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Darrell Avery - Helping Investors in the Heart of Hawaii


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Darrell Avery - Helping Investors in the Heart of Hawaii

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Darrell Avery - Helping Investors in the Heart of Hawaii

  1. 1. VOL. 4, NO. 2 • SPRING/SUMMER 2012 A Publication of Pacific Life, Retirement Solutions Division SM Darrell Avery Helping Investors in the Hear t of Hawaii 9/12 26176-12A No bank guarantee • Not a deposit • May lose value Not FDIC/NCUA insured • Not insured by any federal government agency
  2. 2. D DARRELL Helping Investors in uring the first few minutes of the Academy Award‑nominated movie “The Descendants,” George Clooney’s character, Matt King, delivers a thought‑provoking monologue about living in Hawaii. He says that people who don’t live in Hawaii think of Hawaiians as “living in paradise.” Yet despite the islands’ undeniable beauty, life there is not a carefree paradise. Hawaiians have the same challenges in life as everyone else. “The idea isn’t to sell a mutual fund or variable annuity; it’s to give clients a broader idea of how to achieve their goals.” Pacific View Spring/Summer 2012
  3. 3. AVERYof Hawaii the Heart That includes financial challenges—a fact that Darrell Avery knows well. For the past 21 years, Darrell has been a professional financial consultant for Bankoh Investment Services, Inc., on the island of Oahu. Bankoh Investment Services, Inc., is a full‑service broker/dealer and a subsidiary of Bank of Hawaii, which is the largest independent financial institution in the Aloha State. His typical clients are in their mid 70s—and Darrell says they have the usual island attitude toward life. “A lot of people here on Oahu—especially people in the generation before me—are very humble,” says Darrell. “Even the ones who have substantial assets rarely show it. They dress like everyone else, drive moderately priced cars, and they’re so grateful when I do something simple like take them to lunch or hand them a box of golf balls. In fact, all my clients show a great deal of appreciation for what I do for them. It’s really very rewarding.” Ko Olina, Oahu, Hawaii Darrell was born in Hawaii, but he hasn’t lived there his entire life. His father was in the military so, as a boy, he relocated several times. He has lived in Missouri, Washington, and Okinawa, Japan. Later in life, he married a military officer, and when she was assigned to a base in Texas, Darrell moved with her. “The company that I worked for at the time transferred me to Austin, where I ran one of the firm’s biggest offices,” Darrell says. “It was a great opportunity, but I went through culture shock. Not having ocean around me was really something to contend with, and the pull of the islands got too strong. So, we came back home.” Darrell (foreground), John Cruise, and Michelle Cabreros Spring/Summer 2012 Pacific View 1
  4. 4. Darrell (center) enjoys riding dirt bikes with sons Aaron (left) and Chris (right) It was then that Bank of Hawaii asked Darrell to work for them as a loan officer. After a year in that position, he saw a posting in the bank for a new opportunity. “The bank was opening a new Retail Annuity Division,” says Darrell. “It sounded interesting, but I had to go to the dictionary to find out what an annuity was. Twenty-one years later, I’m still here and still enjoying what I do.” While some think of bank financial consultants as focusing on “transactional” sales, Darrell’s approach is anything but. He prides himself on a consultative relationship with clients, taking the time to understand their goals, objectives, and risk-tolerance levels. He also reviews various product solutions and educates the client on diversification. “With many of my clients,” says Darrell, “the goal is to identify an investment that In the Business of Doing Better can potentially generate competitive, Today, Darrell helps numerous clients sustainable income payments. Right now, who simply want to “do better” with their that’s often a variable annuity, because the money. Many of them have been Bank of issuing insurance company offers certain Hawaii customers for decades, have very guarantees, such as a death benefit and little investment experience, and are looking living benefit guarantees when an extra-fee for guidance on how to make their money rider is chosen. I explain variable annuity work harder. “They’re guarantees are fairly conservative,” says based on the Darrell, “and they’re “All my clients show a great deal of claims-paying looking for alternatives. ability of the So you have to talk to appreciation for what I do for them. insurance them about something company that It’s really very rewarding.” that’s appealing. Maybe issues the it’s tax deferral. Maybe investment. it’s wealth transfer, I also discuss using universal life or the pros and cons of mutual funds. When variable universal life insurance policies. I talk about diversification, which is That’s where we come in.” not putting all their assets into any one 2 Pacific View Spring/Summer 2012 Darrell hits the water Darrell and Pacific Life consultative wholesaler John Cruise share a good working relationship
