Louis D. Rivera, AWMA • Williamsville, NY
SC Parker LLC • Cadaret, Grant & Co. Inc.
have over 20 years of experience in the insurance and financial industries and have been an independent financial advisor since 2011. I position myself as a full-service financial consultant for clients. I have a deep background in property and casualty, life, and health insurance, as well as a wide variety of investment products and services.
When I was recruited by an affiliate of John Hancock in 2007, I relocated to the Buffalo area from Virginia. I was not only moving to a new place but also transitioning from the property and casualty insurance sector to focusing on the life, health, and investment needs of clients. I spent significant time studying and believe I quickly grasped the nuances of a new set of products and services. I also had to build a client base from scratch and was still expanding it when I decided to become an independent advisor a few years later.
I realized that while many firms and advisors in the area were focusing on the more affluent and higher-net-worth pool of potential clients, there was an overlooked segment of middle-class people from all walks of life—including blue-collar workers, health-care employees, mid-level administrators, teachers, government employees, and sole proprietors. I saw this segment as a tremendous opportunity for my practice.
I built my practice the old-fashioned way: knocking on a lot of doors, presenting educational workshops, doing some pro bono work, and gaining entry to workplace settings and company employees. My approach included hosting retirement-savings seminars for employees at a variety of companies without expecting anything in return. I also offered people informal consultations on personal finances and portfolio performance, comparing their investments to current market trends. These consultations would sometimes lead people who were already working with an advisor, but not very satisfied, to ask me for a more formal second opinion.
For several years, I dedicated time to reading to elementary students as a volunteer, making contacts in local community organizations, and presenting to high school students through local school business clubs. I aimed to build the broadest possible network of contacts; approach people not as a salesperson but as a consultant available to assist with any financial issue; and make financial concepts easy to understand by communicating in clear, jargon-free language.
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My efforts gradually yielded a referral multiplier effect from clients’ family members, friends, and work associates. I also discovered that the “millionaire next door” phenomenon was real, observing that this group often spends conservatively, saves as much as they can, and sometimes builds a surprising level of wealth. Their funds are frequently tied up in their 401(k)s or 457 plans. Working with third-party investment managers, I started to help manage the assets in those plans, building personal relationships. This eventually led to managing additional assets down the road, potentially including a spouse’s retirement savings plan, a client’s older IRAs, or inheritances.
My message is really one of perseverance and personal effort. Starting fresh in a new area and building a client base from scratch requires thinking outside of the box and willingness to tackle things others are unwilling to do. By stepping out of your comfort zone, you open yourself up to growing and learning from those experiences, continually making yourself a better advisor and introducing your approach to a wide variety of people.
Disclosure: Securities and advisory services offered through Cadaret, Grant & Co. Inc., a registered investment advisor and member FINRA/SIPC. SC Parker and Cadaret, Grant & Co. Inc. are separate entities. Accredited Wealth Management Advisor and AWMA are certification marks or registered certification marks of the College for Financial Planning.
Photography by KC Kratt Photography
