NAILBA Perspectives - Winter 2018 - 13
2. Foundations of Financial Services provides conceptual understanding
knowledge of products, services, programs, and governmental systems today's consumers have, want, need, or face.
These sessions build associates'
confidence in their abilities and
remove their fear of asking questions. They help in recognizing
opportunities and challenges
with the goal of establishing relevant and meaningful relationships with clients and prospects.
3. Fundamentals of Financial Services gives the groundwork for
understanding estate related planning strategies, working with business owners, and
identifying retirement challenges and opportunities. A conceptual understanding of consumers' buying of financial services
products by age, life experiences, communication preferences,
and buying styles and patterns
4. Basics of Investing offers a
foundation so newly licensed
can understand fundamental investment concepts, programs, and products. It is
designed to supplement your
firm's and broker-dealer's training in the art of investing and
While it might appear FSEdNet
targets only those new to the financial services industry, the sessions
will also benefit those who have
been in the field for many years by
serving as a resource and refresher, noted Dick Cleary of FSEdNet.
"It will give them many different
sources of information they can
quickly and easily access to gain
insight for growing their business and helping their clients,"
Having cyber liability coverage is important
because small to medium sized businesses, like
BGAs, are often targets for cybercrime as their
security profiles are dramatically lower than those
at larger businesses.
Cleary sees the client relationship training as the most important
part of the program "The key to any
kind of success in business is dependent on the relationship one has
with the consumer," he stressed.
"We find the financial professionals who are very skilled at building long term relationships with
clients or prospects do much better than those who make one quick
sale and leave. LIMRA research says
people will buy life insurance seven times at turning points in their
lives, as well as purchasing policies
on their spouses, children, parents,
and business partners, along with
other insurance products like auto,
home, long term care, and disability. The better the relationship and
the more time and energy both staff
and advisor take into building that
relationship, the more opportunities they will have." The prospect
needs to understand the products
and services and the broker needs
to understand what the client wishes to achieve.
FSEdNet's sessions were deliberately made short so they can
be used during spare bits of time,
like when driving somewhere, having coffee, or while waiting for an
appointment. "You can take the
entire library with you because
you can have it on your cellphone,"
Cleary said. "Over 70 percent of the
views are done on mobile devices." The videos are updated every
24 months with new information,
changed backgrounds, and different
music to keep users engaged.
"Studies indicate today's consumer wants to be educated," said
Cleary. "They don't want to be sold.
Many representatives don't know
how to explain insurance to clients.
The majority of our training is how
advisors can explain to the consumer why and how life insurance works.
Those in the industry for a long time
may need to change their markets
because they've become too reliant
on one product and haven't learned
to cross sell other products. They
lack courage in engaging the client
so they skip having the discussion
to avoid looking foolish. FSEdNet
courses are designed to take advisors' education to the next level so
they will feel confident in what they
Visit ourfsednet.com or contact
firstname.lastname@example.org for more information and to sign up. Just identify
yourself as a NAILBA member to get
Discounted Errors &
Including Cyber Liability
Most life insurance carriers require
proof of Errors & Omissions (E&O)
coverage, so most BGAs have it.
"Purchasing E&O insurance should
be the cornerstone for any BGA's
risk management plan," noted Rob
Erzen, JD, of Arthur J. Gallagher &
Co (AJG). "It is the ultimate backstop for any professional busi-
ness. It protects against allegations of negligence regardless of
how untrue or outlandish the claim
may be against the BGA. The policy is a duty to defend, so the policy is triggered the moment a complaint is made against the firm. In
many cases the BGA is named in the
complaint because they are part of
the 'commission chain.' The retail
life insurance agent may be the one
who committed most if not all of
the negligent conduct complained
about by the customer, but because
BGAs are in the commission chain,
they are brought into the claim."
Erzen said in selecting E&O coverage it is important to consult with
an agent who specializes in E&O coverage for BGAs as does AJG. While it
is possible to obtain similar coverage elsewhere, it would be difficult
to find such broad coverage tailored
to the needs of BGAs at a competitive price.
For the past two years, AJG has
also offered NAILBA members cyber
liability coverage. Many other E&O
policies specifically exclude data
breaches and their related costs.
Having cyber liability coverage is
important because small to medium sized businesses, like BGAs, are
often targets for cybercrime as their
security profiles are dramatically lower than those at larger businesses. A data breach occurs when
there is a loss, theft, or unauthorized access to sensitive personally
identifiable information that could
Table of Contents for the Digital Edition of NAILBA Perspectives - Winter 2018
NAILBA Perspectives - Winter 2018
NAILBA’s Member Benefits: Are You Taking Advantage of Everything that Might Help You and Your Firm?
NAILBA Charitable Foundation
NAILBA 36 Highlights
Agency Successor Networking Group
Calendar of Events
Brokerage in Motion
Index of Advertisers
NAILBA Perspectives - Winter 2018 - NAILBA Perspectives - Winter 2018
NAILBA Perspectives - Winter 2018 - Cover2
NAILBA Perspectives - Winter 2018 - 3
NAILBA Perspectives - Winter 2018 - 4
NAILBA Perspectives - Winter 2018 - Contents
NAILBA Perspectives - Winter 2018 - 6
NAILBA Perspectives - Winter 2018 - Chairman's Corner
NAILBA Perspectives - Winter 2018 - 8
NAILBA Perspectives - Winter 2018 - CEO Insights
NAILBA Perspectives - Winter 2018 - NAILBA’s Member Benefits: Are You Taking Advantage of Everything that Might Help You and Your Firm?
NAILBA Perspectives - Winter 2018 - 11
NAILBA Perspectives - Winter 2018 - 12
NAILBA Perspectives - Winter 2018 - 13
NAILBA Perspectives - Winter 2018 - 14
NAILBA Perspectives - Winter 2018 - 15
NAILBA Perspectives - Winter 2018 - NAILBA Charitable Foundation
NAILBA Perspectives - Winter 2018 - 17
NAILBA Perspectives - Winter 2018 - NAILBA 36 Highlights
NAILBA Perspectives - Winter 2018 - 19
NAILBA Perspectives - Winter 2018 - 20
NAILBA Perspectives - Winter 2018 - Legislative Update
NAILBA Perspectives - Winter 2018 - Life Happens
NAILBA Perspectives - Winter 2018 - 23
NAILBA Perspectives - Winter 2018 - Agency Successor Networking Group
NAILBA Perspectives - Winter 2018 - 25
NAILBA Perspectives - Winter 2018 - Index of Advertisers
NAILBA Perspectives - Winter 2018 - Cover3
NAILBA Perspectives - Winter 2018 - Cover4