In This Issue:
- Sales Idea
- The Latest From Washington
- NAIFA-Florida President’s Message
- NAIFA Nation Impact Week Is Coming!
- Virtual Sales Symposium Offers a Week of Sales Ideas and Motivation: July 13-17
- DFS To Issue Temporary Licenses, Due to Virus and Closure of Examination Sites
- CFO Patronis Extends Directive – Allowing CSRs to Work From Home
- Licensing Test Centers Opening Back Up
- 2021 Legislative Day on the Hill Set for March 8-9
- Citizens Webinars for Personal Lines
- NAIFA-Florida CE Opportunities
- NAIFA-Florida Governance
- Idea Incubator
- Welcome New & Returning Members!
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3 Ways to Maintain And Grow Your Financial Advisory Practice During The Coronavirus Crisis
by Stephen Kagawa, FA online, www.fa-mag.com
We’re living through a once-in-a-generation health crisis, and while our first concerns are about the health of our families and communities, many advisors and their clients are also understandably worried about their livelihoods and their long-term prospects.
There are many articles about the basics of this new reality for advisors, from the specifics of the CARES Act to when to update tax projections. But beyond understanding these basics, how might a young financial advisor who has never been through even a market correction—let alone something like this—develop an approach that does more to help their clients come out on the other side of this while also leaving the advisor’s businesses intact and possibly healthier than before?
Here are three things that I believe are keys to becoming a better servant to clients and a more trusted advisor—in good times and bad.
Tip 1: Move from A Sales to A Values-Based Mindset
In my experience, I have found that relationships and actions based on values, not market performance or short-term crises, are the strongest and most enduring.
In traditional financial advising we’re taught to focus on our clients’ needs, but in practice most of us end up focusing on selling. However, the last thing your clients want when they are quarantining at home with their families is a sales pitch. The good news is that there are ways to change your approach to client service so that you can once again truly put your clients first and not have to “sell” at all.
Tip 2: It’s About Them, Not You
A relentless focus on what your clients actually want—not what you think they need—can transform you from a products-based salesperson to a lifelong advisor. If you focus on helping clients achieve their long-term goals, especially at a time like this when they are feeling their most vulnerable, it can alleviate stress and restore positivity in your clients, all the while propelling your business forward and making you feel better than ever about what you do.
While basic preparation—having the right portfolio of products, the right forms, and an understanding of all the tax codes, legal codes, and more—is important, it is actually your mindset, not just your product knowledge, that matters. If someone wants specific information on a product, of course you should provide it. But I always remind myself that the key to success lies with the person in front of me. In other words, nothing in our conversation will be important to me unless it’s important to them.
Tip 3: Learn to Listen. Really Listen.
Where does your client want to go in life and where are they now relative to where they want to be? How do they envision their retirement, or do they even want to retire? What about the legacy they want to leave behind? The way to find out is to ask them, and to just listen without judgment or preconceived ideas.
The more you really listen to your client, the more deeply you will understand what they want for their future. If you make this effort—and only afterward look for the ideal mix of products or services for their situation—you will likely be able to help them realize the lives they envision. If you keep truly hearing them, you’ll find that you’re no longer thinking or acting like a salesperson but are on your way to becoming a trusted advisor.
Deemphasizing selling and leading with your core values can change the way you relate to your client and improve your ability to help them achieve their dreams. It’s not always easy to do. Then again, it doesn’t take much more effort to direct a client’s cash flow or place assets in a way that fulfills their optimal outcome, and you will be doing good by doing better for your clients. Better yet, by doing good you can go from closing 20-30 percent of your cases to building lifelong client relationships. Over time, of course, these happy clients can become valuable referral sources. What could be more fulfilling, especially at a time when many clients are feeling great anxiety
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Overview: Next Coronavirus Bill – May Address Capital Gains Tax and Affordable Health Insurance
by Dani Kehoe, Counsel to NAIFA
Things are heating up on Capitol Hill—but in a “hurry up and wait” sort of way. House and Senate Democrats say they are readying a new coronavirus response bill that they hope to unveil “in days.” It will be their “standard,” they say, from which negotiations with the GOP will begin. Some key Republicans say it’s time to pause, to see how well already-enacted coronavirus response laws are working, and to consider the impact on the spiraling federal debt. Still, most insiders (on and off the Hill) think it’s more likely than not that there will be at least one more coronavirus response bill in the upcoming weeks. Following is what we currently know about what’s being discussed for inclusion in the measure.
