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Next Item Previous Item Go back to White Papers List Many of the methods we use to persuade and motivate others such as nagging, pleading, coercing and brute force, not only fail to work, but many times, they make things worse by making people mistrust or even become angry. Some persuasion tactics will not only hurt the cause, but damage relationships by creating resentment or remorse. Effective persuasion is different. It’s subtle, unsuspecting, and non-confrontational. The human mind is surprisingly malleable and easy to manipulate, if you know what it is you want and what you’re doing. When you effectively persuade, you are not trying to control someone. You are trying to nudge them to take action or see things from a different perspective. One’s ability to persuade has held great social prestige in the ancient Greek world and throughout history. Aristotle was the first to introduce persuasion as a skill that could be learned. He argued that the most effective persuasive attempts contain three concepts: ethos, pathos, and logos. Ethos Ethos refers to the character of the speaker. If audiences believe that the speaker is credible, they are more likely to be persuaded. He believed that this includes body type, movement, dress, body language, sincerity, word choice, and reputation, in addition to expertise and charisma. Ethos is about the audience’s perception of credibility and it is the most powerful of the three persuasive means, according to Aristotle. Pathos Pathos is the psychological and emotional state of the audience. Aristotle believed that our ability to be persuaded is closely connected to how pleased and friendly or pained and hostile we are feeling. He also recommended that we determine the difference between our audience’s actual state of mind and their desired state of mind. If you can help them see how to get from their current state to their desired state, you can persuade people to do almost anything. Logos Logos refers to the actual substance of a message, or logic provided as proof to the listener. Aristotle argued that humans are basically reasonable beings who make decisions based on what makes sense. You can be more persuasive and convincing by using reason and logic in your arguments. Influence: The Psychology of Persuasion Whether you are selling financial instruments, insurance, or boiled peanuts, the psychology behind selling, is deeply rooted in persuasion, which is influencing someone to believe or act in a specific way. Many people have observed and commented on persuasion, but Robert Cialdini is the most quoted in business and how persuasion relates to sales and marketing. In Influence: The Psychology of Persuasion, originally published in 1984, Cialdini identifies six principles of persuasion, which have been expanded by others over the years. Let’s first look at these six principles – reciprocity, scarcity, authority, consistency, liking, and consensus – and how you can apply them to prospecting and acquiring new clients. Reciprocity Reciprocity is a social convention that compels people to return a favor to someone who does something nice for them. You probably heard the adage, “You scratch my back, I’ll scratch yours.” Companies may send free samples of a product with the hope (and proven trackrecord) that the receiver will likely feel an obligation to buy the product. This, and offering “extras” or “bonuses,” are common examples of reciprocity. Since it’s impossible to give free samples, extras, or bonuses of insurance, stocks, and commodities, your gift to clients can be your knowledge. Consider creating video content, downloads, and e-books to attract clients on your website, or offer free workshops or webinars. The real power of reciprocity lies in the fact that it’s such a strong social norm, and a universally expected give back. While not everyone practices reciprocity, the majority of people will, without even realizing it. Keep in mind that you should never expect reciprocity, so do it for them, not for you. Reciprocity works when there is no expectation of return because the sincerity of the gesture is what gives it its power. The need to return the favor is strongest when the initial favor was done with no expectation of repayment. Be generous and helpful as often as possible, in the hope that those you help will be on your side when you need them in the future. When used regularly, reciprocity can be an indispensable sales tool. Scarcity The economic principle of scarcity has been around for ages. When resources are in short supply, people want more of them. Understanding the psychology of scarcity and how it can impact decision-making can give you an additional edge in the sales process. Using the principle of scarcity to persuade others requires that you create a sense of urgency, motivating people to act. You see scarcity being used all the time in ads that say, “Selling Fast,” “Only 3 left,” and “Limited Time Only.” In the financial services industry, salespeople can create that sense of urgency by sharing with prospects what they risk losing if they don’t act on your proposal today. Appealing to your client’s fundamental needs of shelter, love, self-esteem, and self-actualization can be very persuasive. For example, an agent/advisor selling life insurance may ask a client what will happen if he or she dies. What will happen to your family? Will they have money to survive? How will your death financially impact your family, and will they be able to maintain their lifestyle? Some agents/advisors apply this principle by limiting their availability. Don’t tell a prospective client that your schedule is “wide open.” Instead, give two options for when you “can squeeze them in.” Be careful not to create a false sense of urgency or you will lose credibility. Sincerity and truthfulness are keys to repeat business and lifelong clients. Authority Establishing authority and credibility that you know about the service you are providing or the product you are selling is especially important in the financial services industry. People will generally listen and act when they feel they are with credible experts. If you speak confidently, clearly and concisely, people are more likely to listen to you, to take what you have to say seriously, and to agree with you. Prepare what you want to say and practice it. Write out your scripts and practice them regularly. When speaking, avoid filler words (such as ‘umm’, ‘err’ or ‘like’) because these suggest that you’re struggling to express your message or that you are uncertain about its validity. Establishing authority means you must send signals to prospects about what makes you an authority before you attempt to persuade them. This also requires walking a fine line between confidence and arrogance. People don’t want to hear you boast about your accomplishments or about how smart you are. Your website and digital marketing campaigns play a valuable role in establishing authority. Providing accurate, educational content on a regular basis through video content, newsletters, and blogs, will demonstrate your knowledge to others, making it more likely that they will buy from you. Consistency Most people don’t like to go back on their actions