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Ecosystem for Performance - A new system built on intelligent direction, sequenced progression, and immersive application - grounded in proven human expertise. A New Ecosystem for Performance A system built on intelligent direction, sequenced progression, and immersive application - grounded in proven human expertise. Arriving August 2026 A New Ecosystem for Performance A system built on intelligent direction, sequenced progression, and immersive application - grounded in proven human expertise. Arriving August 2026 Built for Real-World Performance Development shouldn't happen in isolated moments. The HPN Performance Ecosystem brings direction, progression, and application into one continuous experience. First name* Last name* Company name* Email* Stay In the Loop A New Ecosystem for Performance Introducing a new system built on intelligent direction, sequenced progression, and immersive application - grounded in proven human expertise HPN AI Lab I AI experimentation grounded in practitioner expertise Structured exploration of AI use cases specific to financial services environments Evaluation of emerging technologies against elite practitioner knowledge and real-world application Advancement of practical tools that enhance execution while preserving human judgment Assessment-Guided Insights Personalization calibrated to strengths and gaps Visibility across the core disciplines that drive financial professional effectiveness Identification of strengths, gaps, and development priorities Inputs that inform individualized direction and next-step focus Adaptive Growth Pathways Sequenced progression shaped by demonstrated capability Sequenced progression shaped by demonstrated capability Progression that adjusts based on observable advancement and applied execution Multi-modal content aligned to evolving proficiency and expanding responsibility Ongoing recalibration to ensure development remains timely and relevant Experiential Practice Environment Applied mastery through dynamic immersive experiences Interactive, scenario-based environments that mirror real client and leadership situations Iterative application designed to build fluency, confidence, and readiness Immediate feedback loops that accelerate refinement and strengthen real-world execution

Adam Holt CEO and Founder, Asset-Map Speaker Bio Alan Nero Managing Director Octagon’s Baseball Division Speaker Bio Alexis Gladstone Principal, Intelead Speaker Bio Amy Florian Grief & Bereavement Specialist Speaker Bio Ande Frazier Partner at Peachtree Planning of North Georgia Speaker Bio Andrea Bullard Andrea Bullard & Company Speaker Bio Ben Newman Best-Selling Author, International Speaker Speaker Bio Bill Cates Referral Coach Speaker Bio Bill Grimes Consulting and training firm, Grimes & Associates Speaker Bio Brian Doherty Speaker, Author and President of Filtech Speaker Bio Brian Moran CEO, NYT Best Selling Author, Speaker Speaker Bio Dave Sanderson Inspirational Speaker, Bestselling Author Speaker Bio Select by Category All Coaches Leadership Marketing Motivation Practice Management Product Knowledge Sales Skills The HPN Faculty Is Comprised of Individuals Who Have Over 100 Years of Combined Industry Experience. These Hoopis Performance Network experts provide a vast array of knowledge and insights that have been proven from over thirty years of industry-leading experience. Our faculty represent top experts and field practitioners in the industry and each of them specialize in the financial services space. Load More

HPN White Papers Hoopis Performance Network white papers provide a vast array of knowledge and insights that have been proven from over thirty years of industry-leading experience. 10 Tips for Building a Training Culture View Paper 6 Common Challenges E-Learning Can Solve View Paper A Simple Way to Get More Out of Your Training Investment View Paper Benefits of Mobile Apps vs. Websites View Paper Don’t Shortcut the Learning Process View Paper Engaging Advisors with the Essentials of Digital Learning View Paper Facts About Retirement and Medicare View Paper Five Ways to Measure Training Results View Paper Four Levels of a Consumer View Paper Getting Ready for Retirement View Paper How Mobile Apps Improve Productivity View Paper How a Strong Firm Culture Builds a Strong Firm View Paper Select by Category All Whitepapers Advisor Development Financial Wellness Leadership Development Learning & Development Load More

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

Listen to What People Are Saying About Hoopis Performance Network. See how we make financial professionals extraordinary. Listen to What People Are Saying About Hoopis Performance Network! See how we make financial professionals extraordinary. Hoopis Video Testimonials outline the world-class performance of the Hoopis Performance Network. Your Top Line is Only as Good as Your Distribution I'm Ready to Build My Dream Team We have the proven programs you need to increase productivity and retention

