All in the family — With Stacy Lang Kahan

Stacy Lang Kahan and her daughters, Cara and Alana, are at the helm of 1706 Advisors, a third-generation, women-led financial services firm in Skokie, Ill. At 1706 Advisors, the three women blend their expertise and passion into running an organization that embodies the true meaning of a family-owned business while bringing together the resources offered by a large company.

Honoring Benjamin Franklin

Kahan founded 1706 Advisors in 1993 as Lang Financial Group, building upon the insurance tradition that was passed down by her father, Stanford Lang. Lang was a 45-year member of the Million Dollar Round Table before his death in 2021.

1706 Advisors specializes in insurance solutions, employee benefits and holistic planning. As the founder, Kahan describes herself as “the guiding force behind the firm, leveraging 40 years of expertise in the insurance and benefits industry.” 

“We provide employee benefits and individual insurance programs, thereby driving cost and time efficiency for our clients,” she said.

But the company did not start out under the name of 1706 Advisors. That name change came just two years ago. Kahan explained the change was driven by the desire to create a more inclusive workplace. “We see ourselves growing with more people to tell our story and our message. The significance of ‘1706’ is that it’s the year that Benjamin Franklin, the father of American insurance, was born,” she said.

Several years ago, Kahan decided to make another change to the company. Human resource management, a discipline not typically offered by insurance companies, was added in addition to expanding into employee benefits. 

“When we began,” Kahan explained, “the employee benefit model of a recurring income stream made it easier to scale a business. We understood that the second most expensive personnel line item must be managed thoughtfully and strategically. We recognized a growing need among our clients for comprehensive support in these areas. By offering these services, we can provide a more holistic approach to financial well-being and business efficiency.” 

The company’s holistic approach to those things means that it looks at the complete picture of its clients’ needs, explained Kahan. “We don’t focus on only one aspect of employee benefits or individual insurance programs. Instead, we consider the overall financial health of our clients and their businesses. This involves integrating various financial products and services to create a comprehensive plan promoting personal and business financial stability and growth,” she said.

With this approach, Kahan’s primary role involves leading the advisory team, overseeing client portfolios and driving business development. “With continuity ensured by the next generation,” she said, “1706 Advisors is a trusted partner for sustained, high-quality service.”

Her dad’s excitement was contagious

Kahan was inspired to enter the financial services industry after watching her father come home each day excited about helping his clients. She said that during her years as a student at Wisconsin School of Business, “I fell in love with the risk and insurance classes, which gave me the background to enter the business. My personality profile fits perfectly to succeed in this business. Over the years, the industry’s dynamic nature, the opportunity to make a meaningful impact on clients’ lives and continuous learning have kept me engaged and motivated.”

And what is the most important lesson she learned while working with her dad? “Take care of people like you want to be taken care of,” she said. “I created a saying that I believe in: ‘Insurance is for people who love someone or something.’” 

Kahan has continued this tradition of working with family members, with daughters Cara and Alana now working with her at 1706 Advisors. Cara is chief executive officer and Alana is president of the company. 

“Working with my daughters at the same firm is fantastic,” Kahan said. “We certainly have had our issues, but watching them grow, strategically think and give the right advice is key to our mission and vision.”

Apart from the happiness that Kahan gets from working side by side with her daughters, what she likes the most about her work is the opportunity to build long-term relationships with clients, solve complex financial challenges and see the positive impact of the firm’s advice on its clients’ lives. 

“I am passionate about financial protection because I have seen firsthand the devastating impact that lack of protection can have on individuals and families. Ensuring financial security is crucial for peace of mind and long-term stability,” she said.

Success, one client at a time

This dedication to ensuring her clients’ financial security, combined with a laser-like focus on helping them solve complex financial challenges, has brought an important level of success to Kahan, who has been an MDRT member for more than 35 years. Under her leadership, 1706 Advisors has received many awards and accolades. Last year, for example, United Benefit Advisors honored the company as Partner Firm of the Year, an award that recognizes excellence in employee benefits programs. She also received the 2023 Business Service Award from Business Intelligence Group.

So what does Kahan think are some of the factors that have contributed to her success? 

“Some key reasons include a strong commitment to client service, continuous learning and adaptation, building a dedicated and skilled team, and maintaining high ethical standards. But what I learned is, growing my practice was done by serving one client at a time,” she said.

Advice to other financial professionals 

With her achievements spanning several decades, Kahan offered some advice to financial professionals who are looking for ways to take their practices to the next level. 

To new advisors, her advice is to focus on building trust with their clients and to always put clients’ needs first. For midlevel advisors who may not be doing as well professionally as they would like, she recommends that they reevaluate the strategies they are using, seek out mentors, try different marketing channels and stay resilient throughout whatever challenges they are going through. 

And to female advisors who need some encouragement as they make their way to the top? 

“My advice is to believe in your abilities, seek out mentors, build a strong network and not be afraid to advocate for yourself and your career growth,” she said. “We deserve a seat at the table, and that means knowing what table to sit at. Even when entering the room, I learned whether I had a chance to win. If not, it’s time to walk out and find another prospect who is interested. I have found that the professional service marketplace is open to those who assert themselves confidently and knowledgeably.”

When asked what advice she wished she had received when she first started in the business, Kahan said, “I wish I had received advice on thinking a bit bigger regarding client size,” she said. “If I had gone for the bigger fish constantly, I would have caught them. I would have focused on a specific silo instead of a more general client, stayed on course, and I believe I would have made more money. Honestly, I did well with my constant focus and vision of what I wanted to be and how I would get there.” 

Taking time to relax

Kahan knows the importance of taking time away from serving her clients to stop and “smell the roses.” She said that she spends “an enormous amount of time with my family and my grandson, walk and talk every morning with my husband and dogs, travel adventurously, and practice yoga and strength training.” 

Because her company’s commitment to giving back to the community is an essential part of its ethos, Kahan said that 1706 Advisors supports various charitable organizations that align with its values. 

“These include our personal churches and synagogues and children’s programs throughout the city, and occasionally we donate our time to a food kitchen,” she said.

Passing the torch

In a few years, Kahan will have even more time to relax, enjoy life and spend more time with family. She has recently taken some steps to start transitioning away from the business. 

Two years ago, she decided to rebrand and step into an advisory role at the company, giving executive leadership positions to Cara and Alana. 

“The rebranding and leadership transition were motivated by a strategic move to modernize our brand and ensure continuity in leadership,” Kahan said, in explaining her decision. “Stepping into an advisory role has allowed me to focus on strategic guidance while empowering my daughters to lead. It is a slow transition, with the focus on success, growth and big thinking.”

Two to five years from now, she said, she sees the company scaling through a sales team, implementing tight analytic controls to understand its key performance indicators and focusing on exceptional service. “As my role changes to spending time on our vision, messaging and high-level planning, we ensure a smooth transition and ongoing success for the firm,” she said. 

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected].