Next Item Previous Item Go back to White Papers List One of the most important questions parents who have a child with special needs ask themselves is, “What’s going to happen to my child when I’m no longer here?” To a large degree, the answer to that question will depend on the steps you begin taking today to arrange for your child’s future well-being. Having a child with special needs requires considerable planning, both for the short term and the long term. Taking care of the legal formalities regarding your child’s long-term care will give you peace of mind. First Steps Planning for the future care of a child is important under any circumstances, and it’s especially critical to do so for a child with special needs. Here are initial steps you should begin taking today: Assess your child’s prognosis. Will your child ever be able to earn a living, manage assets, and live independently? Your evaluation of issues such as these will then guide you in the type of planning you need to complete to provide for your child. If you are unsure about your child’s future prognosis, be conservative in your assumptions. You can always change your plans in the future. Review your financial situation. What assets do you have available to provide for your child’s future financial needs? What can you do to accumulate additional assets for his or her care? Evaluate living arrangements. Where do you want your child to live after your death, or if you become physically unable to care for your child? Will your child need a guardian (or conservator)? Understand government benefits. Do you know what government benefits are available and what the requirements are to qualify for them? Government benefits and their requirements can play a major role in your child’s future well-being. Improper or careless planning could make your child ineligible for certain benefits. Government benefits fall into two groups: Entitlement programs. Eligibility for entitlement programs is based on meeting certain requirements, such as age, disability, or blindness. An individual who, for example, meets the required definition of “disability” is entitled to receive benefits, regardless of that individual’s financial situation. Needs-based programs. To receive benefits from a needs-based program, a disabled individual cannot have income or assets above stated amounts. Legal Planning Overview Once your initial assessment is complete, the care and well-being of a child who is either a minor or an adult who is mentally, physically, and/or developmentally disabled can be greatly enhanced by your efforts to complete legal, medical, financial, and educational planning. This white paper focuses on the area of legal planning. Please see our other white paper for tips on medical, financial, and educational planning for a child with special needs. In general, legal planning will establish how your estate will be distributed when you die. Who will care for your child with special needs when you’re no longer able to do so? How can your estate be arranged to provide for your child without disqualifying him or her from receiving government benefits? The 6 legal issues listed below are important in planning the future for a child with special needs. Will. The primary purpose of a will is to state how you want your assets distributed at your death. Guardian. If your child’s condition warrants it, give careful thought to naming a future guardian or conservator for your child, after both parents are gone. The child’s guardian may be different from the trustee of financial assets. Letter of intent. A letter of intent serves as a blueprint of what you want your child’s life to be like if there comes a time when you can no longer care for him or her. Special needs trust. This type of trust that can receive and manage assets for the benefit of your disabled child, without disqualifying him or her from receiving government benefits. Be careful here—boilerplate wording from an attorney who is not experienced in this field will not suffice. Special needs trusts should be specific and include exact wording, to prevent your child from being disqualified from receiving government support. As your child reaches adulthood, you might lose the authority to make decisions for him or her. The two documents described below enable you to continue assisting your adult child in making appropriate decisions throughout his or her lifetime. Both documents refer specifically to the Health Insurance Portability and Accountability Act of 1996 (HIPAA). This allows disclosure of medical and hospital records and information to the “agent” that is not subject to federal regulation of privacy rules. Don’t forget to identify “alternate agents” to carry on for you after you are no longer able to do so. Power of attorney. This legal instrument is used to delegate legal authority to another person, giving that person the authority to make property, financial and other legal decisions during the lifetime of the person who executes the power of attorney (the initiator). A power of attorney remains in effect only while the initiator is alive. Upon the initiator’s death, it is automatically canceled and of no effect. Medical directives. In addition to recording the treatments an individual wishes to have or not have, should he or she become unable to make those decisions, a medical directive also appoints a proxy—someone to make medical decisions for a person who cannot make medical decisions on his or her own. Now let’s examine each of these 6 important legal areas in more detail. Your Will A will is the legal document that states the actions you want taken after your death, with regard to the disposition of your property, the guardianship of any minor or disabled children, and the administration of your estate. If you die without a will, you are said to die “intestate,” and the state in which you reside will make these important decisions through its intestacy law. This means that the state will determine who receives your property, who becomes the guardian of your minor and/or disabled children, and how your estate will be administered. By preparing your will, you can avoid negative potential implications such as the following: The court-appointed guardian might not be someone your child even knows. Any inheritance received by your child in excess of $2,000 could disqualify him or her from receiving needs-based government benefits. A will is an important first step in your legal planning… it sets everything else in motion. Guardians In most states, once a child reaches age 18, he or she is presumed to have decision-making capacity, and the parents’ legal authority ends. Parents of children with special needs have various options, each with advantages and disadvantages depending on the situation, to establish a new legal authority to continue making important decisions for the child. If the child is incapable of making personal or financial decisions once he or she reaches the age of majority, a parent—or anyone else who is an adult, is not incapacitated, and does not have a significant conflict of interest—can petition the court to be appointed the adult child’s guardian or conservator (the terminology is different in different states). It’s important to give careful thought to who will have responsibility for your child with special needs after both parents are gone. A guardian or conservator is the individual who will care for your child and manage his or her affairs when you’re no longer available or able to do so. The laws regarding this person’s roles vary from one state to another. Among the various guardianship/conservatorship arrangements, there are 2 basic types, and you will need to select one of them. Your choice will largely depend on your evaluation of your child’s developmental disabilities: Limited guardianship