Trustworthy Selling QuickStart Edition provides new recruits with the skills, language and confidence they need to be productive immediately and sustain that success in today’s market. QuickStart Edition Understand how today’s consumers really make financial choices. Engage consumers by aligning to their mindset and preferences. Internalize new language for obtaining favorable introductions and telephoning skills. Quickly build trust using proven engagement and collaborative discovery skills. Adopt peak performance psychology and productive habits for long-term growth. Your New Advisors Will: Get New Advisors Off to a QuickStart Today! Trustworthy Selling QuickStart Edition provides new recruits with the skills, language and confidence they need to be productive immediately and sustain that success in today’s market. It is a sales effectiveness program that aids the development of advisors so they can settle in seamlessly. The program was developed to be utilized in conjunction with your organization’s existing, proprietary onboarding and initial training program. The Language of Trust Applying Behavioral Economics Techniques Language Demo: Building Trust, Rapport & Credibility Digital Networking Why People Procrastinate with Financial Products Take a Look at Some of Our QuickStart Edition Content! Schedule a Demonstration Contact Us QuickStart Product Sheet Download Download Now It united LIMRA consumer research with field-tested language and techniques drawn from HPN’s network of successful new advisors. New skills are mastered through practice, role play, application projects and follow up coaching. Lessons are made memorable through use of real-life case studies. Content is easily incorporated into day-to-day activities with a language reference guide, demonstration videos and other online resources. Why QuickStart Edition Works: QuickStart Edition

