Being mentored pays off big time as financial planner's business growth skyrockets
LOS ANGELES, Oct. 18, 2012, /PRNewswire/ — For any professional who’s wondered whether being mentored pays off, the answer is a resounding yes, according to Anthony A. Saccaro, ChFC, president of Providence Financial & Insurance Services, Inc in Woodland Hills, California. Life Insurance Selling magazine featured Saccaro on the cover of its October 2012 issue for a story on mentoring (“With a little help from his friends”), which he credits for helping him to develop a successful financial planning business.
The article in Life Insurance Selling, the leading national industry magazine for insurance producers, traces Saccaro’s use of mentors throughout his career to illustrate how he benefited from each one. “I’m honored to be featured in this highly-respected magazine,” said Saccaro. “Who knew my mentoring experience would be a noteworthy industry example?”
Saccaro realized early in his career that he was going nowhere trying to figure out alone how to grow his business and would need advice from a seasoned industry professional. He sought out mentors who could help to broaden his professional expertise, keep him accountable and provide valuable guidance and feedback. Each time he reached his goal, he outgrew his mentor and sought a new one who could help him take his business to the next level.
Dissatisfied with the pace of his progress and wanting to raise his public seminar profile, in 2009 he developed a criteria for the ideal mentor, which was a seminar expert who pulled in at least $30 million a year in annuity premiums. This led him to his current mentor, David Scranton, CEO, of Scranton Financial Group and founder of Advisors’ Academy, which offers one-on-one mentoring and unlimited and ongoing practice management support.
Since beginning a mentoring relationship with Scranton and the Advisors’ Academy three years ago, Saccaro’s business growth has skyrocketed. Implementing recommended changes such as transitioning from public to private dinner seminars, he now has more than 300 clients and five full-time employees. In 2011, he saw 175% growth, which earned him the top financial advisor of the year award from the Advisors’ Academy in May. His business has expanded in unexpected ways too, such as a big shift in client demographics from elderly retired individuals to individuals 50 years old and under, thanks to his older clients referring younger family members and friends.
Being mentored has been so profitable, Saccaro sought out a second mentor recently—Earl Kemper, Scranton’s own mentor. Saccaro believes that two heads are better than one since each offers different perspectives on growing a business. He believes the $1,000 a month fee for half an hour of Kemper’s time each week is not pricey, but money well spent since the valuable advice he receives pays for itself by generating profit to cover the fee and advance his business.
Says Saccaro about his longstanding commitment to mentoring to build a successful business, “I’m living proof that mentoring works!”