or conservatorship. The powers of the guardian or conservator are limited to reflect the needs of the disabled individual. A limited guardian or conservator is appropriate if your specialneeds child is capable of performing some, but not all, the tasks of daily living and/or managing his or her financial resources. General guardianship or conservatorship. The guardian or conservator has full decision-making powers for a disabled individual with respect to finances, living arrangements, medical care, etc. Letter of Intent A letter of intent is a blueprint of your child’s situation and your wishes for your child when you are no longer there to carry them out. Although it is not legally binding, the letter provides direction for the person or persons who will be caring for your child. Write a letter of intent as soon as possible and update it as your child grows. Include the following types of information: The child’s vital information (full name, nickname, place and date of birth, Social Security number), plus the name and contact information of anyone involved in your child’s life, such as a caseworker, school or work contact, financial advisor, executor of your will, and/or the child’s guardian. Medical information about your child, including diagnosis, care, and support he or she currently receives, medications, emergency instructions, physicians, therapies, etc. It’s a good idea to either include a set of the child’s medical records or to state where those records are located. A “snapshot” of your child’s capabilities with regard to activities of daily living (eating, bathing, getting dressed, toileting, transferring, and continence). Any special equipment your child needs, such as wheelchairs, shower chairs, modified computers, voice-recognition software, utensils or plates, etc. Also include whom to contact to maintain this equipment or where to go to repair or replace it. Education your child has received, as well as future education you’d like him or her to receive. Living arrangements…where would you (and your child) like for the child to live if something should happen to you? What happens if you become physically unable to care for him or her anymore? Indicate whether you feel your child can live independently or would be better in a group environment. This decision might need a long lead time (years, even) to put into place for independent living, depending on where you live. Employment opportunities that you feel might be open to your child when he or she becomes an adult. Social/behavioral information, such as activities and the types of toys your child enjoys, who your child likes to play with, plus any behavior-management issues, including how you discipline your child. Dietary information, including food likes and dislikes, diet restrictions or allergies, problems swallowing, etc. Religious information, as appropriate. Financial guidance, including information about medical insurance, financial resources available to the child, and whom to contact for assistance and additional information. Special Needs Trust The purpose of a special needs trust is to provide financial assets for your child’s future care and well-being, while maintaining his or her eligibility for government benefits, such as Social Security, Supplemental Security Income, Medicare, or Medicaid. Under current federal law, an individual with more than $2,000 in assets will be disqualified from most needs-based government benefits. State assistance programs might also be based on need. The only exception to this law is an ABLE account, also known as a 529 ABLE or 529A account. It is a state-run savings program for eligible people with disabilities in the United States. Rules governing ABLE accounts are codified in Internal Revenue Code section 529A, which was enacted by the Achieving a Better Life Experience Act in 2014. If your child were to receive an inheritance from you directly, it’s highly probable that the inheritance would disqualify him or her from receiving needed benefits. Do not leave assets directly to your child. With a special needs trust, you leave assets to the trust. The trust is managed by a trustee, who can use trust assets on your child’s behalf. Special needs trust requirements are stringent, so it’s important that you consult with an experienced attorney to set one up. In a properly structured special needs trust, the trust holds title to the property for the benefit of the disabled child or adult. The assets in the special needs trust can be used to provide for the needs of the disabled individual and to supplement benefits received from government assistance programs. For example, trust assets could be used to provide your child with the following: Transportation, including the purchase of a vehicle Training, rehabilitation, or education programs Equipment Payment of medical, dental, and eyesight needs Payment of insurance premiums Companion/home health aides Entertainment Items to enhance quality of life/self-esteem A special needs trust can hold cash, as well as title to stocks, bonds, mutual funds, real estate, and personal property. In addition, it can own and/or be the beneficiary of life insurance policies. Another use for a special needs trust is to receive any proceeds from personal-injury settlements without jeopardizing the disabled individual’s eligibility for government benefits. Special needs trusts are designed to supplement, not replace, the kind of basic support provided by government programs like Medicaid and Supplemental Security Income (SSI). Special needs trusts pay for comforts and luxuries – “special needs”—that could not be paid for by public-assistance funds. This means that if money from the trust is used for food or shelter costs on a regular basis or distributed directly to your disabled child, those payments will count as income to him or her. This can affect eligibility for government benefits. One of the trustee’s most important jobs is to use discretion in making distributions from the trust, so as not to jeopardize the beneficiary’s eligibility for these government benefits. If the beneficiary receives SSI, here are some basic expenses that should not be paid through a special needs trust without consultation with a special-needs attorney: Cash given directly to the beneficiary for any purpose Food or groceries Restaurant meals (except if given as an occasional gift) Rent or mortgage payments Property taxes Homeowners or condo association dues Homeowners insurance if the insurance is a mortgage requirement Utilities such as electricity, gas, and water Utilities hookup or connection charges However, many of these payments will only cause a 1/3 reduction in SSI benefits. The trustee may determine that the benefit of the trust making these payments far outweighs the loss of income. Still, to ensure that your child can retain eligibility for government benefits, it’s important that wellintentioned family members, such as grandparents, understand that their wills should bequeath assets to the special needs trust, not directly to the disabled individual. Power of Attorney A power of attorney (POA) is a legal document giving one person the power to act for another person. Conventional POAs lapse when the creator becomes incapacitated, but a “durable POA” remains in force to enable the agent to manage the creator’s affairs, and a “springing POA” comes into effect only if and when the creator of the POA becomes incapacitated. A medical or healthcare POA enables an agent to make medical decisions on behalf of an incapacitated person. A person who is appointed as power of attorney is not necessarily an attorney. The person could just be a trusted family member, friend, or acquaintance. Medical Directives Medical directives, also known as advance directives, guide choices for doctors and caregivers if a person is terminally ill, seriously injured, in a coma, in the late stages of dementia, or near the end of life. Advance directives need to be in writing. Each state has different forms and requirements for creating legal documents. Depending on where you live, a form may need to be signed by a witness or notarized. You can ask a lawyer to help you with the process, but it is generally not necessary. You can change your directives at any time. If you want to make changes, you must create a new form, distribute new copies, and destroy all old copies. Specific requirements for changing directives can vary by state. It’s easy to feel overwhelmed when doing the legal planning needed to ensure that your disabled child will get the best care possible. But advance legal planning is critical to ensuring that all potential scenarios are covered. Being proactive in this area can prevent costly, stressful, and time-consuming problems from occurring down the road. Legal Planning for a Child with Special Needs