Read More
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Our Masked Reality: The New Normal?
by Joseph Chalom, CLU, RICP, LUTCF, LACP
After nearly two months of stay-at-home orders in place, restrictions are starting to be relaxed. We are starting to think it is normal to see people in supermarkets, pharmacies and home improvement stores with a face covering. What will the new normal mean for you? NAIFA’s Advisor Today has an interesting article that you may find useful. Visit
https://at.naifa.org
for information.
NAIFA is continuing to innovate the delivery of valuable content to members through virtual presentations. Visit
https://belong.naifa.org/townhalls
for the calendar of events. Visit
www.naifa-florida.org
and download the “NAIFA at 130” report to members. It is a quick read to learn about the innovation and value of the new NAIFA.
I am excited to share that Tom Ashley, NAIFA-Florida CEO and his team are developing continuing education programming, available online without a test. In addition, NAIFA-Florida will host a series of top-quality online presentations coming this July – the Virtual Sales Symposium. Information about our live online
presentations will be posted at
www.naifa-florida.org
,
@naifaflorida
and
@naifafl.
We are launching a member-to-member campaign just to say we care and to make certain our members are aware of all the valuable resources available through NAIFA and NAIFA-Florida. If you would like to participate in the campaign email
[email protected]
and put
WE CARE
in the subject line. Please include your contact information. A member of our team will reach out to you with more information.
I encourage you to keep reaching out to your clients to address concerns and reassure them that we will make it through this crisis together.
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Idea Incubator
NAIFA-Florida members are dedicated and passionate people who care about making a difference in the lives of our clients and future clients. NAIFA-Florida exists to advocate for you and your clients. You are our greatest asset. I know you have great ideas to share on how to make NAIFA-Florida even better. I look forward to reading your best idea. E-mail your idea to
[email protected]
.
I am proud to be in the financial services profession and even prouder for being a member of NAIFA-Florida. Together we make a difference!
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NAIFA Nation Impact Week brings three days of top-notch online, social-distancing-approved programming featuring experts and big names in advocacy, insurance, and financial services. Beginning at noon each day, hear top industry leaders – to help you grow your business during these challenging times!
Tuesday, May 19: NAIFA's Diversity Symposium:
"Adapting Your Practice to a Changing Main Street USA"
Wednesday, May 20: Advocacy in Action Day:
"Your Voice Is Needed More Than Ever"
Thursday, May 21: NAIFA Leadership Day:
"Leading Your Practice in Challenging Times"
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Featuring top industry speakers offering sales ideas and motivation, NAIFA-Florida is offering a free Virtual Sales Symposium the week of July 13-17! Each day -- Monday thru Friday beginning at noon (ET) -- will feature a special guest speaker with new and exciting presentations. Hosted by NAIFA-Florida President Joe Chalom, and sponsored by corporate partner The Rosenthal Agency, the event will be presented by way of the Zoom meeting platform.
Monday, July 13
:
“Get More Qualified Sales Appointments in the Next 24 Hours”
— Wendy Weiss — Bars and restaurants are closed. The stock market is in flux. You may be working from home or perhaps you are finally back in your office. It is a new normal. A few months ago, you were out and about, meeting with clients, meeting with prospects, and networking… That is difficult to do right now. So, how are you going to grow your book of business? Join Wendy Weiss, The Queen of Cold Calling™ in an information-packed, live, online training experience!
Tuesday, July 14
:
“SENSE-ational Client Service”
—Bryon Holz, CLU, ChFC, LUTCF, LACP — Bryon will share his unique and powerful client and prospect engagement strategies, utilizing the full palette of senses. Learn how improved connections and strengthened brand messaging can cut through modern media clutter, resulting in more informed, more satisfied, longer-lasting client relationships. Don’t miss this long-time NAIFA leader’s SENSE-ational presentation, Bryon’s Best!
Wednesday, July 15
:
“Business 101: Advice and Strategies That Will Kick Your Business Up a Notch!”
— Susan L. Combs — Hear Susan discuss advice she learned along the way as well as strategies she’s put in place to develop her teams, built a brand through Social Media, attracted a Millennial Workforce and found alternative sources of revenue to take her company to the next level!
Thursday, July 16
:
“Countering the Effects of Market Volatility”
— John Wheeler, CFP®, CLU, ChFC, CRPC, LUTCF — A senior partner at MassMutual, John addresses a very relevant topic right now – a volatile market and how to counter its effects. He’ll share strategies for hedging market volatility, how to understand the dangers of average returns, and how to deal with the restrictive nature of traditional planning.
