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Next Item Previous Item Go back to White Papers List Introduction When the Coronavirus pandemic disrupted business as usual in 2020, many financial services leaders were left wondering how to recruit in a world where meeting candidates in person was suddenly impossible. Like many business owners, they had a choice of either adapting to this new environment or waiting it out and hoping for the best. Most realized early on that adapting was the only real solution. And after several months of working in a virtual world, many have also realized that virtual recruiting provides unexpected benefits. Even if the pandemic had not occurred, the move to virtual learning was probably inevitable. In one 2019 survey, more than half of the Gen Z and Millennial participants surveyed said they would not consider a job at a company where they felt the application process was outdated. They value personal connections but expect organizations to leverage technology. To them, an outdated application process is a sign that they can expect outdated systems and support if they join the organization. The good news is that college-aged Gen Z participants in that same survey were twice as likely as Gen X and Millennials to consider a career in sales. Strong, interested candidates are out there, but how you recruit them matters. To see how leaders in financial services are faring in this new environment, we spoke with 12 experienced agency and firm leaders from nine different companies. Some of these leaders had been recruiting virtually for some time, while others made the switch with the onset of the pandemic. All have proven track records recruiting and retaining top performers. This white paper explores the challenges these leaders faced and the opportunities they discovered as they adjusted to a 100 percent virtual environment, as well as the strategies they are using to survive and thrive during this turbulent time. Key Takeaways for Leaders Be well-versed in using videoconference software, and learn to use features such as screen sharing, breakout rooms and the whiteboard. Now is the time to strengthen relationships with your centers of influence. Let them know you care about them personally and professionally. Schedule weekly or biweekly virtual career seminars and use your centers of influence and agents or advisors to drive attendance. Stick to your selection standards. Many people might be looking for work right now, but not all of them are a good fit for the profession or your firm. Hone your listening, observation and questioning skills for conducting virtual interviews, and use other steps in the process to provide a complete picture of candidates’ ability to perform and fit with your culture. Virtual Platforms Leaders who participated in our research use a variety of videoconferencing tools, including Zoom, Microsoft Teams, Google Meets, Adobe Connect and Skype for Business. Using videoconferencing software to conduct meetings with candidates creates a more personal connection than a phone call and allows leaders to assess candidates they can’t meet in person. Listening, questioning and observing become more important when on a videoconference because some of the nuances you might notice in person can be lost. Still, nearly every leader in our research said they can get a good sense of a candidate’s fit with the profession and with their culture through videoconferencing. One leader leverages the platform as an added step in his selection process. He notes, “I can tell if someone got onto a call early and paid attention to lighting, the camera angle, things like that. All of those things are indicators to me of the caliber of the candidate.” Because so many people are familiar with videoconferencing now, your recruiting and selection team must be well versed in using the platform. This is particularly true with Gen Z and Millennial recruits, who are looking for tech-savvy organizations. Several of the leaders we spoke with use platform features such as the whiteboard and breakout rooms. One leader uses the whiteboard exclusively with no PowerPoint presentation. He feels this creates a more engaging and interactive presentation than “death by PowerPoint.” Another leader purchased stand-up desks for his team, so they project more energy as they interact with recruits than if they were sitting. Many leaders have also started using virtual backgrounds. This can project a more professional image and conceals any clutter that you might not realize is behind you while on screen. Many virtual backgrounds are available for free online, and several companies have also created virtual backgrounds that feature their company logos. As prevalent as videoconferencing technology is, though, leaders warn that you shouldn’t make assumptions. It’s still a good idea to check with candidates ahead of time and thoroughly explain the virtual recruiting process. Recruiting Candidates Virtually Many leaders in our research were already using social media to source candidates before the 2020 pandemic. For most, however, the process following that initial virtual contact was often in person. Today, that has changed — the entire process, from sourcing through selection, is virtual. One leader noted, “I’m bringing people on board that I have never actually met in person and may not meet for some time.” Referrals Whether virtual or in-person, referrals from financial professionals and centers of influence remain the leading source of candidates. Obtaining these referrals is not significantly different in a virtual process. Actually, it might be easier during this time when many people are working from home and are easier to reach. It’s especially important to keep your centers of influence engaged right now. Some leaders have started holding weekly virtual meetings with their centers of influence to teach them about their culture and the type of candidate most likely to succeed. Leaders also suggest giving centers of influence talking points about the virtual recruiting process. As always, be sure to keep them informed on the progress of their referrals. Don’t forget that your centers of influence might be experiencing hardships during these difficult times; their businesses might be closed, or they might be struggling with health issues within their families. Now is the time to show that you care about them, both personally and professionally. Whether you are meeting in person or through a videoconference, the Golden Rule applies — give help before you ask for help. One leader offers a word of caution: adhere to your hiring standards. Many people have been displaced from their jobs during the pandemic. And as much as you and your centers of influence would like to help them, you must stick to your selection standards. Finding people who are the right fit for the profession and your culture is just as important as ever. Social Media LinkedIn is still the most-used social site for making connections. The ability to connect with people through groups and mutual connections allows recruiters to make warm-source introductions that are more likely to result in a hire. Many leaders are also using Facebook, Instagram and other social media sites to attract candidates to their agencies’ and firms’ cultures. As one field leader noted, “Everyone is at home right now, and they are all on social media.” As with centers of influence, remember that, with candidates, it’s better to give than to receive. Leaders in the research stressed the importance of posting content that provides value on social media