Next Item Previous Item Go back to White Papers List The other day, I saw a question that a software company owner posted online. He asked if it’s necessary to be “nice” in business. He was frustrated with employees who’d complained about feeling pressured to work 70+ hour weeks, having to chase new business with a fierce competitiveness and working within a tyrannical internal culture. His feeling was that true professionals are born fighters. I don’t agree. I believe a strong firm culture builds a strong firm. This is not to suggest that success can be achieved, individually or as a firm, without focus, energy, initiative and passion. It can’t. Success can be achieved, however, in a culture that values integrity, employees, compassion and high ethical standards. I believe that a strong firm culture develops and sustains a strong firm. Employees who are part of a strong culture that aligns with their own personal values tend to be more engaged in the organization, and therefore more productive. This article makes the case for a strong firm culture that emphasizes happy employees and strong values. It also lays out a framework for analyzing your firm’s culture and strategies for making improvements where needed. Take a Cue from Scrooge Who doesn’t know the story of Ebeneezer Scrooge, the penny-pinching, mean-spirited old grouch of a business owner who Charles Dickens brought to life in his 1843 novella A Christmas Carol? As the story went, Scrooge was an aging and bitter business owner with no family of his own. The ghost of a deceased former business partner was haunting his subconscious. Scrooge had one lone employee, Bob Cratchit, to handle the company’s books and collect from customers with the ferocious zeal of an IRS agent working for a bonus. A family man with a disabled son named Tim, Cratchit meekly asked Scrooge for Christmas Day off from work. It was a request for which he would pay dearly in the form of nonstop verbal and emotional abuse from Scrooge. Scrooge eventually granted Cratchit Christmas Day off without pay, only because of the Christmas custom. Besides, no businesses would be open for business on Christmas Day and, thus, no collections could be made. Bob eventually persuaded the sad and lonely Scrooge to join the humble Cratchit family for Christmas dinner. Scrooge saw the positive spirit of the sick son, Tim, and the struggles of this loving family to make ends meet on the paltry wage Scrooge was paying. He heard the warnings of his ghost-partner, Jacob Marley, urging him to choose love over money. Eventually, Scrooge rose to become a business owner who knew the value of values. He learned that a happy employee with a healthy work–life balance could help him build a successful firm. Happy Firm, Happy Life OK, I’m taking some liberties here with the old phrase, “happy wife, happy life.” A happy employee is absolutely necessary to building a strong firm. Employees who come to work excited to fulfill the firm’s mission, effervescent with energy and ideas, and with a plan and the focus to execute the plan are typically successful employees. Successful employees set goals. They meet and exceed deadlines. They contribute to the success of their teams and to the firm as a whole. Compare these successful employees with the disgruntled employee who chronically shows up late or barely on time. The one who has a tired, disinterested look on his face. The one who takes too-long lunches, shuffles out early and complains to co-workers about colleagues or leadership. Employees like that are a cancer to an entire organization. They can breed negativity throughout the ranks with their bad attitude and divisive behavior. They can turn a high-octane sales meeting on its head with disruptive comments and sighs or scare off potential clients by complaining or being unprepared. Imagine what can happen to a firm in which many employees give off an unprepared and negative vibe. If your firm isn’t fostering a strong and positive culture, you will end up with a weak and negative firm. Studies prove this point from many angles. Let’s take a look at some eye-opening facts. Happy Employees Are Up to 20 Percent More Productive than Unhappy Employees A study conducted in 2015 by Competitive Advantage in the Global Economy looked at the correlation between employee happiness and workplace productivity. This study found that happy employees give more effort at work. As a result, they are 20 percent more productive than unhappy employees. This is not to say that happy employees are more productive because they are working more hours. Happy employees know when to put in extra time and when to take a break. They aren’t distracted with unattended at-home responsibilities or with a fear of unreasonable demands at work. As a result, happy employees are free to focus on work tasks at hand because they are not distracted by stress. They are properly rested, and they are physically and mentally strong. They have a clear focus for achieving goals at work and responsibilities at home. Happy Employees Are More Accurate in Their Work than Unhappy Employees Perhaps because of their state of happiness, happy employees are not only more productive than unhappy employees, they’re also more accurate in their work. According to the same study just mentioned, those employees averaged 19 percent greater accuracy than employees who reported they were unhappy at work. According to the study, the improved accuracy can be attributed to three key factors: Fewer distractions and, thus, better focus Greater investment in personal and organizational results Stronger desire to achieve goals and meet expectations Employees Who Are Encouraged to Live a Healthy Work–Life Balance are Twice as Likely to Be Happy at Work A Robert Half study on workplace happiness found that employees with a happy home and work–life balance were two times as likely as “workaholics” to be happy at work. According to the study, happier employers were also more loyal, more accurate in their work and more productive. Not surprisingly, organizations known to promote a healthy work–life balance also are able to attract and retain happier (and more productive) employees, according to that same study. So what is considered to be a healthy work–life balance? Here are some of the top factors mentioned in the study and other employee surveys: Flexible work options — Telecommuting and working from home are no longer new concepts. According to the Robert Half study, these are important factors that successful employees consider when choosing an employer. Flexible schedules — Flextime is an increasingly common option, allowing employees to combine work, home and downtime into a schedule that promotes personal productivity. Healthy-living support — On-site gyms or gym memberships, employer-sponsored wellness programs and stress-management programs have been shown to improve employee happiness, productivity and retention. If your firm lacks the financial or human resources to manage a wellness program or offer flexible working arrangements, there are other things you can do to promote a healthy work–life balance for employees. Here are just a few ideas: Contact your health insurance provider to see if it offers wellness programs, wellness incentive initiatives or other programs at no cost to your firm. I know of a few firms whose health insurance plan gives employees up to $30 per month in a health savings account if they wear a fitness bracelet and log 10,000 or more steps each day. Contact local gyms to inquire about workforce membership discounts. 