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Next Item Previous Item Go back to White Papers List The rising cost of health care in the United States has become a worrisome risk to a financially-secure retirement. With that in mind, it’s important to understand the various components of Medicare, the federal government program that provides health insurance to most Americans age 65 and older. For Americans 65 and older, any conversation about health care must include Medicare. Your eligibility for this program at age 65 means that your health insurance will likely become more affordable, and you won’t be denied coverage for pre-existing conditions. It’s important to understand what happens with regard to Medicare when you retire and how you can obtain the best and most cost-effective coverage. This white paper covers some important aspects of the Medicare program. What Is Medicare? The original Medicare and Medicaid programs were signed into law at the Truman Library in Independence, Missouri, by President Lyndon Johnson on July 30, 1965, with former President Harry Truman looking on. In 1945, President Truman was the first sitting president to endorse national health insurance. The original Medicare legislation (Title XVIII) extended health-care coverage to almost all Americans age 65 or older. On July 1, 1966, when Medicare was implemented, more than 19 million Americans initially enrolled in the program. About 48 million Americans age 65 and older are now enrolled in Medicare, as well as another 9 million or so younger people with disabilities. Subsequent legislation has made a number of changes to the program since 1965. How Is Medicare Financed? There are 3 primary sources of Medicare funding: Medicare Part A (hospital insurance): Medicare Part A is financed largely through a 2.9% payroll tax paid by employees and their employers (1.45% each). That amount increases to 2.35% on earnings over $200,000 single/$250,000 married, employees only), which goes into the Part A Trust Fund that helps pay the eligible hospital expenses of Medicare beneficiaries. Medicare Part B (medical insurance): Medicare Part B, which helps pay for doctors’ services, outpatient care, and home health care, is paid for primarily by general government revenues, with Medicare beneficiary premiums accounting for about 25% of the Part B financing. Medicare Part D (prescription drug coverage): Medicare Part D, which helps cover the cost of prescription drugs, is also paid for primarily though general government revenues. Some state payments and beneficiary premiums finance the balance. Who Is Eligible for Medicare? Medicare Part A (hospital insurance) is provided at no cost to U.S. citizens and permanent residents of the United States who meet certain eligibility requirements. Anyone enrolled in Medicare Part A can, on an optional basis, enroll in Medicare Part B (Medical Insurance) by paying a monthly premium. Medicare beneficiaries with higher incomes will pay higher Part B premiums. Age 65 or older: Beginning at age 65, you are eligible for Medicare if you or your spouse worked for at least 10 years (40 quarters) in Medicare-covered employment and you are a citizen or permanent resident of the United States. You do not need to be receiving Social Security retirement benefits to qualify for Medicare at age 65. At any age: A citizen or permanent resident of the United States who has end-stage renal disease (ESRD) can get Medicare at any age. In addition, regardless of age, someone who has been entitled to Social Security disability benefits for 24 months or who receives a disability pension from the Railroad Retirement Board and meets certain conditions is eligible for Medicare. Finally, someone with ALS (Lou Gehrig’s disease) will automatically receive Medicare the month Social Security disability benefits begin. If you are not certain about your eligibility for Medicare, you can call the Social Security Administration tollfree at 800-772-1213 or visit the official government website for Medicare. What Medicare Does Not Cover It’s important to know what Medicare does not cover so you can avoid surprises. Teeth, eyes, and ears. Generally speaking, Original Medicare does not cover dental work and routine vision or hearing care. This means it does not cover dentures, which can run anywhere from about $1,000 to more than $5,000 for a complete set. A single tooth implant cost close to $4,000. However, if a dental condition involves an emergency or complicated procedure, it could be covered. Routine vision checks are generally not covered. But if you have an eye condition like glaucoma or cataracts, basic Medicare will cover your care. If you decide to go with an Advantage Plan, there’s a good chance dental and vision will be included. However, it will likely be limited. Medical care outside the United States. If you plan to travel the world after your turn 65, you need to know that basic Medicare generally does not cover care you receive outside the United States. If you choose an Advantage Plan, emergencies are often covered worldwide. However, routine care received overseas might not be. In this situation, you can look into travel-medical policies specifically targeted at the 65-and-over crowd. Depending on the specifics