Showing posts with label motivation. Show all posts
Showing posts with label motivation. Show all posts

June 11, 2014

IMAGINE WORKING WITH JACK BAUER

Jack knocks 'em down
(This post will make more sense if you're familiar with the TV series 24 starring Kiefer Sutherland as terrorist-fighter Jack Bauer. We’re new viewers currently watching season three on Netflix.)

Jack Bauer is a specialist you hope you never need. He feels that how doesn’t matter when there’s a why. When he thinks he's right, try stopping him. He may not ask for permission now or forgiveness later.

As Your Boss

Imagine Jack on a routine day. Picture him answering emails or folding the laundry.

If you work for Jack (or Steve Jobs), count on ever-changing priorities with unrealistic deadlines. Don't count on going home on time or maintaining personal relationships with your family.

Jack has your back though. He protects his team by taking responsibility for their mistakes. That's leadership. That's a way to build lasting loyalty. Jack doesn't hold grudges (though will make exceptions if his family members get threatened or killed). He doesn’t keep reminding you of your past mistakes.

As Your Employee

Jack and rules
Jack works hard for 24 hours (without coffee or yawning) and then takes long breaks. He's moody. He's unreliable. He doesn't follow orders. He plays favorites. He ignores social conventions like politeness. He's demanding of his bosses, giving them orders of the "Just Do It" kind. He shouts. He — here's a shocker — uses violence against co-workers following their orders.

Jack doesn't follow the chain of command. To save time, he talks directly to the President.
Jack uses employer resources for personal reasons like picking up daughter Kim from the police station (and not just once).

What Saves Jack

We forgive a lot if we get what we want. Jacks track record saves him. He's versatile. He adapts. He delivers results on mission critical projects. He takes calculated risks. His personal interests (like staying alive) don't get in the way of making the right decision for his employers and society.

Even Jack's non-supporters know there are times they need him. They'll tolerate him because he goes beyond the limits of what anyone could reasonably expect.

Be Like Jack

Let's take lessons from Jack.
  1. Keep learning: go beyond the "10,000 hour rule" because the next 24 hours won't be like the last. Jack knows how to set the email signature on his smartphone and finish a 30 second infomercial in 30 seconds.
  2. Keep delivering results: Jack doesn't rest on his past achievements. He keeps proving himself, which prompts others to stretch themselves.
  3. Work on projects that matter: Jack isn't who you'd call to a routine staff meeting
  4. Go beyond your limits: that's how you find your limits and stretch them
  5. Take chances: Jack doesn't know what might happen in the next moment but proceeds anyway
  6. Act on your convictions: there are things Jack refuses to do because they're wrong. What about you?
  7. Have a compelling cause: Jack fights to save innocent lives. What are you fighting for? How much do you care?
Just don't stay up for 24 hours. Leave that to Jack.

Links

PS Jack works by the clock but doesn't quit after 8 hours.

October 22, 2013

CASE STUDY: HOW TO LAUNCH A NEW BRAND (MONEY 50/50)

baby conquers bear
The desire for perfection and the fear of making mistakes both get in the way of launching a brand. They need not.

As a case study, you can watch me launch Money 50/50. It’s for a series of live TED-like talks with audience Q&A. The speakers are credible bloggers, journalists and authors known for objective advice. The intent is to make learning about money engaging. How’s that for a challenge?

I could have waited to make sure everything was ready before telling the world but thought the incremental approach would be more educational for you and more practical for me.

Protecting Your Intellectual Property

If you're worried about theft of your intellectual property, the incremental approach may be ideal. The format for Money 50/50 isn’t the work of genius but seems unique:
  • 50% talking / 50% audience participation: that’s the key reason to attend in person. If there were no interaction, why attend? The audience could simply watch the talks on YouTube from home (which means they probably wouldn’t)
  • the speakers are writers: that means they have the courage to put their thoughts on display for public scrutiny. Because they’re local, they’re approachable.
As I started looking for venues, I became concerned that my format might be “stolen”. While anyone can use a similar format for their cause (please do!), I didn't want to look like the copycat. That's why the first public announcement described the idea and format: the perfect live event to master your money.

Step Zero

The very first step is finding a short name for the brand that’s available as a website and Twitter handle. That meant brainstorming and checking for availability with NameChk. This took days of elapsed time. You might want to get help from creative people you trust. You might need to fabricate a name (e.g., as I did with Riscario and Taxevity).

