4 Leadership Qualities to Live By: Elite Advisor Profile
Special Post about Leadership because it is more important than social media sometimes.
An incredibly strong work ethic—yet an equally disciplined work/life balance—makes Robert Scherzer an elite advisor after a relatively short time in the business (at least on the consultancy side).
“I became an advisor five years ago after working with a recordkeeper out of college for 26 years,” Scherzer, managing director with Pensionmark, says. “I am the luckiest guy I know. I don’t regret one day of working with my last company for 26 years, and I don’t regret one day of leaving to start my own business for the past five years.”
While we’d argue luck had little to do with it, we understand and appreciate his humility. But it was his preparation that got him to roughly 60 plans and $2 billion of AUA.
So, what does he do right, what could he do better, what does he do different and how does he rest and recharge in order to stay on top?
He took time to describe it all.
What do you feel you do differently than the average advisor?
Every employer is different. Some want a 401k plan to attract and retain employees and view it as a key difference maker. Others just have a 401k plan because everyone else has one, and they don’t want to be sued.
I find most employers are somewhere in between extremes. Once we know their goals, we can craft a program that best fits what they want to accomplish as an employer.
Even if they “don’t really care,” I find that everyone actually does at some level. When they say they “don’t care,” it usually means that they don’t want to spend money and time on the plan. They have other priorities.
We can work with that and reduce costs and time, but still make a difference to their employees.
If you could start all over again, what would you do differently?
Not much. I spent the first 26 years of my career working on the provider side. I saw what the best advisors did and was able to model my business after them to some extent.
The one thing I would do differently would be to partner with a firm like I found in Pensionmark instead of starting my own RIA.
Having them handle my back office for a small fee frees my team and me up to spend time a lot more with our clients. I should have done it sooner than I did.
Lessons Learned: What worked well and/or didn’t work well?
Again, handling the back office is not my strong suit. Often, things that needed to be done, such as billing clients as an example, would fall to the back burner.
What worked well is being able to relate my experience on the provider/platform side to our clients. I can explain to them that all providers on the recordkeeper side can “do the math,” as an example, but there are big qualitative differences.
Provider A might be perfect for one client, but terrible for another. Same thing with provider B, etc. Being able to tell them the “experience” they will have is a strong suit.
What software, apps, or tools do you use and how do they benefit you?
Pensionmark provides us with Salesforce, which is a great CRM tool. They also provide us a custom investment scoring tool that coordinately perfectly with an IPS we provide.
We also have a customized fiduciary tool called GMAP that we’re rolling out to our customers now.
As an AIF, we have access to their tools as well, which are also helpful. We received training for this designation, and it’s been helpful to us and our clients.
What is your office environment and/or culture like?
We are a boutique, with large company resources.
Locally in New York, we have 3 consultants. Typically, there is a lead [advisor] on any given clients, but many times one, two or all three of us are involved.
We also have two admin/internal resources in our NY office. The home office at Pensionmark is critical. We have many investment, proposal, compliance and plan design resources that we use, and our clients use.
They also provide our clients with a financial wellness program, and we are now offering fiduciary investment advice and financial planning as an optional service, spearheaded by the home office team.
What about your client events?
We offer WebEx and online education to our clients. We don’t do too many local events, but we interact with all of our clients throughout out the year very directly, so we haven’t really needed to do much outside of that.
We are in touch via phone, email, and in person with all our clients so we are very present with them.
Where and how do you successfully network?
I’ve belonged to a strong networking group in New York City for close to 15 years.
We meet every other week throughout the year, but also have frequent “house calls” where we discuss our businesses.
We also will be in touch with other industry professionals (ERISA attorneys, etc.). Being in my early 50s, I also have a lot of friends/acquaintances that are senior decision makers at companies. I’ve been fortunate enough to work with several on their businesses.
How do you stay organized and focused?
I try to have a good balance between personal and professional.
Now that most of my kids are in college and only one in high school, I have a lot more free time on my hands. I try to always have a balance between new business prospecting and ongoing service.
We are a boutique, so spending ongoing time with our clients is important to the relationship. We also enjoy it.
That being said, if you don’t consciously spend time developing new relationships your business won’t grow.
In the last year or two, what books did you find the most helpful (professional or personal)?
I’ve read a couple of books on the experience economy after attending a seminar on it.
It’s critical to make sure we are not just a triple F advisor (fees, funds and fiduciary.)
We want our clients to know we always have their back and come to them with new ideas and ways to deliver information to them.
We find it amazing that many advisors have not read Shlomo Benartzi and other works on behavioral finance.
What is your health and wellness routine?
This is an area I have struggled with. I tend to start routines for diets and exercise but have not been as consistent as I would like to be. It’s a definite goal this year.
How do you relax and recharge?
In the past, it was always coaching at the youth level (football, basketball, baseball). I’ve been involved in town for many years. It was a huge time commitment, but I was passionate.
Now that my kids are older, I have not done it in two years. The goal is to get back into it. I tend to not do work on weekends or at home after I leave the office. I’d much rather work until midnight at the office but then turn the switch off when I leave.
What changes have occurred in your life that shaped who you are today?
Being a parent of four kids probably best defines who I am.
I was fortunate that at my last job, before becoming an advisor, I had a lot of flexibility. I was able to work early and late in order to be with my kids and wife.
Although work is obviously important and pays the bills, having a larger family gives me balance, and you realize their success is so much more important than the money you make or what you do at work.
You have time to be successful at both, but my family’s happiness has always driven me.
Have you ever worked with a life or business coach?
I believe in coaching, but other than earlier in my career, I have not worked with one personally.
Although I have been blessed with many mentors over the years. A coach is a waste of time unless you follow the advice they give you.
I know many people that work with coaches and it has helped them immensely. I just have not dedicated the time to it.
What leadership qualities and skill sets are essential for advisors?
A commitment to do the right thing. A few things I live by:
Show up on time, pay attention, ask questions, don’t quit.
These four things will make you successful. Of course, it’s also true that “the harder you work, the luckier you get.”
In the end, your reputation is everything. Always keep your word to your business partners and clients. It’s the foundation for success.
https://401kspecialistmag.com/4-leadership-qualities-to-live-by-elite-advisor-profile/