of the coverage and your age, these policies can cost about $175 or more per month. Long-term care. In general, Medicare does not cover long-term care. There are insurance policies that cover it, although they can be pricey. And the older you are, the more they cost. On average, an American turning 65 today will spend $138,000 in future long-term-care costs, according to a 2017 Bipartisan Policy Center report. Long-term care includes things like daily help with bathing and eating. Enrolling in Medicare at Age 65 There are 2 ways in which you can enroll in Medicare at age 65. If you are already receiving Social Security or Railroad Retirement benefits: If you’re already receiving Social Security retirement or disability benefits or Railroad Retirement benefits, you will automatically be enrolled in Medicare at age 65. You should receive a package of Medicare information, together with your Medicare card, in the mail. If you don’t receive the package by your 65th birthday, contact the Social Security Administration toll-free at 800-772-1213. If you are not yet receiving Social Security or Railroad Retirement benefits: If you’ll be turning age 65 in a few months and are not yet receiving Social Security or Railroad Retirement benefits because, for example, you’ve decided to delay retirement, you need to call or visit your local Social Security office to enroll in Medicare. You can also enroll in Medicare online. You can enroll in Medicare at age 65, even if you don’t plan to retire at age 65. The recommendation is that you contact your local Social Security office or enroll online about 3 months before your 65th birthday. Medicare Part B You will be automatically enrolled in Medicare Parts A and B. But because you have to pay a premium for Medicare Part B, you have the option of turning it down. If you do not enroll in Medicare Part B during your initial enrollment period, you can enroll later during a “general enrollment period” from January 1 through March 31 of each year, with your coverage then beginning the following July. Be aware that your monthly premium could increase 10% for each 12-month period you were eligible for, but did not enroll in, Medicare Part B. Medicare Coverage Options Medicare provides you with choices on how to receive your Medicare benefits. You can choose to receive your Medicare benefits either through Original Medicare or through a Medicare Advantage plan: Original Medicare (Parts A and B): Original Medicare is operated by the federal government and consists of Part A (hospital insurance) and Part B (medical insurance). With Original Medicare, you choose your doctors, hospitals, and other health-care providers. Most people do not have to pay a premium for Part A because they or their spouse paid Medicare taxes while employed. Part B is optional because it does require payment of a monthly premium. Most people enrolled in Part B will pay a premium of $135.50 per month in 2019. Higher-income Medicare beneficiaries will pay more.You have the option to enroll in Part D – Medicare Prescription Drug Plan. It’s run by private insurance companies and helps cover the cost of your prescription drugs. Because there are gaps in the coverage provided by Parts A and B, you also have the option to purchase a Medicare Supplement or “Medigap” insurance policy, also sold by private insurance companies, to help fill those gaps. Medicare Advantage Plans (Part C): Medicare Advantage plans are generally HMO or PPO plans, although private fee-for-service plans are also available and are run by private insurance companies that are approved by and under contract with Medicare.You can choose to receive your Medicare benefits through a Medicare Advantage plan if you elect both Medicare Parts A and B. The Medicare Advantage plan will then provide other benefits covered by Parts A and B, with the exception of hospice care. The plan might provide additional benefits that aren’t otherwise covered by OriginalMedicare, such as prescription drug coverage. Unlike Original Medicare, though, Medicare Advantage plans usually require that you either use plan doctors, hospitals, and other health-care providers or pay more for the services you receive.With a Medicare Advantage plan, you do not need to, and cannot, purchase a supplemental Medigap insurance policy. Medicare Advantage plans, however, may have a monthly premium you must pay, in addition to the Medicare Part B premium. You might also be charged a copayment amount for covered services you use. Initial Enrollment Periods When you initially enroll in Medicare, you’ll need to choose between Original Medicare and Medicare Advantage. Your initial enrollment period is the 7-month period that begins three months before you turn age 65, includes the month you turn age 65, and ends 3 months after the month you turn age 65. If you decide to enroll in Original Medicare, you’ll then need to decide if you want to purchase a Medicare Prescription Drug Plan and/or a Medigap policy. Annual Enrollment Periods While your initial choice of Medicare options is an important decision, it is not an irrevocable decision. Each year, you’ll have these opportunities to change your Medicare coverage: Open enrollment period: You can make the following changes during the annual open enrollment period (between October 15 and December 7), with the new coverage taking effect on January 1 of the next year: 1) An individual covered by Original Medicare can switch to a Medicare Advantage Plan. 2) An individual with Original Medicare can add or switch Medicare Prescription Drug Plans and/or Medigap insurance policies. There might be medical underwriting requirements. 