Eventually, I registered money5050.com even though a squatter has the Twitter handle @money5050. There are ways to reclaim a Twitter account from a squatter or impersonator. Showing you have a real brand helps.

Other Steps

imageEventually you will see these things in order:
  1. Website: money5050.com launched (using the same Google Blogger platform as this blog)
  2. Twitter handle: @50u50 (for now)
  3. Newsletter: powered by Mad Mimi (done)
  4. Branding: using a simple placeholder for now
  5. Ticket ordering: powered by Eventbrite
  6. Community: on Ning or Google+
Clearly, all these elements are not needed at the same time, especially when you’re doing the work in your spare time.

If you're afraid that the world will see work in progress, are you over thinking? The world is busy. You can relaunch when you’re ready. In the meantime, you’re taking steps that will help you get noticed. 

Links

PS You learn more while doing than while planning.

March 20, 2012

LESSONS FROM THREE DIFFERENT MASTERMINDS (THANKS, NAPOLEON HILL)

a better brainDo you have trouble meeting your goals? Do you want to discuss issues but don't know with whom? Do you want perspectives from outside your company?

A large company might have an external Board of Directors. There's a practical solution for smaller businesses too: a mastermind.

With a mastermind, you get peer support and are held accountable for meeting the goals you set. The idea comes from Napoleon Hill in Think And Grow Rich (1937). You only need two participants. He had three, including steel magnate Andrew Carnegie and his stepmother. (I finally got to use "steel magnate" in a sentence!)

Last year, I helped establish and run three masterminds updated for today. Two fizzled. One is going strong.

The Agenda

Each group followed this simple three step agenda.
1. Victories:  What's working?
We start with good news. What are you bubbling to share? Your achievements could be personal or professional, minor or major. Avoid bad news.

Duration: 1-2 minutes each
2. Challenges: What needs work?
Have you met your commitments since the prior session? What challenges are you facing that you’d like our input on? This is the time to raise bad news.

Duration: 15-30 minutes each, depending on the group size (includes the group discussion)
3. Actions: What will you Ship?
What will you commit to complete by the next session?

Duration: 1 minute each

The Trio

Each mastermind is described in chronological order.
I. Online Mastermind (2-9 members)
Travel time in Toronto is lengthy and unpredictable. Selecting members based on proximity is suboptimal. After the initial session, this mastermind met online via free Skype videoconferencing.

To work out the kinks, this experiment started with two participants. The process worked well. There were glitches with video due to Internet congestion but audio worked well as a backup.

Meetings were originally weekly, then each two weeks and then never. There wasn't enough happening for two people to discuss. This group may start again.

Pro: Eliminated travel time; designed the format used in the other masterminds
Con: Didn't grow beyond the two initial participants

II. Mastermind Meetup (5-10 members)
This monthly mastermind was the most ambitious and had a Meetup group. The original members were going to help others by running other masterminds. Members of all the masterminds were going to meet for social events.

Each session included a meal. Gatherings became social. Members didn’t set goals or work towards them. Others wanted to join but weren’t suitable. The usual crowd selling real estate, investments or insurance.

Pro: designed to scale via Meetup.com
Con: members didn't set or meet business goals; became social; irregular attendance

III. Peer-To-Peer Mentoring (2-5 members)
This monthly group is the sole success.  We meet in person at a coffee shop. Originally, sessions were during the day but shifted to evenings to accommodate more members.

Pro: equal participation, high support, visible progress, experimental/open-minded
Con: progress on some goals has been slow

Keys To Success

A successful mastermind, requires the right participants. Chemistry is essential. They must also be committed, open and trustworthy. Competitors can’t be admitted. What's discussed in the group remains strictly private. Complementary skills lead to better discussions and better results.

The Price

The above masterminds were free and member-run.

You may benefit from a paid mastermind run by an experienced facilitator if you
  • have more serious issues and don't want private coaching
  • can't find a suitable free group and don't want to start one
  • want the administration done for you
Sessions seem to run once a month for half-day or full-day. You might also get private coaching.

Pick Four

If you have goals you want to finish within 12 weeks, Pick Four from Zig Ziglar and Seth Godin may help you. I'm currently in week 8 of this peer-supported program. The experience has been positive.