sites, not just asking for referrals and introductions or posting job openings. Use these sites to introduce people to your values and culture and to demonstrate thought leadership in your areas of expertise. Career Seminars Many leaders in our research indicated they are holding weekly or biweekly virtual career seminars to introduce candidates to the profession. They post the events on social media and provide talking points to their financial professionals and centers of influence to help draw candidates to the event. During these virtual seminars, leaders talk about the benefits of the profession and share their personal stories. Many speak of the changes taking place in the industry and the opportunities that come with change, such as the need to grow the profession because of an aging field force and the need for more women and more ethnic diversity in the profession. They talk about the opportunities available and discuss why this is an excellent time to come into the profession. And they explain how they will help candidates build and grow their businesses. Most leaders recommend that virtual meetings last no longer than 30 minutes and be as interactive as possible to keep candidates engaged. The only challenge leaders identified for these events is that much of the collateral they would normally hand out in an in-person meeting is not designed for a virtual event. Some scan and send material via email or post it to be downloaded; others have redesigned recruiting materials for their virtual process. One field leader also noted, “We ask for feedback at every event—even our career seminars. It’s how we continue to improve and attract new people.” Job Boards and Career Fairs With so much consolidation in the industry, along with the disruption in business due to the pandemic, some field leaders and recruiters have started using targeted job boards such as wallstjobs.com or reaching out to wholesalers to connect with financial professionals who are actively seeking new careers. Virtual career fairs are becoming more and more common as well. As colleges and universities adjust to the new virtual environment, they have begun hosting virtual career fairs for their students and alumni. Where that isn’t happening, some leaders have reached out to colleges and offered to host virtual job fairs for them. Job sites such as flexjobs.com and indeed.com also regularly host job fairs. Other sites, such as jobfairsin. com, post listings of virtual job fairs throughout the United States. Selecting Candidates Virtually Selection processes differ across organizations, but all use some combination of the same elements: virtual interviews, job-sampling activities, behavioral assessments and a candidate review process. Virtual Interviews Agencies and firms are using a combination of one-on-one and group videoconferencing interviews during their selection process. Some prefer virtual interviews because they feel candidates are more relaxed when they are in their own environment, and leaders can get a glimpse of the real person. Another advantage of the videoconference is the option to record it. When this is an approved option, leaders and recruiters can focus on the conversation with candidates without having to take notes. And they can go back and review the video to capture details or identify items they want to follow up on after the meeting. Most leaders haven’t changed their questions in the virtual interview process. However, they are paying more attention to body language and asking more follow-up questions to be sure they are getting a good feel for a candidate’s willingness and ability to do the job. They are also spending more time digging into candidates’ reasons for joining the profession. Leaders who are experienced with virtual interviewing recommend taking advantage of videoconferencing features such as breakout rooms. For example, one team starts with a large-group meeting for all candidates and then separates them into smaller groups using breakout rooms, where candidates can have more in-depth conversations with different managers. Pre-Recorded Interviews Some agencies and firms are experimenting with prerecorded video interviews as an initial screening tool. This is especially useful in college recruiting because recruiters can reach out to more schools and more candidates than they can by on-campus, inperson recruiting. Candidates are asked to submit prerecorded videos answering questions supplied by the recruiter. It’s helpful to provide candidates with a tip sheet on how to prepare for this type of interview. Candidates are usually more relaxed because they can prepare and record their answers at a time that’s best for them. And recruiters save time because they can review the videos on their own time as well. There are talent acquisition companies, such as yello. co, that specialize in automated recruiting systems and offer comprehensive services for prerecorded videos. For a less expensive and simpler option, you can simply ask candidates to create a video and send it to you or post it on a secure site. Job-Sampling Activities Leaders are continuing to require candidates to complete fact finders and market surveys and to present business plans. The only drawback to doing these activities virtually is that often, the materials they use were not designed for a virtual process. This has been a minor inconvenience, though, and leaders have quickly adapted. Just as before, leaders are using job-sampling activities to determine if candidates have a market and if they are willing to prospect. The leaders we spoke with also stressed that, in today’s environment, it is more important than ever to see if candidates can overcome challenges. Several leaders require candidates to submit a written business plan. Some have candidates present their plans virtually; others have candidates email the plans to the leadership team. The main purpose of the plan is to help recruits get off to a fast start. Leaders also use these plans as an assessment tool. They look at the quality and effort that went into the plan as an indicator of the candidate’s work ethic and desire to succeed. Behavioral Assessments Many leaders were already using behavioral assessments in their selection processes; others have added them since the pandemic. One leader noted the importance of these assessments right now: “Since I’m not meeting with people in person, I’m depending on these tests to fill in the gaps. If they don’t pass the test, they’re out. No exceptions.” Among the behaviors leaders look for are emotional intelligence, social intelligence, conversation skills and high energy. Candidate Review Process Recruiting teams typically meet weekly to review the past week’s candidates and prepare for the next week’s interviews. As part of the preparation process, one team discusses how they can customize presentations for individual candidates. Because the meeting is virtual, this more personalized approach is much easier to do. Virtual Challenges Virtual recruiting is not without its challenges. Several leaders noted that testing centers have been closed during the pandemic, which is preventing recruits from getting licensed. And, while it may be easier to connect with people when they are at home rather than in the office, that’s possible only if you have their personal contact information. Some candidates, particularly experienced professionals, are reluctant to commit without meeting the leadership team in person and seeing the office space. As locations begin to loosen shut-down requirements, some leaders are allowing high-potential