In the six years since John Enright won Advisor Today’s Four Under Forty Award, a lot of good things have happened to him. His firm’s revenue has increased significantly and he has welcomed a new member to his family.
Advisor Today: How has your practice changed since you won the award?
John Enright: The practice has continued to evolve. I have the same “para-planner” and relationship manager as I had in 2006, but I have hired a new executive assistant and administrative assistant. There are now 3 full-time and 3 part-time members of the team.
Our focus continues to be on comprehensive planning, and our fee revenue from planning has increased nearly 100 percent since 2006. Our AUM revenue has also increased nearly 100 percent. Insurance sales have been up and down from year to year but continue to be about 25 to 50 percent of total revenue. Annuities have continued to represent less than 10 percent of total revenue, and long-term-care insurance and disability income insurance continue to be about 5 percent. Our goal is to have 7 to 10 new clients each year.
Our unique process has received tremendous attention across the country. We initiated a licensing effort in late 2010 and immediately licensed several individuals. We discontinued two months later, took their feedback and made some adjustments. We anticipate re-launching later this year. We are very excited about the re-launch.
AT: Are you still focusing on financial planning for construction companies on the East Coast?
Enright: We are still focused on planning for construction company owners and executives. Although we still work with new and existing clients who are not in the industry, the vast majority of our clients are in the construction industry.
AT: What else are you working on?
Enright: Our unique process, The Custom Wealth Architect, has evolved tremendously. We engaged graphic designers, writers and others to assist us in developing all that takes place from the time you first meet a new prospect to carrying out the ongoing activities designed to keep them on track. The rebranding of this process will allow other advisors to take our unique process and brand it with their logo, name, etc., and immediately begin applying it to their practices.
We have also been diligently working on our practice management unique process, a book, and, of course, our family! We added a beautiful little girl in May, 2011. We now have two boys–a 5-year old, a 4-year old, and our little girl.
AT: Do you have any plans to pursue other areas this year?
Enright: We have our hands full at the moment but we did make a financial and time commitment to an important charity in the local community, Enable. We made the commitment in January, 2012 and have, as a team, volunteered on a number of occasions already with several more intended throughout the year. We initiated the commitment with a cash gift that Enable will use to further their resources to help children in their network and with special needs.
AT: What advice would you give to advisors who are just beginning their careers?
Enright: When I started, the best piece of advice I received was to just see the people. I set the goal of seeing at least 25 people per week when I started. It was invaluable because I learned more from those people than I could have ever imagined. Those experiences shaped who I am today and led me to a practice and life I thought at the time was only a dream.
That’s just it. Dreams become reality when you work hard and work smart. Do yourself a favor and pick up the book, The Dream Manager, by Matthew Kelly. This is a wonderful read and will absolutely make you a better spouse, parent, friend, advisor, etc. When you have finished reading it, please share your thoughts with me!
AT: Would you advise newcomers to the industry to join NAIFA?
Enright: NAIFA is a great organization that provides you with many great learning opportunities and immediate synergy with a large number of people who are all interested in seeing you succeed.
Starting a career in our industry and not joining NAIFA for its many benefits is like becoming a landscaper without a lawnmower! A landscaper has to have a lawnmower to do the job well for his client, and in our industry, you have to have the tools and resources that NAIFA offers in order to do well for your clients. Without NAIFA, those tools and resources are nearly impossible for an individual to identify and put to use.