3. Contact wellness professionals in your area to see if they sponsor health fairs or conferences. You might find integrative wellness teams of physicians, nurses and even licensed massage therapists willing to go to your location for a wellness day of health screenings and chair massages. Consider employee incentives that reward productivity with a gift certificate for a massage or paid time off. Look to your corporate vendors for positive ideas. For example, perhaps your retirement plan administrator offers free on-site financial planning workshops, or your accounting firm offers free tax-planning classes. Plan a team-building event annually or quarterly. You can do this to announce a new initiative such as a new corporate code of ethics (more on this below) or to promote a day of fun like a spring picnic, a day at the ballpark or a walk for a cause. A Happy Sales Force Produces Nearly 40 Percent More In his bestselling book The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work, former Harvard professor and popular TEDx speaker Shawn Achor turns traditional thinking on its head. In the book, Achor scientifically lays out why happiness breeds success, not the other way around. When it comes to sales force happiness and productivity, Achor says happy sales reps are nearly 40 percent more successful than unhappy sales reps. If that’s not a compelling argument for doing everything reasonable to foster happiness in your firm, I don’t know what is! You can get Achor’s book new or used here. (Tip: think about giving a copy of this book to everyone on your leadership team to ignite the happiness spark in your firm.) The Case for an Ethical Workplace Happiness and numbers are important, but they’re certainly not everything. A strong firm is supported by a strong code of ethics, which conveys trust and reliability to employees, customers and the community at large. Think about it: if clients don’t trust your firm to act with integrity, will they stay with you? Probably not. Trust is critical to long-term customer retention, and longterm customer retention is necessary for the long-term success of any organization. The problem with the discussion of ethics is that it’s difficult to define. You know it when you feel it. Here are some examples of what ethics looks like (and doesn’t look like): Employees laughing it up by the water cooler might be having a great time and appear happy, but if they’re spending more time at the water cooler than they are on achieving goals, they’re not the productive employees you want. Productive employees respect their employer’s time and money. An employee who will do or say whatever it takes to close a sale might be driving numbers, but if she’s untruthful or doesn’t deliver what she promises, then she’s going to cost you dearly over time. An employee willing to break your rules for clients might be making them happy in the short term, but he is cheating your firm. Those clients’ temporary satisfaction can’t last because in their gut, they know they can’t trust your employee to do the right thing. Creating a code of ethics is important to encouraging team members — requiring them — to act with integrity. It conveys your firm’s values in writing and makes it clear that team members and leaders are expected to uphold those values at all times. A corporate code of ethics is a complex set of ideas and expectations distilled into an easy-to-understand and easy-to-follow guide for employees and leadership. Creating a code of ethics can take a lot of time, but it’s worth it. It protects your firm’s reputation and your client relationships, and it promotes a high-quality workplace and workforce. I recommend reading this guide for help with researching, developing and upholding a strong code of ethics. Once you understand the importance of having a code of ethics and work through the process of creating one, you will increase employee pride in your firm and respect among your clients and within your community. Why Top-Down Passion Produces Bottom-Up Results Happiness alone doesn’t produce results; a happy workforce led by passionate leaders does. You can’t fake passion. If you don’t believe in your firm or love what you do, it’s going to show. Employees, clients and your community will feel your lackluster vibe. On the other hand, if you love the work you’re doing and the impact you’re making, your potential and existing clients will feel your positive energy. High-quality advisors will want to work for your firm. Clients will want to refer you to their friends and family. The community will seek you out for solutions, speaking engagements and leadership roles. If there’s something you don’t love about your firm, from your employee relations or customer quality to your bottom line, or even your interior décor, figure out why and change it. In my white paper “Igniting Passion into Your Firm’s Culture,” I spell out the importance of passionate leadership and a passionate workforce. If you haven’t downloaded this white paper yet, please do. It offers great ideas for finding your passion for what you do and fostering it among your employees. The key takeaways in that white paper center around a common theme: empowering your employees by investing in them. Here are examples of ways to do that: Implementing a mentorship program in which employees are heard, motivated, helped and held accountable Considering and using external coaching and training programs like the ones we deliver at HPN Encouraging and providing continuing education to employees (beyond what’s required by law) Giving recognition where recognition is due Offering incentives and rewards for performance Encouraging an open-door policy that allows employees a safe avenue for discussing concerns and ideas. Without an open-door culture, disgruntled employees might take their grievances to the breakroom instead, and that can spell trouble for your team. In other words, passionate leadership means thinking actively about how to promote and encourage employee success. In the process of educating and supporting happy, productive and ethical employees, passionate leaders naturally deliver success for the firm. Is Your Firm Culture Working? Is your firm culture at the top of its game? Are you and your leadership passionate about tomorrow, satisfied with your numbers and proud of the work you’re doing? Are your employees happy, loyal and productive? If yes, then keep doing more of what you’re doing. It’s working! If not, or if you know in your gut there’s room to improve, then it’s time to think about how to create a stronger firm culture and, ultimately, a stronger firm. We can help. Hoopis Performance Network training and courses are designed specifically to help financial services firms grow and thrive ethically, passionately and successfully. Contact us to see how our team can get to work with you and your team to help you ignite your passion, create a happier workforce and build a stronger firm. How a Strong Firm Culture Builds a Strong Firm