Links

PS Would a mastermind help you?

January 10, 2012

THREE WAYS TO START THE YEAR WITH THE WIND IN YOUR SAILS

Get the wind in your sailsIf you want your year to go well, start strong. Here are three ways to kick the year into gear:
  1. Celebrate last year
  2. Be your own guide
  3. Show courage in public
Let’s explore each.

Celebrate Last Year

Make a list of what you shipped last year. Are you surprised at how much you got done?

Since we’re busy, we may not notice or celebrate our accomplishments. Don’t expect anyone else to notice or remember either. Gently remind them by putting your highlights someplace they can see and send to others.

If you’re gutsy, you can include selected failures and personal elements too. Just remember you're in marketing not therapy.
Example
This is part of my email signature:
SHIPPED IN 2011: Interviewed in The Globe and Mail and Toronto Star. Spoke about building trust at CALU and Word11. Elected President of Goodyear Toastmasters. Celebrated Dad's 75th birthday and my 50th. Published 103 blog posts about risk and marketing. Nominated for a Business Excellence Award from the Toronto Board of Trade (lost, but the sole candidate from financial services out of 49 nominees in 8 categories). How was your year?
The same details are on my personal website in bullet format.

Be Your Own Guide

Resolutions sound so serious — easier to break than keep. There’s a simpler way to achieve your goals:
  1. choose three words with meaning to you (mine are health, harvest, advocate)
  2. think of them daily
  3. act accordingly
This approach works better than you might expect. It’s based on ideas from Chris Brogan.

Show Courage In Public

Write one honest testimonial on LinkedIn each week for (at least) three weeks. Here “honest” means there’s no perceived self-interest or hidden business dealings with the people you praise.

Giving recognition is free but priceless. Spotlighting linchpins rewards them. They may not realize the impact they’ve had on you. They may be questioning whether they are making a difference. Your words could be the boost they need.

Praise in private has very little marketing value for the recipient. Besides, you show courage when you take a stand in public. When you see that nothing bad happens, you can be even more courageous going forward.
Giving testimonials has an important “free prize”. Seeking the treasure in others helps you unearth the diamonds hidden within you. You become what Zig Zigar calls a “good finder”. The world needs more positive people.

Momentum gives a great start to the year. Get set, go!

Links

PS What will you ship this year?

October 11, 2009

So What If Banks Sell/Promote Insurance Online?

I used to like to go to work but they shut it down.
I got a right to go to work but there's no work here to be found.
Yes and they say we're gonna have to pay what's owed.
We're gonna have to reap from some seed that's been sowed.
--- Dire Straits,
Telegraph Road

Canadian banks dominate the sectors they enter.
  • Trust companies? Gobble, gobble.
  • Investment dealers? Gobble, gobble.
  • Mutual fund distribution? Gobble, gobble.
  • Mortgage loans? Gobble, gobble
Is insurance next?

Banks can't sell or promote insurance in their branches. Four months ago, the Office of the Superintendent of Financial Institutions (OSFI) ruled that a website isn't a branch. So banks can sell/promote online. Banks quickly integrated insurance into their main bank websites. This week, OSFI's boss, Finance Minister Jim Flaherty said banks can't market or sell online. What this means isn't clear. This reversal shows the power of insurance advisors in lobbying their local politicians.

Banks already play a key part in the insurance world. They own insurance companies. They sell insurance products from various companies. They have insurance offices close to bank branches.

What Do You Think of Banks?
According to research released by advisors, 59% of Canadians are "concerned about banks becoming bigger if they are allowed to expand into other businesses such as selling life and health insurance from their branches." This study ignores the Internet.

According to research just released by the banks, 77% of Canadians have a favourable impression of banks because "they receive good, personal service, have no problems with their bank and that their bank is there for its customers’ needs".

Do the findings surprise you?

What If ...
Let's suppose banks can sell and market insurance online in the near future. How can small independent advisors survive?

Would consumers really buy insurance online? Maybe not, but that's not the point. We research online. Maybe you'd buy from the place that educated you.

Look at all the industries battered by the Internet, mega competitors and changing consumer tastes
  • Home Depot vs small hardware stores
  • Superstores vs small grocery stores
  • Best Buy and Future Shop vs small home entertainment stores
  • Wal-Mart Supercenters vs department stores and grocery stores
Consumers picked the winners with their wallets.