3) An individual with a Medicare Advantage Plan can switch between Medicare Advantage Plans or drop Medicare Advantage, switch to Original Medicare, and add Medicare Prescription Drug Plan and/or Medigap insurance coverage. Medicare Advantage Disenrollment Period (January 1–February 14): An individual enrolled in a Medicare Advantage Plan can switch to Original Medicare and can also join a Medicare Prescription Drug Plan. Coverage begins on the 1st day of the month after the plan office receives your enrollment form. There is no right to buy a Medigap plan without satisfying medical underwriting requirements. General Medicare Part B Enrollment Period (January 1-March 31): An individual who did not enroll in Medicare Part B when first eligible can sign up from January 1 through March 31 of each year, with the coverage taking effect on July 1 of that year. If you didn’t sign-up for Part B when you were initially eligible, you may have to pay a late enrollment penalty for as long as you have Medicare. Your Part B premium may increase 10 percent for each 12-month period that you could have had Part B coverage but didn’t sign up for it. Special enrollment period: There are situations for which you may not need to enroll in Medicare Part B when you first become eligible. For example, you or your spouse might still be working and covered by a group health plan, meaning that you don’t need Part B coverage. In this instance, you can enroll in Part B without a late enrollment penalty at the following times: Anytime while you have group health coverage based on current employment. During the 8-month period that begins the month after the employment ends or the group health plan coverage ends, whichever happens first. If you have COBRA coverage, you must enroll in Part B during the eight-month period beginning the month after the employment ends. If you enroll in Part B during a special enrollment period, you then have a 6-month Medigap open enrollment period, which gives you a guaranteed right to purchase a Medicare Supplement Insurance policy. Caution: If you receive health-care coverage, including prescription drug coverage, from a current or former employer, union, or other source, you should contact the benefits administrator before dropping any of your current coverage and/or enrolling in any of the Medicare coverage options. It is important that you understand how your insurance works with Medicare before making any changes. If You Need Help Paying Your Premiums If you cannot afford to pay your Medicare premiums and other health-care costs, there are federal and state programs available for people with limited income and resources. Here are some examples. Medicare savings programs: States have programs that pay Medicare premiums and, in some cases, might also pay Medicare Part A and B deductibles and co-insurance amounts. To qualify for a Medicare savings program, you must have Medicare Part A and meet specific state requirements with regard to your income and financial resources. To find out if you qualify, call or visit your State Medical Assistance (Medicaid) office or call Medicare at 800-633-4227. Ask about getting help to pay your Medicare premiums. Extra help paying for Medicare Part D (prescription drug coverage): You automatically qualify to receive extra help paying for Medicare Prescription Drug Coverage if you (1) have full Medicaid coverage, (2) belong to a Medicare savings program, or (3) receive Supplemental Security Income (SSI) benefits. You may qualify for the Medicare low-income subsidy (LIS) to help pay prescription drug costs if your annual income and your financial resources are below specified limits. For more information, contact your State Health Insurance Assistance Program (SHIP) or Medicare at 800-633-4227. Medicaid: Medicaid is a joint federal and state program that helps pay medical costs if you have limited income and financial resources and meet other eligibility requirements. Some people qualify for both Medicare and Medicaid (and are therefore called “dual eligibles”). Medicaid requirements vary from state to state. Contact your State Medical Assistance (Medicaid) office for more information and to see if you qualify. State Pharmacy Assistance Programs (SPARs): Some states have SPARs that help certain people pay for prescription drugs based on criteria such as financial need, age, or medical condition. Each SPAR has its own rules and helps in different ways. To find out about a SPAR in your state, call your State Health Insurance Assistance Program (SHIP). Online Resources There are so many pieces and parts to Medicare that it can get confusing. We don’t have room here to cover all the details. Please visit www.medicare.gov , the official U.S. government website for Medicare. It is a comprehensive, easy-to-use online resource that allows you to accomplish the following: Check your Medicare