A Commitment to Serve

Paul Dougherty’s dedication to the profession and exemplary leadership skills will come in handy as he leads NAIFA toward a bright and prosperous future.

By Ayo Mseka

By his own admission, Paul Dougherty is just an average guy. “There is nothing remarkable about me,” he told us when we visited him at his home in Maryland this summer. But he is willing to “give everything [his] all,” and this makes him the perfect guy to lead NAIFA as the association executes strategies designed to grow its size and reach.

“My personal philosophy is to give it all away,” Dougherty shared with us. “I am willing to say yes to requests for help, and I will do all I can to make things better. I tell my kids that I serve others as a way to serve my creator. That is the way I give back — through my service to others.”

Dougherty has been in service to others for nearly 25 years, ever since he landed a job as a State Farm employee — a job he stumbled upon by accident. His parents had invited their State Farm agent to their home, and his mom told the agent that Dougherty was a newly minted college graduate with no job. The agent portrayed State Farm as a great company to work for, and this got Dougherty’s interest. He applied for a position there and after several interviews, he was offered a job. A few years later, he became an insurance agent because of the opportunity it afforded him to set his own hours, make a good living and help clients avoid the risks that they might not even know they have. “That was very gratifying to me,” he said.

As a new agent, Dougherty faced many challenges, not unlike those encountered by other new agents. He was assigned to Hyattsville, Maryland, which was a new community to him. He and his wife were in the process of moving, and they had just had a baby.

But he quickly realized that he had been given an opportunity to help those around him, those who had not been well treated or maintained and those who were sometimes taken advantage of by others. “It was gratifying to be their professional advisor,” he said. “There may have been some lean days, but you did what had to be done, knowing that even if you don’t get paid today, you will be paid in other ways besides money, such as good relationships with your clients and enhanced opportunities for networking in the community. You knew that if you did it for the right reasons, you will achieve success, and the lean days will soon be behind you.”

Dougherty’s lean days are now firmly behind him, thanks to his hard work, willingness to go the extra mile and a firm conviction that “doing it for the right reasons” always pays off. Today, he runs a highly profitable agency, which services mostly minority clients, including African Americans and Hispanics. His agency offers nearly 100 insurance and financial-services products, which gives it an opportunity to be a onestop source of professional advice

”to many of his clients. “Many of our clients do not have CPAs or attorneys working for them — they have only us. This gives us a chance to help educate them.”

As an agent from a demographic group different from most of his clients, he has encountered some interesting challenges. “It is sometimes difficult to understand some of the cultural differences between the various Hispanic groups, for example, but by demonstrating interest, spending time with your clients and asking a lot of insightful questions, you get to understand their financial goals and aspirations and figure out what works best for them. The time spent with them makes you a better agent and one who is more trustworthy,” he said.

His professional success has been recognized by numerous industry and company awards. And he has become a passionate advocate for the insurance industry in general and for the role of the agent in particular. A trustee on the NAIFA-National Board from 2010 to 2013, Dougherty has served the federation in many capacities. He has also traveled extensively to home offices, building relationships and encouraging membership.

Success strategies

With the high level of success Dougherty has achieved, he is well qualified to offer words of wisdom to other agents and advisors looking to move their practices forward. To new agents trying to make it in the business, his advice is for them to know that others have been where they are now, and that it is OK to struggle initially. Also, they must understand that there are others willing to give them a helping hand and remember that, as is the case with any endeavor, they must be in the financial-advising business for the right reasons and must be highly motivated by a desire to help others. “If you are motivated and sincere in your dealings with your clients, that sincerity will shine through, and success will follow,” he said.

For the more seasoned agents, he has this to say: “We accelerate so well so early in our careers that we sometimes put ourselves in neutral, become apathetic and lose our appetite and passion for the industry. Sometimes, the things we used to do worked so well that we stop doing them. We have to go back to the things that worked well for us in the past and start doing them again.”

Mid-career agents can also rekindle their careers by exploring new market niches or reaching out to new advisors who might want to learn from them. “By helping them, you can become more engaged and more passionate in your career,” he said.

And finally, all agents and advisors can expedite their success by enrolling in NAIFA’s Leadership in Life Institute. Dougherty recently celebrated the 11th anniversary of his graduation from LILI, which he describes as “the best professional development program I have ever participated in.” LILI taught him “not to sweat the small stuff” and showed him how to establish the right priorities. “It teaches you to start with the end in sight, which will help direct your path and assist you in identifying the correct priorities so that you can recognize all that you can achieve.”

