re able to help our clients every day.
In insurance and financial services, you’re able to make an impact, which was important to me.
Describe what you do.
I help financial advisors and agents sort through the vast option of products at their disposal. Our Competitive Services Group is pretty unique in the industry in that we go out and educate producers on ‘which product when’, without necessarily touting one product over another. The objectivity in the work that we do has resonated extremely well with the field, as we don’t split commissions or anything like that.
And on the backend, I work on hundreds of live cases where a producer or advisor is either a) conducting their due diligence and wants to make sure the product they’re offering their client is indeed the best in the marketplace, and b) requesting a thorough review of their clients’ existing policies to see if they are meeting goals and if there’s perhaps a better product today.
My focus is on the life insurance industry and the long-term care industry.
Share an achievement you are especially proud of.
I wouldn’t point to one specific achievement, but a series of accomplishments that solidify the work I do. When we’re able to educate advisors on the merits of certain products and services and we’re able to see their book of business grow overtime, is what gives me the most satisfaction. When an advisor goes from a $1 million book of business, and we’re able to grow that into a $3 million book — that is something I am continuously proud of.
What is the biggest challenge you see in the industry, or what is the one thing you would change?
I believe as we think about the next wave of clients — Gen Xers and millenials — they’re very autonomous and inquisitive… but they want ‘simple’. Android phones are arguably better phones, but I’ve had iPhones for 8 consecutive years now. The Yellow-Cab driver may have 20 years of experience in the business and knows the roads better than anyone in the city, but I order an Uber every time.
Transparency and ease of doing business is now more important than ever — and I think we can all agree that the insurance industry lags behind. Making illustrations simpler and easier to read — and everything from the application to underwriting need to be adjusted to reflect the fact that it’s 2017 and self-driving cars are being tested as we speak. Really though… self-driving cars…
What is the biggest opportunity you see in the industry?
Talent. I believe we work in an industry that’s ripe for innovation and fresh ways of thinking. I think millennials, who are digital natives, have the potential to grow the industry in new ways and make a much bigger impact. I do concede that the industry needs to do a better job of recruiting the right talent. But I do believe that the next stream of young insurance professionals has the potential to take the industry to new heights. The tech ‘know-how’ of this generation creates immeasurable potential across every fact of the industry.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
Millennials are extremely inquisitive, have access to more information than any generation that’s ever existed, and you may recommend a product to them…and within 2 hours, the millennial can request feedback on said product on a blog and have 147 strangers offering their input. Having access to such information makes this generation unbelievably knowledgeable, but it can also be a hindrance. What that means is millennials need to have a clear and established relationship with an advisor, before any business is done. Trust, transparency, and inclusion are vital to reaching a millennial. Because millennials have access to so much information, they need to be included in the decision-making process, and have to be given different options. Although the advisor may have done 99% of the work, the millennial needs to feel as though he/she did their homework, explored options, and made the decision themselves.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
Be a problem solver, create relationships, and establish your board of directors. Think about problem solving not only in the vein of, “here’s an isolated issue, and how can I fix it?”, but also proactively looking at the processes/interactions you have with your clients and peers, and how to make it easier and more impactful to interact with them on an ongoing basis.
Relationships will be the basis of everything you accomplish. No one has ever been successful in this industry without putting a great deal of effort into relationships. Get out there, shake hands and meet people, attend as many functions as you can, conduct as many pro-bono workshops as you can, and hand out as many business cards as you can. Those fruits will bear overtime.
Creating a personal board of directors will give you frank advice not only on what skills you need to develop, but also a) what goals you should be setting to reach the next step in your career, and b) provide input when you’re making important decisions.
(Related: Manulife Names Roy Gori President)
Jason Buchanan
25
Santa Barbara, California
Account executive
HUB International Insurance Services.
ThinkAdvisor Life Health: Why did you choose a career in insurance or financial services?
Jason Buchanan: My father is an insurance agent and also my biggest role model. He started his own agency and grew it into one of the most respected insurance agencies in the community. I always looked up to the way that he provided for my family and how hard he worked to give us the life we had. There was always someone that he knew when we went out somewhere as a family and that was due to him having worked with them before. From watching him I learned that you can make some amazing connections within your community and also provide an excellent life for your family in this industry. When the time was nearing for me to graduate college and move on to the professional world, I knew that this was the right path for me and wanted to follow in his footsteps.
Describe what you do.
I work with business owners to find the proper insurance coverage so they can maintain a healthy, safe, and well-functioning business. Whether it is finding the proper health insurance for their employees, or making sure that they are adequately insured in their liability coverage, business owners need a keen eye to navigate the complicated and confusing path of insurance. That is where I come in. For some, insurance can seem like a foreign language and my job is to translate this language into something that they can make sense of. I work side by side with them throughout the year to continuously provide support and peace of mind. My goal is to establish myself as a trusted member of their business and someone that they can come to at any time for assistance.
Share an achievement you are especially proud of.
An achievement that I am especially proud of is that in the past year I have passed both my Life, Health, & Accident Insurance licensing exam as well my Property & Casualty licensing exam. Obtaining both of these licenses was important to me due to the fact that it gave me the ability to help people with any type of insurance need. I now have policies in place with clients that range from general liability, to workers comp, to health insurance, and even cyber liability. It makes me proud that I can offer these services and that someone can come to me with a wide range of needs, and I will be able to satisfy them.
