Practical Advice from the ‘$2 Billion Man’

SJS (3)Who says we only get one successful career? Steve Spector, who has spent his adult life amassing a fortune in the life insurance industry, has reinvented what success can mean. Recently, he was featured in National Underwriter Magazine as the $2 Billion Man, and has partnered with HighCap Financial for nearly a decade.

Notable beginnings

Interestingly, Spector originally intended to become an attorney, though he parted ways with that plan early on once he found out more about life insurance. His motivations for the change were nothing if not noble.

“After undergrad, I decided to change gears and wanted to pursue a field in which I could help people and make a difference!” Spector said in an interview, adding that a chance meeting with a district agent from Northwestern Mutual, from whom he learned more about the insurance field, brought him to a crossroads. “From there, I decided that this was my path.”

There’s no doubt that Spector proved to be an incredibly effective and successful salesperson. But to what would he attribute his success? According to Spector, it’s all about the salesperson creating a bond with the client.

“Without a strong relationship between the client and salesperson, there won’t be a sale, because there won’t be a happy client,” he said. “Fitting the most appropriate product to the stated objective is critical, as well.”

Developing centers of influence

​His success allowed him to retire in July 2003, but he wasn’t on the bench for long. Spector emerged from his brief hiatus to build a boutique practice that serves innumerable clients across the country. Despite the fact that he made the decision to retire more than a decade ago, Spector explained that he wanted to maintain his connection to the business, which led to his decision to strike out on his own with the formation of Spector & Associates, which provides insurance and other financial services to his clients.

Spector continued to reach out to centers of influence just like in his early insurance career where he surrounded himself with young professionals, including attorneys, certified public accountants, health professionals and business owners, providing them with rather modest policies which grew as those professionals became older and more established.

To say that Spector found success in his new endeavor is an understatement. After the launch of Spector & Associates, he transitioned into the director of risk management role for Kolb & Co., the largest independently owned accounting firm in southeast Wisconsin, to provide dedicated insurance services to their clients.

Leveraging HighCap Financial

In 2006, Spector became a member of HighCap Financial®. As an eight-year member of Highland Capital Brokerage’s elite producer group, Spector is provided with the opportunity to leverage exclusive sales technology platforms, advanced planning resources and the ability to share intellectual capital amongst the network of other lending professionals. Still, he was able to maintain a sense of independence while benefiting from HighCap Financial’s resources.

“HighCap offers the independent producer the best of both worlds – independence and the freedom associated with carrier and product neutrality, coupled with a distribution relationship which gives them a broad array of marketing and support services. This allows them to outsource numerous aspects of their business,” said Marty Dooley, Managing Principal of the Milwaukee Highland Capital office. “More importantly, HighCap provides the independent producer with connectivity to a group of like-minded insurance producers, promoting a sense of professional community that historically only existed in the career agency system.”

When asked why HighCap Financial® is such an important part of Highland Capital Brokerage, Dooley explained that the organization is unique – one that is found in few other brokerage environments.

“The ability to build close relationships with, and amongst, an elite group of life insurance professionals allows Highland Capital Brokerage (HCB) to create a paradigm that does not exist with most product wholesalers and their clients,” Dooley said. “HighCap brings a value-added proposition that puts us in a position to build and develop meaningful relationships with high-end producers that can’t be matched in the industry.”

Spector’s success made him a natural fit for what HighCap Financial has to offer. It features members who are professionals with a well-developed history in financial services and life insurance. They have a proven track record of substantial production and operate in specialized areas of expertise. HighCap members partner with Highland Capital Brokerage for all their products, support and carrier connections, helping them accelerate their business to a whole new level.

 

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Highland Capital Brokerage is committed to developing client-focused relationships with financial advisors using our core competencies of life insurance, annuities, and long-term care. We distinguish ourselves by providing point-of-sale support, advanced marketing, and creative estate and business planning techniques.
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