NAIFA-Greater Washington’s Success Summit Offers Great Ideas for a Profitable Practice

What started as an idea in 2010 has now become one of the industry’s most popular conferences for personal and professional development.

By Ayo Mseka

The financial advisors who made it to NAIFA-Greater Washington D.C.’s Success Summit found exactly what they were looking for: critical insights by industry leaders and cutting-edge strategies for accelerating their business success. As noted by many in attendance, the conference was a treasure trove of tips and techniques designed to help them move ahead.

From keynote speakers Michael Kitces and Deirdre Van Nest, attendees learned about the industry trends that are currently reshaping financial advice and how to quickly increase trust and likability.

The Power Of Belonging

From NAIFA CEO Kevin Mayeux, CAE, they discovered what it means to belong and how to use a culture of belonging in their practices, their advocacy efforts and their communities.

A culture of belonging is important, especially in today’s tech-driven world, Mayeux told the audience. Most people know what it is to belong. “It is the feeling that you have a community to turn to in good times and in bad — that feeling of having a place to call home,” he said.

But in the past two decades, most associations have seen a downturn as the population has shifted, and the culture of belonging has degraded. Information is now readily available online, and discount programs that were once key membership benefits can now be obtained elsewhere. In addition, many people are leading busier lives, and there is a myth that younger people do not want to join organizations.

But studies have shown that Millennials will join groups if peers of a similar age belong to those groups, and if they are innovative, tech-savvy and useful.

Although generational preferences have changed over the years, what has not changed is what individuals are seeking in their lives. These include:

— New ways to increase social capital

— Opportunities to develop leadership skills

— Opportunities to have an impact on their cultural landscape