Inspirational Speaker, Bestselling Author Dave Sanderson Inspirational Speaker, Bestselling Author Dave Sanderson is an inspirational survivor, speaker and author. His thoughts on leadership have made him an internationally sought-out speaker. When US Airways Flight 1549, or “The Miracle on the Hudson,” ditched into the Hudson River on January 15, 2009, Dave Sanderson knew he was exactly where he was supposed to be. The last passenger off the back of the plane on that fateful day, he was largely responsible for the well-being and safety of others, risking his own life in frigid water to help other passengers off the plane. Despite the hazards to himself, Sanderson thought only of helping others and emerged from the wreckage with a mission: to encourage others to do the right thing. Previous Speaker Go back to Speaker Network Next Speaker

Best-Selling Author, International Speaker Ben Newman Best-Selling Author, International Speaker Ben Newman is a Best-Selling Author, International Speaker and highly regarded Performance Coach whose clients include top companies around the world, business executives, high performing sales organizations and professional athletes in the NFL, MLB, PGA and NCAA. Ben’s most recent book, “Own Your Success” was ranked by CEO READ as their #13 business book of 2012! In addition in 2012, The Napoleon Hill Foundation recognized Ben as one of the TOP 51 speakers & thought leaders in the World! Ben’s renowned Boot Camp’s, speaking, books, blogs and videos empower and inspire thousands of individuals each year to maximize results in their lives personally and professionally. Participants are able to uncover their true potential, ready to create the life they are meant to fight for and enjoy. Ready to take on THEIR relentless pursuit of greatness: Their Prizefighter Day! Ben’s mother, Janet Fishman Newman’s death, 11 days before his eighth birthday, left a cavernous hole in his universe. Yet while his mother passed away all those years ago, not a single day goes by without the reminder that she helped Ben become the man that he is today. Her strength, her love, her work ethic and her legacy live on through him, through the family he has created, and through the work he does. He has come to realize that she was demonstrating a very important truth – our circumstances in life are much less significant than our responses to them. Ben empowers audiences to recognize that “YOUR success is not just about changing YOUR habits, it’s about changing the way YOU think.” His clients have included: United States Army, MARS Snackfoods, St. Louis Cardinals, Northwestern Mutual, AFA Singapore, Mass Financial Group, Wells Fargo Advisors, Great West Life Canada, Boston Medical Center, Boys & Girls Club of America, St. Croix, New York Life, The Minnesota Vikings, as well as thousands of executives, entrepreneurs, athletes and sales teams from around the globe who attend his speeches and seminars. His authentic, powerful, and engaging presentations have become nationally recognized. Ben has shared the stage with Tony Dungy, Colin Powell, Brian Tracy, Ken Blanchard, Jon Gordon, Dr. Jason Selk, Floyd Little, Aeneas Williams, Walt Jocketty and other leaders and legends in the world. Ben is a 6-time author and his latest book, Own YOUR Success: The Power to Choose Greatness and Make Everyday Victorious is a #1 Business Best-Seller. The highly anticipated release of Leave YOUR Legacy will be in March of 2015. He is also the author of YOUR Mental Toughness Playbook, Fight the Good Fight, Pocket Truths for Success & Pocket Principles for the Insurance Business. In addition, Ben was a co-author of the recently released “Napoleon Hill’s 17 Principles of Success.” Ben lives in his hometown of St. Louis, Missouri with the true measure of his success, his wife, Ami, and their children, J. Isaac and Kennedy Rose. Previous Speaker Go back to Speaker Network Next Speaker