or words. Once they say something, human nature will tend to make people stick to what they said, in fear of looking indecisive. Applying the principle of consistency to the sales process is about asking for small actions and commitments from prospective clients throughout the sales process, also known as the “yes ladder.” Giving them early and small opportunities to agree with you allows them to be a part of the process and makes it easier for them to give you the “big yes” later. Some people refer to this as the “foot in the door” technique since once you get your foot in the door, it’s harder for them to close it. Your clients need to feel like they were not forced into decisions, or they may get cold feet or resent you. You can ask for commitments from prospective clients during website or in-person interaction. For example, ask for an email when you offer free content, ask a prospect to commit to a phone or office appointment, or ask a prospect to take a survey about their needs. Consistency is built through regular communication and interaction. Liking Prospective clients are more likely to buy from salespeople they like. Cialdini outlines three specific elements of the likability principle: People like those who are similar to them. People like those who pay them compliments. People like those who cooperate. The best salespeople will take time to make a personal connection with prospects about things that have nothing to do with the product or service they are offering, either on the phone or in person. They might talk about kids, sports, television, movies, college, or any other common ground. Applying the liking principle online is a bit trickier, and it can take more time. The single best way to create likability online is by creating an outstanding ‘About Us’ page on your website or a bio page, if you are an agent/advisor. Tell your readers about your hobbies, your core values, and why you enjoy helping and educating your clients. The more likable you are, the more people you will persuade to buy from you. People tend to adopt a “herd” mentality, meaning they may look to others to make decisions. This behavior is often driven by the desire to fit in. Many may think, “If they are doing XYZ, so can I.” You can apply the principle of consensus to the sales process by harnessing the power of testimonials. Whether you share videos, blog posts, or talking to a prospect in person, sharing success stories from current and previous clients inspires prospects to “jump on the bandwagon.” Another powerful way to activate consensus is through online reviews from third-party sites. Prospects searching for you online can see positive comments, encouraging them to join others who have done successful business with you. Additional Tips and Techniques As a spin-off from these basics’ techniques outlined by Cialdini, there are other persuasion tips and techniques which can also help you to effectively persuade others. Keep in mind that the ultimate goal of persuasion is to convince the client or prospect to adopt a new attitude as a part of their own core belief system and choose to buy from you. Content Organization If you carefully describe or explain things in such a way that influences how the recipient interprets the information, you are ‘framing’ that content. This technique is often used to influence audiences in political debates. The three core elements of framing include: Placement – Make sure you choose the right time, place and people to communicate with. Are both members of a partnership in attendance? Approach – Make sure you carefully construct how your argument is presented. Focus on the positives, rather than any potential downsides of an agreement. Words – Make sure to select the most appropriate words to explain your viewpoint. Mark Twain once said, “The difference between similar words and the right words is the difference between lightning and the lightning bug.” Choose your words wisely. An example of this is the difference between using the words “cheap” and “inexpensive.” It is important to frame your words to say how you want your client to feel. Go Big and Then Small This approach is the opposite of the “foot in the door” approach or “consistency” principle. A salesperson will begin by making a large and possibly unrealistic request. The individual responds by refusing. The salesperson then responds by making a much smaller request, with may often come off as conciliatory. People often feel obligated to respond positively to these offers. Since they refused that initial request, people often feel compelled to help the salesperson by accepting the smaller request. Anchor Points The anchoring bias is a technique that can have a powerful influence when negotiating or selling. Basically, your first offer has the tendency to become an anchoring point for all future negotiations. An example of this is if you are trying to sell an insurance policy. If you suggest a larger policy first, that larger policy will become the anchoring starting point for your client’s decision. While you might not sell a policy that large, starting high might lead you to getting a higher sale. “But You Are Free” By simply reminding those who you’re talking to that they are free to make their own decision on whatever the topic you’re discussing, will make them more comfortable and feel less pressured. This is a highly effective strategy that is easy to implement. Body Language Never underestimate the power of your body language, which has a significant impact on your ability to persuade: Smile naturally. This will make you seem approachable and likeable. Raise your eyebrows. This signals you are not a threat, and gives the impression that you are friendly and approachable. Avoid crossing your arms and putting your hands in your pockets. These are “closed” positions and they signal that you are not flexible, comfortable, or approachable. Use eye contact. Making regular eye contact shows an interest in the conversation and the person you are talking to. You will also appear as more trustworthy. Show your palms. This technique goes back to the cave men days when the first thing we need to verify is that the visitor is not holding a weapon. No matter how far this dates back, it still indicates you are telling the full story. Clothing While these may seem subconscious, they have proven important and effective in aiding persuasion. Show your neck. This indicates that you are unthreatening and easy to approach. Color. Make a special attempt not to clash with your environment. Wear colors that soften your look without weakening you. Wear colors that make you feel confident. Professionalism. While it’s important to establish authority through your clothing, you don’t want to appear to be inflexible or inappropriate for the situation in which you are meeting. Conclusion Persuasion is not a new concept but is one that is used in advertisements and conversations every day. Techniques for improving your ability to persuade others are likely to make you more successful. Keep in mind Zig Ziglar’s words, “The most powerful persuasion tool you have in your entire arsenal is your integrity. The Power of Persuasion

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