Manic Sunday
To protect small operators, big stores could not open on Sunday or the day after Christmas. Consumers spoke and the laws changed. Big means mass market, which leaves many unserved niches waiting for you.

A Simple Idea
Here's a simple idea: fish where the fish are. Since consumers look for insurance online, get online too. This is easy and inexpensive. With a good website, you will attract traffic. As a minimum, you must show up on search engines. You'll find earlier posts help make you easy to find and credible.
You can't tell the future but you can plant and nurture the seeds of your success. You've always got competition but you can adapt. No matter what happens.

Links

April 29, 2009

The 100th Post Already?

The 100th post! Can it be? Time flies. Over two years.

Why Start?
I started blogging to help the public understand their financial risks and ways to tame them. There is very little content like that online --- the first place many look. Where do you send your clients?

As a product actuary, my expertise was individual life insurance and health insurance from design to pricing to reinsurance to illustrations to marketing to administration to support. This unique background spurred me to start Riscario Insider.  The 100th post was in January 2009.

Why This?
Except for the fellow getting divorced, advisors want to increase their revenue. This requires ideas, insights and best practices. I come across them continuously --- a side benefit of working with some of the country's top advisors and lots of reading. But how to share what I'm learning? Through this blog for advisors, including insurance specialists, investment advisors, accountants and lawyers. You'll find a fresh post most weeks. 

Why Continue?
Writing takes time. Each post takes several hours of drafting and editing. Even finding the right photo or graphic takes time. So why not quit?

My altruistic motive remains: helping people. What you don't share, dies. I keep learning and refining what I've learned. I've got to tell those who want to listen.  Blogging allows free access anytime from anywhere. 

My selfish purpose is improving myself. You learn better when tell others. Writing imposes further discipline because you're not present to clarify. Your words must be clear. Your message must be interesting. Little things like headlines make a difference. 

Practice helps you push through the dip on the hill to mastery.

What's Next?
The future will have more of the same. For faster access to tips, you can subscribe to @mActuary on Twitter. I've thought of adding audio podcasts (a new feature on Riscario Insider). Video is a remote possibility but that's a tough medium for me. What would you like to see?

How You Win
Between this blog and Riscario Insider, you've got access to 216 posts with more on the way. Scan through them and you'll find some that you can use with your clients or centres of influence. 

You can even copy/paste selected content to make it look like your own. Just don't "borrow" everything!

You may even find content that helps you. 

Links

August 26, 2008

Learning The Language Of Investment Advisors

I said, do you speak-a my language?
He just smiled and gave me a vegemite sandwich.
--- Men At Work,
Down Under

How do you get investment-oriented advisors interested in life insurance? This is a great question if you're an insurance specialist. A 15 month experiment gave an answer.

An organization wanted to help their investment advisors incorporate life insurance into their business processes. Intrigued, I volunteered to help them for free.

Getting Started
I started with group meetings, showing how life insurance was used according industry research. Most strategies are simple, solid and change little over the years. This meant a small learning curve. I showed sample compensation for different ages, face amounts and deposits. I figured compensation would drive interest.

Next, I privately met interested advisors to understand their unique goals and concerns. Then I tailored confidential, individual strategies. Finally, I started visiting regularly, generally once or twice a week. I even got a nice large office with a nice view.

Long Lineups
I figured advisors would line up outside my door, clamoring for advice. Wrong! Advisors did visit --- then again, I was on the route to the espresso machine. This didn't lead to sales, though. I quickly learned that even volunteers need to actively market their services. I turned to blogging as a low key way to stay in touch.

Even so, cases were relatively small and infrequent. What could I do? I didn't want to play Solitaire.

One Day
During construction for expansion, the boardroom table was moved to an open area near my office. One day, the table was packed for a presentation about an esoteric investment product. I observed the investment advisors undetected. I heard numerous questions. I saw enthusiasm. The advisors were animated and captivated. Why?

