FFR’s Board Chairman, John McDonough, Gets Inspired by FFR’s Think Tank Opportunities
Irvine, CA, March 1, 2018 -- When John McDonough, founder and president of the Studemont Group, first joined First Financial Resources (FFR) in 2011, the main attraction was the financial model. But what kept and continues to keep John with FFR is the “think tank” opportunities and the professional comradery he finds within FFR’s membership and management team. “It is the main reason I got more involved in the organization. At a study group meeting or a symposium, the brain power in the room is amazing. The creativity and innovation around what our clients need for tax planning, business succession, estate planning and more is both inspiring and motivating,” explains McDonough. In 2018, McDonough’s role with FFR expands: he was elected chairman of the FFR board.
With John’s new role, we took the opportunity to ask him three questions:
Q. What stands out from 2017?
J.M. - 2017 was a great year for FFR and its member firms. We grew in number of members, had record sales and had the least amount of turnover. FFR has a great executive team in Jud Imhoff, CEO and Mike Bell, executive vice president. As the organization grows, they reinforce the corporate framework adding to the staff or resources where it is needed.
You can’t just “tread water." You must grow, learn, and improve on your business. An organization like FFR helps make that happen.
Q. How do you see your role as FFR board chairman?
J.M. - FFR is 100% member owned. Jud Imhoff and Mike Bell really listen to the members and understand their needs. FFR’s “go-direct, keep control” philosophy really drives the direction. Because of that, my role can support and reinforce FFR’s current direction. As members, each of us is a small business owner. You can’t just “tread water”, you must grow, learn and improve on your business. An organization, like FFR, helps make that happen. Take technology, for instance, FFR sifts through the “noise” and brings us technologies, resources and tools that are relevant to our businesses.
Q. What challenges do you see clients facing in 2018?
J.M. - First, noise and second, wallet vying. Media, the internet and more come at clients with products. How does a client focus on the bigger picture? Where does a client get meaningful advice? As financial advisors, it is our role to coach and advise our clients. It is not easy to do. It takes time to understand what a client wants to accomplish and to see things from his or her eyes. In my organization, Studemont Group, we strive for an outstanding client experience. I feel fortunate that I have FFR as a resource to help support that client experience.
First Financial Resources (FFR) is a producer group founded in 1987, solely-owned by its member advisors and based in Irvine, California. FFR provides its member advisors with access to insurance-based products, tools and resources for the high net worth and/or business client. To learn more about FFR, visit www.ffrmembers.com.
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