Q&A with Matt Veatch, Senior VP of Executive Benefits

TIP recently welcomed Matt Veatch to the team as Senior Vice President of Executive Benefits. He brings with him more than 25 years of executive benefits experience, particularly in the nonqualified deferred compensation plan space.

Read more about Matt’s background, and why we’re excited to have him on the team here.

Q. Welcome to TIP, Matt. With this new gig, what are you most excited about?

A. First, the opportunity to be a part of such a great organization with amazingly talented people. I've known Mike for close to 20 years and we've talked about my joining the team on a number of occasions. It's exciting that the time is right and we're both in a position for it to now happen.

Second, I'm thrilled at the prospect of working with advisors and their clients in the entire realm of executive benefits from a position of open-ended solutions and holistic discussions. I've spent some time at the carrier level, a great experience, but ultimately I'm better suited to this side of the table without any limitations or boundaries in the solutions, systems or products we can bring for each firm and their clients.

Q. What is your background?

A. I’ve sat on the side of the table that our business partners sit on. I've owned my own practice, and I've worked within some of the largest employee benefit and financial services firms, running the executive benefits practice. With this, I think I have a good sense of the challenges they face, and how we can best support them in a manner that does not take their eye off their day-to-day focus.

I’ve had the opportunity to work with employers of all types and have been involved in executive benefit structures of all types - supplemental life and disability, retention plans, nonqualified retirement plans, business continuity and succession arrangements, phantom stock programs, etc.

I've also worked on the insurance carrier side and understand the inner workings that influence products, programs and technologies that impact the plans companies implement and utilize. There are very few types of programs that I haven't been exposed to, and I think this affords me the ability to see things from a wide lens. And, to help build a practice at TIP that can support all of these needs for firms and their clients.

Q. What opportunities do you see?

A. TIP has had an enormous impact on the industry in the area of executive benefits, including executive disability insurance and overall corporate executive benefit planning. I believe we have the opportunity to bring even more depth, consulting support and market access in the life insurance and nonqualified plan arena to enhance an already deep resource for firms across the country.

In today's world, there are very few companies that are not challenged by, or concerned about, attracting and retaining talent. We have an enormous opportunity to support these issues and objectives in an extremely efficient manner for advisors.

Q. Why are you passionate about what you do?

A. I love the diversity of every day in this industry. As the saying goes, once you've seen one executive benefit plan, you've seen one executive benefit plan.  

The inherent flexibility of these programs affords us the ability to really work with every advisor and their client to determine their unique structure and objectives, and then build a plan to serve them. I love the creativity this affords us.

In addition, I simply enjoy working with people. I love the interaction and opportunity to develop relationships in a way that is meaningful, not only from a business perspective but personally. It's great to work with people who you enjoy working with!

Q. What strengths do you bring to TIP?

A. I guess there would be a couple of strengths I believe I have. I have joked that when asked about my background, my ground goes back a lot further than I want to admit!

That said, I have 25 years of experience in the industry working with companies from the Fortune 500 to small, privately held organizations with all manner of planning techniques. This has given me a rather unique background in the executive benefits industry that allows me to be truly holistic in discussions with employers and plan sponsors to determine the best solutions to their objectives.

Second, and probably because of that same experience, I have learned to effectively communicate with advisors and their clients about these plans and approaches - to be able to explain how they work, why they can be so valuable to the organization and their employees, as well as the manner in which they can be best designed and managed. It’s kind of a niche industry, so having the ability to effectively communicate it all with folks that don't already “speak the language" is a necessity.

Q. Why do you want clients to succeed?

A. There is really nothing more gratifying than knowing what you do makes a difference in other people's lives. Whether that is an advisor and their firm having the ability to grow their business and expand their client resources, or the companies that they serve, helping them more effectively retain and reward their key talent which inherently strengthens their company and opportunity for success.

And, finally, knowing that the programs that we are involved with truly help to support individuals and their families both to more effectively prepare for retirement and other financial objectives, but also at some of the most challenging times, in the event of a disability or death. It's pretty hard not to be passionate about that after you've seen it in action so many times.

Q. What are you passionate about outside of work?

A. Well, nothing tops my wife, Lisa, and family. Any opportunity to be with them is a blessing, which is kind of tough at times as they are all growing up and branching into their own lives! But, seeing my family happy is my biggest joy.

Outside of that, I love to travel with Lisa - see new things, eat new things, experience new places. In addition, I'm kind of addicted to waterfowl hunting!

Q. What’s different about TIP?

A. There are so many organizations in the insurance and financial services industry vying for the opportunity to support advisors and their firms in various areas. But, having known Mike and the vision he had with this firm, it is different.

The focus of the firm to provide support exclusively in the executive benefits space is unique. The knowledge, experience, market access and resources this brings to the table is also very unique.

It's exciting to be able to bring something different, yet for such an important segment of any advisor’s clients. With a laser focus on this specific segment of the marketplace, and with deep-rooted relationships in the industry, we can bring solutions and capabilities that are very different.

Please contact Matt at:
816.716.7799
matt@tipadvise.com
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