Newsroom: Foundation Leadership

Willie Goldwasser: In Charge of Success

by W. Thomas Spencer, CLU, ChFC

What can you learn about sales by working in your family's business since age 8? A lot, according to Willie J. Goldwasser, CLU, ChFC, of Newton, Massachusetts, a 27-year MDRT member with five Top of the Table and 14 Court of the Table qualifications.

As in many small businesses, the critical component for success is the family, so when Goldwasser's father, Lebbens Goldwasser, died when Willie was only eight years old, it was up to his mother, Dora, to manage the business. Due to a medical condition, his father had been unable to purchase life insurance; their business—a pawnshop in Atlanta, Georgia—was the only income-producing asset the family had.

Even at a young age, Goldwasser understood the shop's importance, and he learned all aspects of his family's business while working there after school and on weekends. His customers were people in need, and he listened to them and put himself in their shoes. He learned that you bring new customers into your business by making your business look different and attractive to people walking by. You keep customers by being there when they need you and giving them what they need. Goldwasser also learned the importance of hard work, discipline and the pleasure of working for yourself—being in charge of your own success or failure.

Goldwasser's work at the shop occupied much of his time and left little time for socializing or academics. After high school, Goldwasser applied to Georgia Tech University, since the school's location in Atlanta would allow him to continue to help his mother run the business. His application was rejected, so he went to the registrar's office, without an appointment, and waited for hours until he got a chance to speak to the registrar and convince him to accept Goldwasser on a trial basis. It was his first sale of an intangible.

After graduating with a bachelor's degree in electrical engineering in 1967, Goldwasser talked himself into a position with a company in Dallas, Texas, designing direction-finding equipment used in commercial aircraft. Goldwasser had made another big sale. He also made his first important purchase, buying life and disability insurance to protect his mother in the event of his death or inability to work.

Life insurance it is
In the summer of 1968 he met Vivian, his wife-to-be, at a wedding. His cousin was marrying her cousin. Since Vivian was in college in Boston, Massachusetts, Goldwasser left Dallas in 1968 to take a job in Boston designing test equipment for military radios. The two married in June 1969, and two years later, Goldwasser received his master's degree in engineering.

In 1972, unsatisfied with the money he was making as an engineer, Goldwasser decided to change careers. He mentioned this idea to his life insurance agent, who insisted he come into the office to talk. He was told of the wealth he could generate for himself and of the widows and orphans whose futures he could change. He was sold. Goldwasser entered the life insurance business in 1972 and qualified for MDRT in 1974 based on his 1973 production.

Goldwasser attended his first Annual Meeting in Boston in 1976. He describes it as a terrible experience. He drove to the morning sessions and then went back to his office. He missed the afternoon sessions entirely because of appointments, paperwork and responsibilities at home. Goldwasser couldn't understand why the attendees seemed to be having so much fun. He felt like an outsider. In 1979, he attended his second Annual Meeting, held in Chicago. There, Goldwasser had the opportunity to enjoy a true MDRT experience. It was his turning point. What he learned at the Meeting helped him qualify for Top of The Table that year, and Goldwasser has been a committed and active member of the Round Table ever since. The young man with no time for a social life now has friends to last a lifetime.

Slow, but steady
Goldwasser's first experience selling life insurance was door to door. "I used to spend three to four hours a day cold-calling on businesses," he said. With the strong feeling that he was doing the right thing with his life, he pushed on, making his first sale in the business-insurance market one year after entering the business.

Today, most of Goldwasser's business comes from client or attorney referrals, although he still makes occasional cold calls as a means to generate business and sharpen his skills. "I work very closely with attorneys who refer me to cases," said Goldwasser.

A life of quality, not quantity
Started 22 years ago, Goldwasser & Company focuses on estate planning and corporate life insurance. With part-time support staff and one other agent—son-in-law and four-year MDRT-member David Eric Appell, CLU, ChFC—Goldwasser's operation is not big, but it is highly successful. "I am not a big believer in gross income, but in net income. This is one of the reasons I have never felt the need to build a huge company," he said.

Another reason for keeping the business small was to make sure that it didn't take over his life. "My kids are very important to me. I missed not having my dad around when I was growing up, and I didn't want that to happen to my kids," he said. "That's one of the reasons I got into the life insurance business. I could set my own hours and I had time to attend my daughters' volleyball and lacrosse games and my son's football and hockey games." Together, the Goldwassers two daughters, Erin and Courtney, a son, Matthew, a granddaughter, Mackenzie, and another grandchild on the way. "I feel very lucky and very blessed," Goldwasser said when asked about his life. "My children all live nearby, so we spend a lot of time together."

Committed to the industry

Goldwasser has committed himself to industry involvement. He served as president of the Boston Association of Insurance and Financial Advisors and currently serves as president of The Acorn Foundation, a non-profit organization that gives grants to charities on behalf of the financial services industry. A member of the 2001 MDRT Foundation Board, he spoke on Main Platform at the Annual Meeting and served numerous committee functions, including chair of the Sales Ideas and Finance Committees and Divisional Vice President of the Annual Meeting Committee.

In addition, Goldwasser strongly supports the idea of mentoring. "I helped mentor my son-in-law, and now he is a four-year MDRT member. The MDRT mentoring program is an amazing opportunity for an agent to work with an MDRT member and to come to an Annual Meeting."

Asked about the future of his business, Goldwasser said, "I love the business and I don't plan to ever retire. But that doesn't mean I am not planning for the future," he said. "I have slowly been introducing David to my clients, and he is already handling some of my cases while building his own book of clients."

Miles and years away from the pawnshop in Atlanta, Goldwasser continues to work with the same commitment to his customers he had as a young boy. He still puts himself in his clients' shoes and helps them put their worries into words so they can take action. "People who want to buy life insurance need help making that decision. They need the support and confirmation of a qualified professional who cares about them and their families," he said. "I feel honored to be able to help them make the right decisions for their own futures. I've bought life insurance for my family. The least I can do is help others do the same thing."

W. Thomas Spencer Jr., CLU, ChFC, of Sudbury, Massachusetts, is a 23-year MDRT member is nine Court of the Table honors. A Knight of the MDRT Foundation, Spencer has served on numerous committees. Most recently, he was a member of the 2000 Public Relations Committee.