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Course Catalog Go Back to Main Catalog Page Advanced Planning 101 Advanced Planning 201 Advanced Planning 301 Business Exit Planning Fundamentals Business Ext Planning Obstacles & Mistakes Business Planning LIFE Foundation's Real Life Stories: Advanced Planning Series I LIFE Foundation's Real Life Stories: Advanced Planning Series II Life Happens: Real Life Stories - Business Planning Newest Advanced Planning Videos Special Needs Planning The Business Exit Planning Process Advanced Planning Disability Insurance 101 Disability Insurance 201 Disability Insurance 301 LIFE Foundation's Real Life Stories: Disability Insurance Series I LIFE Foundation's Real Life Stories: Disability Insurance Series II Life Happens: Real Life Videos - Disability Insurance Newest Disability Insurance Videos Special Needs Planning Disability Insurance Insurance Basics Investment Basics Financial Concepts Building Conviction for Life Insurance Business Planning Basics Factfinding for Life Insurance LIFE Foundation's Real Life Stories: Life Insurance Series I LIFE Foundation's Real Life Stories: Life Insurance Series II Life Happens: Real Life Stories - Life Insurance Life Insurance 101 Life Insurance 201 Life Insurance 301 Life Insurance 401 Life Insurance 501 (Advanced Planning 101) Life Insurance PRO Newest Life Insurance Videos Permanent Life Insurance Sales Concepts Special Needs Planning Life Insurance Developing a Long-Term Care Plan LIFE Foundation Real Life Stories: Long Term Care Insurance Life Happens: Real Life Stories - Long-Term Care Insurance Long Term Care and Planning for Retirement Long Term Care Insurance 101 Long Term Care Insurance 201 Long Term Care Insurance 301 Long Term Care Insurance 401 Long Term Care: Consultative Engagement Long Term Care: Solving a Problem vs. Selling a Product Newest Long Term Care Videos Special Needs Planning Long Term Care Insurance Multiline Basic Multiline Intermediate Multiline Log in now to view this course Perspectives: Product Knowledge Annuities 101 Annuities 201 Newest Retirement Planning Videos Prospecting for Retirement Retirement Planning 101 Retirement Planning 201 Retirement Planning 301 Retirement Planning 401 Retirement Planning 501 Social Security 101 Special Needs Planning Retirement Planning Learning Paths (beta) Sales Skills Marketing Product Knowledge Practice Management Motivation Classroom Training Coaching Resources Menu Close Try It Free for 14 Days Get full access to the platform—risk-free. No credit card. No commitment. Just results. Start building your advisor bench today. Start Your FREE Trial

