First Financial Resources (FFR) kicks off 2020 on the heels of a record sales and growth year. Ending 2019 with over $150 million in sales and increasing membership by 20%, the Irvine-based organization turns its focus to a new strategy for the decade. FFR is known for its closely-knit, club-like culture. So, as an organization grows, how do you maintain the more intimate culture and still grow? FFR CEO, Jud Imhoff has turned that challenge into a strategy for 2020 and forward. Imhoff sat down with us to discuss. Fintech News
Q. Why is your company culture important?
Jud Imhoff (JI): It’s a competitive advantage to have a strong company culture. Our member/owners are small business owners. They deal with business challenges every day. The FFR culture gives them a supportive, collaborative place to share challenges, successes and get recharged. We want to protect that while we still grow.
Q. How do you plan to do that?
JI: Leadership is collaborative and inclusive. We listen to our member/owners and our staff. It takes the right mix of perspectives, innovation and leadership in our C-suite to perpetuate the culture. After all, we are not a cookie-cutter organization. We’ve grown organically outpacing the marketplace.
What is the leadership strategy for 2020 forward?
JI: Overall, “broaden the bench” in the C-suite. Make it multi-generational, combine experiences, relationships and technology to lead us into this next decade.
How are you implementing that strategy?
JI: It is a two-pronged approach. First, we’ve tapped Mike Bell as FFR president. We’re excited to have Mike in this new role. When we hired him in 2016 as a consultant, we knew we would benefit from his experience as executive vice president for the Life Insurance Division at Pacific Life, expertise in marketing and field management, relationships with financial advisors, and understanding of our business. So, it is a nature transition to promote Mike Bell to president. He is fully immersed in our culture, knows our staff and shares the FFR vision.
What is the second part of the strategy?
JI: Information and technology tools are so much more accessible today. But where do they fit? How do we use them to reinforce client relationships and not undermine them? What role do they play in finding new FFR members or new clients for our members? These are challenges facing FFR now and in the future. That is why Michael Babikian is joining FFR as chief operating officer. Mike is an established innovator and seasoned management executive. As founder and CEO of LegacyShield, he successfully combined legacy planning with tech solutions into an easy to use, cloud-based tool. Previously, Mike Babikian served as president and CEO of Transamerica Brokerage and prior to that, executive vice president, chief product officer, chief marketing officer and director of Advanced Marketing.
Q. What is your overall outlook for 2020?
JI: Very positive. Join me in welcoming Mike Bell and Mike Babikian to the executive management leadership team. We have a dynamic, diverse group from which to build our future. There are always challenges. But with the leadership we have in place, our staff and our member advisors, we are well positioned to be the “number one place for high-net worth financial advisors.”
