Advisor Spotlight with Christine Dellacato, La Mesa, CA

18 Aug Advisor Spotlight with Christine Dellacato, La Mesa, CA

We are pleased to bring you the next installment of the Summit Advisor Spotlight. These interviews aim to demonstrate how advisors have dramatically increased their production by leveraging tools and services provided by Cetera Advisor Networks LLC and Summit Financial Networks.

This edition of Advisor Spotlight features Financial Advisor Christine “Chris” Dellacato of Summit Financial Networks, located in La Mesa, CA. Chris recently sat down with Josh Gomez, Summit’s Sr. Relationship Manager, and Gordon Jahnig, Summit’s Director of Sales Support. We are grateful to Chris for taking time out of her busy day to share her insights. Let’s get started.

JG: Good Afternoon. We like to start these interviews with an easy question. Can you tell us a little about why you got into the business?

CD: Originally, I went to college for nursing and then two years into it, I realized that I was not interested in being a nurse – I was more interested in running the hospital as an administrator. I didn’t have a whole lot of guidance, yet my goal was to graduate from Boston University, so I shifted to get a degree in economics. I was fascinated by the markets. My family is from New York, and I grew up with CNBC on a lot.  I figured that is the degree for me.  Once I switched my major to economics, things just bloomed. I started with a small firm back East and went from there. My second job started in 1989 at Merrill Lynch. Back then, there weren’t many women trying to make it in this business. I don’t remember if I was licking stamps or sweeping the floor, chuckle, I was going to get that job at Merrill and succeed. They hired me as a potential financial advisor. “POTENTIAL ADVISOR”. I don’t even know what kind of job title that was yet that was my opportunity and a year later, they gave me the chance to get my series 7 and become a Merrill financial advisor. Now 34-35 years later, I still absolutely love doing this.

GJ: What was your path from Merrill to Summit?

CD: I worked at Merrill for almost seven years, and then I wanted to go on my own as an independent.
I aligned myself with LPL and started my own independent firm with them. They were much smaller then. I was there for 18 years before I joined Summit, which is now part of Cetera Advisor Networks. That was back in 2013, so I’ve been here 10 years now.

GJ: Why did you choose to join Summit?  

Why Summit? First, Vinny Chiera, Summit’s recruiter was amazing! “Chuckle” I’m an Italian from New York and so was Vinny, so we had a connection. I compared many other firms and found that Summit didn’t have that impersonal, big firm feel. The culture was excellent!  Coming from LPL, where I felt like a number, Summit made me feel like a team player.  It was refreshing to join Summit. My reason for choosing Summit was the feeling that I can do well here, and these people will be by my side. I am so thankful I made that decision.

Let me add, when I made the transition to Summit, it was an amazing moment in my life for my career. I have made long-term friends that are with Summit, I didn’t have that when I was at other firms.

JG: My confidential source told me that your administrative assistant has been with you for a long time and that she is a vital part of running your practice. I know some advisors struggle to find and/or retain staff. Can you speak to the value of having a good admin and how you’ve been able to retain the same person for so long? And do you have any advice for other advisors looking to have the same success with their admins?

CD: Oh my God, great question! A good administrator can make or break a firm. In our industry trust, competence and self-motivating breeds success and if you have a person in your firm that has all those characteristics then keep them happy! Beth is not my administrative assistant; she is my partner. The words themselves changed the relationship because she wants us to do well. It means that my success is her success. That’s been the key for us. It’s also important that your partner loves the people we work for. Our clients bring her and me fulfillment.  I put my team or whomever is working with me on the same playing field. We sit in the same office, and no one is greater than anyone else.  It also helps that Beth and I have known each other since we were 13. We grew up together and she became a nurse. She had gone her way and I went mine. Then, I think back in 2002, she left her firm and started with me. Here we are 21 years later and still working together. I should add it’s important when working with a friend that business is business and friendship is friendship.  Sometimes we need to have important conversations, both positive and negative. We have an understanding, which allows us to put on our business hats for a moment to take care of business. It’s all about how you treat people and trusting each other. Getting to that point and being able to give up control of some aspects isn’t easy, but eventually you must allow for their expertise to run the show. Our relationship is everything and without Beth, I’m just a one-person shop. She runs my office and I rely on her for 50% of everything that happens. If I didn’t have her help, I would have to spend my time worrying about all the administrative and managerial work along with a host of other things that take my focus away from the aspects of my job. Keeping clients informed, educated and allocated properly.

JG: And do you have any advice for other advisors looking to have the same success with their admins?