eligibility. Review what Medicare covers. Compare Medicare health plans, prescription drug plans, and Medigap plans in your area, including how much they cost and the services they provide. Locate helpful phone numbers and websites, such as for your State Health Insurance Assistance Program (SHIP). Learn about your Medicare rights and how to file a Medicare appeal. Download many helpful Medicare-related publications. Medicare also provides a secure online service for accessing your personal Medicare information, located at www.MyMedicare.gov . After registering on the site, you’ll be able to do the following: Complete a questionnaire that will enable Medicare to process your bills correctly. Track your health-care claims. Request a replacement Medicare card. Check your Medicare Part B deductible status. Track the preventive services you can receive. Find information about your current Medicare health and/or prescription drug plan or search for a new one. Facts About Retirement and Medicare

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

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

Next Item Previous Item Go back to White Papers List To ensure that your child with special needs receives the best possible care in all aspects of his or her life, it’s important to do thorough, advance planning. In this white paper, we cover 3 important types of planning: Medical planning — How can you best obtain and pay for the specialized medical care your child may require? Who will oversee your child’s medical care when you’re no longer here? Financial planning — What steps can you take to guarantee that your child will have a financial safety net? What financial aid is available? How should your assets be arranged to best provide for your child’s future financial needs? Education planning — What steps can you take to make sure that your child receives the best possible education? Legal planning is another critical topic to be knowledgeable about. Please see our white paper titled “Legal Planning for a Child with Special Needs” for details on this topic. Now let’s look at important elements of medical, financial, and education planning. Medical Planning The medical treatment required for children with special needs can be expensive, often beginning at or shortly after birth. Without insurance, the cost of medical care is staggering! As a starting point to figure out what types of benefits are available, consult the Social Security Administration’s 2019 guide titled Benefits for Children with Disabilities. Here are some other important factors to consider: If You Have Private Health Insurance: Make certain you understand what the policy will and will not cover, particularly regarding any specialized services, equipment or therapy. Make sure you obtain prior authorizations, or you could end up paying the bill. If your coverage is provided through a health maintenance organization (HMO) or preferred provider organization (PPO), confirm that the specialists your child needs are part of the network. Understand when you can seek out-of-network care and what the cost will be to you. If a claim is denied, get a written explanation of the reason…you may want to appeal and resubmit the claim. Request that a case manager be assigned to your child. That will enable you to work consistently with someone who is familiar with your child’s situation and needs. If You Do Not Have Private Health Insurance: Check with your county social services or Social Security office to determine what assistance is available. Medicaid is a health-care program for people with low incomes and limited assets. In most states, children who get SSI (Supplemental Security Income) benefits, qualify for Medicaid. In many states, Medicaid comes automatically with SSI eligibility. In other states, you must sign up for it. Also, some children can get Medicaid coverage even if they don’t qualify for SSI. In addition, the State Children’s Health Insurance Program (SCHIP) enables states to insure children from working families with incomes too high to qualify for Medicaid, but too low to afford private health insurance. Your state Medicaid agency can provide more information about SCHIP. When Your Disabled Child Turns 18: Medicaid benefits are payable based on the child’s own assets and income, even if he or she is still living at home with you. Health-Care Reform: The Patient Protection and Affordable Care Act of 2010 (health-care reform) has several provisions that can impact medical/insurance planning for your child with special needs. By no later than September 23, 2010, all young adults under age 27 may be able to continue health-care coverage through a parent’s policy. Here are some other provisions you should be aware of: Effective no later than September 23, 2010, individual and group health insurance plans are prohibited from using pre-existing condition exclusions for children and cannot place lifetime limits on the dollar value of coverage. Also effective in 2010, insurers cannot deny or rescind coverage of insureds who become sick. As of January 1, 2014, insurers are prohibited from placing any annual limits on the dollar value of coverage. As of January 1, 2014, most U.S. citizens and legal residents are required to have minimum