Next Item Previous Item Go back to White Papers List As you spend decades in the workforce, you dream about retirement. As it gets closer, you think about how to bring your dream to life. Each person’s idea of retirement differs based on their goals, desire or need to continue working, as well as other considerations. Regardless of your idea of retirement, you need to consider some specific things and take preliminary steps to get ready for retirement. Financial and life goals, as well as feelings about working and planning for healthcare needs are some of the most crucial factors to evaluate when you are getting ready for retirement. Getting Ready for Retirement As you spend decades in the workforce, you dream about retirement. As it gets closer, you think about how to bring your dream to life. Each person’s idea of retirement differs based on their goals, desire or need to continue working, as well as other considerations. Regardless of your idea of retirement, you need to consider some specific things and take preliminary steps to get ready for retirement. Financial and life goals, as well as feelings about working and planning for healthcare needs are some of the most crucial factors to evaluate when you are getting ready for retirement. What Are Your Retirement Goals? Everyone thinks about how they would like to spend their days during retirement. You might want to travel, attend classes for things that interest you, volunteer for organizations and causes you are passionate about, and/or participate in other hobbies. You also need to consider the location where you want to live and type of housing you want in retirement. If you’ve spent decades maintaining a house and yard and paying down or even paying off a home mortgage, you might not want that responsibility anymore. Maybe you want to downsize and buy a condo or townhome, maybe you want to be in a retirement community, or maybe you want to buy an RV and travel around the country. In any case, as you are getting ready for retirement, many of your choices will hinge how and where you want to live. To Work or Not to Work Those who have spent their life punching a time clock, working long hours, or running their own business often fantasize about having all the time in the world during retirement. Yet, leaving the workforce can be a traumatic experience for some. You might not be emotionally ready to retire, and that is perfectly okay. Each person is different; and, unless you are a commercial pilot or have another profession with a mandatory retirement age, you don’t have to call it quits until you feel ready. Financial needs might dictate if, or how much you need to work during retirement. For others, too much time on their hands results in boredom and sometimes, even depression. When you are planning your retirement, you need to evaluate if you want and need to work, and how much time per week or how much income you need or want to make. Living the Good Life by Eliminating Debt When you near retirement, you might choose to work, but it’s ideal if you aren’t forced to. Eliminating your debt prior to retirement will help reduce your monthly income need. Start with any credit card debt, outstanding loans for cars, boats, and other toys, and any other money you owe. If you still owe money on real estate, you should work on paying down or paying off any mortgages on your primary residence and any vacation properties you own. You will still have monthly expenses such as utilities and insurance premiums, but you can live a higher quality of life when you aren’t paying debt once you choose to quit working. Determine a Preliminary Monthly Budget Once you have an idea of your retirement goals, where you want to live, and whether you want to work, you need to determine how much your monthly expenses will be and how much income you need to support them when you retire. These numbers won’t be exact but having some idea will help you make decisions about housing and the extent to which you need to work. Calculating a preliminary monthly budget requires examining your retirement income streams, which can include: Pension benefit Social Security benefits Traditional IRA accounts, Roth IRAs, and SEPs One or more of several types of annuities Your monthly income amount from all of these sources can vary based on the age you choose to retire. In fact, if you choose to take withdrawals from some retirement accounts prior to age 59 1/2, you might face a 10 percent penalty on top of regular income tax. Similarly, each year you wait beyond your Full Retirement Age, up to age 70 to collect Social Security benefits, your monthly benefits will increase by eight percent. No additional benefits exist to start collecting Social Security benefits beyond age 70. Aside from evaluating your monthly income and expenses, you also need to consider any family obligations you might have. Do you have adult children with special needs or other dependents for which you need to provide? Will you continue any support you provide after retirement? Do you want to help grandchildren pay for college? Plan for Healthcare Once you reach age 65, you are eligible for Medicare. You have the option to choose Original Medicare or Medicare Advantage, as well as the Prescription Drug Plan. While some Medicare options cost less than others, you still need to plan for premiums, deductibles, co-payments, and services not covered by your plan. If you plan to retire before age 65, you will need to determine how you plan on covering health care costs until Medicare kicks in. Other healthcare things you need to plan for include vision and dental services not covered by Medicare, as well as long-term care. Medicare only pays for medically necessary nursing home expenses, and you have to meet a very strict criteria to be approved. There are a number of long-term care insurance plans which exist to help provide a host of services that aren’t covered by regular health insurance. This coverage is designed to include assistance with your routine daily activities, like bathing, dressing or getting in and out of bed. A long-term care insurance policy helps cover the costs of those routine daily activities when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most long-term care policies will reimburse you for care given in a variety of locations, such as : Your home. A nursing home. An assisted living facility. An adult day care center. Using your personal savings and investments, as well as home equity also could provide a solution for long-term care expenses. Planning for long-term are expenses is especially important when someone loses a spouse or doesn’t have anyone to help with daily care. Contact Hoopis Performance Network to Learn More About Planning for Retirement HPN provides knowledge and skills training for management, producers, and staff in the financial services industry. We aim to help you grow your business by putting exceptional resources at your fingertips to help your clients increase their financial literacy and plan for their retirement. Contact us today for your training and education needs and to learn more about how you can help and encourage your clients to take the steps they need for a rich and fulfilling retirement. Getting Ready for Retirement

Course Catalog Go Back to Main Catalog Page Classroom Training Accountability: Navigating Ownership, Consequences, and Difficult Conversations Attracting New Candidates: Distinguishing By How, Not What Conducting a Coaching Conversation Creating and Delivering Your Value Proposition Developing an Ideal Candidate Profile Generating Advisor Referrals and Developing Centers of Influence Mastering Time Management Concepts and Practices Momentum Building For New Advisors Optimizing Joint Field Work: Guidelines, Planning, and Debriefing Selecting Top Performers Sourcing Candidates By Personal Observation Strategies for Coaching Advisors Classroom Training: Developing Leaders Developing the Ideal Candidate Profile Guidelines, Planning, and Debriefing fro Effective Joint Field Work How to Have a Coaching Conversation Key Traits of Top Performers Leadership Mindset, Roles and Responsibilities Mastering Self-Discipline for Transformational Leadership Mastering Time Management: Concepts and Practices Mentoring Essentials: An Overview and Its Benefits Referral Recruiting: Brainstorming and Building Influence Networks Secrets to Effective Goal Setting Understanding Why Advisors Fail and How to Help Them Succeed Unlocking the Skill of Personal Observation Classroom Training: Emerging Leaders Facilitator Guides: Accountability Facilitator Guides: Development - Coaching Facilitator Guides: Development - Training Facilitator Guides: Leader Philosophy Facilitator Guides: Recruiting - Finding Facilitator Guides: Recruiting - Momentum Building Facilitator Guides: Recruiting-Selection EDGE Facilitator Guides Developing Leaders: Month 1 Developing Leaders: Month 2 Developing Leaders: Month 3 Developing Leaders: Month 4 Developing Leaders: Month 5 Developing Leaders: Month 6 Leadership Roadmap: Developing Leaders Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Leadership Roadmaps: Growing Recruiting Buddy Systems Assessments EDGE: The Leader's Journey EDGE: Developing Leaders EDGE: Emerging Leaders EDGE: Excelling Leaders EDGE: Growing Leaders EDGE: Tools and Resources Menu Close Try It Free for 14 Days Get full access to the platform—risk-free. No credit card. No commitment. Just results. Start building your advisor bench today. Start Your FREE Trial