candidates to visit the office, even when selected candidates will be working from home. The greatest challenge for some leaders has been launching recruits. There appear to be two schools of thought within the financial services community. Some leaders feel it is unfair to launch recruits at a time when building their client base is going to be difficult, especially when their onboarding and training will also be virtual. “This is a significant obstacle for new people,” one leader noted, “and it’s unfair to bring them on at this time.” Some leaders have put their internship programs on hold for the same reason. These leaders are focusing their energies on experienced financial professionals. They believe experienced people will get through the pandemic successfully because they already have a client base and are established in the business. Other leaders feel this is the perfect time to bring on inexperienced people. “This is not the new normal for inexperienced recruits,” a leader who is actively recruiting new people said. “It’s simply their normal. They don’t know a different way. To them, it’s just how we do business. I don’t get the same resistance as I do with some of the experienced folks.” Whichever “camp” leaders fall into, all agree that virtual recruiting is not going away. It might never replace inperson recruiting, but it will play an important role in the process moving forward. Virtual Learning Is Here to Stay Many of the leaders we spoke with talked about the benefits of working virtually — for themselves, their agents and advisors, their staff members and their clients. More than one leader remarked, “I’m never going back to doing everything in person.” Several leaders mentioned that they are more efficient and getting more done using a virtual approach. They’re saving time by not driving to different locations and can fit more calls into each day. One leader said he has shaved five days from his recruiting cycle time by doing everything virtually. Even though they are busier than ever, several leaders also mentioned having a better work–life balance with the move to virtual because it provides more flexibility in their scheduling. However, one leader did point out the challenges many female recruits are facing. With schools and daycare centers closed, many parents — women in particular — are trying to manage increased demands on their home and work lives. “It’s important to be sensitive to those challenges,” the leader said, “and let recruits know you will support them through the process.” Leaders in our survey shared two important pieces of advice for virtual recruiting. The first is to have a process and follow it. Each step in the process becomes even more important when you aren’t meeting with people in person. The second is to embrace this new approach. Don’t be afraid of the technology, and don’t wait for things to go back to normal. This is the new normal. When the Coronavirus pandemic occurred in 2020, some of the leaders we spoke with had already been recruiting virtually for years, some jumped right into virtual recruiting and others were a bit slower to accept it. But almost everyone agrees that the change has created unexpected opportunities for increased efficiency, productivity and growth. Virtual Accountability

Next Item Previous Item Go back to White Papers List Nearly nine out of 10 Americans aged 65 or older currently receive Social Security. The Social Security Administration estimates that 21 percent of married couples and 43 percent of single seniors rely on Social Security for 90 percent or more of their income. Whether you are planning to retire in 20 years or 20 days, it’s crucial to understand Social Security, how to qualify for benefits, taxation of Social Security benefits and how working after retirement might affect your Social Security income. This broad overview of the most important aspects of Social Security will help you make the best decisions for financial security during retirement. Social Security Basics Social Security is the largest U.S. federal insurance program that provides benefits to retirees, those who have disabilities and those who lose a spouse or parent. According to the Social Security Administration (SSA), more than 60 million people received monthly benefits as of 2018; 46 million of those recipients are retirees and their families. The Social Security Act was part of President Franklin Roosevelt’s New Deal, a series of programs his administration instituted to bring prosperity back to Americans during the Great Depression. The Social Security Act passed in 1935. Those who work pay dedicated payroll taxes authorized by the Federal Insurance Contributions Act (FICA), which funds Social Security benefit payments. As of 2019, each dollar you pay in FICA taxes goes into two separate trust funds. One fund receives 85 cents for retirees, their families, surviving spouses and surviving children of workers who passed away. The remaining 15 cents funds those with disabilities and their families. Qualifying for Social Security Retirement Benefits Most people must work 10 years at a job where they pay FICA taxes to receive Social Security retirement benefits. As of 2019, the SSA awards one credit for each $1,360 in earnings, with a maximum of four credits per year. The required earnings normally increase each year. The 10-year, 40-credit rule applies to all workers who were born after 1929; those born before 1929 did not need as many credits. Workers cannot earn credits at all jobs. The following are some examples of jobs where workers do not qualify for Social Security retirement benefits: The majority of federal employees hired prior to 1984 Railroad employees who have more than 10 years of service Some employees of state and local governments who have chosen not to participate in the Social Security programs Social Security Retirement Benefit Amounts The amount you receive for Social Security retirement benefits depends on your age and the amount of your lifetime earnings. As you earn more, your benefit amount increases. You can begin to receive your retirement income anytime from age 62 to age 70. The retirement benefit program is designed to pay out the same amount of lifetime benefits, no matter when you choose to file your claim. Of course, how long you live is the factor that has the most impact on total lifetime benefits. The SSA will reduce your retirement payment if you take it early. The longer you wait to collect benefits, the greater the monthly benefit amount will be. The principle behind this is really quite simple. If you start to receive your monthly retirement benefits early, you will receive more payments over your lifetime. If you begin taking them later, you will receive fewer payments, but the payments will be larger. There are many factors to consider when making this decision. But before you can even think about this, you need to know if, how and when you can receive benefits. So, let’s talk about the full retirement age. The full retirement age (FRA) is the age you must attain to be entitled to your full, unreduced Social Security retirement benefit. The FRA for those born between 1943 and 1954 is exactly age 66. For those born between 1954 and 1959, their FRA will increase by two months each year. For example, the FRA for those born in 1955 will be 66 years and 2 months. The FRA for those born in 1956 is 66 and 4 months, and so on. The FRA for those born in 1960 or later is exactly 67. So, to receive an unreduced retirement benefit, which is referred to in Social Security jargon as the “Primary Insurance