PLANADVISER - May/June 2020 - 21

PLANADVISER: What character traits, interests or abilities
are essential to success as an adviser?
Jamie Worrell: Perseverance is a big part of being an adviser
because it's a numbers game. Many times you get up to bat
but you don't hit a home run, and you've got to just keep
swinging. I love coming into a situation, seeing where there
are areas needing improvement and then working with
the client to execute on that. Sometimes it takes creativity,
sometimes openminded thinking, and many times it takes
coordinating several viewpoints, each making a persuasive
case for doing something a certain way. The alignment
toward a successful outcome is what's fun.
What I like about our business is it has a mixture of all
these things. There's a communication element, plus behavioral
finance comes into play where you have to get people to
think about something far down the line or doing something
they don't want to do. People don't like saving. People don't
like to think past today to when they'll need this money.
Then there's the legal/regulatory/fiduciary side, which
is challenging and interesting. How does the regulatory
environment apply to a situation your client is facing? And
then the investment part of it is fascinating. Being able to
combine the human element, the technical element with
the Employee Retirement Income Security Act [ERISA], and
the investment element is a skill that is needed. Another
key ingredient is being disciplined and structured about
what you are doing.
John Barry: Hard work goes without saying. For me it's been
the ability to manage a good work/life balance. My family
has always come first. I'll never have the biggest practice,
because that's not who I am. It's been much more important,
especially when the kids were younger, to be able to
coach their games and be there. This business allowed me
to do that.
I also had to recognize that I wouldn't get every plan
and every client as a result, and I'm OK with that. It's also
most important to do what's in the best interest of participants
and plan sponsors at all times. It's not that complicated.
Just do what is right.
If you do things in your client's best interest, the business
will come to you. I feel like I can make a difference with
people. Not everybody. But you can actually get somebody on
track. The most satisfying thing is when somebody listens
to you so they either stay on track, get on track or reallocate
their account. Before the 2008 crisis, I had a couple come
in-one was a participant in a plan I advise. They were 100%
in equities, and he was a year away from retiring. I said, " We
really have to change this allocation. And they hemmed and
hawed because they were making so much money. But they
did, and I got a call a year or two later and the woman
was in tears thanking me. " We wouldn't have been able to
retire ... " Those are satisfying times.
Matt McLaughlin: I've seen so many vastly different traits
in successful advisers over the years, which makes it an
interesting question. I've seen advisers, from engaging
extroverts to analytical introverts. Those with great market
knowledge to those who pay little attention to daily market
events. I think what they all have in common is resourcefulness
to solve problems, confidence, and the ability to engage
and lead clients. One thing I tell younger advisers is that
you need an opinion. Clients don't expect you to always be
right, but they expect you to do the research and come to a
conclusion. But sometimes a less experienced adviser hesitates
in fear of being wrong; they don't realize they know
much more than they probably recognize.
I'm more extroverted. I like to have conversations to
know what motivates people. And what I've been told about
our team is that clients really trust us. Because we're trying
to help people-to solve problems. We're not " sales-y, " so
that tends to resonate with people.
I come from an engineering background. So I try to take
an analytical approach and then make things easy to understand.
Some people want to hear a story, and some want to
hear facts and data, and you try to meld the two.
PA: What do you look for in potential hires?
Worrell: Energy, attention to detail, integrity, character,
curiosity, a genuine caring for clients and for helping people.
Barry: My right-hand person is Renee Martinez, who
handles client services. She's been with me for 25 years.
And my wife works part time. She is also licensed and does
our books and creates our marketing materials. When
we're working on a project or a prospect, she'll work on the
2012 PLANSPONSOR Retirement
Plan Adviser Team of the Year
Graystone's Boston North Shore team is led by
Matt McLaughlin, SVP, institutional consulting
director, corporate retirement director; Al
Hammond, SVP, institutional consulting
director; and Pete Ciovacco, VP, institutional
consulting, corporate retirement director.
2011 PLANSPONSOR Retirement
Plan Adviser of the Year
Jamie Worrell, formerly with GPS Investment
Advisors LLC, is co-founder of Strategic
Retirement Partners (SRP). The firm has 20
offices across the country. Worrell is managing
director for the Northeast and is located in
Providence, Rhode Island.
2008 PLANSPONSOR Retirement
Plan Adviser of the Year
John Barry is registered principal of JMB
Wealth Management, Inc./LPL Financial in
Torrance, California. He founded the practice
in 2006. His firm focuses on total plan advisement
and fiduciary services for small to
midsize companies with qualified plans. May-June 2020 | 21

PLANADVISER - May/June 2020

Table of Contents for the Digital Edition of PLANADVISER - May/June 2020

All That Goes Into a Practice
Compliance When It's Tough
A Case For Both
The Alternative Workplace
Damage Control in a Downturn
An Uptick in Customer Arbitration?
Client Relationship Summary
Evaluating Reg BI Compliance
PLANADVISER - May/June 2020 - Cover1
PLANADVISER - May/June 2020 - Cover2
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PLANADVISER - May/June 2020 - 2020 PLANADVISER DCIO Survey
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PLANADVISER - May/June 2020 - All That Goes Into a Practice
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PLANADVISER - May/June 2020 - Compliance When It's Tough
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PLANADVISER - May/June 2020 - A Case For Both
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PLANADVISER - May/June 2020 - The Alternative Workplace
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PLANADVISER - May/June 2020 - Damage Control in a Downturn
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PLANADVISER - May/June 2020 - An Uptick in Customer Arbitration?
PLANADVISER - May/June 2020 - Client Relationship Summary
PLANADVISER - May/June 2020 - Evaluating Reg BI Compliance
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PLANADVISER - May/June 2020 - Cover3
PLANADVISER - May/June 2020 - Cover4