President at Taylor Insurance & Financial Services Eszylfie Taylor President at Taylor Insurance & Financial Services Eszylfie Taylor is the president and founder of Taylor Insurance and Financial Services located in the financial district of Pasadena, California, and serves as financial advisor to individuals, business owners, and high net worth families. Over the past decade, Mr. Taylor has been widely-recognized as an accomplished producer in the industry, receiving the National Association of Insurance and Financial Advisors (NAIFA), “Agent of the Year award: Los Angeles” in 2010 – 2012. Additionally, Mr. Taylor is a 13-time “Million Dollar Roundtable” qualifier, the last four of which he has been a “Top of the Table” producer, ranking him in the top 1% of all producers, worldwide. Most recently, he was selected to win NAIFA’s Top 4 Under 40 Advisors award for 2015. Mr. Taylor has achieved consistent high levels of production due to a combination of education, motivation, a positive outlook and deep desire to help others improve their lives. Over the course of his career, Mr. Taylor has obtained the Series 6, 63, 65, and 7 licenses, in addition to a Life and Health Insurance license. Mr. Taylor began his career at age 22 with New York Life Insurance Company, where he soon ascended to the Chairman’s Council reaching the ranking of #1 Broker in Los Angeles (2006 – 2013), Chairman’s Cabinet, which defines the top 50 agents out of the Country’s 13,000 plus (2010 – 2013), and #1 Agent for the Company’s African-American market (2006 – 2013). In 2007, he began building his own firm, Taylor Insurance and Financial Services. In 2013, he left New York Life to grow his independent insurance and financial services firm. Eszylfie was born and raised in Pasadena, California. As a top flight high school athlete playing in four varsity sports, he completed a notable collegiate basketball career at Concordia University in Portland, Oregon, graduating magna cum laude with a Bachelor’s Degree in Business Management. Mr. Taylor currently sits on the board of three non-profit organizations dedicated to business empowerment, children’s’ health, and social services. In his free time, he mentors upcoming youth as the Founder of the non-profit Futures Stars Camp (www.futurestarscamp.org ) for kids, which is dedicated to providing basketball training and life coaching skills. In addition to his passion for business, Eszylfie is engaged in raising three daughters with his wife in Pasadena where he still resides. Previous Speaker Go back to Speaker Network Next Speaker

President of AdvisorCRAFT Jim Ruta President of AdvisorCRAFT Jim Ruta is president of AdvisorCRAFT and a life insurance industry analyst, advisor coach, speaker and media commentator. He appears regularly in international media and highlights some of the world’s top advisor programs including the Main Platform of the Million Dollar Round Table. Jim started as a life insurance agent at age 22 and led one of Canada’s largest insurance agencies by age 40. He is the author of several best-selling advisor business development books, writes for many top industry publications and hosts “Ruta’s Rules” every week on IE:TV. Jim is co-founder and Emcee of the “Canada Sales Congress” – the largest event of its kind in Canada. Jim is a shareholder and consultant with Austin, Texas-based InforcePRO™.com, a unique, online life policy service, sales and marketing system that helps professional life agents attract sell more life business through service. Previous Speaker Go back to Speaker Network Next Speaker

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

Founding Member of the National Academy of Elder Law Attorneys Harley Gordon Founding Member of the National Academy of Elder Law Attorneys Harley Gordon is a founding member of the National Academy of Elder Law Attorneys, a professional organization that deals with legal and ethical issues facing the elderly. He has been voted as one of the 100 most influential people in long-term care by McKnight’s Long-Term Care News. His views on the consequences of not having a plan for long-term care have been featured in the national media including, The CBS Evening News, The Today Show, CNN, and The Wall Street Journal. Mr. Gordon has spoken at numerous national conferences including, The Financial Planning Association, The National Association of Insurance & Financial Advisors, and The National Association of Health Underwriters. Mr. Gordon’s experience led him to create the Certified in Long-Term Care (CLTC) program (www.ltc-cltc.com ). It is the country’s first designation focused on training financial service professionals. Previous Speaker Go back to Speaker Network Next Speaker