essential health insurance coverage. Insurers cannot deny or cancel coverage to anyone with a preexisting condition. Health insurance premium subsidies are available to eligible individuals and families with incomes between 100 percent and 400 percent of the federal poverty level (e.g., $25,100 to $100,400 in 2018–19 for a family of four). Individuals with incomes of less than 138 percent of the federal poverty level qualify for Medicaid coverage, unless the state in which they reside opted out of the Affordable Care Act Medicaid expansion. As of January 1, 2019, the penalty assessed to individuals who fail to maintain minimum essential coverage is $0. Financial Planning Financial planning is important for any family, and it’s even more critical for the families who have a child with special needs. Planning well in advance enables you to take advantage of the benefits of compounding interest over time and to ensure that your assets are all in the right place. You don’t want to jeopardize your child’s ability to receive public assistance. Government Benefits: Supplemental Security Income (SSI) benefits are payable to adults or children who are blind or disabled. SSI supplements a person’s income up to a certain level, which varies from state to state. In the case of disabled children under age 18, the parents’ income and assets are considered when deciding if the child qualifies for SSI benefits. Beginning at age 18, SSI benefits are determined based on the disabled person’s income and assets. As a result, a child who was not eligible for SSI before age 18 may become eligible at age 18. To qualify for SSI benefits, the disabled person cannot have “countable resources” (assets) in excess of $2,000 or “countable income” in excess of the maximum federal benefit rate. In the case of ABLE Accounts, discussed below, the first $100,000 in an ABLE Account will be disregarded for SSI benefit purposes. Additional financial resources are available through state and community programs. Consult with the appropriate federal, state, county, and/or local agencies for assistance. Other Financial Considerations: A 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. Please see our white paper titled “Legal Planning for a Child with Special Needs” for detailed information on this topic. The Achieving a Better Life Experience (ABLE) Program The Achieving a Better Life Experience (ABLE) Program is designed to help individuals and families use taxfree savings accounts to help finance their longer-term disability needs, without the loss of federal benefits if savings exceed certain limits. The earnings on contributions to ABLE Accounts will not be taxed, and the funds in these accounts will not be considered for the Supplemental Security Income (SSI) program, Medicaid, and other federal means-tested benefits. However, if an ABLE Account exceeds $100,000, SSI benefits will be suspended but not terminated. To be eligible for an ABLE Account, an individual must become blind or disabled before age 26 and (1) receive Social Security Disability Insurance (SSDI) or SSI or (2) file a disability certification under rules yet to be written. Anyone, including the disabled individual, may establish an ABLE Account for an eligible beneficiary. An eligible disabled individual, however, will be limited to one ABLE Account, and total aggregate annual contributions to that account may not exceed the annual gift tax exemption ($15,000 in 2019). Because ABLE contributions are treated as gifts by the contributor for tax purposes, if a donor puts the maximum $15,000 in an ABLE Account in 2019, any other gifts to the beneficiary will trigger the requirement to file a gift tax return. No gift tax will be due in 2019, however, unless the donor has already made more than $11.4 million in lifetime taxable gifts. In addition, Section 529 Plan assets may be rolled over to an ABLE account, up to the maximum annual gift tax exemption ($15,000 in 2019). Both accounts must have the same beneficiary or be related to a member of the same family. Contributions to an ABLE Account will be made with after-tax dollars, but earnings on contributions will be tax-free, and distributions from the account for qualified disability expenses will not be considered taxable income to either contributors or the eligible beneficiary. Qualified disability expenses include any expenses made for the benefit of the disabled beneficiary related to education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, and funeral and burial expenses. Distributions used for nonqualified expenses will be subject to income tax on the portion of the distribution attributable to earnings from the account, plus a 10% penalty. Assets in an ABLE Account can be rolled over, without penalty, into another ABLE Account for either the qualified beneficiary or any of the beneficiary’s qualifying family members. At the death of the qualified beneficiary, it may be required that any assets remaining in an ABLE Account be used to reimburse a state Medicaid agency for the cost of benefits and services provided during the disabled beneficiary’s lifetime. As a result, an ABLE Account should not be considered a wealth-accumulation mechanism. Education Planning Undoubtedly, you want your child to receive