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

Course Catalog Go Back to Main Catalog Page Accountability and Difficult Conversations Best Practices on Terminating Underperformers Creating a Culture of High Expectations & Accountability Driving Behavior through Expectations and Accountability Performance Indicators and the GAP Analysis Conversation Accountability Coaching Tips and Best Practices Three Levels of Training Interaction: Coach and Consultant Phase Development - Coaching Best Practices for Recruiting Women Educating Yourself on Diversity and Inclusion Practical Tips for Diversity & Inclusion Understanding Implicit Bias Understanding Organizational Diversity and Inclusion Development - Collaboration Building a New Team Building Effective Teams Creating a Team Selling Model Creating Development Plans Creating Study Groups in Your Organization Development Training - General Development - Training Developing Your Organization's Culture Developing Your Vision, Mission and Value Proposition Growing Your Team of Leaders Leader Philosophy Creating an Ideal Candidate Profile Differentiating Your Brand to Attract Top Performers Diversity Recruiting Generating Advisor and Center of Influence Referrals Recruiting Finding - General Recruiting Militaty Veterans Recruiting Millennials and the Next Generation Recruiting Recent College Graduates and Campus Recruiting Recruiting Top Performers The Three R's of Agency Building Recruiting - Finding ALPS Leadership Principles for Success Best Practices for the Recruiting Process Developing a Recruiting Culture Recruiting and Selection Insights from the GAMA Hall of Fame Recruiting - General Onboarding and Building Momentum with Experienced New Advisors Understanding Onboarding and Momentum Building for New Advisors Recruiting - Momentum Building How to Determine When Someone Is Not a Fit How to Screen an Experienced Candidate Selecting Top Performers The Science of Selection Tips and Best Practices for Selection Understanding Recruiting Activity Utilizing Reverse Selling in Selection 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 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 Nearly nine out of 10 Americans aged 65 or older currently receive Social Security. The Social Security Administration estimates that 21 percent of married couples and 43 percent of single seniors rely on Social Security for 90 percent or more of their income. Whether you are planning to retire in 20 years or 20 days, it’s crucial to understand Social Security, how to qualify for benefits, taxation of Social Security benefits and how working after retirement might affect your Social Security income. This broad overview of the most important aspects of Social Security will help you make the best decisions for financial security during retirement. Social Security Basics Social Security is the largest U.S. federal insurance program that provides benefits to retirees, those who have disabilities and those who lose a spouse or parent. According to the Social Security Administration (SSA), more than 60 million people received monthly benefits as of 2018; 46 million of those recipients are retirees and their families. The Social Security Act was part of President Franklin Roosevelt’s New Deal, a series of programs his administration instituted to bring prosperity back to Americans during the Great Depression. The Social Security Act passed in 1935. Those who work pay dedicated payroll taxes authorized by the Federal Insurance Contributions Act (FICA), which funds Social Security benefit payments. As of 2019, each dollar you pay in FICA taxes goes into two separate trust funds. One fund receives 85 cents for retirees, their families, surviving spouses and surviving children of workers who passed away. The remaining 15 cents funds those with disabilities and their families. Qualifying for Social Security Retirement Benefits Most people must work 10 years at a job where they pay FICA taxes to receive Social Security retirement benefits. As of 2019, the SSA awards one credit for each $1,360 in earnings, with a maximum of four credits per year. The required earnings normally increase each year. The 10-year, 40-credit rule applies to all workers who were born after 1929; those born before 1929 did not need as many credits. Workers cannot earn credits at all jobs. The following are some examples of jobs where workers do not qualify for Social Security retirement benefits: The majority of federal employees hired prior to 1984 Railroad employees who have more than 10 years of service Some employees of state and local governments who have chosen not to participate in the Social Security programs Social Security Retirement Benefit Amounts The amount you receive for Social Security retirement benefits depends on your age and the amount of your lifetime earnings. As you earn more, your benefit amount increases. You can begin to receive your retirement income anytime from age 62 to age 70. The retirement benefit program is designed to pay out the same amount of lifetime benefits, no matter when you choose to file your claim. Of course, how long you live is the factor that has the most impact on total lifetime benefits. The SSA will reduce your retirement payment if you take it early. The longer you wait to collect benefits, the greater the monthly benefit amount will be. The principle behind this is really quite simple. If you start to receive your monthly retirement benefits early, you will receive more payments over your lifetime. If you begin taking them later, you will receive fewer payments, but the payments will be larger. There are many factors to consider when making this decision. But before you can even think about this, you need to know if, how and when you can receive benefits. So, let’s talk about the full retirement age. The full retirement age (FRA) is the age you must attain to be entitled to your full, unreduced Social Security retirement benefit. The FRA for those born between 1943 and 1954 is exactly age 66. For those born between 1954 and 1959, their FRA will increase by two months each year. For example, the FRA for those born in 1955 will be 66 years and 2 months. The FRA for those born in 1956 is 66 and 4 months, and so on. The FRA for those born in 1960 or later is exactly 67. So, to receive an unreduced retirement benefit, which is referred to in Social Security jargon as the “Primary Insurance Amount” (PIA), you must wait until you reach your full retirement age. If a retiring worker with an FRA of 66 and a PIA of $1,000 chose to receive his retirement benefit at age 62, his benefit would be reduced by 25 percent, or $750 (75 percent of his $1,000 Primary Insurance Amount). If they wait until he reaches his FRA, he will receive his full PIA benefit of $1,000. The terms the Social Security Administration uses to describe your benefit can be confusing. For example, the word “full” in the term “full retirement age” does not mean the maximum benefit. The maximum benefit occurs at age 70, which is always later than full retirement age, regardless of when you were born. Now let’s talk about what happens if you wait beyond full retirement age to claim your benefits. For each year you wait beyond full retirement age to receive your benefit, you receive what’s called a “delayed retirement credit.” This is set in law, so it does not fluctuate with interest rates or the equity markets. It’s 8 percent simple interest per year, based on your primary insurance amount for each year beyond your full retirement age. Another way to look at this is that your benefit will be 76 percent higher at age 70, compared with age 62, regardless of the PIA. That is, you will receive a monthly retirement benefit from Social Security that is 76 percent higher every month for the rest of your life if you wait until age 70 to receive it. This happens automatically. All you have to do to get your maximum benefit is wait until you reach age 70. No forms, no calls — just wait. If you want a better idea of what your benefits might be at different ages, visit the SSA website and look up your Social Security statement, or use some of their calculators. Income Taxes and Social Security Some people who collect Social Security retirement benefits must pay income tax on a portion of their benefits. The government will tax a portion of their benefits if their total combined income (combined income = total amount of income, including any taxexempt interest, plus half of one’s Social Security benefits) exceeds Social Security’s set base amount. Keep in mind that your “total income” includes more than just your work income. The SSA will tax 50 percent of your Social Security benefits if either of the following statements is true: Your combined income amount is between $25,000 and $34,000 and you are single. Your combined income amount is between $32,000 and $44,000 and you are married. The SSA will tax 85 percent of your Social Security benefits if either of the following statements is true: Your combined income is greater than $34,000 and you are single. Your combined income is greater than $44,000 and you are married. Working After Retirement To maintain a comfortable lifestyle into retirement, Social Security retirement benefits plus savings and other investments are often not enough. This means that many individuals must keep working for a while, even after claiming an early Social Security retirement benefit. Others keep working just remain active and engaged. At your full retirement age, there is no limit on the amount of money you can earn and still receive your full Social Security retirement benefit. However, if you decide to begin to receive your benefit early and continue to work, be sure to understand how this extra income might impact your Social Security benefits. Social Security will reduce $1 of benefit for every $2 you earn over a set limit. In 2019, this limit on earned income is $17,640 ($1,470 per month), and this limit will go up each year. This continues until you reach full retirement age. Reduced, but Maybe Not Lost Forever The amount of reduced benefits lost due to income earnings that exceed the limits are not necessarily lost forever. Once you reach your full retirement age, Social Security will automatically recalculate a new retirement benefit amount, taking into account any of the lost benefits due to the earned income rule. This calculation will eventually pay out the lost benefit amount, a little bit each year. It normally takes up to 15 years to fully recoup the lost benefit. Social Security and Retirement