What Keeps New Board Chair, Ernie Herrera and New Board Member, Jim Chapel with First Financial Resources?
IRVINE, Calif., May 1, 2019 /PRNewswire/ -- When Ernie Herrera, president, the Herrera Group, El Paso, Texas first joined First Financial Resources, LLC (FFR) in 2008, he described it as "going from the minor league to the majors". Little did he know that he would become board chairman in 2019. Besides Herrera, FFR tapped industry veteran, Jim Chapel, CEO of FMC Financial Group, Newport Beach, California as its newest board member. All board members are FFR members. We asked both Herrera and Chapel about FFR membership, business lessons and challenges.
Why You Joined. What Keeps You?
Ernie Herrera (EH): At first, I didn't know anything about FFR. Initially, it was direct access to the carriers and high compensation. When I joined, some more experienced members really took me under their wing. They shared ideas that worked and things they did in their practice. I was surrounded by some of the most intelligent and creative minds in the business. This business can be a lonely one. But with FFR, I am not alone. The comradery and support are great. The group really energizes me. It is not just about business. It is a positive push for family, business, a better practice and financial stewardship.
Jim Chapel (JC): Initially, the higher compensation attracted me to the organization. But I stay because there is so much more – the study groups, the members willingness to share and support each other, and the management team in Irvine. I come away from an FFR meeting or study group with inspiration and energy.
A Recent Business Take-Away
E.H.: Our business constantly faces challenges – regulatory, tax, legal. You can become business paralyzed or you re-focus and keep moving. FFR and its members really help me see opportunities, not obstacles. After all, we take care of families. That is special. Having a go-to habit of "seeing the opportunities" means we can overcome any challenge. That gives us strength not to steer away from what is important. We've integrated change as just part of our practice.
2019 Challenge or Focus
E.H: Clients still face a certain amount of economic uncertainty. It potentially causes them to defer decisions and be a little paralyzed. Having an election next year adds to it. Who will be the next president and how will that change things? As I said before, there will always be challenges. So, our job is to help our clients see the opportunities and focus on what is important to them.
J.C.: We all get a lot out of our membership with FFR. How do we keep that momentum going in the future? As small business owners, each firm needs a business succession plan. Many of our clients need the same. Do we want our business or our clients' businesses to experience "no planning" or a "succession plan"? May be there is a reason that "success" is part of the word.
First Financial Resources (FFR) is a producer group founded in 1987, solely-owned by its member advisors and based in Irvine, California. FFR provides its member advisors with access to insurance-based products, tools and resources for the high net worth and/or business client. To learn more about FFR, visit www.ffrmembers.com.
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SOURCE First Financial Resources
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