Next Item Previous Item Go back to White Papers List Parents are a crucial part of their children’s financial education. Research has shown that parental modeling and teaching has more positive, impactful, and long-lasting influence on financial attitudes than academic-based programs. How, what, and when you teach your kids about money are personal decisions determined by your values and experience. Start Early It’s never too early to start teaching children about money. Otherwise, until they start earning a living, it’s easy for kids to think that money “grows on trees”! Parents magazine offers tips for ways to teach children about money from ages 2 through ages 16 and older. Beth Kobliner is one of the nation’s leading authorities on personal finance for young people. She is a commentator and journalist and the author of two New York Times bestsellers: Get a Financial Life: Personal Finance in Your Twenties and Thirties and a guide for parents titled Make Your Kid a Money Genius (Even if You’re Not). She says that by age 3, kids can grasp basic money concepts. By age 7, many of their money habits are already set. Her advice is to begin as early as possible to “Start wringing money lessons out of everyday life.” Parents are a crucial part of their children’s financial education. Research has shown that parental modeling and teaching has more positive, impactful, and long-lasting influence on financial attitudes than academic-based programs. How, what, and when you teach your kids about money are personal decisions determined by your values and experience. Start Early It’s never too early to start teaching children about money. Otherwise, until they start earning a living, it’s easy for kids to think that money “grows on trees”! Parents magazine offers tips for ways to teach children about money from ages 2 through ages 16 and older. Beth Kobliner is one of the nation’s leading authorities on personal finance for young people. She is a commentator and journalist and the author of two New York Times bestsellers: Get a Financial Life: Personal Finance in Your Twenties and Thirties and a guide for parents titled Make Your Kid a Money Genius (Even if You’re Not). She says that by age 3, kids can grasp basic money concepts. By age 7, many of their money habits are already set. Her advice is to begin as early as possible to “Start wringing money lessons out of everyday life.” Ignorance About Financial Management Is Stressful A 2018 PwC study revealed that just 24% of millennials demonstrated a basic understanding of financial concepts. And 54% of millennials are worried about paying back their student loans from college. Adults experience profound stress over moneyrelated issues, and part of the reason is that many adults were never taught money-management skills. According to a survey from the American Psychological Association, money is a leading cause of stress in the United States. APA has conducted the annual survey for more than a decade, and money and work have consistently topped the list of stressors. In the August 2017 survey, 62% of respondents said money was their biggest stressor, and 61% said work was their main source of stress. We certainly don’t want our children to experience this kind of stress. Knowledge is power, and when we teach young people how to be good stewards of their money, those lessons will benefit them for a lifetime— and their children and grandchildren, too. The key is to help children develop positive behaviors and habits from an early age. A 30-year study published in the Journal of American Medical Association Psychiatry in May 2019, makes a strong link between a specific behavior set and future income. The researchers followed the lives of 2,850 6-yearold children. They found participants who went on to make less annual income between the ages of 33 to 35 all had one common trait demonstrated at a young age: inattention. The researchers considered inattention to be a lack of sharing, poor focus, blaming others/ showing aggression, and high levels of anxiousness. If you can work with your children on these inattentive behaviors, you can have an impact on their earnings 3 decades later. The researchers recommend that you do 4 things to help children be more attentive to money when they are children so they can be more successful adults: encourage sharing, encourage them to focus on one thing at a time, teach them to get along with others and to feel empathy, and help your child manage anxiety by giving your child uninterrupted time in the day to express their worries and to brainstorm solutions with you. Here are additional tips for building good money management tips in your children. Teach Them the Basics Don’t wait until your kids are leaving for college to introduce them to the basics of financial life. Give them the latitude to make mistakes and learn from them. Let children see their money grow. This is where the age-old piggybank comes in. When children see their money accumulating, it increases their motivation to save. Also, when kids see you swipe a debit or credit card at a store, they don’t understand the correlation between your working long, hard hours in your job and having money to buy things. It appears like “magic” to them. Show them how it all works. When they reach what you consider an appropriate age, make your children responsible for sticking to a budget. Give them an allowance that’s enough to pay for their clothing and entertainment needs. If they overspend, don’t bail them out! At some point in high school, open a checking account for your children and fund it with their allowance. Teach them the basics about how to make deposits, keep track of their debit-card expenses, and balance the monthly statement. If they get the “opportunity” to learn firsthand about the stupidity of paying overdraft charges, it will be a valuable lesson! Teach financial discipline. Kids need boundaries. They need to learn that you can’t have everything you want when you want it. Setting and sticking to spending limits helps them learn this important lesson. • Show them how to save for big expenses. If your kids want a “big ticket” item, such as a nice car, help them realize that “money doesn’t grow on trees” by requiring that they contribute at least a portion of the purchase price, perhaps through an after-school or summer job. Introduce your children to debit and/or credit cards. Do so when they reach an age you feel is appropriate and in a way that’s consistent with your beliefs concerning the use of credit. It’s generally recommended that kids gain some experience with credit cards before graduating from high school. Consider beginning with a secured credit card (sometimes referred to as a “credit card with training wheels”) by requiring a cash collateral deposit that becomes the credit line for that account. If they use the secured card judiciously, you can consider moving on to an unsecured credit card. Make certain they understand that the use of credit is a privilege, not a right. A company called Greenlight offers a debit card for kids that parents manage from their phones with flexible parental controls. Greenlight’s mission is to help parents raise financially smart kids. The Greenlight debit card comes with a Greenlight app for both parents and