Keynote Speaker and Strategic Business Consultant Richard Weylman Keynote Speaker and Strategic Business Consultant As chairman of an international consulting firm and best selling author, Richard has established a worldwide reputation for helping clients create opportunities for profitable growth. Most importantly, he communicates how to make the organizational & professional changes needed to effectively elevate business performance. Richard Weylman is the author of three books, two of which are international best-sellers, including his latest the CEO Reads best-seller, The Power of Why: Breaking Out in a Competitive Marketplace, available in 5 languages. He has delivered over 2,500 keynote speeches on four continents to audiences of 20 to 40,000. Forbes Media calls Richard’s content & presentations “brilliant.” The Council of Peers Award of Excellence (CPAE) Induction into the Professional Speakers Hall Of Fame Direct Selling Association Partnership Award for measurable impact on member companies Nominee for the Horatio Alger Award Richard was orphaned at the age of six, and spent his childhood living in 19 different foster homes and attending 11 different schools. However, he has always framed that life experience as great training; “no problem meeting and connecting with new people!” He believes in philanthropy and provides ongoing support for many organizations. Previous Speaker Go back to Speaker Network Next Speaker

Founder, Thrivos Consulting, LLC Penny Phillips Founder, Thrivos Consulting, LLC After a decade of working with financial advisors and institutions on practice management, Penny launched Thrivos Consulting with a vision of building a firm that would transcend the traditional norms of industry consulting. Founded on the belief that in order to thrive one must successfully navigate change, Thrivos offers services designed to support professionals and institutions as they learn to turn industry challenges into opportunities. With a keen ability to connect with professionals across varying demographics, Penny has had success working with clients ranging from top independent advisors seeking support around building a multi-gen team to multi-billion-dollar enterprises looking to explore scale and growth opportunities. Penny has worked with countless advisory teams and broker dealers on issues ranging from the integration of next generation talent to succession planning to communication and behavior management. She previously ran a national business-building workshop series for financial advisors. She has authored multiple practice management programs, and has been featured as a keynote speaker at conferences and events for the following firms LPL, Investors Group, Guardian Life, Morgan Stanley, MassMutual, Northwestern Mutual, Prudential, New York Life, Signature Financial Solutions, Flexible Plan Investments, RBC, and Platinum Advisor Strategies. Previous Speaker Go back to Speaker Network Next Speaker

Founder of Fearless Referrals Matt Anderson Founder of Fearless Referrals Matt Anderson, of the Referral Authority, has grown his business almost exclusively by referrals and now speaks and coaches not only across the US, but in Canada, the UK and the Middle East. He specializes in training and coaching insurance and financial service professionals how to get more and better referrals. Referral coaching clients come from independent agents and companies including Country Financial, New York Life, State Farm, and AXA. Matt has spoken at Million Dollar Round Table, the NAIFA national conference and at the Institute of Financial Planners annual conference in the UK plus the UK MDRT Day. Matt has been published in NAIFA’s Advisor Today, National Underwriter, Investment Executive and Horsesmouth.com in the US and Professional Adviser and The Professional in the UK and Ireland. He has recorded several referral and networking training videos for Hoopis Performance Network and New York Life. He is the author of Fearless Referrals, which Brian Tracy, author of The Psychology of Sales, says “teaches you the “Golden Rules” for developing a continuous chain of high quality referrals for any product in any business.” Previous Speaker Go back to Speaker Network Next Speaker

Next Item Previous Item Go back to White Papers List Whether new recruits or those who have been at their job for a while, passion remains one of the biggest drivers for making sales. When agents and advisors are passionate about their job and passionate about helping their clients, they close more sales. As an owner or manager, the single most effective way you can begin to ignite passion and purpose in your team is through your attitude. If you are excited, positive, and supportive, you will see the same kind of attitude from your producers. Creating a culture of passion and purpose is so vital to the health and success of your business, so you need to make it a priority. Some things you do to start the fire and keep it burning include: Implement a Mentorship Program Mentoring relationships at your firm or agency are symbiotic; they help ignite passion and purpose in new and seasoned agents or advisors alike. Sometimes finding your sales groove in a new position takes a while, and new recruits can become frustrated with low sales and little money. Experienced pros can offer the support and encouragement to make it through the learning curve, as well as provide some tips and tricks of the trade. The one-on-one relationship also provides an opportunity for a mentor to give pointed feedback to help a new recruit overcome obstacles. Agents and advisors who have years of experience sometimes hit slumps, go stale, or develop bad habits. When they are assigned to help a new agent or advisor, it helps keep them sharp and maintain a sense of purpose. Provide Sales-focused Reading Materials You might find your top producers are book nerds who read every sales book they can get their hands on. This isn’t always the case, especially with young recruits. They haven’t read Who Moved My Cheese? and classics by Robert Cialdini, Zig Ziglar, and others. Provide your financial professionals with copies of your favorite sales-related reads. These types of books are typically written in a way which makes a salesperson greatly identify with the topics. They usually aren’t dry, which can be a drawback with some training materials. Additionally, people learn in different ways and they need to hear things repeated multiple times, in multiple ways, before it sinks in. Good books about sales repeat many of the messages you want your agents and advisors to hear and get them excited about a new and fresh presentation. For those nonreaders of the group, audio books are available to ignite similar excitement and passion. They can listen and learn while in the car, in the gym or whenever they have the time. Utilize Outside Coaching Your financial professional, especially the newest ones, will commonly obtain coaching through you and possibly a mentor. Sometimes new associates and seasoned pros might get defensive. You can give them some of the same messages and help them tackle selfdefeating behavior through outside coaching. If you aren’t internally reaching your agents and advisors, they might be more receptive to an outside coach. It’s not likely Dan Sullivan or Tony Robbins will be available to speak at your agency or firm, but you can bring in a proven outside coach, or have them attend conferences and events for personal growth. You can find speakers and coaches who focus on specific aspects of sales, but you can also find other adjacent topics focusing on personal growth, teambuilding, public speaking, and much more. Coaching, events, and conferences provides additional opportunities to improve their skills, by developing new methods and insights on growing their practices while remaining passionate about their jobs. Gaining New