Welcome to the new Main Street Group website and blog! We’re happy to have you here, and we hope you’ll keep checking back here for interesting and useful information.
Before I started The Main Street Group, I was a broker and eventually a manager at a large insurance company. While I was there, I learned some valuable lessons about how this business functions.
The first lesson was that everyone had a quota. Individual advisors had a certain amount of money they had to generate. These quotas were set by the company; there was no connection to the advisors’ personal goals. If they failed to meet their quotas, there were stiff penalties, including loss of office space and health benefits, and, finally, termination. Managers had quotas, too. In addition to a combination of the individual quotas (with the same penalty structure as the advisors), managers also had a recruitment quota. They had to show a certain net manpower growth each year. For example, if your recruitment goal was four, and you had three people quit, you would then have to hire seven more to show a net growth of four.
This leads me to the second lesson: all these quotas would eventually cause even the best advisor to cut corners. The need to make a sale became more important than developing a relationship with the client. If an advisor were in particular need of money, it also led to outright lies and omissions to the client to get them to do something that may or may not be in their best interest, but that would certainly generate a healthy commission for the advisor. The same thing happened with the managers. New people entering the business were told they could make incredible amounts of money just by following a simple training program, but two years later these same people were miserable and not making any money. They were lied to.
I started The Main Street Group so that I could get away from that environment. I envisioned having a company based on the truth and a constant concern for the well-being of others. The firm has grown because we’ve added people who believe this simple philosophy. Our goal for the future is to keep our value system as strong as it is today and to never put money ahead of our values. When I say the words The Main Street Group, that’s what I think of: a place where we can look our clients and each other in the eye because we’ve always told the truth.
If this sounds like the kind of firm you want to be a part of, either as a client or an advisor, please feel free to contact us. We look forward to hearing from you.
Steve Crawford, President
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.