Make Friends with Change

By Gary Schwartz

I recently completed a hefty book on the history of China. In the book, an emperor was advising his son on how to prepare to rule. His advice was simple and powerful, “Make friends with change.” Most of us resist change or let it flow over us as it happens. We will be more e ective as leaders when we make friends with change.

My best practice as a self-learning leader is to lead into change. Look for change, embrace change, and be the catalyst for change. I saw a quote from Gandhi recently that captures this perfectly.

It says,

“Be the change you want to see in the world.”

Maybe easier said than done?

I think of the words we used when I started some 40 years ago. We had agents; now we have advisors. We referred to our business as an industry, like it was a factory. Now, we more appropriately refer to it as a profession. We thought in terms of FYC or first-year commission. Now, we think more about fees. Agents in the past built huge books of life insurance with recurring trails. They would retire on these trails. Now, trails are mostly something of the past. Recently I heard life insurance described as being “mutual funds with a free physical”– there is some truth in humor.

We would refer to product manufacturing as king, but then it moved on to distribution is king. Now, it is suggested that the new “king” is the client. We are all striving to provide the best client experience. Organizations sometimes get tripped up in thinking they own the client. I think we all know the client owns the client, and they get to pick their advisor. The client has always been the king. Some things don’t change.

I started my career in a life insurance home o ce, which was a great place to start. However, it will not be where my career ends. One oddity from those early years was that people in the next cubicle or o ce would smoke at their desks. This was a life insurance company, after all. Eventually, with much e ort, we went to a non-smoking environment. What are we doing today that will be considered ironic?

Today, I am a senior leader in what was once referred to as a general agency, now a firm. Two weeks ago, our life insurance company broker/dealer and RIA were sold to a large independent B/D, RIA. Our firm, in one way or another, has been a liated with this life insurance organization since 1908. In total, 1,000 advisors are checking out the new home. It will likely be better for the advisors and our clients once we are through this significant change. Again, I have learned to lean into change, accept the certainty of uncertainty, and keep moving.

At LAMP 2023, I will be moderating a breakout session under the heading “Where Have We Come From? Where Are We Today? Where Will We Be Tomorrow? " . Our panel will be a mix of field leaders, academics, veterans from the profession, and early career talent.

Let’s work together to make friends with change and be the change.