Insights and Passion from Study Groups Study groups have become an integral part of the value proposition of many successful firms. They are an effective retention tool, as well as a valuable resource in helping experienced associates grow, once they have mastered the basics. There are many reasons study groups are effective for retaining experienced associates. These group often provide unique opportunities to collaborate with other highly successful people. Collaboration opportunities encourage joint work between associates with complementary expertise, which could open new doors for all parties involved. As an example, one participant may have access to a key decision maker but needs the expertise of another member to close the deal. Collaborative opportunities also can benefit both parties and help them to grow their business. Sometimes these partnerships encourage associates to develop specialties that can differentiate their business from their competitors. Study groups are also an opportunity for experienced associates to learn from some of the industry’s most talented individuals. No matter how successful they are, study group participants know they can learn even more by spending time with their peers. In fact, many will thrive on being held accountable to apply new approaches or hit production goals, with the bonus of learning new and creative ways to build their business. Set Attainable Goals for Your Agents and Advisors The power of goal setting has been studied and written about ad nauseam, because setting goals works! Whether choosing to live a healthy lifestyle, training for a marathon, or selling insurance and investment products, those who set goals and write them down are more likely to achieve them. When people achieve their goals, they get a sensational feeling of accomplishment, igniting passion and purpose for them to keep reaching. This also means they are making money, and everyone is happy and driven when the commissions are rolling in. Business owners and managers who set unattainable goals for their associates are doing them and their business a disservice. Instead, use goal setting to continuously inspire your entire team to do their best. Give Recognition for a Job Well Done Some leaders subscribe to the idea that they should motivate their salespeople by fear. Fear is a strong motivating factor in many individual’s personal and professional lives, but it certainly doesn’t ignite passion and purpose. Everyone likes a pat on the back now and then when they’ve done well. Take the time to recognize good performance. This can be as simple as a “good job” when someone lands a client they have been chasing for a while, when they help a new recruit, or when they have done an exceptional job cross-selling. You can also do more formal awards such as presenting plaques, offer a gift card, or qualification for special events for a job well done. In any case, when you show your agents and advisors you notice and appreciate their outstanding performance, you will take leaps and bounds towards igniting passion and purpose throughout your entire organization. Implement an Open-Door Policy Many employers claim they have an open-door policy, but it isn’t always the case. You will be meeting with your agents and advisors about goals and performance, and to provide some personal coaching. You should, however, make it clear that your associates can talk to you too. You should especially encourage them to come to you about ways you can support them and any workplace issues they might be experiencing. Be mindful to set boundaries, so you don’t discourage individual problem-solving, which can reduce productivity, and, make sure to listen without distraction. When your team feel supported, they will want to do a good job for you. Creating Passion and Purpose for Different Age Groups Passion and purpose are the common denominators for success at the things we attempt and accomplish. Those with any background can demonstrate a high desire for purpose and an exceptional level of passion. As much as we are alike, we are also different. Our personal characteristics and life experiences form the things which inspire us. Managers and owners of firms who want to ignite passion and purpose in their existing team members and new recruits cannot use a one-size-fits-all approach. Instead, learning about the ‘hot buttons’ of our team members and recruits is just as important as learning about the ‘hot buttons’ of clients. Age is just one factor which can impact the things which ignite passion and purpose in all team members. As your business continues to grow, you will likely have financial professionals from a variety of age groups. An agent’s or advisor’s motivations change during different periods of their life. In the last decade or so, management consultants and other human resource experts have focused on generational differences between the Baby Boomers, Gen Xers, and Millennials. While it isn’t prudent to tie up your entire human resources approach in age and generational differences, and you don’t want to create any biases towards a specific age group, you should consider how core values and preferences about rewards impact your approach to create and maintain passion and purpose in each individual person. Core Values Research about core values among different age groups and generations is plentiful and inconsistent on broad topics. When you dig a little deeper and investigate the relationship between core values and recognition in the workplace, the differences become clearer. In a Ladders poll of more than 55,000 employees, the survey asked respondents about which types of things motivated them in the workplace. Older and younger generations agreed that words of appreciation and quality time were more important than tangible gifts for motivation. Yet, they disagreed about the specifics within each category. Here are some examples from the “Quality Time” category: Millennials remain more interested in team projects than older generations because they like spending time together to achieve final results/ goals. Baby Boomers and older Gen-Xers don’t mind working in teams, but their ideal process is less collaborative. They meet, delegate, and complete tasks individually. Older generations value quality time with their direct supervisor more than with their coworkers, whereas younger generations would rather spend time with their coworkers. You can apply these insights to create a culture of passion and purpose at your agency or firm by mixing up your approach to recognition. For example, you might buy lunch for your entire team after they meet their monthly goals. Another month, you might choose to individually take top producers out for a special lunch to give them some encouragement. Reward Preferences Goal setting is a common way to create passion and purpose for your agents and advisors, but the reward which accompanies those goals needs to vary based on generation. Yes, you need to treat everyone equally, but you can easily change up the rewards, so that you hit all their hot buttons in order to keep their passion and purpose at the forefront. Of course, everyone regardless of age, wants to make a decent living, pay their bills, and support their family, but money alone is not always the way to keep them passionate about helping clients and rewarding them for a job well done. Everyone is different and not everyone fits into broad generalizations made by academics and consulting firms. General reward recognition patterns for each generation may provide some insights. Here are a few of them: Baby Boomers are career-focused, goaloriented, and likely the most competitive out of all your team members. Research shows they value monetary rewards more than anything else. Often described as workaholics, Baby Boomers also