“I love showing advisors how they can improve their client’s financial plan by partnering with me to help mitigate risk and income taxation. I want to change the perception of insurance.”
At Palladium Group, as in many organizations and communities, the past year has given us time to reflect, to rethink how we do things, and to look ahead to what the future holds. We like to say we value people over products, and we consider that to be the single most important aspect of our business.
For us, it means getting to know each person we partner with so that we can help them do right by their clients. In the interest of getting to know each other better, we sat down with RIA Consultant Chad Nulty to discuss a year of new pursuits, some eternal industry truths, and a future filled with backyard movie nights and gin tours across the pond. Here’s what he had to say.
Chad Nulty: Early in my career, I spent 12 years at AIG, one of the world’s largest insurance companies at the time. While there, I was fortunate to be surrounded by a lot of great mentors and leaders. I worked my way up to a Sales VP role in AIG’s Affluent Markets Group and focused on growing their private placement insurance (PPLI) business.
It was then a natural transition to Zurich Insurance’s Private Wealth Group. I loved my time in the private placement insurance world. However, I was becoming increasingly interested in taking what I had learned while serving the ultra-high-net-worth market and bringing it to the mass affluent.
Ultimately and finally, my roles and insight lead to Palladium Group, where I’m able to share my knowledge and ideas with the broader independent registered investment advisor (RIA) community.
CN: Ultimately, what made me decide to join Palladium Group was the unwavering commitment to the independent RIA community, and how being a fiduciary was defined. Being a fiduciary isn’t about pushing product, and price is not the value proposition. It’s about finding the best possible solution for a client’s financial need. That resonated with me. Our approach is consultative where we partner with the advisor, which I think is important.
There are many occasions where we will analyze an in-force insurance policy and recommend the client keep it and do nothing. It surprises advisors that we aren’t trying to push a product or sale, but that’s what being a fiduciary is and what Palladium is about – it’s doing what’s best for the client even if it means recommending no changes.
CN: I guess my biggest surprise is how many advisors still avoid talking about insurance with their clients. I get it. I understand that this can sometimes be due to gaps in knowledge or other concerns, but advisors can still find a way to be a part of the conversation and work with an expert to seamlessly meld the proper insurance recommendations with their client’s financial plans. If you can bridge those knowledge gaps, then everybody wins. The right insurance partner will communicate with the advisor about what’s being recommended to their clients and why.
That’s the added value when you partner with Palladium Group and me – we are subject matter experts on insurance. We don’t make any recommendations without consulting the advisor first. This way we complement your financial planning process instead of competing with it.
CN: In my career, I have found what you do to be significantly less important than who you do it for and who you do it with. Seek out mentors you can learn from. Find a culture where you can learn and be allowed to make mistakes. Surround yourself with interesting people. Grow and diversify your network. The best opportunities in my career have been the result of personal introductions from my network of friends and colleagues.
CN: I enjoy challenging the status quo. I like to take contrasting ideas that are misunderstood, turn them on their head, and create better outcomes. Professionally, that challenge is the perceived dichotomy of insurance and investments. I love showing advisors how they can improve their client’s financial plan by partnering with me to help mitigate risk and income taxation. I want to change the perception of insurance.
CN: This year I’ve spent a lot of time reflecting on what’s important to me and doing some professional and personal “pruning.” The way a gardener cuts away dead or overgrown branches to increase the fruitfulness and growth of their garden, I’ve tried to do what I can to increase growth in my own life and focus more time on nurturing the relationships that matter most.
The quarantine has resulted in a lot of home projects too. I’m most excited about the outdoor theater I installed with a 4K projector and surround sound. I no longer miss going to the movie theater now that I can sit around the fire pit with an adult beverage and recreate the experience in my backyard.
CN: I’m a sucker for a good biography. Currently, I’m reading The House of Rothschild by Niall Ferguson. It’s a bit dense in content and covers two volumes, so maybe not for everyone. The book that led me to Rothschild was another Niall Ferguson book, The Ascent of Money, which is a great read on the financial history of the world and a book I highly recommend.
For shows, I’m in the process of binge-watching Schitt’s Creek on Netflix. Everybody I know who has watched it loves it. I just finished season one and I am enjoying it so far. It’s very witty.
CN: I rarely visit the same place twice, but the one city I find myself visiting over and over is London, England. So, I guess I’d have to say London. I love the contrast of the old with the modern. I’ve been there five times in my life for as long as three months and as short as two nights. Yet, I’ve still not done everything there that’s on my bucket list. For my next visit, I want to go on a gin tour where you can visit several gin distilleries as well as the bar Ian Fleming frequented for his martini … shaken, not stirred, of course.
Interested in learning more about Chad, our people, or how we do things at Palladium Group? Let’s talk!