  5. 5. investment, I also remind them that this strategy doesn’t ensure a profit or protect against loss in a falling market. So the idea isn’t to sell a mutual fund or variable annuity; it’s to give clients a broader idea of how to achieve their goals and still be true to their conservative nature.” Many Happy Returns Darrell prides himself on the numerous clients who, after their first meeting with him, come back for more advice— sometimes after decades have gone by. Each time a client returns, Darrell begins by reassessing goals. “I tell myself that the one thing all my return clients have in common is that, now, they’re a bit older. So we begin again. We sort out the current situation. Where are they now? Where do they want to go?” He feels that the secret of his success lies in his attitude toward his clients. “I truly enjoy working with older clients,” he says. “They have so much to teach us. Plus, as a single dad raising two great sons—both of whom have recently graduated from college—I felt it was important to teach my boys how to treat people and always be respectful of their kupuna, a Hawaiian term for respected elders.” “In addition,” says Darrell, “I’ve always focused on producing results for my clients. If they give me repeat business, it’s because, years ago, I made suggestions that truly helped them in some way. So you try to do that with every client. I think if you’re very sincere in wanting to help, it carries its weight in gold by the fact that you’re sitting with the client again many years later.” Spring/Summer 2012 Pacific View 3
  6. 6. But, Darrell says, his own attitudes and skills says he is currently a big proponent of Pacific aren’t the only reasons for his success. Often, Life variable annuities and has also sold the it’s the result of having a talented assistant company’s deferred fixed annuities, mutual at his side who helps him focus on what he funds, and single‑premium immediate annuities. does best. “My colleague Michelle Cabreros He is particularly enthused about the support and I have worked together for 20 years,” he receives from Pacific Life. “My wholesaler, says Darrell. “We know each other well, John Cruise, is always there for me with and a big part anything I need,” of my success is “Overall, I think Pacific Life’s support says Darrell. “He attributable to takes a very sincere her. I wouldn’t be is second to none.” interest in the people where I am today he works with. His without her.” internal wholesaler, Jimmy Boese, is also excellent. And when Why Pacific Life? I call customer service, it’s fantastic. So, Darrell has had a long affinity for overall, I think Pacific Life’s support is recommending Pacific Life to his clients. He second to none.” Michelle Cabreros is Darrell’s talented assistant 4 Pacific View Spring/Summer 2012
  7. 7. Sandy Beach, West Shore, Oahu, Hawaii For more information contact: Darrell R. Avery, CRPC® Bankoh Investment Services, Inc. 130 Merchant Street Honolulu, HI 96813-4405 (808) 694-6550
  8. 8. You should carefully consider a variable annuity’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses, and investment objectives of the underlying investment options. This and other information about Pacific Life are provided in the product and underlying fund prospectuses. Please contact my office to obtain a prospectus. These prospectuses should be read carefully by clients before investing. Variable annuities are long-term investments designed for retirement. The value of the variable investment options will fluctuate and, when redeemed, may be worth more or less than the original cost. Annuity withdrawals and other distributions of taxable amounts, including death benefit payouts, will be subject to ordinary income tax. If withdrawals and other distributions are taken prior to age 59½, an additional 10% federal tax may apply. A withdrawal charge also may apply. Withdrawals may reduce the value of the death benefit and any optional benefits. Traditional CDs are insured by the FDIC and offer a fixed rate of return, whereas both the principal and yield of investment securities, in particular, variable annuities, will fluctuate with changes in market conditions. IRAs and qualified plans—such as 401(k)s and 403(b)s—are already tax-deferred. Therefore, a deferred annuity should be used only to fund an IRA or qualified plan to benefit from the annuity’s features other than tax deferral. These include lifetime income, death benefit options, and the ability to transfer among investment options without sales or withdrawal charges. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues. Insurance product and rider guarantees are backed by the financial strength and claims-paying ability of the issuing company and do not protect the value of the variable investment options. Bankoh Investment Services, Inc., is a non-bank subsidiary at the Bank of Hawaii and member FINRA/SIPC. Services are offered and sold by Bankoh Investment Services, Inc. Pacific Life is unaffiliated with Darrell Avery, Bankoh Investment Services, Inc., and the Bank of Hawaii. Reprinted with permission from Pacific Life Insurance Company, Retirement Solutions Division. All rights reserved. Copyright © 2012 Pacific View. Variable insurance products, as well as shares of the Pacific Select Fund, are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA), and are available through licensed third-party broker/dealers. 26176-12A