THE CHANGING FACE OF THE INDEPENDENT AGENT
Bill Wetzel continues his family agency's
success by learning from the past and
looking to the future
By Elaine Tolen
By day, Bill Wetzel is a principal of Loftis & Wetzel Insurance in Ponca City and Blackwell, Oklahoma. But on many nights and weekends he is part of the classic rock band, "Zero Tolerance."
When Bill Wetzel left his hometown of Ponca City, Oklahoma, to attend college, he hadn't yet decided to follow in his father's and grandfather's footsteps and join the family's insurance agency. During his course of study at University of Central Oklahoma, Bill took several insurance classes. "I realized that I already knew most of the terminology just from listening to my father over the years and began to consider insurance as my calling. Dad had told me if I wanted to come into the agency after college, there would be a place for me, but the decision was mine," Bill remembers. After graduation, Bill considered job offers from other insurance companies and financial institutions but wanted to "come home" to Ponca City and be part of the Wetzel Agency, which he did in January 1988.
Bill's grandfather, Clifford Wetzel, started the agency in 1931--which specializes in property/casualty and bonding--and ran the business until 1965, "with the exception of two years when he was in World War II," Bill notes. "During that time, my grandmother stepped up to the plate and ran the agency." In 1965, Bill's father, Bill F. Wetzel, purchased the agency.
"I feel it is important for young producers to map out a career path for themselves," explains Bill. "They need to set goals and strategies to achieve them. Eventual ownership of their agency or book of business is an essential piece of that strategy. For me, the question of ownership was an easy decision.
"After being with the agency for several years, I realized that this was going to be my career and that I needed to start working towards ownership," Bill says. "Over a period of six years I incrementally bought stock in the corporation from my father until he was ready to retire in 1998. By that time I owned all shares of the agency's stock."
As the agency principal, Bill has continued to build on the legacy that his father and grandfather established. Located in the oil fields of northern Oklahoma, Bill says, "Ponca City is dominated by the oil industry. Everything that happens in that industry affects the entire city." Looking for opportunities to grow and expand the agency, Bill recently teamed up with Mike Loftis, whose Loftis Insurance agency has offices in Ponca City as well as nearby Blackwell.
In September 2002, Bill merged his agency--Wetzel Agency--with Loftis Insurance, to create Loftis & Wetzel. He is President of the Ponca City operation and Mike Loftis is President of the Blackwell operation.
"I've known Mike for years. He had a very fine agency, similar in size to mine with a similar business philosophy," explains Bill. "We began talking about merging in December 2001 and completed the merger on September 1, 2002. The new agency is a member of the Bainswest Cluster (comprised of 12 agencies in Oklahoma and Arkansas), which has been a tremendous benefit to us. Together we share many markets, and the fellowship of the cluster has been a significant contributor to the success of each individual agency." The agency is now called Loftis & Wetzel Insurance.
Although the business of insurance demands much of Bill's time, thoughts of family are never far away, evidenced by the photo of his nephew (who is now a San Diego Charger) and a portrait of his sons that adorn his office.
Bill also believes that to compete in today's marketplace, "you have to find a way to make yourself stand out from the crowd. Agencies have to look for unique opportunities, not try to be a cookie cutter model of other agencies. You need to find a niche. Also, every agency says they give the best service available. We have found that the key to both producing and servicing accounts is relationships.
"By cultivating long-term relationships that go beyond the business of insurance, we have found that the account becomes more profitable and easier to handle. When the customer has something new coming up in their business, they depend on us. They don't want to have to worry about their coverage. Knowing your insureds on a personal basis also leads to excellent referrals and can create a buzz in the community," Bill says.
Advice for younger agents
Bill says that for young agents, "it is very important to identify what type of business you want to write. Once you have a feel for what industry or lines of business you would like to be involved in, simply learn all you can," he advises. "Specific knowledge of an industry or a product can help separate you from the competition. Also, seek those relationships with clients that will be long term and mutually beneficial.
"Becoming involved with the Oklahoma Young Agents was a tremendous jumpstart for me, and I immediately began to realize benefits," Bill says. "As a new producer, the most valuable resource was the ability to network with other young agents. Being able to pick up the phone and talk with a friend about a problem or challenge you haven't dealt with before is an opportunity that every young agent should take advantage of."