the best education possible. To assure this outcome requires that you become your child’s advocate and a participant in his or her education plan. The first step is understanding the education laws that apply to children with disabilities. Here is an overview of 3 related laws. 1. Individuals with Disabilities Education Act (IDEA) The Individuals with Disabilities Education Act requires that children with special needs receive the following: A free appropriate public education from ages 3 through 21. Education provided as close to home as possible, with children who do not have disabilities. Additional services, such as speech therapy, occupational therapy, or a classroom aide, which are designed to meet their unique needs and prepare them for employment and independent living. An assessment to determine their needs. The law guarantees two types of assistance: Individualized Education Plan (IEP). The IEP is a written statement of your child’s abilities and impairments. It is developed by a team that includes you, school district personnel, and educational professionals who have evaluated your child and his or her abilities. The IEP must be reviewed at least annually. Due process. As a parent, you have both rights and responsibilities in relation to your child’s IEP. Due process provides a mechanism to resolve any disagreements regarding a child’s IEP. Under IDEA, for a child to be eligible for special education, he or she must have issues in at least one of the following categories: A serious emotional disturbance A learning differences Intellectual disability Having had a traumatic brain injury Being diagnosed on the spectrum of autism Vision and hearing impairments Physical disabilities Developmental delays (including speech and language difficulties) Other health impairments Before your child approaches age 22, you are advised to have a plan in place to address the issues that are sure to arise as he or she transitions out of the public education system. Depending on the nature of your child’s disability, this plan can include additional educational or vocational services, work, or ongoing rehabilitation and medical services. Planning for these needs requires that you conduct research years before your child reaches age 22. 2. Section 504 Section 504 is a civil rights statute (1973) that requires that schools not discriminate against children with disabilities and provide them with reasonable accommodations. It covers all programs or activities, whether public or private, that receive any federal financial assistance. Reasonable accommodations include untimed tests, sitting in front of the class, modified homework, and the provision of necessary services. Typically, children covered under Section 504 either have less severe disabilities than those covered under IDEA or have disabilities that do not fit within IDEA. Under Section 504, any person who has an impairment that substantially limits a major life activity is considered disabled. Learning and social development are included on the list of major life activities. 3. The Americans with Disabilities Act (ADA) The ADA (1990) requires all schools, other than those operated by religious organizations, to meet the needs of children with these differences or disorders. Under the ADA, children who qualify cannot be denied educational services, programs, or activities, and the law prohibits discrimination against all such students. Many children with special needs are of average or above-average intellect. There are many colleges whose programs might be appropriate for your son or daughter. If he or she can obtain a college degree, it will greatly enhance employability. Further Help and Advice As you know, parenting a child with special needs has its own unique set of joys and challenges. While you are undoubtedly the foremost expert on your child and his or her needs, desires, and future aspirations, it can be a daunting task to undertake special-needs planning on your own. Because of the specialized nature of special-needs planning, it is wise to seek out professionals (attorneys, trust officers, financial advisors, etc.) who have experience in the special-needs planning process. Guidance counselors, special education professionals, and other parents with special needs children can also be great resources to connect with. In addition, there are a variety of organizations that provide assistance to people with disabilities and their families. Here are just a few examples: The National Dissemination Center for Children with Disabilities (NICHCY), an acronym derived from its original name, National Information Center for Handicapped Children and Youth) operated as a national centralized information resource on disabilities and special education for children and youth ages birth through 21 years, sponsored by the U.S. Department of Education. National Association of Parents with Children in Special Education (www.napcse.org ). This organization offers parents of children in special education information on how to be their child’s best advocate. eParent (www.eparent.com ). This website is written for families of children and young adults with disabilities and special needs. Parents Helping Parents (www.php.com ). The mission of this parental resource