Q: How did you start in the business?
A: Started as a Commercial Property and Casualty Insurance agent in 1982 and expanded into benefits and retirement plans
Q: Beacon has multiple lines of business, how did the business grow?
A: While originally Beacon Financial Services handle ALL 3 lines of business, Steve Sharkey became the partner who took over and greatly expended the P&C agency and then Anthony Cellucci became the partner that managed and successfully grew the Benefits book, Ultimately creating the “Beacon Group of Companies”
Q: How has fee disclosure impacted your business?
A: The heightened awareness the legislation brought about was ideal for us to demonstrate our expertise in the 401k space as the disclosures now made it easier to explain to plan sponsors not only HOW much was being charged but how and to whom.
Q: Do you think the fiduciary rule will impact your business as an advisor?
A: We are already seeing a huge impact on the activity level of our practice as employers become more attune to the difference between brokers and RIA’s and the importance of have an advisor that is operating “in their best interest”
Q: What is the one thing that you think that plan sponsors still understand about their role?
A: I think they understand they have to act in the employees / participants best interests and they try to do the right thing… however, they are NOT getting the guidance from their vendors to explain to them what the “right thing” really is.
Q: Do you think plan sponsors understand their fiduciary duty more than they did in the past?
A: Absolutely… and they are showing more interest in learning more
Q: Beacon handles professional athletes, are they as challenging or more challenging than plan sponsors?
A: Yes they are much more challenging as you must help them understand complex financial issues that are typical of “much older”wealthly people who have had the benefit of the wisdom many years’ experience brings.
Q: How did you get a contributor assignment with forbes.com? A: Our media people did a great job of getting me published in publications such as the Wall Street Journal, Philadelphia Inquirer, NY Times Fox News as well as many others… So Forbes must have read some of my material and approached us about being a contributor
Q: As a longtime Phillies fan, what’s your favorite Phillies memory?
A: My 2 sons and I were present for Game 5 of the 2008 World Series win and celebrated on the field as my client Brett Myers brought us down on the field
Q: How can people find out more about your work at Beacon?
A: There is much online as I have been quoted in several publications as well as our website @ www.thebeacongrp.com
“The financial consultants at Beacon Financial Services are registered representatives with and securities offered through LPL Financial, Member FINRA/SIPC. LPL Financial is not affiliated with the Beacon Group of Companies. This information is not intended as authoritative guidance or tax or legal advice. You should consult your attorney or tax advisor for guidance on your specific situation.”