Finally, he said, all agents can become better by joining NAIFA. His association with NAIFA started when, as a new agent, he attended an agency meeting. There, the then-president of his local NAIFA association, Shanna Stringfield, asked him to become a member. When his agency manager offered to pay for his membership, he figured that it was a win-win situation and promptly said yes.

To this day, he believes that this was the best move he has made in his career. “From the very first meeting,” he said, “I realized that I was with folks from different backgrounds, companies and experience levels, folks who were there to do better at what they do, network, share experiences and acquire sales ideas. These were folks who were willing to give away what they know. I thought this was a good place to be, and I have been a passionate NAIFA member ever since.”

Soon after becoming a member, the requests for help started. And in keeping with his tendency to give it his all, he kept saying yes. “But the interesting thing is that I have benefitted each time I have said yes,” he said. “You learn from folks around you. My willingness to help has resulted in opportunities for me to have an impact on our industry and on the entire country. What a tremendous gift that is! Whenever we contribute toward NAIFA’s success, we are contributing to our own success and that of our clients.”

The power of NAIFA membership Dougherty has also been reluctant to say no to any of NAIFA’s requests for help because he knows the tremendous benefits that come with NAIFA membership — great sales ideas, endless opportunities for networking and a group of dedicated NAIFA employees working to protect the industry from legislative and regulatory threats and developing programs that help members succeed. “NAIFA’s benefits make us better agents,” he said. “They benefit us as we help our clients protect the ones they love.”

NAIFA members expect everyone to know all that NAIFA offers, but that is not always the case. They have to be reminded that NAIFA’s advocacy program, for example, is second to none and is worth every penny of their membership dollars. “We tell our clients to buy insurance for times when they are unable to work or for when they are no longer around. My NAIFA membership does just that — it is my professional insurance and I have an obligation to get it and maintain it,” he said.

Shaping the future

The value of NAIFA membership is a subject close to Dougherty’s heart, and it has greatly influenced what he and members of NAIFA’s Executive Committee will be focusing on during Dougherty’s term of office. Over the next several months, Dougherty and his team plan to:

• Execute NAIFA 20/20, the strategic plan designed by NAIFA leaders and members to propel the association forward to 2020 and beyond.

• Create opportunities for enhancing the association’s revenue base by offering new credentialing and licensing programs, since the business environment and NAIFA are changing.

• Continue building and fostering relationships with the association’s Corporate Partners, sister organizations and other industry stakeholders.

• Implement NAIFA 20/20 ’s ideas for driving membership growth. NAIFA has had some success with the Pilot Membership Program, which offers a new way to perform an old task.

• Develop programs that cater to diverse markets. As the U.S. becomes more diverse, these programs will help NAIFA members enhance their understanding of the markets they serve and position them for greater success.

Family, faith and telling the NAIFA Story

As we spent more time with Dougherty, we were able to get a glimpse of what drives him each day, what motivates him to sacrifice so much of his time and effort in service to others.

First, there is his family — wife, Elizabeth, an attorney; daughter, Madeline, a college student; and son, Jacob, who will soon be going to college. “Family time is important to me,” he stressed. “I sacrifice office time to take care of my family.”

A major part of taking care of his family is cooking for them. “It is critical for me to cook dinner every night,” he said. “The kitchen is the heart of our home and a bit of a sanctuary for me. I am actually well known for my pasta sauce and bread. I can quickly come up with unplanned meals — much to the delight of my family. For me, it is all about love, faith and family.”

And then there is telling the NAIFA story, which gives him an opportunity to share NAIFA’s legacy and talk about the strength and influence the association has had for more than 125 years. “I have become a better agent in my practice thanks to NAIFA, and I am better able to serve my clients and shape the future of the industry. NAIFA is indispensable to what all of us do as agents and advisors. We are facing a challenging environment right now, and we must be ever vigilant in defending the products and services we offer. We cannot let our foot off the gas.”

NAIFA has a bright future, he said, and he is willing to sacrifice the time and effort it takes to lead the association toward that future. He is honored and thrilled to be given the opportunity to serve NAIFA, and he considers it a tremendous responsibility.

“Members have put their faith in me to lead NAIFA,” he concluded. “I will do my very best to make sure that they get my very best.”

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