Conference e-News Alert from MDRT
MDRT Speaker
Outlines Five Strategies for Becoming
Champions of Change
By Warren
S. Hersch
Competition, regulation and increased consumer expectations
will be among the top challenges that life insurance
professionals face in the years ahead. To clear these
“hurdles,” agents will need to employ a multi-pronged
strategy that calls in part for celebrating past successes
and taking charge of one’s future.
These were
the main points of an educational session held on Monday
during the 2006 Million Dollar Round Table annual meeting
here in San Diego. Titled “Champions of Change: Clearing the
Hurdles of the 21st Century,” the talk was given by Phil
Johnson, president of The FireStarter, a Grand Rapids,
Michigan-based coaching firm.
“Champions
of change recognize how change is changing that there's
more change, faster than ever, constant and unprecedented,”
said Johnson. “They identify the hurdles and follow five
strategies to clear those hurdles: celebrate success, create
the future, conspire on purpose, control the flow and
capture the moment.”
Contributing to the more burdensome regulatory environment,
said Johnson, is the Sarbanes-Oxley Act and financial
scandals that continue to plague the industry. Tightened
guidelines on insurance practices at both the federal and
state levels will require advisors to be more “diligent” to
maintain the respect and confidence of the public.
To that
end, Johnson said agents will have to be more mindful of the
distinction between “blue rules” and “red rules.” The first
are those rules that can be broken under certain conditions;
the second cannot be abrogated under any circumstances.
Johnson said he expects there will be "far more red rules
and fewer blue rules with less wiggle room” in the coming
years.
To stay
competitive, Johnson observed that agents will have to
differentiate themselves, in part by branding their practice
to reach target audiences. To best manage client
expectations, they will also have to demonstrate superior
product knowledge and planning expertise.
First among
the strategies for surmounting market hurdles is to
celebrate past successes. The act of remembrance, said
Johnson, sets the scene for future accomplishments. The
second strategy creating one's future requires of agents
a vision that is “clear, concise, compelling and
distinctive.”
Advisers
additionally need to "conspire on purpose." By that, Johnson
meant that they need to establish partnerships with other
advisers to reach mutual goals. A fourth strategy,
“controlling the flow,” demands flexibility, resilience, and
“the ability to bounce back” from life's obstacles.
A fifth
strategy, “capturing the moment,” entails recognition of
past achievements. It thus feeds the first strategy,
celebrating success.
“The Greeks
appreciate the distinction between chronos (from
which we get the word chronology), ordinary measured time on
a watch, and kairos, which is opportunity time, the
right season, the right time for action, the critical
moment,” said Johnson. “We don't remember decades or years
or months or days or hours. But we do remember those
kairos moments.”
To conclude
his presentation, Johnson, who jumps hurdles in athletic
meets, showed the audience how to do it by jumping over two
chairs set up as hurdles. The audience roared.
This MDRT e-News Alert is sponsored by
The
Penn Mutual Life Insurance Company is the nation’s
second oldest mutual life insurer. Founded in 1847, the
company provides life insurance and annuities through a
national network of financial professionals who help
clients meet their financial needs with confidence. Penn
Mutual supports its field representatives with brokerage
services through Hornor, Townsend & Kent, Inc., its
wholly owned subsidiary. Visit Penn Mutual on the
Internet at
www.pennmutual.com .
