As clients seek security, financial firm gets busy

Phil Castle, The Business Times

Phil Castle

While Ron Harrison uses various metrics to track the performance of his financial services firm, he considers one metric more significant than the others.

“We’ve been able to help more people. That’s the most important thing,” said Harrison, executive vice president of Five Rings Financial.

In fact, Harrison said his Grand Junction agency put more plans in place for clients between March 15 and May 15 than in any similar span in his eight years in business. Those two months were nearly a third busier than the average over the course of a year, he said.

Nationally, April was among the most productive months ever for Five Rings Financial, he said.

Harrison attributed the increase in no small measure to concerns related to the effects of the coronavirus pandemic. “In times of uncertainty, people look for security.”

Terry Arnold, a licensed agent and vice president who works with Harrison, agreed. “This is unlike anything we’ve ever experienced,” she said. “ It trickles down to every single thing. It touches everyone.”

Arnold also attributed the increase in business to years spent laying groundwork by teaching people about investing, retirement planning and insurance. “Our focus is on education.”

Headquartered in Littleton, Five Rings Financial offers services across the country with a network of about 9,000 agents, Harrison said. Those services help clients protect and grow income as well as prepare for retirement and college and the possibility of serious illnesses.

Harrison said the concern he’s heard most from people is to “get things safe.” The means making investments in which the principal isn’t at risk. That also can include insurance annuities that offer guaranteed payouts.

Other clients are looking for ways in which to put money for which they’ve already paid taxes into investments in which they can subsequently withdraw money tax-free, he said.

That affords them an opportunity to take advantage of what are comparably low taxation rates now and avoid what could be higher taxes later.

Insurance policies that offer what are called “living benefits” enable policyholders to receive payoffs in the event of critical, chronic or terminal illnesses.

Conceivably, that could cover severe health care issues and costs related to coronavirus, Harrison said. “It can pay bills when you can’t.”

Arnold said Five Rings Financial offers workshops that cover the principles related to saving and protecting money. In the midst of a pandemic, the company offers virtual workshops, including live presentations as well as recorded presentations people can watch on their own schedules.

For more information about Five Rings Financial, contact Ron Harrison at (719) 849-1187 or Terry Arnold at 210-1749. Information also is available at www.fiveringsfinancial.com.