Next Item Previous Item Go back to White Papers List Ancient Chinese philosopher Confucius expressed his belief in the importance of learning from interaction when he wrote, “I hear and I forget, I see and I remember, I do, and I understand.” There are no shortcuts when it comes to being successful, just as there are no shortcuts when it comes to gaining knowledge and understanding. Why We Must Get Training Right The training you offer can distinguish your firm or agency from others, which in turn can help you attract top talent. This is one area in which you just cannot take shortcuts. According to the 2018 Deloitte Millennial Survey, about 8 in 10 millennials say that on-the-job training, continuous professional development and formal training led by employers will be important to help them perform their best. Employer training and support quite obviously help millennials and the Gen Z cohort perform their jobs, and as their careers progress, the role of employer as educator will take on even greater significance. The study noted that 73 percent of those who plan to stay with their organizations more than five years say their organizations are strong providers of education and training. But young professionals are looking for training that goes beyond technical and sales skills. Young professionals are especially seeking help building confidence, interpersonal skills and— particularly for Gen Z—ethics/integrity aptitude. In their view, businesses are insufficiently focusing on nurturing these and similar soft skills. More than one-third of millennials (36 percent) say it is “essential” to a company’s long-term success that its employees and leaders have strong interpersonal skills, but only 26 percent are offered much help or support in developing them. A similar support deficit exists in the areas of confidence/ motivation, ethics/integrity, critical thinking and innovation/creativity. Failing to train your team members can be a catalyst for them to seek out organizations that offer better training. That can be costly to your organization. Employee Benefit News reported that turnover cost approximately 15,000 per employee who earns an annual salary of $45,000. That number is much higher for top producers. We Retain More Knowledge when We Participate in Training Actively Edgar Dale, famous for his research on this subject and his “cone of experience,” found that after two weeks, we tend to remember only: 10 percent of what we read 20 percent of what we hear 30 percent of what we see 50 percent of what we see and hear 70 percent of what we say and write 90 percent of what we do The higher our level of participation, the more information we retain. From a business perspective, higher retention of information translates to a higher ROI on your investment in providing training to your team. How to Engage Participants in Learning This is why it is so important to have participants in any learning course do more than just sit there and listen to what is being presented. Here are some strategies you can ask your instructor to use in an effort to get your team members more involved in their learning: Require participants to complete pre-work before the training. Before the training, if possible, connect with all the participants, probably via email. Ask them what they hope to learn from the session and if there are any specific questions they would like to get answered. This involves them in the training before it even begins. During the training, present the material in several different formats, such as written bullet points with images, video or audio clips, quiz questions and hands-on exercises. Offer different methods of training. Consider off-site, on-site, online self-study and online instructor-led programs. Make it easy for participants to follow along with what is being presented and to take notes, either online or on paper—whichever they prefer. Let participants know what’s coming. One effective way to do this for longer training classwork is to use the 50-10-50 module/break format. People tend to tune out and get restless if a training module lasts longer than 50 minutes. Let them know you will conduct a 50-minute training session, and then they will get a 10-minute break. Then the next 50-minute session will begin. When participants know ahead of time that the workshop will break at a specific time, it reduces their stress and distraction. They likely will need to check their email or return calls. Choose participants randomly during the training to answer questions or offer their perspectives. They will want to be prepared in case they are called on, so they will pay closer attention. Require participants to complete worksheets, and then collect and review them. If it’s not worth instructors’ time to inspect what they expect, then soon it won’t be worth the participants’ time to complete the assignments. Break the participants into groups and ask them to engage in discussions on the topic. Have the participants write or say how they will translate the information, concepts and techniques they have learned into actionable activities they can use with their clients. Have your instructor create high-value deliverables that summarize and expand on what the participants have learned. Listing or linking to additional support resources is a valuable way to keep adults engaged long after your training seminar is over. You can offer these deliverables in the form of printed handouts or via an online LMS. Offer praise when participants offer contributions to the training and when they excel at grasping the concepts and translating them into real-world scenarios. Mistakes to Avoid in Training In addition to the above tips for engaging learners in their training, here are some common training mistakes for your trainers and instructors to avoid. Most of these common mistakes boil down to organizations, trainers and/ or participants attempting to take shortcuts in the learning process: Mistake #1: Offering training as an afterthought — or not at all. To become known as the organization that offers the best and most valuable training, it must be included in your budget. You must devote time, staff and money to training. Otherwise, it’s no more than an afterthought, or at best, a one-time event. Ongoing training is the hallmark of dynamic organizations that attract the best talent. Plus, when you train your own team members, you are investing in your own company. Mistake #2: Creating cognitive overload. That occurs when too much information is delivered at once. If participants feel overwhelmed, they will be unable to absorb the concepts you are sharing with them. This is a common occurrence when it comes to new agent/advisor onboarding training, since there is so much information to provide in such a short period of time. Offer classroom training in short segments, and stick with “bite sized” online training courses or modules that offer learners a small bit of vital information at once. This online coursework can be used as an initial presentation of the subject matter or as a training follow up after a classroom session. Repetition is the key to learning and recall. (This is one of the beneficial features of FSEdNet video training; our hundreds of videos last an average of only 8.5 minutes each.) Mistake #3: Using outdated materials. Make sure all your training materials are updated, with current statistics and facts. Participants are likely to lose confidence in the credibility of the information if the information is no longer accurate. Mistake #4: Ignoring differences in learning styles. We know people learn by doing. We also know that some people tend to learn better through visual or audio content. Be sure your content isn’t just written or spoken; but it contains a blend of written, audio, visual and even gaming elements in your training materials. Mistake #5: Ignoring generational differences. We can’t assume that all baby boomers prefer traditional training materials and millennials, or Gen Z prefer online training. A study of 1,000 professionals by Activia Training found that younger employees prefer classroom learning. Thus, when utilizing eLearning the style and design of its format is very important. The best designs are those which replicate a classroom experience, which should contain a blend of live speakers, along with visual enhancements to engage and supplement the learning process. Voiceover PowerPoints scored the lowest when it came to eLearning. Mistake #6: Trying to teach all knowledge levels in one class. When possible, tailor your training according to skill level. Veteran agents or advisors who have been selling life insurance for their entire careers obviously don’t need an introductory class on life insurance. Assess knowledge levels before deciding which participants should take which training. Also, don’t assume people know more or less than they really do. Mistake #7: Leaving out important aspects of the participants’ everyday activities. Training your agents or advisors in sales and negotiation strategies is essential but be sure to complement that training with product training and how to manage a practice as well. And, as mentioned earlier, millennials and Gen Z want training in “soft skills.” Offer training in a variety of skills. Mistake #8: Failing to follow up. The learning shouldn’t end the moment the training ends. Training is a process, not an event. One of the key benefits of eLearning via an LMS, is that the training curriculum is available for a refresher whenever the information is needed. No trainer can design a curriculum to fit every situation or client event at the exact moment needed. So, having the ability to return to a specific training topic at any time is a winning solution. Thus, repetition is the key element to any learning process. Set expectations for posttraining follow-up. Ask participants to submit reports three months later, for example, to explain how they have used the training. Schedule a get-together three or six months later, and have participants share their thoughts about the training. Ask participants to write down two or three specific goals for how they will use the training in their professional growth. Check back with them three and six months later to learn about their progress. Mistake #9: Skipping the assessment step. Ask participants to fill out an evaluation form before they leave the room or as soon as they sign off the online training platform. Make sure someone compiles the data on these forms to understand what worked and what could be done better next time. This is extremely important. Training requires a significant investment of your organization’s time, money and resources, so it pays to learn what type of impact it’s having. Do not allow anyone involved in the training of your team, or the participants, to take or accept shortcuts! It’s human nature to try, but we must form the habit of never accepting any shortcuts in learning or business. Consider Hoopis Performance Network for Advisor, Leader and Staff Training An effective resource for training financial advisors is HPN, which features online, ondemand, total video-based training built on four Disciplines of Success with access to more than 600 training 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. With our mobile application 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. All of our platforms are designed to help all levels of those in the financial services industry enhance their career opportunities by learning and understanding more. Which results in helping them reach their full potential by sharing ideas, concepts, techniques on topics that will help turn potential into reality. Don’t Shortcut the Learning Process