kids. Parents can instantly send money to kids, turn the card off from the app if needed, and receive alerts whenever the card is used. They can automate allowance payments and manage chores so kids can learn to earn! These safe and secure experiences give parents the peace of mind they need to allow kids to manage their spending, saving, giving, and earning. Introduce high schoolers to investing, using real money. Start with money market accounts. From there, introduce them to fixed-interest investments, such as savings bonds and CDs. Then move on to the stock market via mutual funds. Check out the stock market games available on the Internet. They can be a fun, educational way to introduce teens to the stock market. Some families even set up investment clubs for their teenagers to teach them investment basics. Teach your kids the importance of having money saved in an “emergency fund.” When expenses arise that were not budgeted for, let them see how having money stashed away saves the day, as opposed to borrowing money for the emergency or paying for it with a high-interest credit card. Even young children can understand the concept of exchanging a sum of money for something they want. Teach them how to allocate money, such as 20 percent for savings, 10 percent for giving, and 70 percent for spending. Show them how to reach a savings goal. Let them see how saving X amount of their allowance each month will add up to the amount needed to buy a toy or new video game in a certain number of months. Be a good role model! While not a guarantee, children who grow up seeing you do the right things financially are more likely to follow your example as they mature. When planning a trip to the store, get your kids involved. Let them help you preparing a shopping list and/or spending budget. Help them understand how a list/budget helps avoid the expense and pitfall of impulse buying. Take your children shopping with you. Teach them about pricing, brand names, sales, comparison shopping, coupons, brand-loyalty programs, and how to evaluate at is the “best deal.” Involve your kids in the family budget. Show them the monthly bills for car payments, utilities, mortgage, insurance, and credit cards. Explain the portion of your budget that is allocated for savings. Teach them firsthand about your family’s cost of living and how you follow the process of making and sticking to a budget. Have an age-appropriate discussion about needs versus wants with your kids. When it comes to purchasing decisions, ask your children why they need the item…or if it’s simply something they want. Encourage them to use websites that will help them learn about money management. Today, kids are all about learning online. Here are some websites that can help your kids get excited about, and engaged in, learning about money online. Planet Orange is a fun, interactive website sponsored by ING Direct that teaches kids in grades 1 through 6 the basics of earning, spending, saving, and investing money. Kids start by creating a character astronaut who is assigned a mission that revolves around money. They then design their own spaceship and begin their mission. Practical Money Skills teaches kids about money by letting them play fun games. For example, the Road Trip game teaches kids that, to keep a car running, you have to pay for things like gas and insurance. Affording those things sometimes means sacrificing trips to the mall. The website also features football and soccer financial games, as well as Ed’s Bank, which teaches younger kids the importance of saving money and money values. Even the U.S. government is doing its part to help kids learn how to manage money. H.I.P. Pocket Change gets kids interested in money by focusing on its history. After logging on to the site and then clicking on the “Toons” section, your child will be taken through interactive cartoon presentations of how money is made, what it looks like in other countries, and the history of money. Plus, there are games and a collector’s club for kids who want to collect coins. And finally, a website you could share with your children’s teachers is Next Gen Personal Finance, or NGPF. It’s a nonprofit organization founded in 2014 to connect educators with free resources, professional development, and advocacy tools to equip students with the knowledge and skills to lead financially successful and fulfilling lives. The site offers free access to more than 100 online activities, videos, articles, and other resources. Teach Your Kids About the Power of Interest Children need to learn about “good” interest, such as interest paid by savings accounts, and the “bad” interest that accumulates when credit card bills are not paid in full and on time. Here are some tips for doing just that. Take your child to the bank or credit union and open a savings account. Let him or her calculate how much interest (“free” money!) the account will earn over time. Require that your kids save a certain percentage of their allowance and birthday/ holiday money. Review monthly statements with them, pointing out how interest has increased the value of their account. When children meet their savings goals, consider matching their savings. For example, at the end of each month, you could reward their savings with $1 for each $10 they’ve saved. Show your kids your credit card bills and explain how important it is to pay them on time. Illustrate for them the “bad” interest that will be charged if the balance isn’t paid in full when due. Most of all, teach your children the wise use of credit. Help them understand that credit card debt is the equivalent of financial handcuffs. If You Decide to Give Them an Allowance Some parents feel strongly that an allowance is the best way to teach children financial responsibility. Other parents feel just the opposite. Here are some suggestions for ground rules to set if you decide to give your kids an allowance. Don’t give children an allowance until they have some understanding of money and are old enough to count. An allowance given at a young age should be for the purpose of helping kids learn a spending/saving/sharing balance. Teach them how to split their “earnings” into three piggy banks or glass jars: savings, spending and sharing. Consider giving children an allowance beginning in elementary school. Set guidelines. Make it clear that a certain percentage of the allowance is for savings and another percentage is for giving. One school of thought says a kid’s allowance should not be tied to household responsibilities. Kids should be expected to perform certain household chores because they are family members…not because they’re paid to perform them. You might, however, want to pay children for performing bigger chores or additional chores that you would otherwise pay outsiders to perform, such as raking the yard or washing the car or the windows. Another approach is to develop a list of chores for your kids to complete around the house. Pay them a base allowance, whether they complete the chores, but pay a higher allowance when all chores are completed satisfactorily. Teach them the rewards of hard work! What happens when your kids hit you up for a raise in their allowance? The experts say this is a great opportunity to teach negotiating