With over 35 years of experience in the financial services industry, Ed Barrett has witnessed the transformative power of financial planning firsthand. Transitioning from a broker in the commodity industry to a Managing Principal at Penn Mutual, Ed has dedicated his career to helping individuals build sound financial plans rather than engage in speculative investing. His journey has taken him through various roles, from financial professional to sales manager, and now as a leader, he remains focused on empowering financial professionals to grow their businesses with the support of innovative resources like centralized marketing and team-building strategies. Read our interview with Ed to learn more about his journey.

How long have you been in the Financial Services industry?
Over 35 years.

What made you decide to join this industry?
I had previously been a broker in the commodity industry, which was more speculative investing and I wanted to get into an industry that actually helped people build a financial plan as opposed to speculate.

What roles have you had along the way?
I’ve been a financial professional, a sales manager and now a Managing Principal.

How long have you been with Penn Mutual?
It will be eight years in January.

What is it that makes your firm stand out and offer that other don’t have?
It’s our Centralized Marketing and our Consulting Services where we truly help a financial professional build a financial planning practice, not just be a salesperson in the financial services industry.

What is Centralized Marketing?
We offer our financial professionals an efficient and effective solution we call “centralized marketing.”  We have dedicated resources to put your marketing on auto-pilot. The good news is that we do most of the work for the financial professional and all they have to do is plug-into the programs.

How do you help Financial Professionals grow their businesses?
One of the biggest things that we do now to help Financial Professionals grow their businesses is by helping them build teams. Our teams have been quite successful and those Financial Professionals have a much higher growth rate than those that are not on teams.

Who is your ideal recruit?
My ideal recruit is somebody that has achieved some level of success in our industry, but is starting to experience diminishing returns on their efforts or are not able to break through to the next level. Our knowledge, along with our centralized marketing efforts, can help them achieve a much higher level in their practice.

What mistakes do you see that Financial Professionals make when joining a new firm?
I would say that hopefully a Financial Professional joins a new firm because of the resources and knowledge that the firm has to help them drive their business to a new level. The biggest mistake would be those individuals not taking advantage of the knowledge and those resources.

Have you seen firsthand how financial products, how our products have helped clients?
Many times when I am seeing certain GoFundMe pages, I feel that they could be the result of someone not doing the proper planning and in most of those cases, it’s because they haven’t been introduced to or met with a financial professional that can help them do the necessary planning. It’s not true in every case, but it’s often true that a financial professional was not involved with those folks and helping them plan for unforeseen events. The point I want to make is that it’s not to blame the individuals, it’s just that they just haven’t been introduced to a financial professional that can help them prepare. GoFundMe pages are not part of a sound financial plan.

What is your leadership style?
In general, I like to lead by example and try to share my experiences over my long career in a way that people can absorb and learn from.

What has been the biggest success in your career so far?
My biggest success has been developing financial professionals and business development directors to further their own businesses and careers.

What do you do for fun in your free time?
I love golf and pickle ball and also enjoy being with my family and friends and traveling.

What advice would you give to a Financial Professional that’s looking to change firms?
My biggest advice is to look for a firm that has resources and knowledge to help you accelerate your growth. Don’t join a firm because they are going to pay you more money, join them because they have the right tools to accelerate your growth.

What is your favorite quote?
My favorite quote in this business, and I’m not sure who it’s from, but “Extraordinary results are not produced by extraordinary activity, but consistent, ordinary activity.” You have to show up every day and do the things that you’re supposed to do and the results will come.

Connect with Ed on LinkedIn.

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