Gotta love Jeff Cullen’s proverbial kick in the pants, something 401(k) advisors all too often forget.
“Quit ‘getting ready,’” he pointedly (and emphatically) states. “Perfect is the enemy of good. People buy you. No one cares about whether your marketing materials are perfect.”
Amen.
Cullen, managing partner and managing director of the Great Lakes region of Strategic Retirement Partners, counts empathy as one of his greatest strengths, a valuable commodity in a business populated with stressed-out employees wondering if they’ll ever have enough to retire.
“As the fourth generation of a family business, I understand the way owners think and care about their people. I started working in the eighth grade—at the very bottom of the ladder—and understood physical labor at an early age, and how workers value a profit-sharing plan.”
One early stumble, however, is something he sees other advisors commonly make.
“Charge what you’re worth. I had to blow up my business six years in because my margins were too low. My business would be triple its current size if I would have priced my services appropriately and simply acted, rather than waiting for everything to be just right.”
Cullen also hypes the value of a “self-scout,” which means identifying and addressing your own strengths and weaknesses. For areas where advisors fall short, “hire people better than you, empower them and stay out of their way. And do it as fast as you can, because it’s the only way you can achieve sustainable growth.”
401k planning behemoth Strategic Retirement Partners (for those that don’t know) has 15 offices across the country and is expanding rapidly. Managing director Lisa Petronio was also 401(k) Specialist’s Top Advisor by Participant Outcomes in June 2017.
SRP features a “robust” cloud environment designed for a decentralized workforce, which Cullen says is essential for growth. It’s designed to be collaborative, scalable, and something continually improved upon based on user feedback.
“If you combine those things with an integrated CRM, you’re off and running. These systems manage workflows, processes, and your prospect pipeline. In order to scale quickly and efficiently, systems like this must be at the heart of your business.”
Enter Cullen’s eclectic office and you’ll see everything from works of art to guitars and Pearl Jam memorabilia (we like this guy). Music, in fact, is one way he unwinds.
“I play guitar and write songs. I like listening to music and having a beer with my wife. I play basketball or soccer with my kids. That’s a pretty great weekend there.”
He counts Principles by Ray Dalio as “hands down the most important book I’ve read” in helping him professionally and or personally.
“For me, it crystallized much of what I thought I knew, but didn’t know how to articulate, and then filled in a huge swath of holes that I didn’t know. We’ve incorporated many of the teachings into how we run SRP.”
The firm’s events are educationally focused, and beginning last year it produced events that benefit local charities, as well.
“We’ve had charitable giving goals within our group for a while but chose to keep that private. We’re getting better at sharing that internally and externally. People like to do business with others that give back. I certainly do.”
So how does he stay focused and organized?
“I’ve got this wonderful team of people that free me up to be very strategic with my time, for which I’m thankful. They pull me in on tactical items only when they need help. With that said, my dual role within SRP still has me drinking from a fire hose at times. I’ve recently brought in an executive-in-training to help clear my plate, while at the same time gaining great insight into the overall organization, so that he can evolve into a management role as we grow.”
And what three leadership qualities and skill sets does he feel are essential for advisors?
“Humility, honesty, and transparency. With those values and a good work ethic, you can do just about anything.”
Ross Marino, CFP, CPFA, CeFT, contributing editor to 401(k) Specialist, is the founder and CEO of 401(k) Rekon | Excel 401(k).
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.