MFS serves more than 750 agents in Midwest

Marketing Financial Services was founded in 1989 by Robert "Bob" Lockhart and now serves more than 750 independent insurance agents, primarily in the Midwest but also in scattered locations from coast to coast.

"Our focus is helping independent agents find the right insurance company for their clients and to maximize their commissions," Lockhart said.

Lockhart came out of the Air Force in 1962 and began a civil service job, working on aircraft at Richards-Gebaur Air Force Base near Kansas City. He entered the insurance field in 1964 in Kansas City as an agent with Modern American Life Insurance Company, and he later became marketing vice president for the company. In that capacity, he moved to Springfield in 1974 and set up offices at 1000 W. Sunshine, where his own company, MFS, is located today.

Though Lockhart maintained his own book of business as an agent, by 1980 he had become part of a national marketing company. He began to focus on working with other agents instead of working directly with clients. In 1989 he founded his own company, and in 1992 he affiliated with Consolidated Marketing Group Inc. to offer a broader range of services to his agent clients.

In the late 1990s, Lockhart's son, Alan, joined his father in the business. Alan Lockhart formerly worked for O'Reilly Auto Parts.

He began working in an O'Reilly store while he was in college and moved into the company's corporate offices after he graduated. There he became customer satisfaction manager and helped solve problems for the stores.

Now, "I'm doing much the same thing with insurance agents helping them succeed," Alan Lockhart said.

MFS has seven full-time employees who work with agents in the field and with underwriters for the 30 companies with which the agents do business. Through these companies, MFS offers a full line of life insurance products, annuities, estate planning products, securities and health packages.

"What makes us unique is our focus to help agents be successful," Bob Lockhart said.

Typically in the insurance business an independent agent can expect a lower commission structure if he or she only does a small amount of business with an insurance provider. The clout of a group of agents working under the umbrella of a broker's broker can maximize their cut of the premium, Lockhart added.

MFS also is paid on commission, with its share of the commission pie directly related to an agent's production. Thus, the company has a vested interest in each agent's success, Alan Lockhart said.

He added that MFS carefully researches an insurance company before it will take the company on as a vendor. MFS looks at the company's rating, the type of business it does and if it offers competitive products.

MFS offers quarterly seminars to its agents in the different marketing areas they serve. The free sessions provide training and information, and usually include a session with a specialist from one of the insurance companies to acquaint agents with a particular product line. Thirty to 50 agents typically attend the meetings.

The Lockharts like to meet and know their agents one on one.

"We like to have contact and treat the business like a family of agents," Alan Lockhart said.

Besides the quarterly seminars, MFS puts out a monthly newsletter to let agents know what is new in the industry. The newsletter also includes a rate sheet for annuities, which have a tendency to change, to help agents better serve clients who are making that type of retirement investment.

Many trends in the insurance business are directly related to the aging population, Bob Lockhart said. With people living longer, there is a need for a variety of insurance products.

"This is one reason long-term care has come to the forefront in recent years," he added.

Health insurance remains volatile, and there is no end in sight the problem of escalating costs for insurance coverage and medical care. The rising costs are directly related to advancements in life saving equipment and miracle drugs, Lockhart said.

One good thing Lockhart said he expects to see in the near future is government-subsidized prescription drug coverage for seniors. But as for the cost of private insurance to cover medical expenses, he said, "if you want the best health insurance, you'll have to pay for it."

Because of growth, MFS has made the decision to purchase land and move its offices to 2960 E. Battlefield Road. The 5,000-square-foot, two-story office complex was designed by architect Allen Casey. MFS will occupy a suite of offices while several independent insurance agents associated with the firm will lease the additional office space.

The property allows room for future growth if more office space is needed down the road. The completion date for the project is set for early spring of 2001.