Western Chester County Life|
Penn Rise Advisors: A culmination of 15 Years. A Candid Conversation with Karl Klingmann II, owner of Penn Rise Advisors Interviewed by Rachel Cathell Intro: According to Karl Klingmann, II, navigating the future all starts with conversation. Karl is the owner of Penn Rise Advisors, an investment and insurance business in Western Chester County. Karl, tell me your backstory, what made you say, “I want to open my own business?” “Throughout my life I’ve always had an entrepreneurial spirit and admired people that had their own business. My first business was a small landscaping business I started with a friend during high school. Then, after college, I worked at a couple of firms gaining experience in the financial and insurance industry and learning its ins and outs. Once I had a firm foundation, I knew if I truly wanted to grow, I needed to go out on my own.” Going out alone can be intimidating. “Yes, it didn’t happen overnight. First, I worked for a local life insurance and investment company. I was given a desk and very little training or leads, but it was a start. I had a small stipend for the first 6 months and then it was commissions only. I was practically starving so I had to take a full-time job at Home Depot in order to pay my bills. Some of the people closest to me wanted me to change paths and quit but I just wasn’t ready. That’s tough, what made you ready? “I moved to a small family-owned investment and insurance firm in Downingtown, after knocking on their door 34
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and hounding them on the phone to hire me for several months. They conceded and told me they would teach me the business but not give me a paycheck. They gave me an opportunity but no pay. This experience helped drive me to learn more and find what it takes to succeed. Being new to Chester County, I didn’t know anyone, which makes it hard to build a book of business. I slowly began to build my network, made some friends and joined a soccer team that coincidentally had quite a few business owners on it. These guys got to know you and gave me a chance to earn their business. Some of these connections turned into my first clients and continue to be clients today. From there, I met more people, made a lot of phone calls, heard a lot of “no’s” but persisted. I learned early on that relationships are key in growing a service business.” What made you think, hey I want to be in the world of financial planning and employee benefits? “Originally, I thought I’d be an electrical engineer and I started down that path in college. But soon I discovered that really wasn’t for me and changed majors. majors; I earned an economics and business degree at Lafayette College. Personally, I like the analytical and problem-solving nature of finance and insurance but truly enjoy how I can apply my knowledge to help others.” And that enjoyment of your job, comes from what? “I’m known as the guy who likes to pick up the phone. I
2021 • Volume 9——v