appreciate peer recognition for their achievements. Generation X team members have the reputation for being slackers, but doesn’t every generation criticize those that come after them? Research does not support the slacker theory, but it does show that Gen-Xers thrive in achievement-based workplaces. They believe those who do the best work, should get promotions and rewards, not those who are oldest or have the most seniority. Gift cards, supervisor recognition, and flexible schedule options remain some of the most preferred rewards for members of Generation X. Generation Y associates, often referred to as Millennials, have grown up hearing that social security will be gone by the time they hit retirement age. This generation is all about mentoring programs, feedback loops, and a positive culture at work, but stock options might be the best monetary reward you can offer Gen- Yers. Like the generation before them, Millennials also respond well to supervisor recognition and flexible work schedules as rewards. Generation Z associates unlike generations before them, prefer social rewards more than monetary rewards for a job well done. The youngest generation is a group of techsavvy multi-taskers, who love passion projects, meaningful employment, and taking on additional responsibility. It’s fair to say that some of these characteristics might be more attributable to age than generation – eager, young, idealistic college grads out to change the world. Generation Z expects flexible work schedules, so it’s unlikely you have any members of Generation Z unless you have already offered them flexibility. Reward Generation Z through mentorship, constructive feedback, and including them on any special client projects which you might be working on. Contact Hoopis Performance Network to Create Passion and Purpose for Different Groups When you take the time to know your team members individually, learn about their values, and understand their reward preferences, you can go a long way in creating passion and purpose for each of them, which benefits the entire workplace culture at your firm or agency. HPN provides knowledge and skills training for management, producers, and staff in the financial services industry. Whether you own or manage an insurance agency or an investment firm, we want to give you the tools you need to successfully grow your business in a competitive industry. Contact us today for your training and education needs and to learn more about how to create passion and purpose for individual team members as a part of different groups, with varying life experiences and backgrounds. Igniting Passion into Your Firms Culture

Next Item Previous Item Go back to White Papers List You just made a sale to a new client — congratulations! This is not the end of the sales process; it’s only the beginning. LIMRA research shows that the average buyer of life insurance will buy seven times during his or her lifetime. Also, they’ll buy other products and services, not only on them but on their spouse, children, parents, inlaws, business partners, etc. It’s all based on the relationship, since opportunities are found based on the relationship that you have. Not all consumers are the same. To optimize your marketing and sales efforts, it’s important to know how consumers vary according to your relationships with them. We have identified four key levels of a consumer. By understanding these levels, you can move your relationships with clients to ever-higher standards and build your book of business the best way possible: through valuable referrals. Here is an overview of the four levels of a consumer. Level One: Buyer Level one is a buyer. By definition, a buyer is an individual who has simply purchased a product from you. Unfortunately, this is the only level that many representatives ever get to. Just as sad is the fact that even though some agents or representatives survive for years in our industry, their income and their business do not grow proportionately with time. This reality relates to a LIMRA study that revealed what financial services consumers complain about the most: advisors’ failure to stay in touch or build long-term relationships. Level Two: Customer Level two is a customer. A customer is a consumer who sees you and your business as a source to handle a particular need or desire. Today, millions of people are Apple customers. When they think of a phone, tablet or computer, they automatically think of Apple. When the consumers you have sold think of insurance or investments, do they automatically think of you? To get consumers from level one to level two, you have to get them to think of you when they think about insurance and/or investments. The only way to do that is by following the three C’s of Marketing: Constant Client Contact. LIMRA research says a financial professional should have 24 contacts with each consumer every year. It takes 12 contacts to establish a brand or name with a new prospect. These contact points include connecting via social media; offering website resources; sending out birthday cards and/or holiday cards; publishing or emailing newsletters; conducting quarterly, semi-annual and annual reviews; and making phone calls. The key is to get in front of the consumer as often as you can. The phone is a marketing tool and should be used only for setting or confirming appointments. Never use it to address concerns or to answer questions early on in your career. Use any reason to get in front of your prospect or consumer while you are still in the relationship-building phase. Now, this rule does change over the years as you develop a bigger, more established client base. But in the early years, your goal is to establish as many buyers as you can and then move them up to the customer level as quickly as possible. Level Three: Client The third level is a client. A client is someone who seeks advice. We are clients of our doctors, our attorneys and our accountants. These professionals do not sell products; they sell advice. As your consumers begin to seek your advice on insurance, they will naturally begin to seek your advice on other products and services you offer as well, such as investments. They will seek you out to get your counsel and advice as they move to this third level. They see you as a resource for them, their families and their businesses. Now, this progression to level three didn’t just happen; it resulted from all your marketing activities — the 24 touches each year and the third “B” of marketing: Being Viewed as a Resource. Once they understand your value proposition, your business model and your commitment to serve and support them, you will be a resource they can count on. Level Four: Advocate Finally, the fourth level is an advocate. An advocate is someone who will promote you and your services to the community at large without your asking them to do so. Anyone can be an advocate for anything. It is the world’s best form of advertising and marketing. We have all been an advocate for a restaurant due to the quality and consistency of its food and service. When your customers and clients develop into advocates for you, it means that they believe in you. They have given your business unsolicited referrals and recommendations and have typically received positive feedback on those referrals. Nothing can help build a successful practice more than having a number of advocates promoting your services. Building relationships takes time, even with people you may already know. Follow the process, and use your firm’s marketing resources. It will turn your potential as a professional into a successful reality. In summary, your goal is to transform buyers into consumers, then clients and ultimately into advocates: Buyer > Customer > Client > Advocate Tips for Transforming Buyers into Advocates According to