How to Do Business With Those in the Biz

Beverly Chrisman was a full-time mother and a teacher before she got into insurance in 1978. After working as an independent agent, she became a general agent and now develops market opportunities for her insurance carrier in four Southern California counties. Because her territory includes the entertainment capital of the world, Chrisman has developed some guidelines for working successfully with the major players in Hollywood. She was interviewed by Karen E. Klein.

Of my nearly 25,000 clients, at least a quarter are involved somehow in the entertainment industry--from technical people to designers to musicians, actors and directors/producers. So we gear a lot of what we do to that industry.

I have found that it takes some special skills to work with well-known people, and not every agent can handle it. First off, there is an extreme need for discretion and confidentiality when you’re privy to the financial dealings of anyone who is prominent--whether it be in the entertainment field or not.

Also, since most celebrities have professionals who handle their finances--attorneys, financial managers, CPAs--my agents have to be very comfortable working side by side with these professionals. Sometimes they will never meet the client face to face.

I attract a lot of agents who are former attorneys, CPAs and businesspeople, and they are ideal in this area. Entertainment careers can be short-lived but very lucrative, so there’s a need for a high level of sophistication about the planning that has to occur, especially when it involves the transfer of wealth to the next generation.

So the agents who work with celebrities have to be more knowledgeable about laws, taxes and trusts than if they were just sitting across the kitchen table from a middle-income person and selling them a policy.

Many creative people struggle financially for years, so when they get a big amount of money all of a sudden, they may not know how to manage it properly and wind up blowing it all in a few years. The agents who work with them must be able to help them avoid that.

When you talk about creative, well-known people, you also have to realize that only a small percentage of them are really successful in the entertainment industry or in athletics or the music business. The ones that are have made it over some very difficult thresholds and they tend to be unique. My agents must be very sensitive to personality traits and temperaments and be able to work with almost anyone.

The other thing that makes this a challenge is that if an entertainment person is successful, he or she is typically very, very busy and very hard to get hold of. They may be traveling a lot and dealing with extremely hectic schedules. Insurance is not typically on the top of their priority list, so an agent who works with them must be not only flexible in terms of meeting their needs when time permits, but also persistent in making sure the job gets done.

Finally, you have to make sure to remember that no matter how famous your client is, he or she is a real person. I’ve found people in the entertainment field, for the most part, to be highly educated and responsible.

If I hired people who were unsophisticated, they might have a fear of talking to wealthy, prominent people. Or they might be star-struck or awe-struck. That won’t work. Of course, you have to recognize these people for who they are and understand that they are proud of their work--and sometimes temperamental. But they are real people and 99% of them just want to take care of their families, like we all do.

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If your business can provide a lesson to other entrepreneurs, contact Karen E. Klein at the Los Angeles Times, 1333 S. Mayflower Ave., Suite 100, Monrovia, CA 91016, or send e-mail to kklein6349@aol.com. Include your name, address and telephone number.

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At a Glance

Company: Northwestern Mutual/Baird Securities/Chrisman Agency

Owner: Beverly Chrisman

Nature of business: Insurance and investment planning

Location: 6400 Canoga Ave., Suite 210, Woodland Hills, 91365

Web site: https://www.chrismanagency.com

E-mail address: chrismanagency@msn.com

Year Founded: 1988

Number of Employees: 35, plus 60 independent insurance agents in four branch offices

Annual revenue: $45 million