Next Item Previous Item Go back to White Papers List With the constant growth in the power of tablets and phones, there has been a constant shift in the preference from traditional websites to gadget applications. Apps: Convenience on Steroids According to research, mobile users spend some 86 percent of the time on their smartphones or tablets, accessing their mobile apps. The apps are not only used as a source of daily information; they also form a platform for the interaction between companies and their field force and consumers. Some 68 percent of users employ apps this way. Companies use apps both inside and outside their organizations. Venturing into mobile app development depends on the company and industry. In many cases, mobile websites alone will not match the opportunities that mobile apps offer by increasing their outreach to their staff, field force, customers and the public at large. For financial services companies, a mobile website is not enough. Use of mobile websites alone will minimize a company’s optimal engagement levels, which in turn can reduce its productivity. To provide such services and products effectively, and stay ahead of the competition, you need an enterprise mobile app. Websites are losing more and more ground to mobile apps. Consumers have grown accustomed — or perhaps addicted — to using their devices for shopping and other activities. The constant pop-up ads that appear on websites are pushing customers to download mobile applications. On the company and firm side, professionals increasingly consider technological gadgets as extensions of their offices. They offer customers constant communication and access, inside or outside the office, at any time of the day or night. Consider it convenience on steroids. How Mobile Apps Improve Productivity One of the most significant benefits of apps vs. websites is improved productivity. The only way an organization can increase its profitability is by increasing productivity, reducing costs and minimizing waste. These outcomes are possible only when there is efficient communication within the organization so that everyone is focused on achieving specific goals. Here are some ways that apps can make that happen. Enhanced communication — Mobile apps make communication with financial professionals easier, quicker and smoother. Also, training and access to organizational resources are faster and more efficient than ever. According to one study, productivity in organizations that use mobile apps will increase by 20 to 40 percent. Apps also enable the organization to record, produce and use its data easily. Increased employee productivity — According to Fliplet, a study of more than 200 American federal workers in 2013 found that, when given access to mobile tools and portals, each employee will gain an extra 364 hours of productive time per year. Not only that, but they also report feeling more efficient and engaged. And, according to a study by Accenture, the overwhelming majority of executives agreed that mobile apps had made a significant impact on their businesses. In fact, 82 percent said that mobile apps are an integral part of their organizations, and 81 percent believe mobile apps will be the key to unlocking vital data from across their businesses. More efficient dissemination of information — Enterprise applications create a link between the company and the external world. Information such as changes in business operations is sent to individual customers and professional financial apps through push alerts. This faster, more efficient dissemination of the information and services a company offers outdoes what traditional websites can offer. Financial services customers like to keep in constant touch with their company to monitor their finances and weigh developments that might affect them. Customers need an easily accessible record to review their financial status so they can make decisions. And financial professionals will enjoy the opportunity to review their pending case requirements, case status, product updates, interest rates and compliance. They will also enjoy quick and easy access to notices and bulletins. Access to information, even when offline — With mobile apps, everyone can access their information both online and offline. With traditional websites, information can be used only when the desktop or laptop is accessing an Internet connection. But with apps, data and updates are locally stored within the app on the device until the device is reconnected to the Internet for further updates. People save a lot of time by using mobile apps because they can carry out their tasks from any location, even when they are offline. Increased revenue — Finally, mobile apps increase opportunities for a company to gain more revenue — sourced from services that are app-enabled and tailored to the company. For example, financial services companies are allowing mobile money transfer through their apps. This technique can yield an increase in organizational revenue because you can charge for such a money transfer. Most service industries are now implementing the use of mobile apps. Their time has come. And it’s time for all financial services companies and firms to get on board as well. After all, profitability and ultimate success largely depend on the constant and effective interaction with our field force and customers alike. And right now, with regard to interaction, mobile apps are about as good as it gets. Hoopis Performance Network Can Develop Your Customized Educational App Today, how financial professionals can access their training and educational resources is just as important as the material itself. HPN can provide your firm’s customized, branded virtual training via both website and mobile application delivery, providing your team with 24/7 access via any computer, smartphone, or tablet. Repetition is the mother of all learning, and now with HPN’s customized mobile app, it’s easy for everyone to get the answers they seek with only a few clicks from their fingertips. How Mobile Apps Improve Productivity

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?

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