Speaker, Author and President of Filtech Brian Doherty Speaker, Author and President of Filtech Brian Doherty is the author of the critically acclaimed and award-winning book, Getting Paid to Wait: Bigger Social Security Benefits the Simple and Easy Way. His book received the International Book Award as the best book in 2015 in the Business/Personal Finance category. It also received the Eric Hoffer award as one of the best business books in 2015. He is a nationally recognized expert on Social Security and a frequent speaker and media commentator on this topic. He has more than 25 years of experience in the financial services industry, and is President of Filtech, a consulting company specializing in Social Security claiming strategies that helps retirees maximize their Social Security income. His background includes high-level executive management positions at several Fortune 500 financial services companies, including President and CEO of Key Bank’s investment subsidiary, Key Investments, and National Sales Manager for New York Life’s retirement income security division. Mr. Doherty is a sought after public speaker and has presented for Merrill Lynch, Morgan Stanley, Wells Fargo, UBS, Citibank, New York Life and numerous other financial institutions. He received his MBA in Finance from Syracuse University and BS in Accounting from Elmira College. Previous Speaker Go back to Speaker Network Next Speaker

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 When an agency or firm needs a new sales manager, top management’s logical first choice is often the star sales producer. Most top performers are excited about the promotion, and they don’t want to let their bosses down, so they take the job. They think it would-be career suicide to turn it down. That’s why many top salespeople end up taking a sales management role, even though they never really wanted to be a manager. They want to please others around them, and they want to help the company, but many are not prepared for the challenges and changes that lay ahead of them. Being Good in One Job Doesn’t Guarantee Success in Another Remember the classic “Peter Principle”? It was an observation that in any kind of hierarchy, people tend to rise to their “level of incompetence.” In other words, as people are promoted, they become progressively less effective because good performance in one job does not guarantee similar performance in another. Sales producers are conditioned to excel on their own, and they know what works for them as individuals. Teaching others how to have similar success is an entirely different skill. That’s why, once promoted to sales management, great salespeople often struggle to succeed in the new role. Tiger Woods isn’t known as a great golf coach, and you don’t see LeBron James conducting shoot-arounds. Their gift is in their own performance, and great coaches know that. Why Salespeople Often Fail at Management When we promote top sales producers into management, we lose their extraordinary sales production. And if they aren’t happy in the management role, we run the risk of losing their talent altogether if they leave the firm or agency. Without management training, new managers typically struggle to excel in the unfamiliar role. They might not enjoy leading others to succeed, and they might become impatient with producers who lack the talent they have. To compound this problem, their associates want strong leadership but might not be getting it, so they often leave the agency or firm, too. You can see why promoting your top producer into management without the proper preparation can be a costly mistake. Two Potential Solutions Here are your primary options. Choose the one that’s right for your organization: Conduct an external talent search for a sales manager with a successful track record of management success. Promote a top sales producer only if he or she has expressed a genuine interest in management and only after providing the person with management training. Before you do that, establish a process for evaluating sales management candidates, the same way you evaluate potential agents or advisors. Hold them to the same standards you would hold external candidates. This will help you avoid moving a producer into management just because you like him or her. Consider Hoopis Performance Network for Management Training One effective resource for training new or existing 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. Think Twice Before Promoting Your Star Producer into Management

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