Amount” (PIA), you must wait until you reach your full retirement age. If a retiring worker with an FRA of 66 and a PIA of $1,000 chose to receive his retirement benefit at age 62, his benefit would be reduced by 25 percent, or $750 (75 percent of his $1,000 Primary Insurance Amount). If they wait until he reaches his FRA, he will receive his full PIA benefit of $1,000. The terms the Social Security Administration uses to describe your benefit can be confusing. For example, the word “full” in the term “full retirement age” does not mean the maximum benefit. The maximum benefit occurs at age 70, which is always later than full retirement age, regardless of when you were born. Now let’s talk about what happens if you wait beyond full retirement age to claim your benefits. For each year you wait beyond full retirement age to receive your benefit, you receive what’s called a “delayed retirement credit.” This is set in law, so it does not fluctuate with interest rates or the equity markets. It’s 8 percent simple interest per year, based on your primary insurance amount for each year beyond your full retirement age. Another way to look at this is that your benefit will be 76 percent higher at age 70, compared with age 62, regardless of the PIA. That is, you will receive a monthly retirement benefit from Social Security that is 76 percent higher every month for the rest of your life if you wait until age 70 to receive it. This happens automatically. All you have to do to get your maximum benefit is wait until you reach age 70. No forms, no calls — just wait. If you want a better idea of what your benefits might be at different ages, visit the SSA website and look up your Social Security statement, or use some of their calculators. Income Taxes and Social Security Some people who collect Social Security retirement benefits must pay income tax on a portion of their benefits. The government will tax a portion of their benefits if their total combined income (combined income = total amount of income, including any taxexempt interest, plus half of one’s Social Security benefits) exceeds Social Security’s set base amount. Keep in mind that your “total income” includes more than just your work income. The SSA will tax 50 percent of your Social Security benefits if either of the following statements is true: Your combined income amount is between $25,000 and $34,000 and you are single. Your combined income amount is between $32,000 and $44,000 and you are married. The SSA will tax 85 percent of your Social Security benefits if either of the following statements is true: Your combined income is greater than $34,000 and you are single. Your combined income is greater than $44,000 and you are married. Working After Retirement To maintain a comfortable lifestyle into retirement, Social Security retirement benefits plus savings and other investments are often not enough. This means that many individuals must keep working for a while, even after claiming an early Social Security retirement benefit. Others keep working just remain active and engaged. At your full retirement age, there is no limit on the amount of money you can earn and still receive your full Social Security retirement benefit. However, if you decide to begin to receive your benefit early and continue to work, be sure to understand how this extra income might impact your Social Security benefits. Social Security will reduce $1 of benefit for every $2 you earn over a set limit. In 2019, this limit on earned income is $17,640 ($1,470 per month), and this limit will go up each year. This continues until you reach full retirement age. Reduced, but Maybe Not Lost Forever The amount of reduced benefits lost due to income earnings that exceed the limits are not necessarily lost forever. Once you reach your full retirement age, Social Security will automatically recalculate a new retirement benefit amount, taking into account any of the lost benefits due to the earned income rule. This calculation will eventually pay out the lost benefit amount, a little bit each year. It normally takes up to 15 years to fully recoup the lost benefit. Social Security and Retirement

Next Item Previous Item Go back to White Papers List When budgets get cut, training is sometimes one of the first casualties. And if training survives the cut, often it includes training for just the salespeople. But it’s just as important to train your sales leaders. Because of cost restrictions, very few organizations have created management development programs. That means most companies do not have a formal plan for how to train and lead others. Sales leaders have been neglected for decades because most companies invest in training their sales force, but few have formal training and development programs for their sales leaders. Most Sales Leaders Receive Little Formal Training The American Society of Training and Development (ASTD) conducted a study that revealed some somewhat surprising facts: Only 11 percent of companies have a formal plan to train their sales managers to a high extent. Another 22 percent of companies do not have a training program for their sales managers at all. And 66 percent train their salespeople on how to improve their selling skills at least once a year. If you want to build your sales steadily with sustainable momentum, invest more in training your sales leaders how to do their jobs. This is especially true if you have promoted a star producer into a management role. He or she probably received a lot of training in sales technique but is expected to move into management with no preparation for learning an entirely new skill set. How can a company expect to get great results from its field-management teams when little effort is made to train them in how to do their jobs? There is no DNA cell that delivers great leadership skills from one generation to another. No one is a naturally born leader. Leaders are developed and trained. The Skills Your Sales Leaders Need Managing a sales team requires a specific set of skills. Expecting sales leaders to do their jobs well without training can create frustration and burnout. Providing them with the appropriate training sets them, and your company, up for success. Seek out training that will help your sales leaders do the following well: Recruiting, interviewing and selecting producers who have great potential and fit the organization’s culture Recognizing each salesperson’s unique talents and optimizing them for the benefit and success of the individual, sales team and agency/firm Ensuring synergy among various ages, genders, cultures and selling styles on the sales team Coaching salespeople in prospecting, setting appointments, selling and closing Teaching veteran producers how to mentor junior producers Being a change agent who can lead the entire sales team in a direction the company or agency/firm needs to go Using the company’s resources wisely Keeping up-to-date on industry trends, regulatory changes and technology updates In Summary When you train your sales leader, it makes a positive impact on the entire sales team, not just that individual. Investing in training for your salespeople only is like watering half your garden. Consider Hoopis Performance Network for Management Training One effective resource for training new or experienced managers is HPN, an innovative virtual platform designed for financial leaders who are building a region, an agency or firm, a sales unit or a sales team. You can get access to hundreds of high-impact sessions for all levels of experience, divided into five distinct elements of success. These sessions are short and easily digestible, averaging less than 10 minutes. Your managers can access the video training anytime, anywhere, on their computers, smartphones or tablets. Train Sales Leaders, Not Just Sales Associates