center is to help children with special needs reach their full potential. A Final Note The planning process shouldn’t stop as your child gets older. As he or she ages, so do we. There are certain issues we all need to address regarding our final arrangements. It is most helpful to your family members if pre-planning and/or prefunding of your own final wishes are set in place when you feel it is appropriate. We also want you to know about a unique feature of the Social Security System that occurs when a parent of a disabled child or adult applies for retirement benefits. As part of the interview, you will be asked if you have a disabled child. The good news is that a “yes” answer provides that child with an additional income stream of Social Security benefits from your retirement income. The bad news is that it also complicates the situation because it eliminates the opportunity for the child to receive SSI and Medicaid benefits directly. Depending on your child’s disability, Medicaid benefits might be particularly important. Medicaid, for example, will pay for home aides for your child, while Medicare will not. Be sure to check…additional Medicaid benefits might be available through your state Social Services Division. Medical, Financial, and Educational Planning For a Child With Special Needs

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

Best Selling Author, Performance Coach Jason Selk Best Selling Author, Performance Coach While serving as the Director of Mental Training for the St Louis Cardinals, Dr. Jason Selk helped the team win their first World Series in over 20 years, and in 2011 he assisted the Cardinals in the historic feat of winning their second World Championship in a six year period. Dr. Selk is a regular contributor to Forbes, INC, Success, Shape, and Self Magazine; ABC, CBS, ESPN, and NBC radio and television; and has been featured in USA Today, CNBC, and Men’s Health. Dr Selk’s second book, Executive Toughness, is a best-selling business book and his first book, 10-Minute Toughness, is on pace to be one of the best-selling sport psychology books of all time. Dr. Selk is considered to be one of the premier performance coaches in the United States. He helps numerous well- known professional and Olympic athletes as well as Fortune 500 and Fortune 100 executives and organizations develop the mental toughness necessary for high-level success. Dr. Selk utilizes his in-depth knowledge and experience of working with the world’s finest athletes, coaches and business leaders to help individuals and organizations outperform their competition. Dr. Selk works with such clients as professional athletes in the NFL, NHL, NBA, PGA, LPGA, MLB and NASCAR. In addition, he works with such business clients as UBS Financial, Edward Jones, Wells Fargo, Northwestern Mutual and Enterprise Holdings, to name a few. 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

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Next Item Previous Item Go back to White Papers List The past two years have shone a spotlight on digital learning. While some companies already had robust digital learning platforms in place at the onset of the COVID-19 pandemic, others struggled to engage a newly remote workforce in a fully virtual environment. In both cases, the digital learning experience — and its effectiveness — came under greater scrutiny than ever before. The debate over in-person versus online learning is not new. And now — as we begin to move out of the pandemic — some training organizations are breathing a collective sigh of relief about finally getting “back to normal.” But let’s be honest: Normal is a thing of the past, and consigning digital learning to second-class status is a mistake for several reasons. Many businesses will continue to support remote work, if not on a full-time basis, then in a hybrid work environment. And remote workers are often geographically dispersed, making digital learning options even more necessary. Gen Z, the incoming workforce, has grown up with digital learning. These self-directed digital natives look to TikTok, Instagram, and YouTube to learn new skills. And they expect the organizations they join to provide similar (or better) experiences. Finally, and perhaps most important, digital learning is cost-effective, efficient, and — when done well — as engaging as in-person, instructor-led training. The question every organization should be asking is not whether to continue providing digital learning options; the question is, does your digital learning platform achieve the results you expect? Creating an engaging digital learning experience requires a learner-focused design based on fundamental learning principles. As you evaluate digital learning platforms for your organization, consider these five essential elements required for an effective digital learning experience. Purposeful A fundamental principle of learning is that adults are motivated by learning that helps them achieve a goal or solve a problem. Whether they want to move into a management position, increase retention, or penetrate new markets, financial services professionals will be more motivated, will retain more, and are more likely to apply learning that serves a specific purpose. Through videos, case