 
By Lucretia DiSanto
Westchester (N.Y.) AIFA member Thomas “Tom” Pallogudis was recruited into the insurance and financial services business when he was still a senior at Seton Hall University. A finance major, Pallogudis knew early on that he wanted to be his own boss, and he learned that life as an agent would allow it.
“I’d rather be responsible for my own income,” Pallogudis says. “This is a good business because it gives somebody opportunity with no handcuffs. You are responsible for the amount of money you make, for the money you bring home.”
Pallogudis has certainly been successful. An advisor since 1998, he has been with MetLife in Westchester, N.Y., since late 2002. A registered investment advisor, he has racked up four Million Dollar Round Table qualifications in his mere seven years in the business—and at the tender age of 28.
A team approach
Pallogudis leads a unique agency within an agency, as he puts it. “My practice is more of a team approach,” he explains. “I head a group of agents, and I’m basically the senior partner. I’m responsible for training agents when they come on board. Everything they do is my responsibility. I’m responsible for building their business and building my practice as well.”
Who would think that someone who hasn’t hit the 30-year mark yet would boast a strong base of senior clients? “The majority of my biggest clients are seniors,” he says. “About 65 percent of my business is doing a lot of retirement planning, 401(k) rollovers, pension rollovers, things of that nature. I’m helping people making the shift from working to retirement, by putting programs together that will give them a decent retirement income they will not outlive. The other 35 percent is from the younger market and is more about protection planning.”
 |
What you do today affects what you make three months from now.
— Tom Pallogudis
|
|
When asked how he survived those first few, and potentially harrowing, years in the business, Pallogudis acknowledges that although he struggled, he also had a lucky beginning.
“When I first started out, I actually had a big case fall on my lap,” he said. “It was pretty easy to transfer from that case to building my business. That case really opened doors to the market where I am now—doing a lot of rollovers. The person I dealt with was retiring from a very large firm, and from his business I received about 40 or 50 referrals of people who had retired within the last six or seven years. So that really helped to keep me going and to build my business to where it is now.”
Avoid complacency
The key, however, is that Pallogudis didn’t allow his early success and luck in landing clients to curb his drive to do even better. He says that agents who fall into this trap are doomed.
“The biggest challenge facing agents is complacency,” Pallogudis says. “I’ve seen people sit back and relax, the business they’ve written falls apart, and then they’re behind the eight ball. What you do today affects what you make three months from now; that’s what I tell everyone here every day. If they’re not in a regimented program that focuses them on performing, then they could end up in big trouble.”
What is it about Pallogudis that makes him successful at 28? “The drive of never being happy with where I am and always wanting to have more in my life and for my family,” he says. “That’s what drives me to come in on January 1 and say I’m going to do 20 percent more than I did last year. It takes drive, a work ethic, and knowing this business requires at least 50 to 60 hours per week to become successful, especially when you’re just starting out.”
Priority one: family
Pallogudis points out, though, that a 60-hour week doesn’t mean his family is not his first priority. “I focus on putting a lot of time in Monday through Wednesday,” he says. I dedicate two nights per week to going home early. Thursday and Friday nights I go home at 5 p.m.”
August 2005
Looking Back, Moving Forward
Put Your Message in Their Hands
Improve Your Referral System
|