Friday, July 17
:
“Networking and Prospecting to Success”
— Dick Cleary — Whether you’re a new or a seasoned advisor, Dick will walk you thru some remarkable ways to think about networking and prospecting! New ideas abound as successful networking and prospecting are your keys to financial growth. Dick’s the Founder and President of FSEdNet – the Financial Services Educational Network – so you’ll want to make sure you sign up for this one!
Watch for registration opening soon. Zoom platform limited to the first 100 who register.
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Florida CFO Jimmy Patronis issued a directive on Friday, April 17, permitting the Division of Agent and Agency Services to begin processing insurance agent temporary licenses for pre-licensing candidates who have not been able to take licensing exams due to the closing of pre-licensing testing centers in Florida because of the Covid-19 virus.
This directive gives insurance agencies the ability to hire new agents who have completed all other requirements (education, fingerprints, applications, criminal history checks, background checks), but have not yet taken the DFS licensing exam(s). There will be only be three temporary licenses issued: a) Health; b) Life; c) and Personal Lines. Each temporary licensing is good for six (6) months or upon issuance of a permanent license of the same type and class, whichever comes first. Each holder of a temporary license shall be appointed by a sponsoring insurer which assumes responsibility for all acts of the temporary licensee. In addition, the temporary licensee may only solicit insurance under the direct supervision of a licensed and appointed insurance agent authorized to sell the type of insurance being solicited.
The directive further orders that the DFS will cease issuing temporary licenses 14 days from the date in which at least half of the examination centers reopen, or upon expiration of the directive, including any extensions, whichever occurs first.
To view Patronis’ announcement and for the full text of the CFO’s directive, click
here
.
For all industry-related orders or regulatory actions related to the Covid-19 virus, visit NAIFA-Florida’s Covid-19 Resource Center at
naifa-florida.org
.
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Florida’s licensing test centers – which are run by DFS testing contractor PearsonVue – are now open, according to Greg Thomas, Director of the Division of Insurance Agent and Agency Services. NAIFA-Florida Lobbyist Tim Meenan spoke with Thomas yesterday and passed along the information. Thomas cautioned, however, that some partner sites are not open yet because PearsonVue has contracted with some colleges as testing sites, for example, which are still closed. The PearsonVue-run test centers which are open are operating at 50% capacity. In addition, Thomas advises that while testing is ramping back up, there have been some glitches and there is a backlog of candidates waiting to take their insurance exams.
The DFS is keeping the Temporary License option in place until test centers are back at normal capacity and the backlog is cleared up. While the wording of the DFS Emergency Order was tighter than that, they are interpreting the order liberally at the moment in order to provide flexibility.
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Florida CFO Jimmy Patronis has extended CFO 2020-01 which allows insurance licensed (4-40) customer service reps to work from home during the Covid-19 emergency health crisis. The original Directive was issued on March 16, 2020. The new Order, 2020-08, issued on Friday, May 8, simply extends the original Order to “afford flexibility to licensees whose offices are subject to closure due to Covid-19.”
Click
here
for the complete full text of the Directive.
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Mark your calendars for March 8-9 for the 2021 NAIFA-Florida Legislative Day on the Hill in Tallahassee. Once again, all members are invited to attend and visit with your state legislators -- in group fashion – to discuss issues and legislation important to our industry. Our lobbyist Tim Meenan always stresses the importance of a very strong showing at DOH, to demonstrate the strength of NAIFA-Florida before our elected officials at the capitol. Prior to your appointments with legislators, Tim will review the most important bills and talking points, and their impact on our industry and on our careers! Our Legislative Day on the Hill cocktail reception and dinner is always popular – allowing time to catch up with friends and fellow members. Watch for complete registration information this fall. Remember, mark your calendars for Monday-Tuesday, March 8-9, 2021.
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Citizens is conducting free one-hour webinars on May 28 and June 25 about how to avoid performance and late-submission violations. The webinars, conducted by representatives from Citizens, will cover:
• An overview of the typical Citizens policy life cycle
• Submission expectations by outlining the Performance and Late-Submission Violations programs
• The most common submission errors that result in a violation and tips to avoid them
Register using the links below.
Avoiding Performance and Later Submission Violations
Thursday, May 28
2-3 p.m. EST
Thursday, June 25
2-3 p.m. EST
Note:
The webinar
does not
provide continuing education credits for maintaining a Florida insurance license.
