NAIFA Member Profile: Garrett Chambers

In this interview, third-generation insurance professional Garrett Chambers shares some of the reasons for his family business’ continued success.

NAIFA member Garrett Chambers is a third-generation financial advisor who currently works with his mother, Dawn Chambers, in the family business, The Dawn Chambers Agency, in Manchester, New Hampshire. In this interview, Garrett explains why he chose to join the family business, the reasons for the firm’s success, and his plans for transitioning the business into the next generation.

Advisor Today: Describe your practice and your areas of expertise.

G arrett Chambers: The Dawn Chambers Agency partners with financial advisors and insurance professionals to protect their clients from death, disability and long-term chronic illness. We engage with our advisors by introducing insurance planning and case design and assisting with point-of-sale meetings. Offering these additional services allows our clients to focus on their core competencies.

AT: How long have you been working at the agency? Chambers: I joined the agency in 2004.

AT: What made you decide to join your mother in her practice?

Chambers: After graduating from college, I was looking at various career paths, most outside the insurance industry. My parents asked me if I had ever considered joining the family business. They explained all of the great reasons to be in the insurance industry, and how the industry had been so meaningful to them. They talked about how the insurance industry makes a difference in people’s lives, the flexibility of being your own boss, and the unlimited financial security it offers. At that time, it was certainly intriguing, but 13 years later, I now understand exactly what they were talking about.

AT: What is it like working for your mother?

Chambers: Working with my mom is great, and the reputation she has built in the insurance industry is something I am very proud of. I remember attending the first few industry events and thinking to myself: “Is there anyone she doesn’t know?” As I am thinking of how to respond to this question, I am laughing to myself because I just left an industry meeting in Texas, where I was told to say hi to my mom by about 20 people.

Family offices are a unique situation, but the advantages far outweigh the disadvantages. The biggest advantage is that it makes your business personal. You are 100% invested in the success of the business, and there is a passion beyond doing a good job. There is a passion to succeed because your family is counting on you.

One of the few disadvantages is that I tend to take things home with me. Over time, I have become a lot better at leaving work at work, especially since my wife works with us as well and we have a strict rule about not talking about business at home.

AT: What are some of the lessons you have learned while working with your mother?

Chambers: Two important lessons my mom taught me early on are to think long term and to do what’s right. Her whole business is built on a foundation of integrity. She has a client-centric philosophy and always puts the needs of the client first. She always looks at the client relationship, not at a particular transaction. By looking at our business this way, she has found long-term success.

AT: You recently won the New Hampshire distinguished Advisor Award, which was also won in 2002 by your grandfather, and in 2000, by your mother. Talk about history repeating itself! Describe this award and its significance to you.

Chambers: To be acknowledged for my involvement in our industry in front of my peers, friends and family meant a great deal to me. It was an emotional day, as I reflected on how fortunate I am to be part of such a meaningful profession. I reflected on how I have forged strong friendships throughout our industry and how special it is to work with my family. But more than anything else, I reflected on how joining my family’s business gave me the opportunity to spend more time with my father before he passed away in 2008

AT: How has your NAIFA membership helped you in your career and in aiding your professional growth?

Chambers: After joining my family’s agency, I instantly joined NAIFA, which was essential to my professional growth. NAIFA allowed me to network with other like-minded professionals and learn from the best of the best in the insurance industry. When you work in an independent agency, it is essential to be part of a group like NAIFA. NAIFA keeps you informed about what is going on in our industry and allows you to share ideas and best practices with your colleagues. The membership fee is most certainly a small price to pay for the personal growth you will gain!

AT: You are set to become principal of your company in 2018. What is your agenda for the firm once you take over?

Chambers: Our agency has evolved with the landscape of the industry over the past several years. When I first joined the firm, our value proposition and core competencies were very different from what they are today. We primarily worked with agents who specialized in life insurance, and our mission was to process business efficiently and work with our carriers to obtain the best medical offer and product for the client.

While these are still the goal, our process is quite different. The majority of the advisors we work with today have a primary focus other than life insurance, long-term-care insurance and disability income insurance. They are focused on financial planning, P &C insurance or employee benefits. This shift prompted a change in how our office operates and the value that we deliver to the advisors we work with. Our agency now puts greater emphasis on educating our advisor partners and assisting them with client meetings. We have also invested heavily in technology to simplify the application process and maximize efficiency. Moving forward, we will evolve as we embrace new technologies and expand our distribution to protect more families.

AT: Do you have any words of advice for other young advisors who are working in the family business?

Chambers: Challenge yourself to grow and embrace change. It is easy to sit back on your heels and hope for the best. But if you really want to take your family business into the next generation, you need to have a proactive approach since hope is really not a strategy.

Garrett Chambers is a third-generation insurance professional. His team works to build a deeper and more meaningful business to business relationship with their advisor partners. His areas of expertise include estate tax planning, business- succession planning, and other-risk management strategies. He is the past President of NAIFA-NH and currently serves on the political action committee.

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By Bryce Sanders