CD:I think the key is two-fold. Find someone who is interested in building trust and recognize that it takes time to develop that trust. Second, pay them what they deserve.  When Beth agreed to work with me, I was not making anywhere near what I’m making now. I was praying I could pay her and build a different type of relationship. I look at an office down the street and I know what they are paying their administrative assistant. I’m thinking, seriously? This person is running your administrative office and making clients feel important while you are building new relations and keeping old ones. Pay people what they are worth and get them as invested in the practices success as you are. Bottom line is, whoever you put next to you, be a team and build something amazing together. The right person is going to help you create something bigger and better than you could build alone.

GJ: We often hear leaders at firms across the industry talk about the need for more diversity among advisors as well as the challenge of how to recruit and develop the next generation of advisors. Based on your experiences, why do you think more women should consider this career? And what advice/suggestions can you share with women who might being following your path?

CD: For me, the problem with the industry is not that there isn’t great talent out there, but how you sell a career to a man is different than you would a woman. The career of being a financial advisor is the best kind of job to have if you want to work and have a family. We need to promote it that way, but in terms of work/life balance and life outside the office. Being an advisor is a great career choice. I think among these young advisors, young women who look at finance might feel that there is a perception they are going be working long hard hours. Well in any career that you want to be successful at, you work long hard hours in the beginning. It’s called paying your dues.  Getting started can be rough, I had to go through that at the beginning, but if you stick with it, the work pays off. I have a daughter who’s 18. It’s just me and her, and this has been the best career I could have ever had. I worked hard when I needed to, but I’ve also been able to take a little time off when I needed it. This career can be very flexible if you’re motivated.

It would be great to create a good marketing campaign, without getting too silly, that would show women advisors who are mothers and financial advisors. I have met some amazing women who are very successful and have a lovely family and balanced life.   I’ve been able to have a great career, make good money and have a wonderful family of my own. Again, it’s all about how we promote this lifestyle and I think it could be great and would bring more women in to join our industry.

JG: I think you make some great points. You mentioned this and I think it’s a hurdle for young people when they get in this business; the lack of instant success and the time it takes to build a practice. The most successful advisors I have talked to understood it takes time, patience, and hard work at the beginning to enjoy where they are now.  

CD: I think you hit the nail on the head. Unfortunately, the younger generation wants it to happen now, and my generation was told you must pay your dues, so it’s a different philosophy. The dues are different now, it’s not being handed a phone book and sitting in a room cold calling for 10 hours a day. They don’t do the exact same things we did. The best advisors understand their job is to provide knowledge and guidance. We’re not used car salespeople. Back in the day we were taught differently. I’m afraid that what is getting lost is how awesome being an advisor is and it would be nice if we can revitalize the industry and bring some new strong young people to carry it forward. We need to cater to giving the next generation of advisors a vision and help them see the vision of what can be. We don’t in general do it very well and should be conveying it better.

GJ: You mentioned your daughter, do you think she will go follow in your footsteps?

CD: Believe you me, I would love, love, love that. She is planning to do her major in psychology. I told her that is a great field for coming into Mom’s practice. To answer your question right now, she would tell you no. But when she’s 24 or 25 and has finished all her degrees and she’s happy; I’m going to ask the question again. We’ll see what happens, it would be awesome.

GJ: As you know, Summit sends out our Daily Investment Ideas every morning.  We had a little pause, but now the Equity Idea is back, and you expressed your excitement at having access to that.  Hopefully, that has some value to you.

CD: Because I buy individual stocks, my thought process is different. I look at investment ideas from the ground floor up. I want to know who’s buying what, why and where.  I’m very much into what the major firms are buying or holding, the technical analysis of each position, and the balance sheets of each company.  These specific details are especially important to me.

What I love about the Daily Investment Ideas is it may give me a great idea.  Maybe it’s time to buy “XYZ” stock.  I’m looking at it already, but I think it’s important for the advisors throughout the firm who are not necessarily individual stock buyers to gain an understanding on this individual stock analysis and how its broken down.  When advisors are explaining their mutual fund positions, it could really help to know how and why these companies are in each mutual fund allocation.

I think it’s important to have those ideas supplied by the firm because there are a lot of young advisors who don’t have that kind of experience.  Having that Equity Idea in there, it’s awesome because it’ll get them to think, hey, this is interesting.  Maybe they’ll look at their mutual fund holdings in a different vein since it’s made up of a basket of stocks and sometimes it’s easy to forget.