The Spark
A different language is a different vision of life. --- Federico Fellini
I instantly realized that we spoke different languages. They spoke investoid and I spoke insuranch. While life insurance allows tax-sheltered growth, investment advisors

  • don't like the limited investment choices
  • don't like investment dollars going "off book" into life insurance

I knew the solution. Investment advisors have clients who are active investors, comfortable with financial leveraging and looking for tax deductions. That's what "10-8" leveraging by squeezing more benefits from the client's existing investment dollars.

Investment advisors get three three important benefits:

  1. continuing to make the investment decisions
  2. assets stay "on book"
  3. revenue increases

This appealing combination grew sales to record levels. The experiment ended in success.

Links

July 22, 2008

The Six Most Influential Word Groups

The difference between the almost right word and the right word is really a large matter --- it's the difference between the lightning bug and the lightning.
--- Mark Twain

Words affect results. So better words mean better results. The influencer's dozen has 18. That's enough to give variety without getting overwhelming. I don't know the source. Do you? If so, please add a comment so that credit can be given.

The influential words fit into six classes with different purposes:
  1. describe
  2. create awareness
  3. establish a sequence
  4. create connections
  5. show causality
  6. command
Ideally, we'd combine words from different groups.

Describe
These are adjectives and adverbs
  1. naturally
  2. easily
  3. unlimited
Create Awareness
These words start mental processes that you have initiated
  1. aware
  2. realize
  3. experience
Establish A Sequence
These words help create a sequence in time.
  1. before
  2. during
  3. after
Create Connections
These words create relationships among items
  1. among
  2. expand
  3. beyond
Show Causality
These words show cause and effect
  1. and
  2. as
  3. causes
  4. because
Command
These verbs tell the person what you want them to do.
  1. now
  2. stop
That's the list. Since these words get used in everyday speech, you can easily include them. You probably already use some naturally without realizing. Now you can stop to choose because words matter.

Links

May 21, 2008

Zig Ziglar's Inspire Podcast: Motivating Messages

You can get everything in life you want if you will just help enough other people get what they want.

When you are tough on yourself, life is going to be infinitely easier on you.

When you do what you ought to do, when you ought to do it, the day will come when you will be able to do what you want to do when you want to do it.

The depth of your sincerity is more important than the height of your knowledge.

Many marriages would be better if the husband and the wife clearly understood that they are on the same side.

These quotes are from Zig Ziglar who now has free podcasts at zigziglar.libsyn.com. Listen online or download them.

Who Is Zig?
Zig is arguably the funniest motivational speaker with meaningful content. Plenty on selling. He communicates with humour in a style like Bill Cosby --- which also means the whole family can listen. He has a unique accent. Zig, who is now over 80, makes his messages memorable. There's a brief biography on Wikipedia.

The Content
You'll hear excerpts from various recordings Zig made over the decades. The clips run three to ten minutes long, which makes them long enough to be useful. Here are two examples of sales techniques
Caveat
Zig's religious beliefs might get in the way of the message. Listen anyway. You don't have to agree with everything to benefit.
People often say that motivation doesn't last. Well, neither does bathing … that's why we recommend it daily. — Zig Ziglar
Thanks to podcasts, you can get motivated whenever you want. I'm glad I stumbled over them. Now it's your turn.

Links

January 8, 2008

2008 Goals for Advisors

The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it. --- Michelangelo

You got to be careful if you don't know where you're going, because you might not get there.
--- Yogi Berra


When a new business year starts, you can set new goals. Here's a list for advisors compiled by coach
  1. Make this year my best ever
  2. Network with my clients' other trusted advisors
  3. Spend additional time with my family
  4. Increase my revenue by 35% or more this year
  5. Call my most important clients often
The basis of the list isn't provided (who was surveyed? how many?). The goals are generally vague. Even so, you might get some ideas. I especially like #2 and #5. More contact with centres of influence and key clients plants seeds. Here's proof.

December looked like a slow month. I visited key advisors to wish them well during the holidays and in 2008. Guess what? January has started with a roar. Today I'm conducting a morning seminar, lunch meeting, afternoon seminar, fact-finding meeting and a dinner/seminar for accountants. It's only Tuesday, my second day back.