After being a member of the Independent Insurance Agents of Oklahoma (IIAOK) Young Agents Committee for several years, Bill served as chairman in 1998-99. Following in the footsteps of his father and grandfather, both of whom served as chairman of the IIAOK board of directors, Bill served on that board from 1999 to 2003. During several of those years he was the IIAOK InsurPac/OKPac chairman and served on various committees.
"Like any outside activity, participating in young agents organizations is an investment of time, but I urge any young producers to get involved with their local association," Bill emphasizes. "The lifelong relationships that come from involvement are the reward."
Bill's contribution to young agents extends beyond Oklahoma's borders. In 1999, he was asked to be on the Independent Insurance Agents & Brokers Association's (IIABA) National Young Agents Committee, where he served until 2002. "Being involved on a national scale took networking to a new level," Bill says. "I was able to learn about industry changes first hand, and I got to know company executives and young agents from all parts of the country. It was very exciting and rewarding.
Bill enjoys spending time with his sons, Evan (left) and Connor.
"Whether on the state or national level, networking with fellow agents provides benefits you do not expect. The best thing is the friendships that will follow you throughout your career," according to Bill. "For instance, we traveled to Mississippi to see my nephew play football for Texas Tech against Ole Miss. A young agent whom I met through the Big I met us at the airport and gave us a tour of the area. We even stayed with his family. It was so much fun!"
Goal-setting is also important, Bill says. "I learned early on that if you don't have goals to strive for, you're like a ship with no one at the helm. One day you wake up, and you're way off course. I sleep better when I know where the ship is headed. My dad was great about planning and was a good example in that area."
Bill's dad was more than an example, though. "He was a mentor --something all young agents should have. In just about every situation you can imagine, the older generation has seen it before and can help guide you through," says Bill. "I wouldn't be in this business without my dad's encouragement. When I started in the industry, he and a producer named Jack Monsour really took me under their wing. They taught me everything. They've both passed away, but I think of them often and how much fun we had together in this business."
Making music
Besides running an agency and contributing time to state and national industry interests, Bill manages to carve out time for community work, family time and a little personal fun.
Over the years, he has volunteered in a variety of local organizations, such as the KFOR News Channel 4 advisory board and Kaw Lake Association advisory committee, and he is a past president of the United Way of Ponca City. Bill continues to be active in the Chamber of Commerce and is currently on the Pioneer Technology Center advisory committee.
"Balancing work and family can be tough," Bill admits. "My sons, Evan (15 years old) and Connor (12 years old), are very involved in sports and other activities. As they get older, I've learned that you have to make time for family outings or they won't happen. Something will always come along to disrupt the plans, so we make plans in advance and stick to them." Bill enjoys playing golf and hunting with the boys, as well as working with them in their sports. They are active members of Grace Episcopal Church.
Most entertainers only dream about performing in Las Vegas. Bill (left) and his "Zero Tolerance" band had top billing at last year's IIABA Young Agents Conference's opening night event there.
Over the last four years, Bill, Evan and Connor have spent some special family time following the Texas Tech football team around the country to watch his nephew, Wes Welker, play. "We had a blast. It meant a lot of travel time, but was very worthwhile." Bill is especially proud and excited that Wes recently signed on with the San Diego Chargers. He says, "Guess we'll be making a lot of trips to California!"
Bill may be your normal, above-average insurance agent by day, but at night--he's Bill the Rocker. For several years, he has been in the band "Zero Tolerance," although he has been playing in bands since he was 15 years old. The four-piece group plays mainly classic rock. "We've played everywhere from bars to outdoor festivals, and even at the (IIABA's) National Young Agents Conference in Las Vegas last year. Music is in my blood. It's a great way to release stress," Bill explains.
Taking the reins of the agency that was started and strengthened by his grandfather and father, Bill Wetzel continues to guide Loftis & Wetzel Insurance in perpetuation and prosperity. "This is a great industry and a rewarding career path," Bill says. "I would someday like to be able to make the same offer to my sons to join the agency as my father did." *