Steve Fallon
(BBA '80) began his career in
insurance 29 years ago, when he headed to New York to work for
an insurance carrier. In 1986, he began a 20-year career with
Atlanta-based Hamilton Dorsey Alston, where he was in charge of
employee benefits. The principals eventually sold the firm to
Wachovia, and Fallon left a few years later.
"I left Wachovia because I felt the deal had soured over time," says Fallon, who had a distinguished career at Hamilton Dorsey Alston. He led the firm's effort to design a full-service employee benefits department, and ended up building the largest and most successful employee benefits practice in the entire organization. "The insurance brokerage and consulting business is much more of an entrepreneurial business than banking," Fallon adds, "and Wachovia gradually squelched my entrepreneurial spirit, with so many do's and don'ts."
Two years ago, Fallon did something he had thought about for years he launched his own independent insurance agency. He is now president of the Fallon Benefits Group, an Atlanta startup that focuses on his specialty: employee benefits. And his new firm has been so successful in such a short period of time that Benefits Selling magazine recently honored him as one of their five "Broker of the Year" finalists.
Fallon knew that starting his own firm was a potentially risky endeavor. "I walked away from a huge amount of security, and a large book of business that I had built up over 20 years," he says. "It was a bold move, but I was resolute." When Fallon's customers learned that he was leaving Wachovia, many of them made the decision to follow him.
Fallon wasn't alone in striking out on his own. According to a recent biennial Agency Universe study, the number of smaller agencies increased from 12 percent to 17 percent between 2006-08 with independent agencies now numbering 37,500 in the U.S.
"Fallon Benefits has enjoyed dramatic growth during our first two years," says Fallon. "We've built a high performance culture with lots of entrepreneurial spirit. That's our competitive advantage. Our business is problem solving and relationship-building. We enjoy making all decisions here locally and being able to adapt to market conditions to serve the needs of each client."
"I left Wachovia because I felt the deal had soured over time," says Fallon, who had a distinguished career at Hamilton Dorsey Alston. He led the firm's effort to design a full-service employee benefits department, and ended up building the largest and most successful employee benefits practice in the entire organization. "The insurance brokerage and consulting business is much more of an entrepreneurial business than banking," Fallon adds, "and Wachovia gradually squelched my entrepreneurial spirit, with so many do's and don'ts."
Two years ago, Fallon did something he had thought about for years he launched his own independent insurance agency. He is now president of the Fallon Benefits Group, an Atlanta startup that focuses on his specialty: employee benefits. And his new firm has been so successful in such a short period of time that Benefits Selling magazine recently honored him as one of their five "Broker of the Year" finalists.
Fallon knew that starting his own firm was a potentially risky endeavor. "I walked away from a huge amount of security, and a large book of business that I had built up over 20 years," he says. "It was a bold move, but I was resolute." When Fallon's customers learned that he was leaving Wachovia, many of them made the decision to follow him.
Fallon wasn't alone in striking out on his own. According to a recent biennial Agency Universe study, the number of smaller agencies increased from 12 percent to 17 percent between 2006-08 with independent agencies now numbering 37,500 in the U.S.
"Fallon Benefits has enjoyed dramatic growth during our first two years," says Fallon. "We've built a high performance culture with lots of entrepreneurial spirit. That's our competitive advantage. Our business is problem solving and relationship-building. We enjoy making all decisions here locally and being able to adapt to market conditions to serve the needs of each client."