Three Obstacles
Obstacles are those frightful things you see when you take your eyes off your goal.
--- Hannah Moore
hree hurdles get in the way of achieving goals
  1. procrastination
  2. limiting beliefs
  3. lack of accountability
Goals quickly fade, replaced by busy-ness.
Often one who does too much does too little.
--- Italian proverb
Links
Image from pictureperfectdigital

December 20, 2007

Three Communication Tips: Jokes, Length, Offense

In the days of my youth,
I was told what it means to be a man.
Now I've reached that age,
I've tried to do all those things the best I can.
--- Led Zeppelin, Good Times Bad Times
Now that I'm a man, I'm being told how to present better. Before a session this week, I got three tips:
  1. Skip the jokes: if you think it's funny, it isn't
  2. Keep it short: the brain can't absorb more than the seat can bear
  3. Avoid offending anyone: (examples given which I won't repeat)
The first two were easy. I only know banker's jokes (you know, the ones where only the tellers laugh?). As usual, I ended on time even though we started late. What about the third one?

Speak No Evil
Furthermore, I hope my meaning won’t be lost or misconstrued.
--- Paul Simon, 50 Ways To Leave Your Lover
Naturally, I mind my language but the mildest statements can be taken the wrong way. At 13 letters, "Merry Christmas" ties with "life insurance" as the longest four-letter word. How can that be?
Quick to judge. Quick to anger. Slow to understand.
Ignorance and prejudice and fear walk hand in hand.
--- Rush, Witch Hunt
We don't know what's going on in the lives of others. You may innocently say "have a nice day" to someone who's going to work or "good evening" to someone who's going home to wrap presents or "enjoy the holidays" to someone with kids. It's so easy to cause offense ;)

Bland On The Run
When it comes to clients, if we're too careful we risk sounding bland and boring. Forgettable. Since communication is primarily nonverbal, how much do the words matter anyway? We can usually understand what was meant. Let's hope that others follow a universal principal of reciprocity.
My idea of Christmas, whether old-fashioned or modern, is very simple: loving others. Come to think of it, why do we have to wait for Christmas to do that?
--- Bob Hope
This is my last post in 2007.

All the best to you and yours during the holidays.
May your 2008 be really great!

August 19, 2007

The Inspiration of Choice (Banff School)

Two Canadians spot a battered body in a ditch. "My goodness," says one. "We must help the person who did this."
I'm posting live from the 53rd Advocis Banff School, which started earlier this evening with a speaker describing how she persevered through tremendous hardship. She started life as a heroin-addicted baby in a prison hospital in the 1940s. At age 5, her parents used her to smuggle drugs into Canada from Detroit. At 7, her mother deserted her even though her mother knew that the stepfather abused her.

There were many other shocking events that can't be communicated properly here. Luckily, life improved at age 12, thanks to new step-parents.

The point of the story was not the disturbing events that happened. The message was about choice --- improving one's life rather than blaming others for what happened.
Affirmations
In The Phoenix Seminar, Brian Tracy describes a technique to undo the effect of negative thoughts and events, regardless of cause: affirmations. An affirmation repeated with emotion goes to our subconscious which is nonjudgmental and believes what we tell it. A simple, multi-purpose affirmation is "I like myself".
Shortly before dying, her mother asked to meet her. Later her step-father did too. She had the strength to forgive them both for what they did. Forgiveness freed her.

The presentation gave details of a life that no child deserves. Horrible to imagine. Difficult to forget.

May 15, 2007

The Prime Minister And The Producers

Well, the annual CALU meeting is over for another year. Next year's theme is "Share The Wisdom" --- this blog's goal. I'm amazed at how sharing CALU members are. That's motivated me to reciprocate.

The Prime Minister Returns
Prime Ministers don’t address many organizations. Stephen Harper was back again for his second time as PM. Liberal leader Stephane Dion also spoke. That alone tells you the political influence that CALU wields. The Department of Finance sends a representative every two years. The reception for Members of Parliament and Senators was well attended.

Meet The Producers
The conference ends with Meet The Producers, in which three noteworthy advisors share their wisdom. I especially valued Barry Pascal of Bell Pascal Financial Services, who gave insights from his 24 years of experience. He initially had a product focus, concentrating on contract wording, spreadsheets and technical analysis. He realized that while looking down at the pages of details, he wasn’t looking at the right place: into his client’s eyes. He wasn’t understanding their goals, where they wanted to be.

