The insured do not buy insurance. They are buying you. That’s why Joey Masters of BKS Partners strives to turn his clients’ desires into realities.
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We caught up with Joey Masters, Partner at BKS Partners, and winner of the 2023 Hospitality Power Broker Award.
Risk and insurance: First of all, where are you originally from, and how did you get into insurance?
Joy Masters: I’m originally from Punta Gorda, Florida, north of Fort Myers. I grew up in a real small town, blue collar community. My father was military and ran a family business. I have two older brothers, and I learned a lot by watching them.
But I had no idea what I wanted to do with my career. An advisor advised me to study accounting and finance and work for one of the big four accounting firms. So I went to Florida State University and majored in Accounting and Finance.
I did an internship at Ernst & Young’s Tampa office, and it was the best professional internship I could have ever had. He worked 60 to 80 hours a week, tracking every six minutes of the day. I had some great colleagues and bosses working at very high levels, and there was a line out the door of people wanting to attend (so everyone was replaceable).
research and development: What were your early educational experiences? What mentors do you have?
JM: After about four years of working with E&Y, I realized that this was not the life I wanted. I was always on a plane, or in New York or Los Angeles. I wanted to focus on the Tampa community and build a local network. I wanted to grow the business but not make big sales.
I worked with several different recruiters over the course of six or eight months. I had 17 interviews and got 17 offers. It was rewarding in a way, but it was tough on recruiters. Finally someone suggested insurance. From there it was a very quick trip.
I was very clear with E&Y about what I was doing, and my bosses there were very supportive. They helped me arrange to speak with two former insurance brokers who were in senior positions at companies I had been in contact with through E&Y.
Then I sat down with Lori Baldwin, the founder of the company I now work for, who is a local legend. At the time, Baldwin Risk Partners was just a small shop in Tampa. At the end of the conversation, he asked: “Do you want to join the company?”
I said I would start on the 1st of next month.
This was him. Do not discuss salary, benefits or duties. I just knew the big picture: I wanted to follow that guy.
It was very much a matter of identity. As a young professional, I couldn’t see myself as a partner at Ernst & Young. But I can see myself as a partner with Lori. He really leaned into me, but I didn’t give him much of a choice. I was there for him the whole time. I had the work ethic from E&Y, but now I also had the motivation from him personally.
Another important mentor I had was Ed Koppel, President and Chief Operating Officer of DeBartolo Development (a major national real estate company). It made me feel spiritually grounded and connected me with important connections. That really changed the trajectory of my career. I mean it really took off.
research and development: Your practice focuses on hospitality. What are some common challenges for this sector?
JM: Yes, hospitality, mostly large country clubs, multi-location restaurant groups, multi-location hotel groups. As well as allied and affiliated companies, especially development groups that build or buy and manage hospitality companies.
But my practice extends to sectors that support the hospitality industry.
Since 2020, there has been significant consolidation in the hospitality industry. It started before the pandemic, but that has clearly accelerated the trend.
For example, one of my clients is a local hotel operator with 30 properties. Each was individually insured and had about six policies per hotel. This means 30 different renewals and nearly 200 hundred policies. It was a nightmare. They had a total coverage of over $300 million, but when we consolidated it, we brought that down to $70 million. Not only was that a savings in efficiency and premiums, but by 2023 you wouldn’t even be able to get $300 million in total coverage for these types of assets.
research and development: You focus on customers rather than potential customers. This makes sense. Why do you think so many brokers focus on prospecting?
JM: I definitely take a sophisticated and strategic approach. I am a consultant, specializing in risk management. The main way I meet clients’ needs is by helping them purchase insurance, but I’m not a salesman.
Believers these days want the high touch. They don’t buy insurance, they buy it for you. They want to see you, talk to you, and keep you on their property. They want to see and hear you at the head of the table introducing them to the leaders and advocating for them.
This approach has served me well. Referrals come without me asking; Businessmen talking to each other. I have had new clients come to me because they asked their friends and colleagues what was the most important thing in their business, and the answer was their insurance broker.
research and development: truly?
JM: Yes. Since insurance is so expensive and influential right now, people tell their friends when it’s their broker that makes the difference to their business.
research and development: Please tell us about your family and hobbies.
JM: Earlier this year my wife and I spent 20 days in Italy for our honeymoon. We flew to Rome, visited Naples, Positano, Florence, Venice and Lake Como. We have just purchased our first home and expect to start a family at some point.
I’m a senior golfer – handicap 6 – and my favorite course is the Gasparilla Inn & Club in Boca Grande. This is my happy place. I love taking golf trips, and my wife loves traveling too.
research and development: What are some of your favorite books, and what are you reading these days?
JM: I’ve been reading mostly for professional development, but one book I read recently — “Scuttled: The Sinking of the Palmer Cay” by Ron Collins — gave me that feeling that avid readers talk about: I couldn’t put it down.
“Rich Dad Poor Dad” is a classic. I also enjoyed “The 5am Club” by Robin Sharma and “Relentless” by Tim Grover. &