Brian Alouda Itava

Speaker 1: Also you just...there are these interviews even when you are telling the history about something and not specifically a core... Speaker 2: ...you don't have time to take notes... Speaker 1: You don't! You just goes on, this is going to go off after a few minutes and so we just really hope to be able just to talk about it and then hear it, and interestingly even when I met with him I waited longer more than I anticipated ... Speaker 2: (Laughing)… (Indiscernible)(0:0:26) Speaker 1: yes they have although … (Indiscernible)(0:0:28) is only an hour and I am...you know the key people like that..you know what's happening is is not just not just interviewing of those cases... like it's Frank it's not just interview, but if interviewing from that...but then I want to know what are the marketing tools he is using how can we help...you know what is it? All those things and gather information and build a relationship with him so it's... it's... Speaker 2: For those yeah? Speaker 1: For those things you know it is extra like there was two hours with Frank I didn't know it would take that long but I gathered a lot information so it was worth it...it will be worth it...especially when I just offer him strategic planning. You know once we...get through some bad stuff...I know it sounds like..... Speaker 2: No it's not that bad, it's not that bad...I am conquering this which is all making me happy when i get five thousands letters back I am not really happy but... Speaker 1: Well, you know one thing that I was thinking about that uh...I...just gotta leave from dear markables in affairs of all the people for an intern in a summer and we were interviewing her on Thursday so...so maybe we have a help coming if I depending on how long it's gonna take it to input staff but... Speaker 2: Yeah, I was gonna try to use the website to have people go and sign up but I just don't think it ain't never going to get safe and then with them is not to type in the comps....well I mean it's just easier to just type it in and get it done and then there is another spot we can mark when it was done so I am hoping to...I want someone to take this up and get everything signed and put them in there so that everything in comes with the date when it was added so...the next will be out.... Speaker 1: What...what year did you start? Speaker 2: September of 97...I wasn't really involved in mass retail until … (Indiscernible)(0:2:21) left which I think that was...I mean I did the books and everything for it but I didn't go to board meetings until probably... Speaker 1: 2000 Speaker 2: I think 2000...yeah because September 11 he was in New York...so it must have been in 2000 Speaker 1: You went to board meetings after that time? Speaker 2: I started to go to board meetings at all, Kelly came on in 2003 and we transitioned him over Mass to Retail once he got comfortable with other groups not sure exactly but probably two or three years later and we went random mass retail meetings but not all of the them after that… Speaker 1: Even those meetings and the time periods that you went those few years, is there anything in particular that you recall were big issues that time? Speaker 2: Fortunately the big issue we don’t really want to talk about is the fact that we couldn’t ride any new business because it required a stable audits…yeah that was during that period so there was a little bit of a low there you know at that time too the investments advisor had gone outside the guidelines without letting them know that and lost a significant amount of money by selling the bonds, they actually sued the investment advisor and they actually won and they got some of the money back for the advisor clearly went outside the guidelines. And then in 2011...oh 2001 they were picking new advisors on the day of 11/11it were … (Indiscernible)(0:4:43) we were all there and that what’s makes the new investment advisors which is part of what I want to talk about too is the investments and I think most of what I see at the board meetings is that, the knowledge-based and experience of the board is really strong so they focus on important things because they understand how some of it all works versus some of our less and that is because they are educated, informed or knowledgeable, sometime they don’t really get what they are supposed to be asking , what they are supposed to be looking at; and you know you know like in mass retail they know investment advisors in every meeting and they have investment objective clearly like every board broadcast their investment guidelines and the guidelines are: … there are a mixture of preservation of capital so that that doesn’t happen again no more sales done, we adjust portfolio regular…and then maximizing returns which is to basically to look at some of the other industries bonds that give better yields that are still quality bonds and mixing in some industry bonds and with the government bonds but they really have advisors at every meeting, they go over the portfolio, they talk about industries...what industry to consider. They really are into with investments. Some of the boards that are not in Massachusetts but other boards we have worked with they were like, “oh let’s go 100%!”