Financial Wellness Save or Pay Off Debt Calculator: Saving vs using the money you have in savings to pay down debt. Try Our Save or Pay Off Debt Calculator Having savings is important, especially when the savings are part of an emergency fund or a hedge against a loss of income. However, when you also have debt, in the form of an outstanding credit card balance or loan, you might want to consider whether you are better off using the money you have in savings to pay down debt. Back to Financial Calculators We Invite You To “Test Drive” Our Financial Wellness Content Today! Test Drive

The Hoopis Performance Network has formed alliances with industry organizations that complement our existing resources, products and services. Course Catalog Our digital resources are designed to be scalable and customizable depending on your organization’s virtual learning and development needs. For more than a decade, we have been providing digital learning solutions when, where and how your financial professionals and employees need it. Clients in over thirty countries throughout the world leverage our digital content to help them keep pace with the ever-evolving challenges of learning and development in the new world. HPN University helps getting new advisors off to a fast start or reignite experienced advisors to get to the next level? Either way, our digital content and learning solutions are designed to fit your organization’s unique needs. Our content solutions are scalable, customizable and designed to increase advisor productivity and retention. View Catalog EDGE helps leaders succeed at every stage of the leadership journey. This comprehensive digital content library teaches essential skills for building a thriving business, creating a highperformance culture, and everything in between. Whether you want to strengthen your own leadership skills or build your leadership team, and whether you are new to leadership or have years of experience, EDGE has a solution for you. View Catalog Try It Free for 14 Days Get full access to the platform—risk-free. No credit card. No commitment. Just results. Start building your advisor bench today. Start Your FREE Trial

The Hoopis Performance Network has formed alliances with industry organizations that complement our existing resources, products and services. Strategic Partners Leverage Our Strategic Partners to Increase Performance & Productivity The Hoopis Performance Network has formed alliances with industry organizations that complement our existing resources, products and services. Harry Hoopis and his team field tested the tools and resources within his very own “Living Laboratory.” Over 850 financial services companies in more than 70 countries around the world turn to LIMRA first to help them build their businesses and improve their performance. These members rely on our 90 years of industry experience, along with resources in Research, Consulting, Assessment, Development, Compliance and Regulatory Services. Visit Website Why choose us, our clients choose to work with rekroot because of our integrity and effectiveness, through innovative ways to serve as your resource for achieving growth goals. Our mission, what this means to you is, we invest the time to listen and understand, by reviewing your current progress, in line with where you want to be as an office and team. What we do, the real benefit is we will provide a personalized comprehensive analysis that aligns with your goals, values and objectives with actionable items. Visit Website Through our millions of profiles of people for over 3,500 organizations, we have developed highly sophisticated ways to measure these success factors using a variety of proprietary normative profiles. SMG is a leader in talent management solutions, partnering with clients worldwide to help them attract, select, retain, and develop top potential employees. Now the largest sales profiling company in the world, our online system is available 24/7, 365 days a year in 45 countries and in over 40 languages. Our Predictor of Potential (POP™) is a definitive example of our innovative and science-based approach. The POP™ has been thoroughly validated regularly since its creation in 1978 – and we are always improving upon it. The POP™ has become the basis for our other proprietary profiles. Visit Website 25 Point System’s software platform for on-boarding and developing new advisors helps managers attract, retain and grow a digital-age field force by integrating innovative activity management concepts and skill development tools, in an environment that inspires self-management and accountability. Modeled after 25 Point Systems under John Baier’s industry-renowned 25-Point System. 25 Point Systems includes engaging features like leaderboards and a team-based social media feed. Built-in skill development tools introduce micro-learning content, and provide an interface that enables a producer to record scripts and selling techniques, submit to their trainer, manager or mentor, and gain feedback any time of day. At its core, the concept is built on game-like levels, allowing assignments, skill development and production goals to be set for each producer, and utilized as the criteria for incentives, rewards, and advancement opportunity. Visit Website RAD Potential Advisory delivers evidence-based hiring and coaching solutions tailored for sales-driven organizations. By leveraging data analytics, predictive assessments, and targeted development programs, we help clients make smarter talent decisions and build stronger teams. Trusted by businesses across industries, RAD transforms raw data into actionable insight. Visit Website Leadercast is a leadership development organization that hosts events, including the renowned Leadercast Live conference, which features top leaders from various industries. They provide valuable insights, resources, and tools to help individuals and organizations develop and enhance their leadership skills. Through in-person and digital content, Leadercast empowers leaders to unlock their potential and drive success. Their mission is to create leaders worth following who can inspire and elevate those around them. Visit Website InsuranceNewsNet (INN) is the insurance industry’s #1 trusted news source! For cutting-edge insights and innovative strategies, turn to INN—the go-to platform for financial professionals seeking the latest news and resources to fuel success. We deliver timely updates, expert analysis, and actionable content that empowers agents, advisors, and firms to stay ahead of the competition. With award-winning journalism, cutting-edge digital tools, and results-driven marketing solutions, we help our partners grow their businesses and maximize their impact. Our readers save time by accessing all the critical content they need in one place—InsuranceNewsNet.com—without having to sift through multiple publications or news outlets. Visit Website Life Happens is a nonprofit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, including disability and long-term care insurance. Life Happens also seeks to remind people of the important role insurance professionals perform in helping families, businesses, and individuals find the insurance products that best fit their needs. Life Happens does not endorse any product, company or insurance advisor. Its only interest is seeing that consumers get the coverage they need to protect themselves and their loved ones. Visit Website Moody’s Learning Solutions For over 40 years Moody’s has set the industry benchmark in financial services education, elevating the skills of banking and lending professionals worldwide. Harnessing its risk management expertise and insights into banking and finance best practices, Moody’s is the training partner of choice for financial institutions seeking to build a competitive and risk-aware workforce. Visit Website