studies, assessments, and other media, an effective digital learning experience regularly reinforces the why behind the learning, not just the how. And since effective digital learning programs typically consist of brief, tightly focused microlearning modules, learners can select modules that have the most relevance for achieving their goals. Personalized Microlearning modules satisfy another fundamental principle — adult learners want the flexibility to control what, when, how, and where they learn. In today’s business environment, that often means mobile learning, something for which microlearning modules are especially well suited. And because microlearning is modularized, with discrete learning objectives, learners can personalize the experience based on their specific interests. A strong digital platform will also recommend custom learning paths, usually identified through online assessments, to ensure that the program addresses all skill gaps. Two new financial services managers, for example, may require different learning paths, based on their strengths and weaknesses, with the online assessment ensuring that all essential leadership areas are evaluated properly for both new leaders. Actionable A training module is only as good as the action it produces. Effective training includes actionable takeaways that learners can apply soon after completing the learning experience. A coaching module for new managers, for example, should provide a coaching model, script, or other guidelines so that managers can apply their new coaching skills immediately. It should also suggest activities for practicing the new skills after completing training, to transfer and reinforce learning. The Forgetting Curve Digital microlearning modules work well with spaced learning formats (learning that occurs over time). The cadence of this type of learning, learn-apply-review-reinforce, provides the repetition needed to overcome “the forgetting curve.” Introduced by German psychologist Hermann Ebbinghaus in the late 19th century, the forgetting curve shows that, on average, people forget 70 percent of what they learn within 24 hours of learning it and 90 percent within one week.1 The most effective way to overcome the forgetting curve is to use active recall and review activities and apply new learning early and often. Active recall activities often found in digital learning platforms include quizzes, flashcards, scenarios, and critical thinking questions. Practical Practical learning is related to, but not the same as, actionable learning. Actionable learning ensures learners have takeaways they can apply immediately. Practical learning takes into account different on-the-job situations to ensure learners have resources at a specific moment of need. A comprehensive digital learning platform includes resources to support five moments of need: new, more, apply, solve, and change. The Five Moments of Need The “five moments of need” approach, developed by Conrad Gottfredson and Bob Mosher, focuses on applying learning in the workflow.2 Learning a new skill or concept and then learning more as skills increase are the bread and- butter of traditional training programs. Effective learning platforms will also support learning that happens on the job: when learners apply new skills when they must solve problems because something did not happen as expected, and when they must relearn skills because systems, processes, or situations changed. Because of their modular design, accessibility, and the variety of delivery formats available, digital learning platforms are ideally suited for addressing these needs. Engaging Last, but by no means least, an effective digital learning platform actively engages participants in the learning experience. This element, perhaps more than any other, influences learner retention. And it is the one area where digital learning platforms often fail to perform. Quizzes are the most common engagement activities included in digital learning. Ideally, these knowledge checks also provide meaningful feedback to learners, reinforcing correct answers and reviewing material for incorrect answers. Some platforms award points or badges for activities completed. Some include leaderboards that show learners how their scores compare to others. The most sophisticated use simulation and virtual reality. Fortunately, you do not have to develop the next Minecraft game to engage most learners. Any activity that reviews and reinforces learning points and supports the on-the-job application of key concepts will encourage learner participation. In addition to quizzes, case studies, what-if scenarios, and criticalthinking questions can keep learners engaged. Varying the types of media used (balancing text, video, and infographics, for example) also helps to retain learner interest. Digital learning is here to stay, and it is a valuable tool when designed well. These five elements, when combined in a digital learning experience, can motivate team members to use your training platform, transform new skills into increased productivity, and provide you with the ROI you are looking for in a digital learning platform. Engaging Advisors with the Essentials of Digital Learning

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