Las Vegas is filled with many talented people, movers and shakers, and entrepreneurs – and I have had the pleasure of working with many through my freelance writing services and my photography business. And, for that reason, I’ve decided to start spotlighting these amazing people in an informative Q & A. I hope to give you a glimpse into the amazing work they do, while also showing off how they shine in front of my lens.
Today, we turn the spotlight to my good friend and photography client Nick Palmeri, as he discusses his work as a Registered Representative for Transamerica Financial Advisors, Inc., Transamerica Financial Group Division.
Here are a few headshot photos from the session we did last year. Isn’t he fabulous?
As a Registered Representative at Transamerica Financial Advisors, Inc. Transamerica Financial Group Division, the work Nick does is extremely important, and I can speak from personal experience. Two years ago, he sat down with me and helped me create a strategy for savings. He showed me how and where I could be saving more and spending less, and the smarter choices I needed to make.
Admittedly, there are a few things I could still be doing to further help my financial future, and sustaining on the income from a new business doesn’t always leave me with extra money to save or invest. But, as Nick indirectly reminds me today, that’s not an excuse. So, I’ll be contacting him soon, and I hope you will be, too.
Okay, without further ado, on to the good stuff – our Q & A with Nick Palmeri…
1. How did you get started as a Financial Professional at Transamerica Financial Advisors, Inc., Transamerica Financial Group Division?
My brother, Michael, inspired me to join Transamerica Financial Advisors, Inc., Transamerica Financial Group Division five years ago. He was a Registered Representative when I started, and showed me the power of what we do for individuals, families and business owners, by providing education, financial concepts and products that can benefit one’s legacy and retirement.
2. What are the biggest financial challenges for everyday people in today’s economy?
Really, I could write a book on this subject. But, I will try to make it short and sweet. The challenges equate to many different things…
First, there’s a lack of certainty regarding prosperity in the future, as Millennials and Generation X will likely not have Social Security.
Secondly, there’s financial illiteracy, where the average person has no idea of how to create a strategy for their financial future, and just the mere thought of finances feels intimidating. However, in reality, it only takes about one to two hours to sit down and review a person’s spending habits, identify opportunities for savings, and master important concepts related to personal finance. I’m happy to say that I have helped many people do just that and, once they learn, it’s no longer scary. It can actually be pretty fun and definitely empowering.
Next, there’s a lack of savings today and that’s a huge issue. In the 1960s through the 1980s, savings rates among Americans averaged 10%*. Today, that rate is less than 4.7%. And, that’s a big problem, because in order to retire with financial independence, you would need to live off of 4 to 5% of your assets. So, for someone who needs $50,000 per year to live a satisfactory lifestyle, they’ll require $1,000,000 in savings to maintain that lifestyle when they retire. Thankfully, I help people in figuring out how to achieve that.
And, the last big challenge is that the numbers of financial professionals are few and far between. Considering that the average age of a financial professional is 55, this could become an even bigger issue down the road, when 220,000 financial professionals retire. On the bright side, it could be a big opportunity for the industry, since 70% of our country’s wealth is controlled by Baby Boomers.
3. That’s all really interesting, and I can see why you are inspired to do what you do for a living… What are some of the services you provide, and how do they help others overcome the challenges you mentioned above?
As a Financial Professional at Transamerica Financial Advisors, Inc., Transamerica Financial Group Division., our motto is, “No Family Left Behind”®** and we do this by providing complimentary financial analyses for individuals. Traditionally, the industry charges a fee to potential clients for a Financial Needs Analysis, a document that reveals where their assets lie and the amount that they can invest. Because Transamerica serves average, everyday people, the company decided to offer those documents as a complimentary service, enabling us to change more lives.
By assessing a person’s financial situation, we are able to educate them on their current assets, retirement accounts, life insurance, and more. We also provide a snapshot of their dreams and goals, do a financial assessment, and find a suitable strategy for them. In short, we simplify the process and guide them in reaching their financial aspirations.
4. So amazing! Okay, how has this career path changed your life?
It’s empowered me to have good habits and set real, measurable goals, while enjoying the freedom that comes with building your own business. At Transamerica Financial Advisors, Inc., Transamerica Financial Group Division the sky is the limit when it comes to earning potential and lives touched. How successful I am in this business is up to me and no one else. So, I push myself, every day to work hard and dream big. Reaching goals and knowing I can achieve anything I put my mind to has changed my life tremendously. And, of course, changing the lives of others has changed my life for the better.