skills. Engage them in a discussion that includes questions such as when they received the last raise in their allowance, if the raise will cover new expenditures, and how much of the raise will they save. How much allowance should kids receive? Your answer will depend on your values, income and common sense. Don’t be swayed by what your kids’ friends are getting. Many parents give their kids the equivalent in today’s dollars of what they received at the same age. Whatever amount you decide on, consider increasing the allowance as your child’s age increases. Also increase the financial responsibilities that go with the allowance. For example, a gradeschooler’s allowance might cover just incidentals, but a teen’s allowance might be expected to pay for clothing, entertainment, gas, and auto insurance, as well as incidental purchases. Again, your objective is to teach financial responsibility. How often should you pay an allowance? The general recommendation is that younger kids should be paid every week. As they reach their teens, however, you might want to shift to twice a month or monthly. This more closely approximates the real world, where they’ll need to be able to budget between paychecks. Teach Them to Give Back Giving something back is an important value for children to learn at a young age. This is something they need to see you doing and practice doing themselves. Let them experience the joy of giving. Even young kids can learn giving by donating toys or clothes around the holidays. Teach by example. Encourage your children to participate in your tithing, charitable contributions, and/or community volunteer activities. Let your kids choose an organization that supports a cause they feel strongly about. Teach them how to evaluate whether a charitable organization is putting its funds to good use. Don’t assume that the causes you care about are the same ones they care about. Consider matching your children’s monetary charitable contributions. If you teach your children sound money habits when they are young, it will help them be good stewards of their money as adults. It’s our hope that some of the suggestions in this white paper will make your job just a bit easier. Plus, you might just learn some great tips yourself! Teaching Kids About Money

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

Next Item Previous Item Go back to White Papers List When an agency or firm needs a new sales manager, top management’s logical first choice is often the star sales producer. Most top performers are excited about the promotion, and they don’t want to let their bosses down, so they take the job. They think it would-be career suicide to turn it down. That’s why many top salespeople end up taking a sales management role, even though they never really wanted to be a manager. They want to please others around them, and they want to help the company, but many are not prepared for the challenges and changes that lay ahead of them. Being Good in One Job Doesn’t Guarantee Success in Another Remember the classic “Peter Principle”? It was an observation that in any kind of hierarchy, people tend to rise to their “level of incompetence.” In other words, as people are promoted, they become progressively less effective because good performance in one job does not guarantee similar performance in another. Sales producers are conditioned to excel on their own, and they know what works for them as individuals. Teaching others how to have similar success is an entirely different skill. That’s why, once promoted to sales management, great salespeople often struggle to succeed in the new role. Tiger Woods isn’t known as a great golf coach, and you don’t see LeBron James conducting shoot-arounds. Their gift is in their own performance, and great coaches know that. Why Salespeople Often Fail at Management When we promote top sales producers into management, we lose their extraordinary sales production. And if they aren’t happy in the management role, we run the risk of losing their talent altogether if they leave the firm or agency. Without management training, new managers typically struggle to excel in the unfamiliar role. They might not enjoy leading others to succeed, and they might become impatient with producers who lack the talent they have. To compound this problem, their associates want strong leadership but might not be getting it, so they often leave the agency or firm, too. You can see why promoting your top producer into management without the proper preparation can be a costly mistake. Two Potential Solutions Here are your primary options. Choose the one that’s right for your organization: Conduct an external talent search for a sales manager with a successful track record of management success. Promote a top sales producer only if he or she has expressed a genuine interest in management and only after providing the person with management training. Before you do that, establish a process for evaluating sales management candidates, the same way you evaluate potential agents or advisors. Hold them to the same standards you would hold external candidates. This will help you avoid moving a producer into management just because you like him or her. Consider Hoopis Performance Network for Management Training One effective resource for training new or existing managers is HPN, an innovative virtual platform designed for financial leaders who are building a region, an agency or firm, a sales unit or a sales team. You can get access to hundreds of high-impact sessions for all levels of experience, divided into five distinct elements of success. These sessions are short and easily digestible, averaging less than 10 minutes. Your managers can access the video training anytime, anywhere, on their computers, smartphones or tablets. Think Twice Before Promoting Your Star Producer into Management

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Next Item Previous Item Go back to White Papers List Having a strong organizational culture enables you to hire, conduct business and attract clients in a consistent way that aligns with your overall values. With the fast pace of technological change today, a training culture can give you a competitive advantage when it comes to recruiting and retaining the best talent. Imagine that a quality candidate is considering your organization and another one, but you offer continuous training as a benefit. That will normally make the candidate’s choice simple and obvious. Investing in training for everyone in your organization shows them that you value their professional development and advancement potential. According to Arie de Geus, head of Shell Oil Company’s Strategic Planning Group and a visiting professor at London Business School, a learning culture is not only a strong source of sustainable competitive advantage; it is a critical corporate asset. He says, “Learning is the only source of sustainable competitive advantage.” Instead of investing in training once in a while — when someone requests it or when compliance requires it — make training a key element of your company’s or firm’s makeup. So how do you build training into your culture in such a significant way that it defines your organization? Here are some tips to get started. Survey