Next Item Previous Item Go back to White Papers List How Life Insurance Benefits Are Paid When the Insured and Beneficiary Die at the Same Time Life today is very different from what it was in the past. We’re a mobile society, using planes, ships, trains and cars to get where we need to go. Travel disasters happen frequently, from vehicle crashes on highways to devastating plane crashes. We also live in a society of violence. On any given day, there are news reports of shootings, murders and terrorist attacks. There are also natural disasters, such as explosions, floods and fires, that end lives. The potential for many people to die simultaneously has never been greater. Let’s look at how insurance companies address these issues. When a person buys a life insurance policy, he or she names a beneficiary — the designated death benefit recipient. The primary beneficiary is the one who is listed first to receive the death benefit. This may be a person or people, a trust, a charity or an estate. It is often wise to assign a secondary or contingent beneficiary as well. This is the recipient of the death benefit if the primary beneficiary dies before, or at the same time, as the insured. Simultaneous Death Can Complicate Insurance Claims When the insured and the primary beneficiary die at the same time, or nearly the same time, the event is called a “common disaster.” This kind of situation may involve a husband and wife, life partners, a parent and child or even business partners. As you might imagine, such a circumstance is very upsetting and confusing to those who are left behind. One question that needs to be answered is “Who gets the death benefit?” The answer to that question is not necessarily an easy one. It is based on another important question — “Who died first?” — in the circumstance of common disaster or simultaneous death. Sometimes there is absolutely no way to determine this, and the parties are assumed to have died at the same exact moment. However, sometimes it is apparent by bystander observation that one person predeceased another, even if by a minute or so. The order of the deaths can ultimately impact the distribution of the deceased person’s assets. A Legal Act that Helps Determine Inheritance In 1940, the Uniform Simultaneous Death Act, often referred to as the USDA, was enacted to help with determining what path inheritance will take in the event of the simultaneous death of two people who have no heirs or wills. It was amended in 1993. Nineteen states have adopted it as law, and the rest have created statutes based on it. You should be aware of your state’s law on this. The act states that if two or more people die within 120 hours of one another, and no wills exist to guide the distribution of their assets, then each person is treated as though he or she had predeceased the other party. The result is that the assets to be inherited get divided among each person’s closest living relatives, according to level of relationship to the deceased party. The 120- hour stipulation is a way to avoid the repeated taxing of the same inheritance by having the assets pass directly to relatives, rather than first to one estate and then to the other. The assets will go to the relatives of both parties, equally. The USDA also applies to life insurance benefits in the event of a common disaster. In the situation of life insurance benefit distribution, the USDA, or some form of it, can be used to define which beneficiary/ ies would receive the death proceeds. If the insured and the primary beneficiary die at the same time, life insurance benefits will be given to their secondary beneficiary/ies. This is a good reason to consider appointing secondary beneficiaries to a life insurance policy. In the circumstance of life insurance, the insured is presumed to have survived the primary beneficiary, so the secondary beneficiary would receive the benefit. The Primary Beneficiary Is Presumed to Have Died First Here is an example to illustrate this point. Bob and Susan are a married couple on a road trip. Sadly, Bob loses control of their car, hits a median and the car bursts into flames. Bystanders watch helplessly, and it is apparent that both Susan and Bob have died. No one ever saw either of them exhibit any signs of life. The police concluded that they both died instantly. Bob has a life insurance policy with Susan listed as the primary beneficiary. The policy’s secondary beneficiaries are the couple’s two adult children, Marcy and John. So, who is viewed as the first to have died? The law assumes that, in a common disaster, the primary beneficiary died first; in this case, that is Susan. The insured is presumed to have survived the beneficiary. So the death benefit would either go to the contingent beneficiaries — if there are any — or to the insured person’s estate. What would happen if both Bob and Susan died, but Susan did not die immediately? If Susan had lived a little longer than Bob, she would be entitled to the death benefit as the primary beneficiary. If Bob survived longer than Susan but still died, any contingent beneficiaries would receive the death benefit. If there were no secondary beneficiaries, the proceeds would go to Bob’s estate, which now could be subject to probate. A Common Disaster Provision Protects Beneficiaries A “common disaster provision” can be included in a life insurance policy at the direction of the policyholder. Including this provision will protect the contingent beneficiaries in the event that both the insured and the primary beneficiary die in a common disaster, but not at the same moment. Typically, the policy owner will specify that a primary beneficiary must outlive the insured by a specific time period, usually between 10 and 30 days. If the beneficiary does not outlive the insured for the amount of time noted, the life insurance benefits will be paid directly to the secondary beneficiaries. This kind of provision is invoked only when both the insured and primary beneficiary are killed, or they have died as the result of an accident. In Summary Many factors come into play in defining a common disaster, such as who died and when his or her death actually occurred. Some may not always make sense. The Uniform Simultaneous Disaster Act was written to deal with the disposition of assets in this kind of circumstance. Ultimately, a life insurance policy owner can take control of the distribution of his or her death benefit by having a common disaster provision written. Consider Hoopis Performance Network for Advisor Training One effective resource for training financial advisors is HPN, which features online, on-demand, total video-based training built on four Disciplines of Success with access to more than 400 sessions. The coursework can be either self-study or facilitator-led, and it complements any firm, agency or company training programs and marketing selling systems. Your advisors can access the video training anytime, anywhere, on their computers, smartphones or tablets. It’s a cost-effective, time-efficient way to increase productivity, thus retention. Who Died First?