What is the biggest challenge you see in the industry, or what is the one thing you would change?
The biggest challenge I see in the industry is finding the right way to connect with someone and not come off as if you are only trying to sell something. It can be difficult to seem genuine when you are reaching out to someone out of the blue. The insurance industry relies heavily on relationships and it can be challenging to provide assistance if you have not developed that relationship with a potential client. Without the relationship, you need to show them why they should listen to you and what separates you from the person down the street doing the same thing. One thing that I would like to change and am aiming to change is the way people think of an insurance salesman. Insurance is never anything that someone looks forward to discussing, and when someone comes knocking on their door trying to sell it, it can be difficult to break that preconceived notion and engage them. I aim to change that to where they see value in talking with me and it becomes an enjoyable experience for them.
What is the biggest opportunity you see in the industry?
The biggest opportunity I see in the industry has to do with all of the new regulations in the Affordable Care Act. Now more than ever, professional guidance is needed to make sure that you are compliant with your health care and do not end up being penalized at the end of the year. It can be a business with over one hundred employees that needs to make sure they are offering, tracking, and reporting health care, or it can be a single person making sure that they have coverage and not pay the penalty. Insurance agents have a unique opportunity to offer their knowledge on how to navigate these new regulations. It can be a huge talking point that can lead to some very promising connections.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
I think that millennials are looking for someone that they can relate to and trust in an advisor. I myself being a millennial, I know that for something like insurance, I would want someone that is going to understand the types of issues I am facing. A millennial’s insurance needs are going to be different than a sixty year old’s insurance needs and millennials are looking for someone that can comprehend this. A common trait of millennials is being team-oriented and I believe that this mindset is what makes them want an advisor that they can trust and go to at any moment. Advisors can best serve this market by becoming more aware of the issues that millennials are being faced with. Many millennials are just beginning their careers, or having children, or buying a house, so an advisor needs to be able to understand how their insurance needs will correlate with what is happening in their lives.
What is the No. 1 piece of advice you would give to a young person looking to enter this industry?
The number one piece of advice that I would give to a young person looking to enter this industry is to not get disheartened. This industry can be slow moving and at times it can be frustrating. It can take months and even years to make a sale or become close enough to someone for them to trust you with a part of their business. It is not a get rich quick business but when you do establish yourself as a knowledgeable, trustworthy member of the industry, things will start coming to you much more easily. The best thing to do is to stick with it and prove to them that you are not going anywhere. Team up with fellow agents and see if you can find any connections with people in the community. It is important to always be learning and continuing your education in the business as things can change on a day to day basis.
(Related: 10 Top ACA Individual Risk-Adjustment Bills)
Joshua Butzke
24
Wilton, Connecticut
Wealth manager
Prime Financial Services
ThinkAdvisor Life Health: Why did you choose a career in insurance or financial services?
Joshua Butzke: I chose this industry because of a few reasons. I knew besides a person’s physical health, a person’s financial health is the most important thing. I also wanted a career that would afford me freedom; no 9-5, no cubicle. The last reason is that you earn what you deserve; it’s all on you and you cannot blame anyone else.
Describe what you do.
I meet people who have a need/issue/concern/question with their financial status and want to do something about it. It is then my responsibility to educate them, get to know them, and help them enjoy their lives without having to worry about money. I want my clients to not have to worry about that side and instead I can restore their time so they can spend it doing something they take pleasure in.
Share an achievement you are especially proud of.
Picking one achievement is difficult. From a tangible standpoint it is making Royal Blue my first two years with Penn. From an intangible aspect it is earning the respect from my parents, colleagues, and managing partners along with my clients- that feeling is great every time.
What is the biggest challenge you see in the industry, or what is the one thing you would change?
The biggest challenge I see in this industry is overcoming public perception. Too many times people will meet with an advisor who gives them, for lack of a better term, bad advice. That leaves a sour taste in the client’s mouth and their trust is immediately shattered when they meet with the next one. Or the trust is damaged enough where they won’t even meet with an advisor again because of that bad experience. Along with that is the negativity and the “popular” ideas from reading things online. Google isn’t always the answer.
What is the biggest opportunity you see in the industry?
The biggest opportunity I see in this business is to make a genuine connection with someone. In this growing digital age, everything is done online, not being face-to-face with someone. I utilize a hybrid approach of both social and face-to-face interaction. Utilizing LinkedIn to start the conversation and that gives you the opportunity to grow that relationship and take it off line. I see a growing trend of just dealing with people via social media and online interaction. Having a conversation with someone in person is much more powerful and helps you get to know your client even better, and that’s what the job is- building relationships.
What do you think millennials are looking for in an advisor? How can advisors best serve this market?
I think millennials are looking for a true trusted advisor. Remember, millennials live and grew up in a world of recession and that has scared a lot of people. They don’t trust investing/putting money into the market. They also value experiences more than saving money for things like houses and retirement. Advisors can best serve this market by really getting to know them — helping them understand they can do everything they want (vacations, buying a house, retirement, etc.) and not just pick one thing and sacrifice the others. That is truly being a trusted advisor.
