Time With The Boss: Richard Steinbaum THE CORNERSTONE INSURANCE GROUP

Richard Steinbaum
THE CORNERSTONE INSURANCE GROUP

Website: www.cornerstoneinsurancegroup.com
Industry: employee benefits and insurance
Education: University of Colorado Boulder

Family: My wife, Lecie Steinbaum, who is the director of plan services for Cornerstone Insurance Group and chief operating officer for Cornerstone Employer Solutions, and I have two children.
 
What is your mission?
To do the best I can do all of the time, whether it be in business, family, philanthropy or personally.

What was your first job?  
My first job was as a cashier with Medicare-Glaser, a family-owned drug and pharmacy company.

What was your worst job?  
Another summer job I had: sealing driveways. It gave me respect for anyone who works outside in the St. Louis summer heat.

What led you to your industry?  
As a 24-year-old, I didn’t know any better. I was home after college, unemployed. When I was offered a position, I started that Monday. Looking back, that first week was hard work; I spent 40 hours searching the yellow pages and making calls. Within six months, I was operating independently. I still have a few clients from that first week of cold calls.  

Who is your industry role model?
As a business owner, my father is absolutely my role model. His business practices were ethical, conservative and honest. He also gave his employees a voice. At the end of every meeting he held at Medicare-Glaser, he would go around the table and ask every person in attendance if they had anything to add to the conversation.  

What’s the hottest trend in your industry, and are you going to jump on board?
For our clients, we’ve found the biggest game changer has been the technology available to integrate back-office HR, enrollment, payroll, benefits and administration functions into one portal. This type of technology used to be available only for large companies, but now we can offer it to our small-business clients with 100 and fewer employees.

What’s the hardest part of your job?
Balancing all the roles I play within the company.

What’s the best part?  
Knowing that because of our hard work and consulting expertise, we’re able to help clients manage their businesses through complicated situations.  

What best advice would you share with new entrepreneurs?
Be passionate about what you do and believe in it. You have to love what you do every day, or no amount of money will be worth it. (I tell my kids this all the time too!)

What’s your favorite place in St. Louis?  
I’ve had many nice hikes and runs with my family, friends and dogs on the shady trails at Edmund A. Babler Park over the years. Of course, I have nothing against Ted Drewes either!

What has made you successful in your industry and in St. Louis?
Extremely hard work. I took a personality test at my first firm, and despite the survey saying I have the exact opposite personality for insurance sales, I put in the effort and made it work. I think my clients can relate to me and have stuck with me because I try to put myself in their shoes.