NAIFA IMPACT WEEK

By Ayo Mseka

Two months after NAIFA held its Impact Week, the event is still being talked about in industry circles — and for good reason. During the three-day online meeting, thousands of financial professionals learned some powerful lessons about managing their practices in a new and reimagined world.

The event was officially opened by NAIFA President Cammie Scott, who noted that COVID-19 has touched the lives of all Americans, some in a very tragic way. But she is confident that the nation will get through this crisis even stronger than it was before and that NAIFA will emerge as a stronger and more vibrant organization because it has been going strong for 130 years.

A Message From Naifa Ceo

Next on the agenda was NAIFA CEO Kevin Mayeux, who said that the idea of hosting NAIFA Impact Week was born because — after the cancellation of the Congressional Conference due to COVID-19 — the association needed to do something BIG to bring members and the industry together.

Despite the disruptions caused by COVID-19, NAIFA members are adapting to the new normal, finding new opportunities, providing a safety net to their clients and forging long-lasting relationships, Mayeux said.

“You offer those who are concerned and frightened comfort, reassurance and support,” he added.

— Kevin Mayeux, NAIFA

Beyond offering top-notch educational and motivational programs, the goal of NAIFA Impact Week was to come together as a community of financial professionals, he added. “That’s why the association has opened the sessions to NAIFA members and non-members alike.”

Mayeux encouraged non-members to join NAIFA. “Support your profession, invest in your career and be a part of something bigger than yourself,” he said. “Together, we can take on anything.”

Moving The Diversity Needle

Mayeux’s inspiring message was followed by several thought-provoking sessions on advancing diversity and inclusion in the financial-services industry. The panel addressing this critical issue consisted of several corporate leaders including Darlene Flagg with National Life Group, Kristen Hall Eskew with Consolidated Financial Planning, and Barbara Turner, president and COO of Ohio National Financial Services.

To promote D&I, these panelists advised attendees to:

• Believe that advocating D&I is the right thing to do.

• Be the change they want to see.

• Be intentional in their quest to promote D&I in their organization.

• Be willing to have courageous conversations about D&I.

• Realize that D&I must be part of the corporate culture.

• Realize that D&I must be a top-down initiative and be goalsdriven. When D&I is part of the corporate culture, all of them agreed, more people tend to opt into it.

And to find success in doing business in diverse markets, advisors should:

• Be authentic and work to build trust.

• Spend time in diverse communities to find out their needs, aspirations and goals.

• Leave current assumptions at the door and listen carefully to what prospects are saying about what they want.

• Help clients solve their problems.

Naifa Advocacy In Action

Day two of the event was Advocacy in Action Day, chaired by NAIFA Trustee Wes Booker and hosted by NAIFA President-Elect Tom Michel.

During a panel discussion with Julie Herwig of New York Life, Susan Neely and Joyce Meyer of ACLI, and Laura Haines of Guardian, attendees learned how COVID-19 has changed the face of advocacy.

The biggest changes involve locations — advocacy is now being pursued online rather than in-person, the panelists pointed out. Other than that, advocacy remains the same — with a special place for agents and advisors.

“Agents have a unique lens on the local economy and on Main Street,” explained Haines. “These are two areas legislators are interested in. Taking a pulse of Main Street is important to members of Congress and state legislators, and that is something NAIFA members are well-positioned to do.”

Agents and advisors also often have an advantage over professional lobbyists. “Your member of Congress works for you, not for any of us,” Herwig said. “You are voters and centers of influence in their districts.”

Meyer agreed with that observation. “Agents and advisors turn policy issues into local and community issues,” she said.

Agents can talk about the direct effects of policies on local residents in districts back home. Agents are constituents, so contacts with them always turn into action items for Congressional staff. And those action items are what produce results.

According to Herwig, COVID-19 is shining a spotlight on the need for life insurance and “shows what we’re all about.” It amplifies the situations that life insurance was made to address.

Members of Congress know agents are there for people for many of life’s most important events, Meyer explained. This helps them see their good work. “Agents are there for families during happy and sad moments.

Advocacy in Action Day also afforded attendees the opportunity to hear from several lawmakers, including Rep. Tom Suozzi (D-N.Y.) and Rep. Tom Reed (R-N.Y.)

Both lawmakers said they share a strong appreciation for the insurance and financial services industry and recognize the importance of the products and services that agents and advisors provide.

“I know how important the industry is, and it makes a lot of people’s lives better,” Suozzi said. “I didn’t appreciate it when I was younger, and it wasn’t until my 40s and early 50s that I really realized how important it is.”

“Customers first, employees second, and you’re last. That’s the way it always should be.” —

Kevin O’Leary

Leading Through A Crisis

The last day of the event was Leadership Day, during which participants were welcomed by NAIFA secretary, Larry Holzberg.

In a riveting presentation, Kevin O’Leary, billionaire investor and star of the hit TV show, “Shark Tank”, offered some insightful tips for investors. “I don’t hire advisors for performance. I hire advisors for preservation of wealth to force diversification,” said O’Leary, who is the founder of O’Leary Funds. Advisors need to help clients find opportunities but avoid rash decisions.

“Trying to time the market when it’s volatile is a huge mistake, which many people generally do once,” he added. “They realize how much they left on the table trying to do it, and they never do it again.”

The role of the advisor is to calm investors and prepare them to accept volatility. Clients are looking for a game plan, he pointed out.

O’Leary also shared some leadership traits that lead to success. Among them? Pivoting. “Great leadership is about pivoting,” he said. “It’s about saying, OK. I didn’t see that coming, but here’s what I’m going to do about it.’”

The COVID-19 crisis forced many businesses to reorganize and adapt — and great leaders made it possible for them to do so. Pivoting includes placing employees in different roles to adjust to new business environments.

For example, O’Leary said that during COVID-19, many of his companies were able to reassign employees to other tasks involving selling directly to consumers, engaging in social media campaigns and working on fulfillment logistics.

Great leaders also tell the truth, O’Leary said. They are optimistic, but they don’t offer phony optimism.

In addition, great leaders understand priorities. “If you’re the owner, you’re last on the list,” O’Leary said. “Customers first, employees second and you’re last. That’s the way it always should be.”

Servant Leadership At Work

Closing the event was Reginald Freeman, Fire Chief and Emergency Management Director for the City of Hartford, Connecticut.

Using the principles of servant leadership, Freeman said he was able to significantly improve the performance of the Hartford Fire Department. Response times are down, accountability is up and morale, along with pride in the department, has increased. Several members of Freeman’s team have also obtained their professional-development certifications.

“Servant leadership is critical to the success of 21st century persons in positions of authority,” Freeman said. “With four different generations in the workplace, being able to lead and manage individuals from diverse backgrounds and perspectives is challenging. However, with an understanding of servant leadership, we can effectively communicate and accomplish goals. “

“Lead with confidence,” Freeman concluded. “Lead with integrity. Lead with passion.”