New Year a Good Time for New Approach

We frequently resolve to reinvent ourselves in the New Year — exercise more, eat healthier, read more or save more.

This concept of reinvention carries over to several aspects of the financial world as well, both personally and in businesses.

At a certain age, it’s common for people to put their materialistic desires behind them and focus on a more personal lifestyle. We grow up learning to want things, but after our income level reaches a comfortable level, we reflect on whether we have what we really want. At that point, our perspective can change.

If we can help you refocus your financial situation to match the type of lifestyle you want to lead going forward, we’re here for you.

[CLICK HERE to read the article, “Minimalist Living: When a Lot Less Is More,” from Time, March 15, 2015.]

[CLICK HERE to read the news release, “What Psychology Says About Materialism and the Holidays,” from the American Psychological Association, Dec. 16, 2014.]

Companies often find themselves needing to reinvent as a result of rapidly changing surroundings. Not long ago, Yahoo and Barnes & Noble were industry leaders. But, as new technology and competitors emerge, a period of poor sales or stock performance can put once-successful business models in need of a shakeup.

[CLICK HERE to read the article, “Is It Too Late to Reinvent Yahoo?” from Knowledge@Wharton, Jan. 4, 2016.]

[CLICK HERE to read the article, “How Can Barnes & Noble Avoid Borders’ Fate?” from Knowledge@Wharton, Dec. 18, 2015.]

An alternative method of reinvention is simply changing the impression presented to consumers through a rebranding. This could mean a new logo, a new look for brick and mortar stores, a new look for the website; basically good branding means creating a cohesive look across all customer touchpoints.

Does a new logo mean the service or product has changed? Perhaps. Sometimes companies rebrand to reflect changes, other times it’s just a new update to their look. While a fresh, new look could attract new customers in the short-term, if the product hasn’t improved, it won’t be long before it’s time for another overhaul.

[CLICK HERE to read the article, “When’s the right time to reinvent your brand with a new logo?” from W.P. Carey School of Business, Arizona State University, Jan. 4, 2016.]

[CLICK HERE to read the article, “Three ways Fortune changed in 2015,” from Fortune, Jan. 4, 2016.]

[CLICK HERE to read the article, “Goodbye, Moto(rola): Iconic brand name to be phased out,” from CNET, Jan. 7, 2016.]

The same can be true when it comes to reinventing our own situation. Sometimes we just “rebrand” ourselves, informing friends and family that we’ve joined a gym or started shopping at Whole Foods.

Truly reinventing ourselves requires commitment and discipline. We can’t just say we’ve made a change, we have to take the often painstaking steps to get there. If any of your reinvention plans involve your financial situation, remember that we’re here to help you develop a strategy and stick to it.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. 

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 

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Brain Power Translates to Staying Power

We keep hearing about how life expectancy has increased, and today’s retirees are living longer than ever. However, longevity behooves that we (1) take measures to retain good health and mental acumen as we get older and (2) develop a long-term financial strategy to provide for ourselves and our loved ones in retirement.

We can help you with the latter, and here are some new studies that may help you with the former.

Recent research has found that the brain can actually grow new nerve cells through a process called neurogenesis. The hippocampus section of the brain — which is responsible for learning, memory, mood and emotion — generates up to 700 new neurons per day. In fact, scientists have discovered a clear link that patients given anti-depressants generate a higher level of new neurons, which are directly responsible for improving mood.

While neuron production tends to decrease as we age, there are factors we can control to help increase production: learning, physical activity and specific factors related to diet, such as restricted caloric intake, intermittent fasting, consuming flavonoids (found in blueberries and dark chocolate) and omega-3 fatty acids (found in salmon). Soft foods (as opposed to crunchy foods) also have been found to promote neurogenesis.

[CLICK HERE to view the Ted Talk, “You Can Grow New Brain Cells. Here’s How,” from BCG Perspectives, October 2015.]

Other studies have demonstrated positive brain changes associated with higher levels of daily physical activity and fitness. In addition to keeping muscles and joints fit, exercise also improves oxygen circulation and the nerve processes that improve memory and brain functions as people age.

Scientists say it doesn’t take much; simply that we continue to be active throughout the day. For example, get up and move around every hour that you’re awake.

[CLICK HERE to read the article, “Getting closer to understanding how exercise keeps brains young,” from Harvard Health Publications, Sept. 4, 2015.]

Another phenomenon that impedes brain functionality is sleep deprivation, which is common among adults at every age. A sleep-deprived brain thinks slower, reacts slower and is prone to poorer decision making. Furthermore, lack of sleep can impact mood, and people who consistently lose sleep are more likely to experience depression.

[CLICK HERE to read the article, “Sleep and Melatonin,” from National Sleep Foundation, 2015.]

[CLICK HERE to read the article, “Sleep and Sound,” from National Sleep Foundation, 2015.]

[CLICK HERE to read the article, “Have Insomnia? Researchers Identify Brain Circuit Responsible for Wakefulness, Sleep,” from MedicalDaily.com, Dec. 26, 2015.]

Finally, you can help optimize your brainpower by cutting down on refined sugar consumption. While it’s well known sweets aren’t good for our waistlines, they can also be detrimental to mental sharpness and the ability to get a good night’s sleep.

Let’s face it: If we’re going to live a long time, we want to maintain a high quality of life. The decisions you make regarding health and nutrition are in your hands, but if you ever have questions about keeping your finances in good shape, feel free to give us a call.

