North Western Mutual
Name: Jack Waldron
Position: Owner, Financial Advisor
Location: Saratoga Springs, NY, USA
North Western Mutual advises, educates, strategizes, and leads in the pursuit of accomplishing their clients’ goals by the most efficient means.
What products/services do you offer?
Varies case by case, however my team covers the topics of Risk Management, Wealth Accumulation, Preservation, and Distribution, as well as Tax Efficiency. Focused planning topics include: Savings and budgeting, Retirement, Investment, Insurance, Higher Education, Estate, Succession, Employee benefits, and various others.
Why did you start your business and how long have you been running it?
The company I represent, Northwestern Mutual, has been around for over 160 years.
My team has been working for 2 years, based out of the NY state capital region and serving clients throughout the USA.
What struggles do you think most businesses face in your industry and what would you say they need to do to overcome them?
The challenge in the personal finance industry is increasing competition in the form of Artificial Intelligence “Robo-Advisors” which take the human aspect out of financial planning by simply providing recommendations based on financial figures.
To overcome the challenge it is important to develop long-lasting relationships with families and businesses to ensure they are well-served.
What has been your greatest accomplishment?
My greatest accomplishment recurs each time someone I have talked with tells me, “You changed our lives for the better.” Or “Thank you for getting us on the right track.”
I am extremely passionate about providing financial literacy and financial stability for families and it is rewarding for me to know that I have made a lasting impact on so many individuals.
What has been your biggest ‘fail’ so far?
Failure occurs when I am unable to move a client to take action with regards to the personalized financial plan my team develops. This typically occurs because people are so used to their routine and do not wish to make any changes, regardless of the positive impact intended by the slight changes presented by a financial plan.
What do you love most about your business?
Each day I am blessed to meet with new families and individuals. I believe in people and from my perspective, everyone can offer something of value to one another – advice, ideas, information, services, etc. It is always a pleasure to make new introductions.
What do you find most challenging?
The most challenging aspect of my work is the process of receiving favourable introductions from my clients. Since I do not charge any fees for my service I am always asking to be introduced to friends and family members – however, some people do not wish to discuss financial matters or the topic of financial planning with anyone in their personal life.
How do you promote your business (please include as many details as you can)?
My means of self-promotion are limited to word-of-mouth, and my Linkedin profile where I connect directly with individuals to introduce.
What business skills do you have (eg. graphic design, customer service)?
I am proficient in communication, strategizing, coaching, consulting, customer service, etc.
What software did you/your designer use to create your website (eg. WordPress, Wix)?
I do not have a personalized website other than my profile on Linkedin.
What are some of your favourite business tools and apps?
The company I represent, Northwestern Mutual, has awesome resources for clients to access their account information online or on mobile devices. My team is also equipped with reliable financial news which allows us to stay up to date and keep our clients “in the loop.”
What do you like about your website and what’s not working for you?
The ability to generate favourable introductions via the Linkedin platform is difficult since there is such an extensive amount of “competition” in the form of other users sending messages. Everyone on Linkedin knows how many messages are received daily from all sorts of product-pushers and service-sellers.
What lessons have you learnt during your time as an entrepreneur?
Self-motivation goes a long way and having mentors to guide you in the right direction is always helpful. We can learn so much from others’ successes and we should always be learning.
What key tips for success in business would you like to share with others?
It is paramount that the results we yield are directly correlated to the effort we put in, this is true regarding any aspect of life. It is not easy to build a business, it is extremely difficult. Once you have seen a glimpse of what “success” looks like – you will understand the worth of your journey.
What is the one thing that you want everyone to take away from this post?
We can all do more together. No one is an expert at anything. I go to a doctor for medical advice, and I would recommend that everyone uses a financial professional for their financial decisions.