Today we’d like to introduce you to Karin Rettger.
Thanks for sharing your story with us Karin. So, let’s start at the beginning and we can move on from there.
I was very fortunate at age 16 to get an after school job working for an insurance broker, Richard Rathman “RR” who ended up being one of the most influential people in my life. He mentored me and trained me to become a licensed insurance and securities representative before the age of 25. I loved what I was doing. At that time women were primarily only employed in clerical positions in insurance and financial services. It was unusual to find women in management or leadership positions. I was promoted to management and ultimately Vice President. I continued working for the firm until Mr Rathman passed away. Shortly after, I decided to start my own business. It was super scary but 22 years later, my company has survived, and the business I left did not. I still love what I do, and am grateful for the day I was employed by RR. Today, less than 10% of all financial advisors are women. Two years ago, I started a scholarship which is awarded to a female high school senior to encourage women to consider financial advising as a career.
We’re always bombarded by how great it is to pursue your passion, etc. – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
Running a business has constant struggles! You have to continually look for innovation and keep educated on the latest trends. It also requires discipline to spend time to grow your business as well as time running the business. My biggest struggle is that I focused on Hospitals as my clients. I sold group employee benefits such as dental insurance and medical insurance as well as 401k and 403b plans. After the affordable healthcare act was passed, hospitals had to start merging to gain economies of scale to comply with many requirements. You see this happening here in Chicago as well as throughout the State. Over the course of 5 years, I would lose all of my hospital clients to mega health care mergers. I was a classic business lesson in why you should not focus on one industry. Luckily, I pivoted quickly and changed my business model and am now more focused on serving individuals as a wealth manager. I was able to accomplish this by leveraging my many years of working as an advisor to large corporate 401k plans.
So let’s switch gears a bit and go into the Principal Resource Group story. Tell us more about the business.
I specialize in financial services including 401k plans, group employee benefits, and individual wealth management. We are proud to always remain true to our clients best interests. I have a passion to coach people to achieve their financial dreams and avoid financial mistakes. Having that financial quarterback is the primary reason individual wealth management clients retain my services. Corporate clients retain me to assist with financial wellness which is a growing trend in the employee benefits space. My knowledge of employee benefits, retirement plans, and financial advice separate me from my competitors.
Has luck played a meaningful role in your life and business?
I am truly grateful for the business I have today and count my blessings for the good fortune to meet people who helped me along the way, I think I was extremely lucky to find the after-school job that led me to my career. I was lucky to meet a mentor who valued great customer service. I was lucky to have several champions who guided me and gave me good advice. I also know that if I was not willing to be open to learning and working hard, that none of it would have happened.
Contact Info:
- Address: 800 Roosevelt Road. Suite B421. Glen Ellyn, Illinois
- Website: www.prgresource.com
- Phone: 630-858-5430
- Email: krettger@prgresource.com
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