Additional Resources
If you are unable to attend one of the webinars, you can view a recording of the February 27 webinar on the
Webinar Recordings
page on the
Agents
site, which is accessible from the
Training
page.
If you have questions or need additional support, contact Agency Administration via:
• Phone: 888.685.1555, weekdays, 8 a.m.-5 p.m.
• Email: The
Contact Us
feature on the Agents website
Webinar Registration Notes
After registering, you will receive a confirmation email from
[email protected]
with an access link to the webinar of your choice. Depending on your email settings, this email may be directed to the deleted or junk email folder.
If you do not receive or cannot retrieve the confirmation email, you can access the webinar 15 minutes prior to the start time by completing these steps:
1. Reselect the registration link from the chart above.
2. Enter the same email address and first and last names used when initially registering, then select
Submit
.
3. A pop-up message will state that you have registered already with the option to join the webinar.
4. Select
Join
.
Participants are encouraged to log in 15 minutes early to confirm connectivity. Citizens is unable to provide computer connectivity assistance. See the
Adobe Connect Visual Quick Start Guide for Participants
to ensure your computer meets the minimum requirements for the webinar.
______________________________________________________
Appointed agents can submit questions to Citizens by replying to this email or logging in to the
Agents
website and choosing the
Contact Us
link on the top of the page. Citizens will respond within three business days. Agents also can contact the Customer Care Center at 888.685.1555.
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While many of our members may not choose to be in the office, or otherwise are self-isolating at home, we realize that your Florida DFS continuing education requirements are still in place. Please see below for a list of virtual CE and professional development opportunities – so you’re able to stay compliant during this challenging time.
Kaplan Educational – Online Classes for NAIFA-Florida Members -- 15% discount
A corporate partner, Kaplan Educational is offering NAIFA-Florida members their Total Access CE package at a 15% discount – only $33.15! It’s the most economical and efficient way to satisfy CE requirements for both
Life & Health
and
Property & Casualty
. This package is geared for the self-study learner who wants to earn CE over a longer period of time:
· 365 days of unlimited access to Kaplan’s unmatched library
· Immediate results with instant exam scoring
· The ability to retake exams as often as needed
· Interactive CE tracking system
· Printable certificates
· CE submission to one state
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NAIFA-Florida Seeking Board and Committee Chair Candidates for 2021
Your 2020 NAIFA-Florida Governance Committee, chaired by Immediate Past President Shelita Stuart, has begun its work of securing nominations for statewide Board members and Committee Chairs - to be elected for the 2021 calendar year. The Committee is encouraging members from across the state to consider Board/Committee Chair service and has opened up the nominations process to any and all applicants who would be interested in serving.
The Board/Committee Chair positions as list below are open to nominations for 2021. If you, or any NAIFA member(s) you know, have an interest, please complete the appropriate form(s) (linked below), as indicated. Once completed, return the forms to Shelita Stuart (
[email protected]
) or NAIFA-Florida CEO Tom Ashley (
[email protected]
)
. The deadline for returning the forms is Friday, May 29, 2020.
1) Vice President - (one-year term) Candidate must be an active member for at least three (3) years, and have previously served as either a state Director-at-Large, a Chair of a Standing Committee, or any other position on the NAIFA-Florida Board for a minimum of one (1) year. Those serving in this position agree to move up to President-Elect, then up to President. (Review the
Candidate Eligibility document
; complete & return the Executive Committee Board Member Candidate
Questionnaire
).
2) Legislative Chair -- (one-year term)
3) Director-at-Large -- (two-year term)
4) Volunteer Membership Co-Chair - While not a Board or standing Committee Chair position, the current chair is looking for a co-chair -- and possible successor for 2022 -- to assist with Membership in 2021. (No need to complete the questionnaire, but simply let Shelita or Tom know of your interest.)
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Idea Incubator
NAIFA-Florida members are dedicated and passionate people who care about making a difference in the lives of our clients and future clients. NAIFA-Florida exists to advocate for you and your clients. You are our greatest asset. I know you have great ideas to share on how to make NAIFA-Florida even better. I look forward to reading your best idea. E-mail your idea to
[email protected]
.
I am proud to be in the financial services profession and even prouder for being a member of NAIFA-Florida. Together we make a difference!
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Welcome New and Returning Members!
NAIFA-Florida would like to welcome new members and returning members to the association – from April 9 to May 14. Current members, please feel free to extend a personal welcome to these new and returning members! Click
here
for the complete list, to be found on the NAIFA-Florida website.
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