Next Item Previous Item Go back to White Papers List How often do you do things you don’t need to do so you can avoid doing something you are supposed to be doing? We all put off things sometimes, both in our personal and business lives, so there is room for all of us to become more productive. Why We Put Things Off Procrastination is the gap between what we know we should be doing and our actions. When it comes to self-sabotage, procrastination is king. We know what we need to do, but for whatever reason, we put it off. The bigger the gap, the bigger the issue. There are three basic reasons we procrastinate: We don’t like to do the task that needs to be done, or doing it will upset us somehow. This is the most common reason we procrastinate. In life, especially in business, we regularly face tasks we would prefer not to do. But to succeed, we must not only do them; we must make a habit of them. For example, cold calling, asking for referrals and taking educational courses are just a few of the common tasks that are fundamental parts of our jobs but are not on our “can’t wait to do” list. These challenging functions make us feel uncomfortable. The truth is, we just do not want to feel negative emotions — it’s about feeling good now. Often, we simply give in to feeling good by putting off these tasks. These delays sabotage both our short-term and long-term goals. We make our daily goals or tasks vague or weak. We know we really don’t want to make those calls or complete that training, so we make those tasks vague, without a deadline. We say, “I’ll get to that later this week.” It’s impossible to control behavior against such a poorly defined standard. We are easily distracted, and some of us are highly impulsive. We catch ourselves often saying things like, “It will take me only a minute to check my email” or “I’ll just update my Facebook page quickly.” Or maybe we just got a LinkedIn request, so we log in to find out who sent us a connection request. Then all of a sudden, we say, “Oops! Where did my day go?”In today’s hyper-connected world, our digital distractions can provide the perfect excuse for procrastination. But the things we really need to be doing won’t disappear, and putting them off just causes us more to feel more stress and a lack of accomplishment. A task is either too easy or too challenging. The problem with a task being too easy is that we quickly get bored, so we find little motivation in it, and there is little to hold our attention to the task at hand. To keep yourself engaged with tedious tasks, use frequent mini-rewards to keep your focus from one small chunk of time to the next, such as every 30 minutes. Now, don’t do anything big; the reward can be as simple as eating a snack, getting up for a cup of coffee or a soda or taking a brief walk.If the task is difficult, we seem to procrastinate even more. The reasons we do this vary greatly. Maybe we simply lack the confidence — we’re nervous or even scared. So we keep putting a task off, finding anything to keep us busy other than the task that needs to be completed. Finally, because time is normally running out, we force ourselves to do it. And because we are now short on time, we normally do not achieve the level of success that we would have or could have. We lack motivation. Finally, too often procrastinators say, “I lack motivation.” The word “motivation” is a vague term that lacks action. We need to think of what our motive is. In other words, what is your reason for doing a task? Every task we complete should play an important role in accomplishing our ultimate goals. If you have no good short-term or long-term reason for accomplishing a task, eliminate it from your to-do list. Tips for Overcoming Procrastination With today’s world competing for our attention, it’s more important than ever to prioritize where and how we spend our time. This is true whether you’re a financial advisor or a sales leader. We must understand that self-deception is the handmaiden of procrastination. When we don’t feel like completing a task now, we will often deceive ourselves — or try to — by saying, “I’ll feel more like doing this tomorrow.” Or maybe we just won’t remove distractions that we know undermine our work. Too often, we tell ourselves little white lies as we wait to become inspired and take action. However, deep down, we know these are just excuses. To end the self-sabotaging act of procrastination, it’s essential to stop all these self-deceptions. How can you do this? Let’s look at a few simple tips for fighting off procrastination to become more productive. Simply get started. This is the most effective solution. If your action plans call for you to do a task, don’t think about; just start doing it. Put a sign on your desk that reads, “Am I procrastinating?” The quicker you recognize it, the faster you can move on to the task at hand. A task begun is a task half done. Don’t think too far ahead — take baby steps. Research indicates that establishing a low threshold to task engagement will fuel your motivation and change your perception of the task. Quickly you will discover that it was not as bad as you thought. Recognize and acknowledge your delay tactic, and move on. Look carefully at your progress on your daily task sheet. Are you choosing what you like to do over what you don’t? If so, recognize and acknowledge it. Don’t get upset with yourself; just acknowledge it and move on. You may want to say to yourself, “Time to move on.” This catch phrase simply allows you to acknowledge that you are procrastinating, and you are getting back on track. Set deadlines. Deadlines allow you to have enough time to accomplish your task thoroughly. They let you know when you need to have it completed, which will tell you when you need to start it. That will enable you to be more productive and focused. Evaluate these difficult tasks, and break them down into a step-by-step routine or process. Also, break your day up by adding a couple of easy tasks as relief from the more difficult work. These are deadlines that you impose on yourself, so don’t freak out — it is a commitment to yourself. Decide when you will begin the task and when you will have it completed. And when it is time to start, start! Don’t think about it. Dig in and begin. Having self-accountability is great; however, if you don’t feel like you can hold yourself accountable, then get someone else to establish deadlines for you and check in