5. I can definitely see that, which is actually my next question: How has this career path enabled you to change the lives of others?
It’s given me the opportunity to sit down with people who do not have two pennies to rub together, as well as individuals who have thousands of dollars invested with me. All of their objectives are pretty much the same – they want to retire, know how to protect their family, and become a better saver and investor.
Turning spenders into savers has been my biggest accomplishment, and the reason why I’ve been able to transform so many lives. I love witnessing those who were not financially savvy before, now enthusiastic and passionate about finances.
6. That’s so cool and must be an amazing feeling! What are you most proud of in this career, and in your life?
I am proud to help others like me build an agency in financial services and make a real impact in the community. And, personally, I’m very proud of my tight-knit family and group of friends.
7. What do you hope to achieve next?
My biggest two-year goals are to expand my practice into neighboring states such as California, Arizona and Utah, and to reach an Executive Level with World Financial Group, Inc.
8. There’s no question that the services you provide are very valuable. How does one go about working with you to help build a foundation for their financial future?
9. And, how about becoming a Financial Professional at Transamerica Financial Advisors, Inc. Transamerica Financial Group Division… What do they need to do?
To become a financial profressional, I suggest you first get your Life & Health Insurance license, so that you can offer Life Insurance, Long-Term Care Insurance, Disability Insurance and Fixed Annuities.
The second step would be to get your Securities License. I currently have a Series 6 & 63 license, through which I am able to offer 401Ks, IRAs, College Savings Plans, Define Benefit Plans, Mutual Funds, Variable Universal Life Insurance and Variable Annuities.
10. Wow! That’s a lot of great stuff you offer. Okay, one last thing, if you could give us one piece of critical information, what would it be?
Sit down with a financial professional today! Statistically, those who have sat down with a financial profressional and put a plan together will typically be retiring a lot faster than those who try to do it all themselves. Financial professionals are knowledgeable about how the many different products work, how the distribution of these investments work, and they meet with you at least once a year to review your accounts and current financial situation. That’s something you literally can’t afford to miss out on.
Those are such great words of wisdom, Nick! Thank you so much for participating in this Q & A, and discussing all of the amazing work you and Transamerica Financial Advisors, Inc., Transamerica Financial Group do. I am very grateful to you for taking the time out of your busy day to discuss your work.
To become a representative of Transamerica Financial Advisors, Inc., Transamerica Financial Group Division, you must first become an associate of World Financial Group, Inc. Securities and Investment Advisory Services offered through Transamerica Financial Advisors, Inc. (TFA), Transamerica Financial Group Division – Member FINRA, SIPC, and Registered Investment Advisor. Non-Securities products and services are not offered through TFA. World Financial Group, Inc. (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. Insurance products offered through World Financial Group Insurance Agency, Inc.(WFGIA), World Financial Group Insurance Agency of Hawaii, Inc., World Financial Group Insurance Agency of Massachusetts, Inc., World Financial Group Insurance Agency of Wyoming, Inc., World Financial Insurance Agency, Inc. and/or WFG Insurance Agency of Puerto Rico, Inc. WFG, WFGIA and TFA are affiliated companies. WFG and WFGIA Headquarters: 11315 Johns Creek Parkway, Johns Creek, GA 30097-1517 Phone: 770.453.9300TFA Headquarters: 570 Carillon Parkway, St. Petersburg, FL 33716. Phone: 800.322.7161
Many people have experienced various levels of success with World Financial Group. However, individual member experiences vary. This statement is not intended to nor does it represent any current member’s individual results are representative of what all participants achieve when following the World Financial Group system. All associated of World Financial Group are independent contractors, regardless of field title/designation
- * https://research.stlouisfed.org/fred2/data/PSAVERT.txt
- ** No Family Left Behind”® is a registered trademark of World Financial Group, Inc and is used with permission
Gina Mizzoni Photography offers custom lifestyle photography services for men, women, businesses and families. Let Las Vegas photographer Gina capture your inner light, your most precious moments, your life. Contact us to book your appointment today. For more information about our many photography offerings, check out About, FAQs and Investment. (Psst! Gina is also a writer, so if you need rockin’ copy, she’s your chick.)