everyone in your organization to find out what types of training they want to take. What skills do they want to improve, and what type of training do they prefer — online courses, webinars, on-site classes or off-site classes? Offer training to everyone. Instead of focusing only on advisors, for example, offer training to managers and support staff as well. Hire a training manager. Or assign the job of assessing, scheduling and evaluating training to one of your existing team members. This will show the people in your organization that you are committed to making training an integral part of your culture. Establish a mentoring program. Have your senior advisors mentor newer advisors and offer jointwork arrangements. Consider participating in the MDRT/GAMA International Mentoring Program. Create a coaching program. Coach everyone. Many managers make the mistake of focusing their coaching efforts on the rookies or poor performers. Offer coaching to your top performers. They will value the extra guidance on top-level issues, and it’s important to keep them happy. Leverage the expertise of your own people. Build a company e-learning program that enables your more experienced team members to share their expertise with newer employees. Let them be the subject-matter experts who provide some of the training, and reward them for doing so. Offer training in both “hard” and “soft” skills. Some of your team members need training in skillbased areas, while others probably need training in “soft” skills like negotiation, resolving conflicts and being more customer-focused. Attach specific goals to the training. Ask every team member what he or she hopes to gain from the training and how it can also benefit the organization. After the training, have your managers find out to what extent the training lived up to those expectations. This will help you evaluate the ROI. Communicate and celebrate training outcomes. If a training program was at least partially responsible for a team member being promoted, let everyone in the organization know about it. This is an effective way to reinforce the connection between the training you offer and the advancement of those who take the training. Measure the effectiveness of your training program. Consider using a feedback app, which can contain different sets of several questions for different situations. You can repeat the questions at various intervals to create a trend analysis. Use a SharePoint-based intranet to help employees track the progress they make in implementing improvements. Building a training culture requires an ongoing commitment and strategy. Unfortunately, too many agencies, firms and companies have a set-it-and-forget- it formula, which does not move the needle in the proper direction. The rewards of establishing a training culture will help turn each of your top goals and objectives into reality, in increased productivity, expanded markets, recruitment and ultimately retention. An Effective Training Platform for Managers and Advisors An effective resource for training financial advisors is Hoopis Performance Network, 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. An effective resource for training new or experienced sales leaders 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. 10 Tips for Building a Training Culture

Next Item Previous Item Go back to White Papers List Advances in computer technology have been dizzying — from fixed desktop websites to responsive design desktop sites, mobile web sites and now apps (applications). In 2017, according to training and development firm Vantage Path, sales of tablets will be greater than those of computers and laptops combined, a worrisome trend for the traditional web, set in motion, ironically, by the successful inclusion of the Internet on mobiles. The traditional web is constantly losing ground to apps. It gets worse — the surge in the use of apps has resulted in a showdown of many mobile websites. Even many web companies are confessing their preference for mobile app users over web users. Still, some organizations, including many insurance and financial services companies, continue to view the use of mobile websites and applications as merely a supplement to traditional web-based e-commerce. Big mistake! The companies that embrace a complete shift to mobile devices and apps gain a competitive advantage because they can satisfy their customers’ needs and desires anywhere, any time, on any mobile device. Also, they can act more quickly on the information they learn from their customers as they make financial decisions. Use of IT is efficient only when it is distributed adequately to those who need the technology at the right moments. Apps further enhance such accessibility at a time when more and more of the world’s population has access to smartphones. Shifting to Mobile Has a Big Impact on B2C Communication Early in the short history of mobile devices, the thought was that people would use them only for going to social websites — and maybe for checking email and conducting online searches. That was then. Now consumers also use applications to shop, scoping out companies to educate themselves before buying any products or using services. This includes products and services offered by the insurance and financial services industry. Customers use mobile apps to learn all about a given company or firm, including such information as how products work, educating themselves on their potential need and seeking educational opportunities. To do this effectively, consumers must check up on a company regularly and constantly keep in touch. Likewise, today’s financial professionals seek information, resources and training on a 24/7 basis, with only a few clicks of their fingertips. For financial professionals who are both mobile and constantly on the go, these requirements are as basic as the old rate book (remember them?) of only a few decades ago. Adoption of mobile technology and the use of business-to-consumer (B2C) apps are led chiefly by company executives and firm field leadership. They’ve done this to validate the need for the digitization of organizational assets, to show that mobile app content can serve everyone’s needs on a 24/7 basis and to demonstrate that apps eliminate the restrictions that regular business hours place on an organization’s operations. With apps, customers and their financial professionals can complete transactions at any time of the day and from any location. The apps also provide a digital copy of the transaction, which those in the firm can access at any time. This improves company record keeping and eliminates the cumbersome, space-wasting process of keeping physical company transaction records. Benefits of Apps Here are just some of the powerful benefits apps provide. Increased user engagement — All mobile apps operate in what can be called their own interface environment. Mobile users tend to be immersed in the personal experience of using these apps. A company icon — the shortcut to the app — is constantly featured on the home screen of the user’s device, making the app not only readily accessible but also strongly integrated with the owner’s mobile device behavior. Apps are task focused, so as users continue to visit an enterprise