...i said wow...they didn’t get that, they trust money like you trust money and you got to protect it, and this board really understands that. Speaker 1: Would you say they are more like conservative like? Speaker 2: Definitely more than conservatives like and they want to learn about what the advisor is doing where the market is going so that they can manage that and manage the portfolio, ammo help, you know, the advisor manages but help redefine if there is any changes to the guideline they want to implement in order to get a better yields or to protect it against some kind of loss… (Indiscernible)… they are very active in that (indiscernible)... they are more experienced and focused …(indiscernible)…some turn around the board that new people coming in to understand how it really supposed to work …(indiscernible)… to get familiar with it, I think they are now focused on things that are important like underwriting and safety. And also know that …(indiscernible)…why we keeping them, we are paying more to them and they …(indiscernible)…we are paying more clients and they are giving premium while we are keeping them and I …(indiscernible)… with us to say, which ones they want to keep and which one they think they should go but they understand why……(indiscernible)…it’s the matter of the math, some number and politics but, whether or not so it has been up there and John has worked with them whether or not John’s opinion is ok I think we have turned them around I think we are good let’s give them a chance …(indiscernible)…so I think because they have a …(indiscernible)… with what …(indiscernible)… is doing and some of the basics, they can focus more on that stuff. And understanding what the risks are, one of the other things because they have such confidence in us and what we bring on the table they are opening new ideas as far as adding new classicals …(indiscernible)… three question what are the said experience in that classicals, what is the risk in that classical, so they only bringing classical that meet the group consistency wise but they are also open to restaurant…(indiscernible)… present them with new set of classicals elclassicals…(indiscernible)… because they understand how it is supposed to work…(indiscernible)… Speaker 1: Do you think it helps in part for some have known for so long so you don’t have to turn the …(indiscernible)… on and you have to start all over again? Speaker 2: I think it is but I don’t want to say that the new ones are contributing as well, there is a core bunch of them because I think…(indiscernible)…same five people have been doing this for ever. Speaker 1: Jerry is really good. Speaker 2: With him he came and went… (Indiscernible)… the new guy George, so the new people are asking the right question and getting involved… (Indiscernible)… the new one is coming and two are very good. Speaker 1: Maybe that said, at least there is a core that has been on the board, she he has been… (Indiscernible)…and the new people offer. Speaker 1: … (indiscernible)…Jerry has a lot of good question … (indiscernible)… I think the other partners kind of forgotten about that stuff… (Indiscernible)… Speaker 1: And he hasn’t a cunning background that not… (Indiscernible)… Speaker 2: Ahmed does, Ahmed is a CPA… (Indiscernible)…they do have an audit committee… (Indiscernible)…they generally find whether everything is good but they have some ideas or something that they would like to look into. Speaker 1: And who is on this audit committee? Speaker 2: … (indiscernible)… Speaker 1: Where are they from? Are they from outside a consulting firm? Speaker 2: No they are board members, they come in once a year to do an audit, they pick it ahead of time … (Indiscernible)(0:12:18) they give us in advance. Speaker 1: And those two board members, they have … (Indiscernible)(0:12:24) Speaker 2: Yes they both have financial background. Speaker 1: How long has that been in place? … (Indiscernible)(0:0:26) Speaker 2: No it has been in place for a long time, I am not sure for how many years, I would say at least 10 years, maybe longer… (Inaudible)(0:13:06). Speaker 1: When you say following regulations for the investments, who… (Indiscernible)(0:13:16). Speaker 2: … (Indiscernible) (0:13:19) it’s a State mandate and it’s very conservative it can only be bond … (Indiscernible) (0:13:36) it’s not just the letter, it’s the letter and other aspects of the writings i used to know but not anymore… (Indiscernible)(0:14:27). Speaker 1: What I hear quite often though a jury or someone or someone else… (Indiscernible)(0:21:56), there’s more profit than say… (Indiscernible)(0:22:00). Speaker 2: We try to be conservative with the group’s money… (Indiscernible)(0:22:16) staying in the market that we have … (Indiscernible) (0:22:35)…but that is the biggest control… (Indiscernible)(0:22:50) Speaker 1: what about the claim side… (Indiscernible)(0:24:22) Speaker 2: I know that we do investigation… (Indiscernible)(0:24:50) Speaker 1: One of the things I was thinking about its part of saving money in that regard communication… (Indiscernible)(0:26:22) I have heard about them… (Inaudible)(0:28:50) Speaker 2: I am going to do this on my way home… (Indiscernible)(0:30:18) Speaker 1: … (Inaudible) (0:31:22) you don’t have to worry… (Indiscernible)(0:31:30) Speaker 2: … (Inaudible) (0:47:53) Speaker 1: Do you want to…… (Inaudible)(0:48:16) over here? Speaker 2: Yes let’s take way back over here… (Indiscernible) (0:48:33), Speaker 1: I was wondering that, that would be confusing here if its safety service here and then register for … (Indiscernible) (0:48:51) Speaker 2: … (Inaudible)(0:48:53) contact mean so I explain it here but I don’t know whether they are going to be there. Speaker 1: … (Indiscernible)(0:49:16) so if this person doesn’t check this off, we are going to check it for him. Speaker 2: We are going to check it for him and we will be ok. … (Indiscernible) … (Inaudible) … (Indiscernible)