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    The Team Approach
    The Team Approach
    The Team Approach
    Ebook77 pages52 minutes

    The Team Approach

    By Darby Minnick

    ()

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    About this ebook

    You'll never look at business and estate planning the same way again.

    The Team Approach is a contemporary strategy that challenges the current culture around how people work with the financial professionals they hire.

    Instead of spending valuable time with each expert in their separate fields, The Team Approach brings a holistic, collaborative, board-of-directors-type approach that can help you protect, plan, and grow your financial legacy like never before. 

    You can't afford to miss this paradigm shift.

    "The Team Approach has enhanced the trajectory of my business. When you have a team of financial professionals by your side, they empower you with their ideas, insight and expertise. Use this book to raise the bar with the professionals you work with." 

    —Tom Swenson, President, Bank of Montana

    LanguageEnglish
    PublisherIndependently Published
    Release dateSep 8, 2019
    ISBN9781393988472
    The Team Approach

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      Book preview

      The Team Approach - Darby Minnick

      INTRODUCTION

      After leaving college, I started selling in the auto industry. Not the most glamorous job, but it took me somewhere.

      Ultimately, I became a leasing manager and eventually owned a third of a leasing company on the same property as a Chrysler dealership. Things were good—money was coming in for the first year.

      That’s when things went south.

      My father-in-law and his partner were in the Chrysler business in 1978 when interest rates skyrocketed from 8% to 24% in less than two years. Chrysler was going bankrupt. During the second year, the dealership where I worked closed, and I had no income. I was married, had two children, and was going through a financial crisis of epic proportion. The other two owners in the leasing company went bankrupt, and I personally had to pay back all losses to the creditors.

      Business is like that.

      I had no way of knowing it would change everything.

      That’s when I pivoted to the financial services industry as a life insurance agent with Northwestern Mutual. I started to work in estate and business planning fairly rapidly. At the time, I had clients from my auto leasing business, my community, and a natural market of people who financed through me with Chrysler.

      My brother was a CPA in the community where I lived. One day, while discussing estate planning for life insurance to pay estate taxes, he said to me, Darby, most of these guys who sell life insurance try to come in and show a big number that the client has to swallow in order to buy life insurance. If insurance salesmen would first figure out how to plan with the client like a CPA would, they’d have a more realistic number.

      This started my thought process.

      That day, my brother guided me to think about what I should be doing with and trying to learn from the clients. What I discovered was that the current approach wasn’t working—I needed to do more than just sell insurance.

      Together, my brother and I began to understand the advantage of working with an attorney and a CPA early in the financial planning process, not later. I started to see more realistic numbers, not something dreamt up that I couldn’t back up with facts. As I employed this concept of working together, instead of independently, for our mutual clients, our team-oriented model began to draw other agents.

      Six months into the life insurance business, I started joint work with other agents in the agency. Being from outside the life insurance industry gave me a different flavor for how to be effective, which helped my joint venture partnerships thrive.

      My business and estate planning work grew. I would travel throughout Montana, working with other agents. Most of the time, I’d work with an agent and his best two or three prospects. Together we’d create a team and work through problems. I’ve been in countless discussions with other agents, CPAs, attorneys, business consultants, and more. This gives me a broad view of different circumstances that our clients face and how we can work together to form a sound plan and a safety net for the client.

      I’ve seen it all.

      Thanks to the power of this joint work with other agents, this concept of working together as a team expanded from a budding idea. Eventually, we grew it into a model that I’ve used to build a career forty years strong.

      Now, it’s time to take the team approach to the client’s business.

      "The idea that you have a team around you and your business is so important. The team concept saved me millions of dollars. When your advisors work with other business people in different walks of life, with similar challenges, we learn. Their life experiences with other clients helped my business because of the collective experience of all the people at the

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