By Lucretia DiSanto Jones

While Morristown, N.J., native Michael Fitzpatrick was still a basketball player at Fairfield University in Connecticut, he had a rather mature revelation: “There's more going on in the world than hoops.”

Fitzpatrick then drafted a plan to go to architecture school after graduation. The plan had a flaw, though. He couldn't come to grips with not having any money. The idea of being in school for four or five more years wasn't thrilling him, either. He changed his mind, and began picking up odd jobs the summer after finishing college.

The story so far is not unusual for a recent college grad and once-aspiring athlete. What happened next is. Fitzpatrick started selling long-term care insurance (LTCI), and last year, at age 23, he qualified for Million Dollar Round Table.

This is what he told Advisor Today about his move into the insurance business and where he plans to go from here.

AT: Why did you enter the insurance business?
Fitzpatrick: The summer after college, I was looking for odd jobs. My dad ran an agency for Equitable for 27 years, so I helped him put presentations together. He would keep giving me articles about long-term care insurance, so I grew a passion for it. But I had to move away from him. I wanted to learn it on my own and prove to myself that I could do it.

I think the most advantageous time to get into this business is when you're young because you have no life commitments. You don't have a huge mortgage; you don't have a baby to feed. I can build a book of business now, because I can run around everywhere, which, believe me, is helpful.

AT: What is the profile of your clients?
Fitzpatrick: I look for someone who takes no more than one to three calls to book an appointment. Somebody who has assets to protect. And somebody who is educated and understands the values of leveraging a small portion of their money against a large potential risk. They are typically between 50 and 75 years old.

"If a little of what other successful members have done in the past five years can rub off on me, I'll be successful, too." — Michael Fitzpatrick

AT: You sell only LTCI. Why?
Fitzpatrick: I think that in this industry there are so many products to sell that you spread yourself thin. Then all of a sudden you’re the jack-of-all-trades and the master of none.

I wanted to be competent and confident in one particular product so I could provide expert advice in that product area. There are so many opportunities every day that sound appealing. They become diversions, and they knock you off your path. If I try to service all the needs of my clients, I won't be perceived as "the LTC guy" to all their friends. And I wouldn’t know what I'm talking about."

AT: Why did you join NAIFA?
Fitzpatrick: I joined [Northwest New Jersey AIFA] to stay abreast of what's going on in the industry and with what's available for advisors locally. It's a great resource for learning. I've made some great contacts with people--all across the country actually.

It's good to surround yourself with people who are doing well. I want to learn from the best. If a little of what other successful members have done in the past five years can rub off on me, I'll be successful, too.

AT: Where do you think you'll be in 10 years?
Fitzpatrick: Broadening my horizons by taking advantage of a great door that I opened 10 years before. By then I will have developed relationships where cross selling might be an opportunity, along with referrals.

Attracting youth
NAIFA is developing initiatives to attract new, young members. One initiative, the Young Advisors Task Force, YAT for short, strives to increase the ranks of under-35 advisors, and pinpoint and develop the benefits that will retain them. For more information on the Young Advisors Task Force, contact the member service center at msc@naifa.org or 877-TO-NAIFA.

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