app, associating the company with the success of the task, the company’s products get increasingly promoted. The brand’s values and nature are only strengthened in terms of users’ perception. In addition, there is ever-improving interaction, often daily, between the consumer or the financial professional and the company. Enhanced customer care — Whether the day-to-day focus is on management, sales, marketing, advertising or social media, mobile devices can help you gain a competitive advantage in both financial advising and customer relations. In the financial services sector, in particular, consumers mostly judge a company through the customer care they receive. Poor customer care leads to a reduction in the number of customers and eventually to a total decline in profitability. Apps are like supplements to an organization’s customer care. Improved customer service — The information provided within apps and their ability to enhance business-to-consumer (B2C) communication, at the convenience of the customer, automatically improves customer service. Training and education — Apps can be powerful platforms for training financial professionals and staff members. According to a 2015 LIMRA study, it is much more effective for companies to recruit quality candidates and give them the training and support they need than to hire large numbers of people, hoping some will succeed. Prior LIMRA research shows that reduced spending in areas such as training and management support may increase companies’ long-term expenses. Companies that recruit many candidates, accepting the fact that only a few will survive, risk creating a poor work environment among those they hire, which may lead potentially successful candidates to choose other firms. Strong security — This is a feature that most websites still lack. Apps can integrate with an electronic device’s existing security system. This improves the level of security a company can provide for its information, as well as for its field force and customers. The mobile device’s management software enables information on the app to be deployed or retracted, and apps provide a platform for information that is more secure than what can be found on the mobile websites. Potential workforce reduction — The use of mobile apps can change an organization’s structure and redefine required skill sets for financial professionals and other employees. And, because most processes and transactions will be automated, apps will greatly reduce the size of the workforce needed. Fewer workers will be required. Those who remain will provide tech support to ensure that the applications and related devices are maintained adequately so that no one will encounter errors. Increased productivity — Because mobile apps enable organizations to minimize waste, complete tasks efficiently and reduce costs, they lead to increased productivity. It’s important to stay on top of this technology with fast, flexible and effective organizational structure within your organization’s apps. The development of an app is never a done deal; it should constantly be adapted to ever-changing needs, desires and preferences of customers and financial professionals. It’s the only way a company can maintain a competitive advantage. Within their apps, companies should also attempt an ever-increasing level of product differentiation. Companies that don’t embrace applications are losing out. They may perceive the move to apps as too costly. As with any new technology, there are indeed costs to app development and maintenance. But the longterm benefits of using apps can greatly outweigh the costs incurred to develop and implement them. 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. We know from LIMRA that 24/7 access is of key importance, not only for millennials but for women and veteran associates alike. Benefits of Mobile Apps vs. Websites

Course Catalog Go Back to Main Catalog Page Self-Awareness & Self-Disciplines of a Leader Setting Expectations to Drive Behavior Accountability Coaching Best Practices How to Conduct a Coaching Conversation Understanding Mentoring - Basic Development - Coaching Cross-Selling: Factfinding and Protection Products Helping Your Advisors with Goal Setting Why Advisors Typically Fail Development - Training Considering a Career in Leadership Emerging Leaders: Keys to Effective Leadership Time Management Concepts and Techniques Leader Philosophy Cultivating Potential Recruits Over Time Diversity Recruiting Ideal Candidate Profile and Centers of Influence Recruiting Finding - General Understanding Sourcing for Potential Recruits Recruiting - Finding Best Practices for Onboarding New Advisors Creating High Performance Expectations Joint Field Work Best Practices Recruiting - Momentum Building Selecting Top Performers Recruiting - Selection 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

Next Item Previous Item Go back to White Papers List For its 2016 “Great Place to Work” rankings, Fortune magazine chose seven insurance and financial service providers. An announcement noted, “These companies develop managers and policies that build employee trust through active listening and creative problem solving, and they foster a workplace culture where individual success and performance trumps overall productivity benchmarks.” In financial services, it can be difficult to “value collaboration and integrity over bean counting,” which is one of the factors the Fortune selection committee uses to recognize companies with winning cultures. Your culture is defined by what you believe in and how you treat people. Your culture makes a difference in how eager your team members are to go to work every day and how good they feel while they’re there. Experts say culture is important in minimizing employee turnover, increasing retention, improving employee engagement and attracting talent. Once your firm builds a reputation for being a great place to work, it helps you attract high-quality candidates because your reputation starts to precede you in the marketplace. Ultimately, that will make you or break you. Here are some specific ideas for building a dynamic company culture that will help you attract and retain the high-quality associates who are necessary to build a high-performance firm or company. Build your culture around your company’s or firm’s values. Many of today’s top candidates want to believe they are working for a cause; this is particularly the case of millennials. They want to believe they are building better communities by teaching sound financial principles. Many highperformance firms have core values that promote what they value most. Design these values to attract the kind of people you want in your organization. Filter out candidates who don’t fit your culture. Occasionally, you may have candidates who say your core values are not for them. Although we read a lot about the importance of inclusion, and we never want to do things to make people feel uncomfortable, sometimes this is a sign that a person would be happier somewhere else. Part of being a high performer is to know who you are and to be authentic. Even the best firms are not a fit for everyone, but they want to attract like-minded individuals. Before posting your values, as well as your philosophy