GJ: Some advisors may see the Equity Idea and it’s in the software sector. Maybe the stock idea isn’t appealing to me, but maybe something else in that sector might be, or maybe I’ll just use an ETF to get my exposure to that sector without having to research individual stocks.  So, I would like to think the Equity suggestions might be a launching pad for other ideas.

CD: Agreed.  It just gives me more knowledge and a place to start.

GJ: Let’s transition to some of the fun questions. We’ve asked this question to all our interviewees and the answer are always enlightening and gives us a glimpse into the minds of our advisors. Tell us what’s your favorite movie and why?

CD:You’re going to laugh at me, and I can’t even believe I am going to say this but, Rocky.  I love it because I do triathlons and when I was younger, that song would be on my tape player constantly.  Notice I said tape player. chuckle. I just aged myself. The story of coming from nothing, not that I came from nothing, but the fight to achieve success, that just does it for me. In fact, I was on vacation and watching that on the plane. It feels like I’ve watched it 1,000 times and it never gets old.

JG: When you’re not in the office or watching Rocky, what do you like to do for fun? You mentioned triathlons, are you still doing those?

CD: I have found that training and competing in triathlons keeps my mind centered and keeps me on point. I almost always have a race in the works. The fact that I have so many good friends who also participate adds to the enjoyment. I will do a couple big races each year and occasionally travel for a race. So, my friends and I will make a weekend of it.

GJ: Do you always participate in the same type of races, and do you have plans to try any new types of races?

CD: I do the 70.3 ironman series, which is the half Ironman and then I’ll do some sprints. Currently I am doing those in relay form so I can travel more and not worry about missing workouts. I always enjoy doing running events. I just did the Coronado Navy run. Anytime I have the chance, especially if it’s charitable.

The next challenge on my wish list is to be part of a team with an organization that promotes challenged athletes to compete with a guide. I would love to be that guide., It’s my next adventure which I’m very excited about. They have these races where you can take challenged kids and do a short triathlon where we run, bike and swim with them. I just found out about this opportunity from a friend, and I think it will be a rewarding experience for everyone. I am in the process of researching all about it.

JG: I can ask this question since we’re on a video call and no shoes can be thrown at me; do you win or medal at these events?

CD: I’m generally in the top 10% in my age group yet I don’t go to win. I’m 58 right now and I plan on doing this until I’m well into my older years. I have been competing all my life and want to enjoy being able to be out there having fun.  If I make it to competing in my 70’s, I will be on that podium for sure!! Wear down the competition!  It sort of like when I started off in this business, I believed if I kept working and was able to outlast the majority then I was going be a winner.

GJ: You mentioned earlier that you have started to travel more, have you taken any particularly memorable trips recently? Or maybe you have some exciting travel plans for the near future?

CD: My daughter and I just recently traveled to Iceland and that was cool. I’ve been trying to do one or two trips a year with her. She graduated high school this year and this was sort of her senior year present. It gives us an opportunity to spend time together.  That said, we are planning a trip next year to possibly Africa, and my goal is for us to have one trip somewhere in the world every year. If you want to keep your kids close, take them on vacation. I’ve been very fortunate that we’ve been able to travel all over the world together. We just really love traveling together.

JG: Any plans to go swim with the great white sharks while you’re in Africa next year? We interviewed a father/daughter team last year and I think they’d highly recommend it. I can send you a copy of the interview their relaying the story was highly entertaining.

CD:No, I’m not going to be in the water at all. I’m going to stick with just the safari. I’ve seen Jaws and I know what happens. I swim in the ocean often and it always is a thought. I never let it stop me though. I will be participating in a race in Santa Cruz this September, and in that area, the water is cold and great whites are spotted around our swimming area. So, I do get scared yet, swimming with a little fear gets me my best swim times! All I think about while swimming there is getting out of the water as fast as possible.

GJ: Thank you again for your time today. We appreciate the opportunity to work in support of your practice and look forward to supporting your future continued success.

All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.

Investing in mutual funds is subject to risk and loss of principal. There is no assurance or certainty that any investment strategy will be successful in meeting its objectives.

Investors should consider the investment objectives, risks and charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. Contact Chris Dellacato at 619 -697-8792 to obtain a prospectus, which should be read carefully before investing or sending money.

Christine “Chris” Dellacato – Registered Representative offering Securities and advisory services through Cetera Advisor Networks LLC, (doing insurance business in CA as CFGAN Insurance Agency LLC) member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Summit Financial Networks is a region of Cetera Advisor Networks LLC, Cetera is affiliated and under separate ownership from any other named entity. CA Insurance # 0A01582

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