|Parker E. Elmore, A.S.A., M.A.A.A., F.C.A., E.A.|
President & CEO, Primoris Benefit Advisors, Inc.
Parker E. Elmore, president and CEO at Primoris Benefit Advisors, tells Strictly Business where he sees the industry in five years, what he enjoys most about his career and how his company used NIPA's Customer Marketing Tools.
How does Primoris Benefit Advisors differentiate itself in a competitive marketplace?
We try to differentiate ourselves by virtue of providing a personalized service to our clients, an updated website and client portal for easy access to information, and keeping clients informed about key trends in the industry and how they affect their plans.
What do you most enjoy about your career and industry?
As someone with a mathematical and business background, I've found this industry greatly fits my personality and interests. It allows me to effectively solve word problems on a daily basis when clients come to me with a semi-formed problem or issue, and I can drill down to find the real issues and develop a solution to solve the problem rather than treat the symptoms.
Where do you see the industry in the next five years?
The retirement industry continues to evolve and mature. In five years, I would expect that we'll have seen a shakeout in much of the financial adviser community where we will see more specialization and professionalism. Technology will continue to evolve, along with client expectations of what we should be delivering. That will require better websites, video conference with both plan sponsors and plan participants, and better distribution counseling. On the political front, I see legislation that will prevent or minimize plan leakage on termination and retirement through forced annuitization of some segment of account balances at retirement (i.e., 50 percent) or purchase of longevity annuity protection.
Have you used the NIPA Customer Marketing Tools?
We've just started using the customer marketing tools and have found that clients really like them. So, I commend NIPA for making those available, and we appreciate the opportunity to use them to add value to our client relationships.
What was the success you experienced or expect to experience?
I expect that these tools will allow us to continue to keep our clients informed as to industry trends, political outlooks and other issues that affect their plans now and in the future. Beyond that, it provides another touch point throughout the year so we can maintain that contact, even during the lulls where we otherwise wouldn't have any reason to contact our clients. It provides them a contact with us that is purely informational and hopefully educational, and they don't see an invoice from it.
What are your tips for other members who are using the tools or are planning to?
I'd suggest that you find segments of the tools that fit your client base. It's not meant to be an "all or none” approach. Rather, it's a tool bag with a variety of options, and it's up to you to find those that you can use to meet your specific needs.
Any final words?
I've been a member of NIPA for about a year and have found it a valuable and useful resource. Additionally, as a business owner, I found the Business Management Conference in Scottsdale, Ariz., to be well worth the cost and the time.