or mission, we suggest you get them approved by your home office. Support causes that are important to the people in your company or firm. Some firms take nominations from their associates and staff and get behind two or three worthwhile causes that galvanize the team. Updating the list on an annual basis gives you an opportunity to support different causes and involve more people who have various passions. Some great examples of how firms can support those causes are to have teams that participate in walks, bike rides, bowling tournaments and golfing for charity. You can enhance the camaraderie by having the participants wear team T-shirts or hats featuring your logo. This shows that your firm or company supports the cause. You can increase the visibility and fun for participants by posting photos from the event on your social media sites and website and also in your newsletter. Some firms allocate a day annually for team members to represent the firm by volunteering at a company-approved charitable event, or an event hosted by their favorite charity, without being required to take vacation time. Have “casual day” one day per month. Allow team members to wear casual clothing, even jeans, to work if they donate to the firm-approved charity. Although some people think this seems unprofessional and worry what visitors might think, you can post a sign in the reception area that says, “Please pardon our casual attire today. Some of our staff members have chosen to donate in support of (list the charity) to have this privilege.” An article in the Harvard Business Review stated that it is important to create a fun environment, but great corporate culture is more about a common sense of purpose and belief that “we are in this together.” Have fun at work. According to Fast Company, prioritizing fun in the workplace is essential to a company’s success. It boosts morale; lifts spirits; and creates a friendlier, happier and healthier environment for everyone. And some studies show that high-performance teams have fun while they are at work. Having fun often starts with the leaders not taking themselves too seriously. Everyone loves it when the boss has a good sense of humor and can take a fun jab or be self-deprecating. When the company celebrates, the leaders should not be working in their offices; that sends the message that their tasks are more important to them than enjoying the company of their team members. The leaders should be first to join in the karaoke or even to sing at a holiday party. They should wear the silly hats and participate in the activities. If the group is dancing, everyone will be more likely to join in when the leaders lead by example. If the leaders act as if they are above the rest, they send a message that their real goal is to check ‘have a fun event’ off their task list. Take opportunities to celebrate as often as possible. This is an excellent way to build morale. Some prominent examples are to recognize major holidays and birthdays. Larger firms may host monthly parties for everyone celebrating a birthday or company anniversary in a month. Still other companies may have an employee of the month who gets special recognition at a staff meeting, plus a gift card or a meal with the boss as thanks. Yet other firms will celebrate any month in which they hit or exceed a sales goal or top their performance from the same month the previous year. Say “thank you” in person, and often. As the leader, you can never say “thank you” enough, and people never tire of being acknowledged or shown they are valued and appreciated. Associates and staff alike live for encouragement and to be recognized when they do a great job. When they do well, shout it from the mountaintop! Make sure everyone knows when a team member gets a compliment. Here are some ways to share the news of your team members’ successes: 1) If you receive an email acknowledging that a team associate did particularly well, send a copy to everyone in the company when you reply to the sender. 2) Have a board where people post notes or emails commending the team. 3) Read notes of praise in a staff meeting or firm meetings. This builds up team members in front of their peers and lets everyone know this type of great performance is a great way to get noticed and stand out. On the other hand, if you get a call or email about below-average performance, always handle them privately, so the team member will not be embarrassed publicly. One embarrassing incident that is publicized can cancel out many incidences of encouragement—it can even cause someone to quit. Take time to show people you care. Stopping by someone’s desk to see how they are doing is a good investment of your day. If you know someone has a sick family member or loved one, ask how they are doing. As the leader, “You reap what you sow.” Leaders who say thanks and take the time to encourage people often are surprised to find out how much it meant to others, and they tend to receive notes or calls telling them how they impacted people’s lives and made a difference. There is a time in most people’s lives when this form of affirmation and encouragement may mean as much as, or even more than, the money they make. As we like to say, leadership is about influence, and taking the time to influence others positively can pay eternal dividends. Always be there in your team members’ times of need. Some firms are full of people who take the time to check on them when they are sick. Caring leaders take the time to attend weddings and funerals that are important to their key team members. As busy as people are today, few gestures will show your associates you care more about them than being there with them at critical times in their lives. While making the time may seem burdensome at times, the savings on lower turnover, higher retention and deeper relationships will be a great return on your time invested. Communicate the company’s or firm’s vision to all members of your team. Some high-performance teams have an annual staff meeting off-site that features team-building activities and fun. This is especially important when a firm has multiple locations because it gives people who are in different offices a chance to get to know each other. It lets them all feel part of something larger than just their location. It is also wise to have an annual update to the strategic plan, business plan or marketing plan the leader shares with the team annually. It is important to write the vision and make it plain. Then the team can run with it after they read it. Building a company culture takes time, effort and consistency. But you can create a great culture in small ways. Do what you can each day, week and month to have happier, healthier, more engaged and loyal team members, and you will never regret any of the effort spent. When your team members are motivated and happy, your clients and potential recruits will notice, which will lead to success for the overall organization. Consider Hoopis Performance Network for Training To help build your culture, consider using our virtual training videos in your company, agency or firm. HPN brings you winning training for sales associates, and 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. How to Build a Great Culture