Financial Planning for Firefighters: Mapping Your Future
Firehouse Magazine
July 2007
Chief Executive Officer Dennis Smith is the founder of Firehouse Magazine, author, founder and CEO of First Responders Financial.
FIREHOUSE: Since you sold Firehouse Magazine in 1991, what major projects have you worked on?
SMITH: I wrote several books, including A Song for Mary and A Report from Ground Zero. I started a financial business. A credit card was created for the Health and Safety of American Firefighters. In the age of Homeland Security, I changed the name to First Responders Foundation to expand and reflect the view of today’s responders’ responsibilities.
FIREHOUSE: Have you been back to Engine 82 in the Bronx lately?
SMITH: I stop by when I am passing through the area. I attend an annual luncheon. Some friends I speak to once a week.
FIREHOUSE: You started Firehouse Magazine and the Firehouse Expo. What is your goal or vision with First Responders Financial?
SMITH: This company was modeled after a service provided to special groups like the military and teachers. I wanted to create a company that cares about first responders. We will have the best mortgage program where young firefighters can buy a house. The papers were filed in January 2001, but it wasn’t until seeing the work of the firefighters, law enforcement, nurses and EMTs that it gave me inspiration to do everything in my life to serve their interests.
FIREHOUSE: What is First Responders Financial?
SMITH: We want to offer financial services to first responders working with the best companies in America. Including active members, retired members and spouses, the market is around 13 million people.
FIREHOUSE: What services will your company provide to first responders?
SMITH: Professional financial and insurance needs.
FIREHOUSE: What will first responders be able to do working with your company?
SMITH: One thing about creating this business I know for certain is that it will build to be a most important factor in the economic lives of all firefighters, save them significant amounts of money, and make it easier for them to save, borrow and insure. Of course, when I started Firehouse Magazine, I depended entirely on the support of firefighters, and look how the magazine grew with their help. It is the same with First Responders Financial- we cannot grow a good thing without the active support of our firefighters, without them going to www.firstresponders.com and getting involved at no cost. The company is only for them, and without them it cannot possibly work, so in a way we are hoping that we are in the process of making history.
FIREHOUSE: What other services are you looking to add in the future to aid first responders?
SMITH: We will offer mortgages and life, home, auto, catastrophic health and disability insurance, retirement supplemental programs, credit cards and responder rewards programs where you can get great prices on thousands of items, and professional liability insurance.
FIREHOUSE: Any future projects you can mention?
SMITH: I would like to develop an interim family health resort, or a halfway house, to integrate with the person undergoing recuperation and therapy and their family.
Vice Chairman Peter Hayden is a retired chief of department of the FDNY and is vice chairman of First Responders Financial.
FIREHOUSE: Was it the highlight of your career to retire as a chief of department after 32 years in the FDNY?
HAYDEN: I was proud to be a New York City firefighter. I was never more proud than on 9/11. The level of bravery, courage, commitment to duty and the dedication to the recovery operations made me proud to be a member of the fire service.
FIREHOUSE: You were a deputy chief in lower Manhattan on 9/11 and the second incident commander at the World Trade Center. Five years later, do you still think about that day?
HAYDEN: Not a day goes by, given the nature of the job and the things the department is involved in, that I don’t think about that day.
FIREHOUSE: You were in charge of the recover operations at the World Trade Center. Can you sum up that massive undertaking?
HAYDEN: There were extreme challenges with the emotional loss of 343 members. The estimate was much higher. The task of recovering the remains of not only the firefighters, but the civilians had never been confronted before. It was very emotional. Some firefighters went to the site only one time. Others worked on the pile for months. There was a lot of counseling and debriefing that was needed.
FIREHOUSE: You were a vocal proponent of change in the FDNY and with the city command structure. There have been a lot of changes since 9/11, including training, technology and command structure. Are many changes still needed?
HAYDEN: We needed to change if we were subjected to another attack. We looked at technology, communications, incident command system, and increased upper-level management and training for firefighters on terrorist activities. The biggest issue is there are always budget constraints. The citywide protocol of handling emergencies was a poorly written document. It didn’t take into account the training the fire department did. A political decision was made to give many of the emergencies to the police. I felt it was a mistake.
FIREHOUSE: Is there on memorial, painting, plaque or drawing in a firehouse or anywhere that really means more to you than any other?
HAYDEN: The bronze bas-relief sculpture memorial on the outside wall of the firehouse belonging to Engine 10 and Ladder 10 across from the World Trade Center site is six feet high and 56 feet long. It depicts the events of that day and reads, “Dedicated to those who fell and those who carry on. May we never forget.” Through the help of the law firm of Holland & Knight, whose offices sit across from the World Trade Center, a memorial that the families can be proud of exists today. Five years later, there is no memorial to any firefighters or victims. We fulfilled our promise to never forget.
FIREHOUSE: What is your role at First Responders Financial?
HAYDEN: I took the job after I recognized the passion Dennis has in dealing with first responders. Through low-cost loans, fire departments can meet their needs and move forward. With decreased wages and pensions and negative feelings on a good living wage, first responders can get a variety of services to protect themselves and their families.
FIREHOUSE: How will your experiences as chief of department of the FDNY help you in that role?
HAYDEN: I was low key during my career and thrust into the spotlight after 9/11. I can carry the message through my extensive dealing with fire service leaders over the last few years. These are good services for firefighters, their families and fire departments.
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