Do what you do best and outsource the rest.
It’s increasingly a core tenet in the retirement plan advisory space—focus on your specific skill set, and delegate everything else.
It’s something David Krasnow recently addressed, with a twist. Sick of his unsuitable CEO role, he “insourced” to his wife Beth, who he readily acknowledged is MUCH better at it.
“For a four-year time period, I thought that I wanted to be a CEO,” Krasnow said. “I took myself out of sales. In hindsight, it was a terrible mistake. I built the organization from pounding the pavement, and that is who I am. Once I re-discovered this, what followed were our best two years in our now 20-year history.”
Now rejuvenated in his “new” role Krasnow, founder of Cleveland-based Pension Advisors and student loan repayment program Thrive, is back to doing what he does best; helping clients, growing his business and innovating in the space.
“My message is to pursue your passions all the days of your life,” he said. “Whether you are age 15, 50 or 80, be passionate and give it your all. The song that wakes me up every morning is ‘I Lived.’ I hope I have another 40 to 50 years on this planet, but I live every day like it may be last.”
He sat with 401(k) Specialist to for a frank discussion of his newfound (re-found?) energy and ambition.
What do you feel you do differently than the average advisor?
Business and life are all about relationships. We do the complete job as well, if not better than anyone, but through the years we have built some relationships that I cherish and know I will have for the rest of my life. At times, it doesn’t feel like work.
From a business standpoint, our great differentiation is what we do with education. We spend a lot of time in front of participants. For many, their company retirement plan is all they have. We serve as a go-to person, and ultimately make a strong impact on their lives.
Lessons Learned: What worked well and/or didn’t work well?
I need to be leading the company in sales and growth. Sales is the transfer of enthusiasm for a product or service. No one will have as much passion and drive as me. It took three years of lackluster results, but it reinforced the need to constantly be changing, evolving and growing.
What software, apps, or tools do you use and how do they benefit you?
We utilize FI360, Money Guide Pro, Morningstar and LinkedIn. They help us to be as efficient and profitable as possible and to network well with what we are doing.
What is your office environment and/or culture like?
We have 14 employees. I focus very hard on our culture. My expectation is we will be a very high-touch, proactive and responsive organization that is constantly listening to, and adding value with, our clients. I know how competitive things are and I am always thinking about what we’ve done lately for our clients.
What about your client events?
We’ve had a client appreciation event for years. We gather for breakfast with a business-related speaker and a non-business speaker, then lunch and golf. It’s a great day had by all.
Where and how do you successfully network?
We network heavily on LinkedIn. The LinkedIn concept is that you’re looking at the Rolodex of people you know and trust. In most instances, if you know someone, you think highly of that person. LinkedIn connects the dots and helps people expand their business network.
How do you stay organized and focused?
It’s always a challenge to maintain a healthy balance. I am motivated to be the best husband, father, and person I can be. If you understand your priorities and you are motivated to be the best version of yourself, I believe you can have it all.
What books do you find the most helpful (professional or personal)?
The best business book I have read is The Ideal Team Player by Patrick Lencioni. We all have our rules and beliefs, but in battle, we sometimes compromise too much. This book is my bible in managing others.
The best book personally is The Alchemist by Paulo Coelho. This book inspired me and touched me spiritually, which frankly is not me. It made me strive to be the best version of myself. We had a tragedy when a one-year-old puppy passed away. I happened to be traveling a few days later and the book was in my backpack, so I reread it and it helped me cope with the loss.
What is your health and wellness routine?
I’m coming off an injury that required surgery, so I am getting back to it now. It’s my goal to do some sort of exercise five days a week. Generally, that means cardio two or three times a week. I’ve taken cycling classes and enjoy them. There is a studio locally that is a combination of yoga and Pilates. It’s beyond challenging, but I love it. I watch my diet and have to get six hours of sleep or I cannot function.
How do you relax and recharge?
In addition to work, I’m pursuing coaching high school basketball, which is a dream. I just completed my second season and hope to be a head varsity boys’ coach soon.
I enjoy the weekends. I try to sleep in a bit, slow things down and catch my breath. We have three labs and I enjoy taking them on long walks. I feel like it helps me regroup and recharge.
What changes have occurred in your life that shaped who you are today?
I’ve gotten comfortable in my own skin as I’ve gotten older. I once heard someone remark that they’re “confident enough to say that they are insecure.”
I liked that, because everyone is going through something, and as soon as we understand that, we become more accepting and patient.
This understanding has allowed me to be a much better husband and father and find a better balance in my life. I laugh a lot more and don’t sweat the small things. I recently had a big birthday, and what made it special was that my kids (including two away at college) wanted to be with me. That’s what matters most in life, and that brought me more pride and joy then they will ever know.
Have you ever worked with a life or business coach?
While I am used to being in charge, it’s good to be questioned and called out. Having someone to answer to helps me do a better job of thinking things through and preparing. It puts me in the best position to succeed.
What leadership qualities and skill sets are essential for advisors?
Good leadership requires dedication and expertise. Don’t be a generalist, be a specialist and be great at what you do.
Where do you go from here?
I was at a crossroads about a year ago. The best years of my career were 2016 and 2017. It would have been easy to keep doing what I have been doing. Instead, I discovered an idea in the student loan space and have gone all-in.
While it’s very early, I feel more rejuvenated than I have been in 15 years. A month ago, I was in the office working and had been here for some time. My alarm to wake up suddenly went off on my phone. It was 6:15 am.
Ross Marino, CFP, CPFA, CeFT, contributing editor to 401(k) Specialist, is the founder and CEO of Advisor 2X | Excel 401(k). He can be reached at rmarino@rekonintel.com.
Ross Marino, CFP, CPFA, CeFT, is the founder and CEO of Advisor 2X | Excel 401(k) and Transitus Wealth Partners. He can be reached at rmarino@rekonintel.com.
