Committed to Helping Individuals & Communities Prosper
Good Life Retirement Solutions (www.GoodLifeRetirement.com) is locally owned and operated by Andy Storz, with the goal of offering peace of mind and security through retirement and insurance solutions.
What do you think makes you different from other companies similar to yours?
The biggest difference is that we don’t offer any products that are variable. In other words, we don’t work with any products that could lose people the money they put in. This was very important to me when starting this company, having seen firsthand the devastating results that market volatility can cause to people’s savings. I didn’t ever want to be in a position where I had to tell someone that he/she had lost the money that was invested. This philosophy also means that we aren’t for everyone; however, for those who value security, we do great things.
What do you like about doing business in Lincoln and Omaha?
There’s a real sense of community doing business here. It’s amazing how often you meet people and it turns out you’re connected in some way. Being able to work with people who value building relationships is something that is very unique and special. I’ve been in Nebraska almost my entire life, so it made sense to start a business and a family here. I spent some time away from the area several years ago and found that I missed it, so this is home.
What kind of community organizations/groups are you involved with?
We’ve done a lot of great work with schools by setting up scholarships, providing food to families for the holidays, and providing clothing for children in need. I have personally been involved with the Knights of Columbus for a few years and give what time I can helping with their activities as well.
With my children being pretty young, I don’t have as much time to give as I’d like. But my oldest two are close to an age where they can come along so I’m planning to get involved in some sort of community activity in the near future.
Do you have a business philosophy or mission statement?
Our goal is to provide individualized solutions based on a person or family’s goals and resources. These solutions need to bring safety, security, and peace of mind.
What is the most unique or interesting thing about your business that most people don’t know?
When people find out we don’t have any offerings that would cause a loss of premium due to market volatility it tends to be surprising. It seems to help a lot of our customers feel more at ease knowing that we would never recommend something to them that may lose them money.
What changes have you seen in the industry and your company in the past few years?
The biggest one that has happened in the last few years has been the implementation of the Department of Labor’s Fiduciary Rule. While it promotes transparency, it also caused a number of investment companies to no longer work with clients that they considered to not have enough assets. We’re still seeing the impact on the finance and insurance industries unfold. My hope is that ultimately consumers will be made more aware of how much of their money is being used for various fees and it will be easier for them to determine their options.
What do you see happening with the business in the next five years?
Technology, Baby Boomer retirement, and government reform will be big drivers of the next five years. The increased use of robo-advisors will likely put a strain on traditional broker relationships and may force some consolidation. As Boomers continue to retire their savings will be tested, and a large market downturn like the one in 2008 could put many in a terrible position. Lastly, government reform (or lack thereof) may drastically change pensions and social security. We’re closely watching what’s going on with many pension plans right now to see if that will be impacting people counting on them in the future.
What is one of the biggest challenges that your company has faced?
The ongoing one is the bad reputation that a few have given the finance and insurance industries. Sometimes it’s tough to overcome the preconceived notion that someone in our field is only out to sell and will say whatever they need to make that sale. That simply isn’t the case. There are many great professionals who value building relationships with their clients and will keep their client’s best interests in mind.
What has been your most important achievement as a business?
For me, it was when I was given a Nebraska Admiralship in recognition of the scholarships that we created. Knowing that there was an appreciation for what we were doing for the community meant a great deal to me. Something like that will always be more meaningful than any kind of sales or business accomplishment to me personally, because the education we helped someone obtain will last their lifetime.
What was the biggest turning point in your business?
Learning the impact that it was possible to make in the community by finding the right opportunities with which to offer help and get involved. I had come from a professional background where giving back was very impersonal and usually meant giving a check to a large organization. By working with people one on one, especially in the schools, we really found that we can make a huge difference in people’s lives by finding small needs that have a large impact. I think having those experiences really shifted the philosophy of the company to make giving back as important as gaining customers.
What is one goal for your business that you have yet to accomplish?
I hope to get to a place where we are putting a third of our revenue back into the community through givebacks and charitable sponsorships. This is the most rewarding part of the business for me so I’d love to see it grow more. Our goal for this year was 20% and we’ve been able to meet it so far, I think we can do better though.
You can get in touch with Andy Storz of Good Life Retirement Solutions at (402) 419-3426, via email at firstname.lastname@example.org, or visit www.GoodLifeRetirement.com to learn more about the company.