Name: Jim Herrington
Company: THE Financial Services NETWORK
Favorite pastime: Collecting art.
Words to live by: “Be open to risk and lead by example.”
Jim Herrington will be celebrating 50 years in the financial services industry next year. In that time, the action-oriented advisor has seen a great deal of change. Here, he discusses advocacy and how best to help investors.
Far-reaching service: “I oversee 16 full-time financial service professionals providing collaboration, support, and supervision to over 200 advisors in some 80 communities in 18 states. Once I saw the opportunity of working with people, building relationships, and solving problems, I knew this was the right career for me.”
It’s all about making an entrance: “I once was introduced by the chairman of a company before a speech to a large group as someone ‘who had a passionate intolerance for mediocrity.’ Looking back, I don’t know if it was good or not!”
On the current regulatory environment: “There is currently a great deal of confusion surrounding the Uniform Fiduciary Standard, which can make things difficult. This is why it’s important to educate our representatives in Congress (and others writing the rules) about our business model, which serves the needs of everyday Americans, often in small communities. Investors today are seeking a balance between saving for tomorrow and living for today, and we can help them achieve this. For far too long, we’ve had no influence with regulatory and legislative process impacting our business – and that’s that’s why we support FSI – it gives us a seat at the table and allows our voices to be heard.”
On industry change: “I think delivery will be significantly changed by technology, but the business of advising will still be a relationship business, one person to another.”