The technical skills were not wasted. When clients receive an insurance proposal, they often turn to their accountant or lawyer for advice. Barry helped those professionals by decoding the proposals free of charge. Sometimes he’d get referrals. By reviewing files and asking questions, he saw needs and opportunities. By working with professionals, he could build consensus on solutions before the client saw them. This team-based approach has proven very effective.

The competition is not other advisors. It’s the markets, land zoning, family issues, lack of time. Whatever's on the client's mind. Clients build what they know how to build. Understanding their priorities helps in building a plan of action for them. Clients want future security for what is most precious to them. Insurance can be a big part of the solution. It’s magical when a client says, “I’ve never told this to anyone before …”

Why did Barry’s message resonate so deeply with me? I didn’t understand until writing this post. It’s because my path has been so similar. Actuaries start as skilled technicians. I naively thought that what I did in head office mattered most to clients:

  • designing innovative products
  • drafting clear policy contracts
  • making accountable illustration systems

Spending the last two years in the field has shown how wrong I was. What really matters is sitting with the client, listening with your heart and creating proposals with your head.

The old man had a vision but it was hard for me to follow.
I do things my way and I pay a high price.
When I think back on the old man and the bus ride
Now that I’m older I can see he was right.
— John Mellencamp, Minutes to Memories

April 25, 2007

What's Better? Ultimate or Pure?


Hesitating, I remain caught 'twixt will and will not in my thoughts.
-- Dante
How can clients make decisions about intangibles like life insurance when it's so difficult to decide on common, physical products like computers?

Take a look at a recent Dell ad. Ignore the spelling (which is discussed on my Spark Insight blog). Instead, look at the two notebook computers. They're the same price. So which is better:
  • ultimate business notebook, or
  • pure business power
"Ultimate" sounds like the best. Microsoft calls their $499 ($299 upgrade) version of Windows Vista "Ultimate". But "pure" sounds natural.

How do you decide? The Latitude D620 has a smaller screen, which suggests that it's lighter. So it's probably easier to lug around. The Latitude D820 may be more of a "desktop replacement". Maybe it has a bigger keyboard or better graphics. It's hard to tell

Other Comparisons
Comparing here should be easy:
  • products from the same manufacturer (Dell, not vs HP/Compaq or Toshiba or Lenovo)
  • the same line (Latitude business grade, not vs Inspiron for consumers or XPS for gamers or Precision for specialized needs)
In contrast, financial products like life insurance are compared among companies. How do we decide on one product over another? How do we help our clients understand the advantages? So they aren't caught 'twixt will and will not in their decision to buy.

February 27, 2007

Speed vs Gas

We want what we can't have. In this case, gasoline.
I’ve got some downers, some speed
All the drugs that you need
But I can’t get a gallon of gas.
There’s no more left to buy or sell.
There’s no more oil left in the well.
A gallon of gas can’t be purchased anywhere
For any amount of cash.
--- The Kinks
In Toronto, gas prices have increased to nearly a dollar a litre because of a supply shortage. Yesterday morning, I saw that the pumps at my regular gas station were closed. I had about 1/3 a tank left, but started feeling uneasy. I checked my Distance To Empty, which was 240 km. I still felt uneasy. That's the power of scarcity.

I passed several other gas stations and they had fuel. So my uneasiness decreased. By the end of the day, all stations I passed were open --- even mine. I didn't bother refueling because of the lineups. I figured the shortage was over and that prices would drop.

Until this morning.

According to the radio, the shortage is ongoing, government action is needed, truckers may be out of business within days. The usual scare-mongering. I resolved to get gas that morning. The first station I visited was closed. I changed to a slower route with many stop lights and more gas stations.

Look ahead. There's a lineup. And it's not a Tim Hortons! Explain this to me. There's a pump with 6 vehicles lined up while another pump has only one car. Guess which pump I pick? Guess what? There's no premium fuel left. Luckily, my car can use regular. So I fill up at $0.978 per litre.

I'm feeling good until I pass four other gas stations and find only one is closed. Maybe gas isn't that scarce after all. But do they have premium unleaded?

Coming home, the story is different. My car feels less spirited. Is it the regular gas? Maybe it's just psychological. Four of the six gas stations I pass are closed. The two that are open have long lineups. Gas is in short supply again. I feel good.

That's the power of scarcity. And insensitivity to the plight of others ;)

Our clients also want what they can't have. How can we (not) give it to them?