In our current world, generational lines have been drawn in the sand like never before. The buying habits, values, wants, and needs of Millennials have only just begun completely reshaping many mainstay industries from the ground up as businesses evolve to meet the demands of a brand new demographic. Millennials were the first generation to have technology fully integrated into their lives from inception, and this access to immediate information on a variety of topics has transformed the landscape of consumerism as we know it.
With technological disruption all around us, it’s a wonder more insurance companies aren’t readying themselves for an assault—or at least some stiff competition. The reality is that innovation is painful. I was part of the disruptive technology scene that occurred in wealth management over a decade ago and I can attest to the challenges and benefits of technology disrupting a highly regulated industry. However, as my business partner, Michael Babikian reminds me, life insurance is a bit different. It requires upending decades upon decades (centuries, in some cases) of processes and redefining a deep-rooted business model. It means overhauling complex infrastructure or investing in an external solution.
Topics: Digital Distribution Insuretech
Regardless of your line of work, client base, or professional experience, connection is always key when building successful relationships. As a financial advisor or any other financially integral professional, your relationship with your clients is often part of a much larger and more vertically integrated story. Throughout the process, you become privy to the most personal parts of your clients' lives and livelihoods. You end up discussing not just their financial goals but their hopes, dreams, and legacies. These topics deserve a reverence all their own, and connecting with your clients through a combination of honest communication and trust-building is paramount to the success of the professional relationship. Below, we’ve gathered our top tips for how to build meaningful relationships based on trust and transparency to bring your business to the next level.
Topics: Best Practices Business Building
You’re the financial expert. You’re the person your clients turn to to determine their insurance needs, protect their assets, and figure out how to prepare for the future. You may discuss the importance of trusts and wills, the importance of retirement, and many other items related to their financial lives. It’s you pulling the levers behind the scenes to ensure their families are protected.
The time for family togetherness and holiday traditions is just around the corner. These annual events, whether trimming the tree or marathoning holiday movies, are an important part of our lives. They are traditions that give our lives meaning.
It’s the end of baseball season—time for the World Series, the final battle between the top teams from the National and American leagues. And a time to reflect on where it all began with that first “official” World Series in 1903.