Change is the Only ConstantG2 + E = Success

Jeff HughesCEO, GAMA International

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Welcome With a Purpose!

GAMA International welcomes you to the Distributor’s Summit. Our purpose today is to discuss:

1)distribution management growth2)effective succession planning in the life insurance

industry.

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Change, Change, Change

Without proper strategies, it could mean the end for your firm or agency. Retiring baby boomers + a lack of women and minorities in the financial

services industry = BIG PROBLEM. Solution: widen the talent pool by employing

younger generations women minorities

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With Change, Comes Opportunity

“Each generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it” George Orwell

So who’s in the ‘driver’s seat’ today? BOOMERS

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Generation X = Who’s Next in Line?

Born between 1964 and 1980 Individually focused, Self-directed Creative individuals Looking for ways

to maintain a certain lifestyle, while receiving recognition for personal accomplishments.

Must be transitioned into leadership positions ASAP

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Generation Y = The Future Advisors and Leaders

Born between 1981 and 1995 Entitled, open-minded, and educated do-gooders looking to advance at a

steady rate, receive frequent feedback and work in a team setting. How do we recruit them?

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Technology: Get Used to It!

“ Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road” Stewart Brand

Social media, tablets, and smartphones, oh my! It’s time to get tech savvy to stay afloat.

Jump in the deep end, the water’s fine!

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Gender-based Opportunities

“As an industry, we have an opportunity to make a profound difference in the lives of (American) women. Yet, as financial services leaders, we are nowhere near to capturing the enormous potential of this market”

-Mary Quist-Newins

MENTORING! Why are there such few women in

leadership positions? Gen X women like the flexibility of

not having to adhere to a traditional linear career path.

Gen Y women and men seek the same process.

LIMRA. Krozel, Kathleen. Leading Indicators: Sales Leadership and the Future of Agency

Distribution. 2010: Windsor, Connecticut. (p.21)

Building High-Performance Adviser Teams: The Start of Something Important

Two birds one stone: fulfill Generation Y’s need for a team-based environment and constant feedback and Generations X’s desire to specialize by creating high performance adviser teams.

Types of Teams

Set Expectations

What do you expect out of team members in terms of work and behavior?

How will you assign accounts to new agents?

Tracking Team Performance

Transitioning from individual accountability to a team setting requires you to clarify how a team’s effectiveness will be measured. Sales Marketing Obtaining new

clients Retaining clients

and managing activity

Initiating the Team and Building Synergy

Cohesion and synergy are imperative for a team’s success and will exist if all members are invested in making the team work towards the overarching mission.

Synergy = WINNING How to build synergy?

Accountability Trust Reciprocity Mutual Respect

Transition to Leadership

How do we move from personal production to management?

Senior advisors work as mentors to transition agents into leadership positions by handing over team responsibilities and offer coaching during the initial phases.

Transitioning agent to sample leadership responsibilities.

Mutual agreement to “cross the bridge” is made.

Recruitment and Selection

New leaders should be guided by experienced leaders during their early period of executing the recruitment and selection process so that, in turn, they can mentor and train new associates who follow them.

Task

Training and Development

Mastery of the sales process is key to becoming a successful agent. New leaders can train newly selected agents with continued guidance from veterans.

Build the right habits and incite confidence. Leverage the entire team to support the new advisor

Characteristics of a High-Performance Leadership Teams

Now that we know how to build advisor teams and transition agents into leadership positions, what do we look for in a successful leadership team?

Vision/Mission

“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to attain uncommon results.”-Andrew Carnegie

Setting Hard Targets

Vision: the BHAG for the organization

Short-term, flexible goals that reflect the vision.

Strategy: a clear vision and hard targets provide direction for your organization.

Measurement, analysis and adjustment

Creating a Culture of Commitment and Personal Accountability

Accountability produces results and drives

strong performance.

Building Harmony

Building open relationships between team members is inevitably central to success.

Building Trust Through Communication

Without trust, you cannot have harmony.

Without harmony, you cannot have trust

Achieving Alignment

To lead with one voice, a leadership team has to integrate the vision, strategy, and culture into one synchronized whole.

Developing a Leadership Team

How do you develop specific skills and know that your resources are being used properly?

Conclusion

A firm’s strategy for growing its distribution management and developing effective succession planning will determine if it will succeed in adapting to and adopting a changing landscape. Generations Gender Ethnicity Culture