a 2013 Harvard Business Review article, many salespeople offer incentives to existing customers for referrals, but this is not recommended. It’s a “slippery slope” that can appear as if you are buying referrals. The best way to achieve this progression is to earn referrals by providing extraordinary customer service. Here are some tips for doing that. Deliver what you promise. Promptly fix anything that might not be right. Underpromise and overdeliver. Leave no doubt in people’s minds that you are consistently true to your word. Know your customers’ problems. Everyone is different. Find out what each of your buyer’s, customer’s and client’s needs, concerns, fears, wishes and hopes are. Communicate with them with these important facts in mind. Let them do a lot of the talking. Listen closely, and repeat what they said to you. Offer solutions and encouragement. Check in regularly. Again, maintain Constant Client Contact to see if your buyers, customers or clients need anything, have concerns or don’t understand something you have discussed. Always keep learning more about them and their situations. Educate them, and be the resource that they can depend on. Make sure they are happy with every aspect of your relationship. Give the relationship time to deepen. The closest relationships are those that develop over time, with clients seeing that you come through for them again and again, without fail, over a long period of time. Don’t rush the process. Thank them. It is important to express your sincere appreciation when an advocate gives you the ultimate compliment by referring others to you. Thank your advocate, and let him or her know that the referral contacted you. When you receive referrals from your loyal advocates, you have a high likelihood of doing business with them than with cold leads because they have already heard positive things about you from people they know and whose opinions they value. As a result, it will take less time to build rapport and trust with those new clients. Use Hoopis Performance Network Videos in Your Advisor Training This is just one of hundreds of topics covered in our training videos. Consider using our videos in your company, agency or firm to educate your agents and advisors on practical topics, 24/7. HPN brings you winning training for sales associates and staff, while HPN brings you winning training for sales leaders. They can access training and information on their smartphones and tablets when they have spare time, learn at their own pace and customize their curriculum based on what interests them the most. Four Levels of a Consumer

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

Principal, Intelead Alexis Gladstone Principal, Intelead Alexis Gladstone is the founder of Intelead. Through consulting, training, speaking, and executive coaching, she works with clients in the areas of leadership, sales, and organizational change to maximize individual and company results. Alexis has worked across industries from financial services to oil & gas, and everything in between. While the leadership problems most businesses face are the same, she believes the solutions are unique to its culture. She uses her ability to quickly learn about the business and pull on her experiences to recommend appropriate, custom solutions. Her passion is helping women succeed. She works with women individually through coaching and mentoring, and with organizations and leaders who want to recruit, retain, develop and champion women. Alexis has presented and trained on leadership at both public companies and not-for-profit organizations including Bank of America, Bankers Life, The YWCA of Chicago, Heartland Alliance, DePaul University and Northwestern University Alumni. Internationally she has been honored to present to business and government leaders in Harbin China, and to a number of financial organizations in Melbourne Australia. Previous Speaker Go back to Speaker Network Next Speaker

BenchBuilder™ was developed from LIMRA’s extensive leadership and management research as well as the Hoopis Performance Network’s field-tested systems & best practices. Giving Advisors an Opportunity to “Test Drive” a Career in Leadership How Do You and Your Organization Identify Sale Management Potential? BenchBuilder™ was developed from LIMRA’s extensive leadership and management research as well as the Hoopis Performance Network’s field-tested systems & best practices. The curriculum allows sales reps and their sponsoring managers to collaborate on 16 management activities designed to provide a better understanding of a manager’s role. The purpose is to help both the organization and the management candidate determine whether a role in leadership is a fit. What Are You Doing To Build Your Bench Strength With the Next Generation of Leaders? Systematic Process for Management Development and Succession Planning With an increasingly aging sales manager population within financial services, there’s a huge opportunity to identify and develop sales reps who have leadership potential. It also helps an organization do their best to create a pipeline for organic growth, most have struggled to develop a systematic management development process. Too many organizations bring successful sales reps into a management role too soon. Just because someone is a successful producer, doesn’t mean they will be a successful manager. Manager turnover is even more costly than sales rep turnover because now you’ve lost not only a manager but also a good producer. Field Leadership Profile Feedback Report (sample) Recognize the importance of identifying, assessing, and developing successful leaders for the future of your organization! Download Sample How It Works The Field Leadership Profile uses multiple-choice questions to collect information about candidates’ past experiences, personal characteristics, and work judgment. Building on our new examination of field leadership competencies, each feedback report provides summary and detailed information for three key areas. You will learn candidates’: Expected performance on key field leader tasks Likely personal leadership impact Strengths and developmental needs on core leader competencies Each Feedback Report Also Includes: Interview questions for exploring candidates’ problem solving and business ethics Candidate selection summary page Customized development plan worksheet The Field Leadership Profile is available through LIMRA’s Web-based selection system that makes candidate selection effective, efficient, and timely. Test results are instantly computed and reports are available to your managers. The reporting system allows key people at your company to monitor and analyze test results. The Situation Field leaders play a pivotal role in your company’s profitability. It is critical to choose the right individuals for sales management positions: When leaders fail, production suffers, turnover climbs, and the bottom line takes a hit. How We Can Help You The Field Leadership Profile is a comprehensive assessment that helps you identify and develop successful sales leaders. It helps your organization focus on crucial facets of leadership candidates. The Field Leadership Profile BenchBuilder is designed to help organizations determine which of their sales reps should step into a management role. BenchBuilder provides a systematic, structured process to determine which path is best for a candidate: Sales or Management. Not everyone who completes BenchBuilder will move directly into a management role. Having BenchBuilder graduates on deck provides for a smoother transition in management succession planning. Systematic Process for Management Development and Succession Planning Learn How Building Bench Strength Works Go to How it Works Giving Advisors an Opportunity to “Test Drive” a Career in Leadership