|
Interviews — Richard Prout Back to Interviews
What made you decide to go independent? In my dealings with MONY, it became clear that they perceived financial planning as simply another way to persuade clients that they needed insurance. This created a problem. My goal was to bring independent, straightforward financial advice to people. At MONY, there really was not an objective to be independent; there was an objective to be persuasive. This did not sit well with me. So, why’d you join Commonwealth? I understand today that I made a brilliant choice. I wish I could tell you that it came from deep due diligence and research. It did not. I met the top people from Commonwealth on a flight from Boston to New Orleans to go to an IAFP National Conference. Upon my return to Boston, I met with them. I felt that they understood exactly where I was and what I wanted to accomplish. They were obviously very smart people. They were clear that they were trying to build an organization that was plainly and simply designed to help me with my practice. My final influence was that they were also truly nice people. They were both serious, but fun to be around. Why do you stay? They do not rest on their laurels. Having been with Commonwealth for almost twenty years, I have seen their growth. Along each step of the way, I and many of the other planners who I am friends with were always concerned that they were going to ruin something that we found extremely special. Yet they have consistently been able to maintain that special feeling even with their growth. I will continue to stay because they will continue to improve. At this stage, I believe that they have truly accomplished one of their objectives: they have become absolutely indispensable to me. What do you like best about Commonwealth? Their attitude and commitment is to help me become the best that I can be. They ask me serious questions about who I am, what my practice should be, what my choices are, and how to grow both individually and as a business person. They never tell me how to do something or what to do. Instead, they are always asking me what I want to accomplish; how do I want to run my operation? The focus is on helping people become who they want to be, not on money. The money will surely follow, but it is not the focus. What’s been the most pleasant surprise about being here? Their amazing ability to run a serious business where integrity and quality are integral parts of the fabric of the company. It is quite clearly one of the best-run corporations I have encountered. I actually model my business off of their business style. The pleasant surprise in the process is how they can run the business and still have the amount fun that they do. Any words of wisdom for people going independent and/or considering Commonwealth? You have to give up a lot of excuses for things not going properly. There is a wonderful sense of adventure in working in an environment where you can develop your personal and business self. You will appreciate that the only limitations you have are your own. It can be awfully comfortable to give credit to or to blame a separate organization for your successes and failures. I deeply believe that in our business, we, not our broker/dealers, are strictly responsible for our own successes and failures. When you make a decision to go independent, one important question is, "Which broker/dealer will help you become the best that you can be both personally and professionally?" It is clear to me that Commonwealth has that focus. They are an organization of smart, savvy people whose objective is to help you become the best. The problem presented is, "Now, what do you do with your excuses?" |
 
|
|