with you to see how you’re progressing. This is a common challenge for advisors, especially those who are just starting out. If you’re an advisor, then get your manager or a mentor to work with you. If you’re a sales leader, ask another manager or colleague to hold you accountable. And you can do the same for him or her. By promising to complete certain tasks by a certain day or time, you will begin to form the habit of delivering on commitments. Know how long each task takes. We must become aware of exactly how long each specific task takes to complete, rather than just guessing. Take control of your time. To do this, you must learn what really takes 15 minutes, what takes 30 minutes and what takes an hour. By improving your estimate of how long a task will take, you can get better control of your time and achieve a sense of accomplishment by checking each task off your list. Know what you do while you’re procrastinating. We all have our special distractions to fill in the time. To overcome these, we must first identify what they are. What distracts you? Are you filling your time meant for other things by browsing social media or getting lost in the maze of the Internet? These digital distractions are powerful temptations. We all find it too easy to click on a social media icon when a task is too boring, difficult or uncomfortable to do. Begin to make notes about exactly where your time goes. This will enable you to consciously build your resistance to these distractors. Create a detailed daily action plan — a list of tasks you will accomplish each day. Assign specific time periods during the day for each task — for example, calling people to set appointments from 8:30 to 10:30, following up with people from 10:30 to 11:15 and taking an online course from 4 to 5:30. Reasons We Want to Complete Important Tasks Wouldn’t you agree that there are only two basic reasons for doing anything? We take an action because it is inherently pleasurable. In this case, we most likely won’t need any other motivation. We want a positive outcome that will result from completing a task. This could be short- or longterm in nature. A simple example might be to obtain enough referrals and networking leads each week. A short-term benefit is that you can avoid having to ever make cold calls again and thus spend less time on the phone and more time in front of potential clients. A long-term goal is to build a successful practice on client or network-based referrals, which will replenish itself based on its very nature. Those are both compelling reasons to get started on a task and complete it. If you are a sales leader, being in control of your time and digging in to complete even the most dreaded tasks will set a good example for your advisors. If you’re an advisor, learning how to conquer procrastination can help you build a more successful practice. Everyone can overcome procrastination. So don’t procrastinate! Start putting these tips to work today. Stop Procrastinating

Speaker, Author, Coach, Boxer, Knock Out Networker Michael Goldberg CSP Speaker, Author, Coach, Boxer, Knock Out Networker Michael Goldberg has helped thousands of financial advisors, brokers, and agents generate hundreds of thousands of dollars using his Knock-Out Networking system. Michael’s firm Knock Out Networking has been recognized as a speaking and training resource in the insurance and financial services industry for over 20 years. Michael launched THE Networking Group in 2014, a national networking organization with over 60 Members across the U.S. and Canada. Michael speaks at conferences and associations, runs sales meetings, and delivers “results driven” programs on networking, referral marketing, and recruiting. Clients include Morgan Stanley, Merrill Lynch, UBS, Oppenheimer, Mass Mutual, Chubb Insurance, Mutual of Omaha, and Aflac. Michael writes regular columns for various industry publications and has been referenced in the Harvard Business Review and Fast Company magazine. His blog 3-Minute Rounds has thousands of subscribers worldwide. Michael is a two-time TEDx Speaker and has spoken at major conferences in the financial services industry including the Million Dollar Round Table (MDRT). His book Knock Out Networking for Financial Advisors is considered a “go to” for new advisors, top producers, and field leaders in the industry. Michael is a Certified Speaking Professional (CSP), an earned designation awarded by the National Speakers Association and the International Federation for Professional Speakers to recognize demonstrated commitment and success in the speaking profession. Fewer than 5 percent of the thousands of speaking professionals worldwide hold this designation. Michael has been an award-winning adjunct professor teaching public speaking at Rutgers University since 2004 and frequently volunteers as a speaker at organizations focused on career search. Previous Speaker Go back to Speaker Network Next Speaker

Sought after Speaker, Kemp Financial Group Jessica Kemp MBA, CLU Sought after Speaker, Kemp Financial Group Dedicated to the financial services industry, Jessica’s passion for the business is evident when working with her clients. A graduate of Niagara University in Lewiston NY, Jessica received an undergraduate degree in Business commerce and an MBA degree in General Management. In order to provide her clients with a total financial security plan, Jessica has both the Canadian Investment Funds Course (CIFC) and the Life License Qualification Program (LLQP) certification. Jessica has been a sought-after speaker for many of her industries Financial Centers across Canada, as well as home office events over the past 4 years. She has addressed nine different regions and two major venues including the GTA women’s forum and the Advocis organization in Toronto. Her topics include “Building her Business”, having a passion for what you do and the sharing of how she has achieved the successes in qualifying for major conferences including the International Million Dollar Round Table organization. The feedback has been overwhelming on the passion she displays in her delivery and the love she has for her chosen career in helping people achieve their financial goals. Please visit Jessica’s website to learn more about her speaking engagements, and to book her to inspire and motivate your employees to take their practice to the next level. Previous Speaker Go back to Speaker Network Next Speaker