[CLICK HERE to read the article, “How Giving up Refined Sugar Changed My Brain,” from Fast Company, Sept. 1, 2015.]

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 

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IS SELF-SERVICE GOOD SERVICE?

Have you ever asked customer service representatives a “yes” or “no” question, only to hear them dance around the answer just to avoid telling you “no”? For some, it seems the strategy in customer service is to “never say ‘no’ without offering a ‘yes’ at the same time.”

[CLICK HERE to read the article, “Customer Service Best Practice: How to Handle Saying ‘No’ to a Customer,” from Forbes, Dec. 10, 2015.]

The phrase “the customer is always right” was first coined in 1909 by Harry Gordon Selfridge, founder of Selfridge’s department store in London. These days, the saying is a symbolic salute toward client-driven customer service, but the reality is that sometimes the customer is right, sometimes the customer is irrationally wrong and sometimes the customer is innocently wrong but made to believe that he or she is right.

Clearly, customer service can be a complex discipline.

[CLICK HERE to read the article, “Top 5 Reasons Why ‘The Customer Is Always Right’ Is Wrong,” from Huffington Post, April 15, 2014.]

[CLICK HERE to read the article, “OPEN for Discussion: Is the Customer Always Right?” from American Express Small Business Open Forum, Feb. 25, 2015.]

In the financial services arena, we work with our clients so they know the benefits and risks of the products we offer before making a decision. The process is informative, because it’s important that you understand what you’re buying and how it will meet your needs.

We believe it’s important to provide this type of transparency to our clients, so you don’t end up with buyer’s remorse.

[CLICK HERE to read the article, “This Is Your Brain on Decision-making,” from Knowledge@Wharton, Oct. 29, 2015.]

Unfortunately, many client and customer service interactions are moving more and more into the realm of automation. Got a problem with a product or service you bought? Send an email and wait a few days for a response, or get ready to try explaining the problem during a lengthy online chat.

According to a recent study, approximately two-thirds of customer service interactions will no longer be conducted by humans by the year 2017. It’s more convenient than ever to buy something online all by yourself. However, when it comes time to address an issue, you’ll still want access to a human to assist you.

Whether that human is allowed to give you a straight answer — or is under strict orders to avoid saying “no” — is a different issue altogether.

[CLICK HERE to read the article, “Out with the Old and Into the Future: Keys to Best-in-Class Self Service Experiences,” from LinkedIn, Aug. 13, 2015.]

[CLICK HERE to read the article, “Customers’ Desire for Speed, Convenience Fuels Greater Demand for Self-Service,” from Parature, March 19, 2015.]

From a business’ point of view, it can often be cheaper to give customers what they want instead of going to the effort of investigating the issue. While this may not have been the intention behind Selfridge’s now-famous approach to business, it may be the most cost-efficient way to address concerns, not to mention a quick way to build goodwill with consumers.

Of course, the best business model is to avoid mistakes altogether. As your financial professional, we strive to find the right fit for you from the start, but if you ever have questions about your finances, we’ll be on the other end of the line to answer the call.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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What's Your EQ?

The study of “emotional intelligence” began in the 1980s as a way to measure one’s ability to identify and manage both his or her own emotions, as well as the emotions of others.

In the business world, people with high emotional intelligence, known as a high EQ (emotional quotient) are known to be more empathetic to others, which enables them to more effectively manage conflicts, read and respond to co-worker needs and keep their own emotions from disrupting their performance.

A high EQ is particularly important in consulting professions; it’s a skill that we as financial professionals work on as much as understanding financial trends. That’s because we must do more than educate and evaluate our clients’ finances; we must understand the pressures you feel and how you cope with volatility and change in order to offer guidance for your personal situation.

[CLICK HERE to read the article, “Emotional Intelligence – EQ,” from Forbes, Jan. 2, 2014.]

In the corporate world, a high EQ can have as much impact as experience and expertise, particularly in today’s global economy. Studies have found that one of the core competencies of a global executive is the ability to modify his or her leadership style based on cultural expectations. For example, while an authoritative style is effective in the U.S. and the U.K., other cultures, such as China, Japan and India, require a more reserved, respectful approach.

[CLICK HERE to read the article, “11 Key Characteristics of a Global Business Leader,” from University of Virginia Darden School of Business, Jan. 16, 2014.]

[CLICK HERE to read the article, “Leading Across Cultures Is More Complicated for Women,” from Harvard Business Review, Dec. 2, 2015.]

Developing a higher EQ also has become an issue in the classroom. Children today are suffering from stress and stress-related disorders in growing numbers, so much so that educators have introduced coping skills into the curriculum -- a process called S.E.L., which stands for social and emotional learning.

Today’s schoolchildren are more likely to experience stress due to the exhaustive testing environment mandated in schools and the demands of time management due to a full schedule of after-school and weekend activities -- not to mention school shooting drills that have sadly become a necessity to help protect children from the pervasive threat of violence.

Unfortunately, the part of the brain that deals with stress is the same as that used for learning, so introducing coping skills is necessary to help students achieve more academically. The S.E.L. program helps students become more aware of their feelings and learn to relate more peacefully with others.

[CLICK HERE to read the article, “Teaching Peace in Elementary School,” from The New York Times, Nov. 14, 2015.]

The good news is our level of emotional intelligence can be improved with more awareness and training. For example, it’s better to recognize and explore why we have certain feelings rather than (or before) we tamp them down.

We also should pay more attention to the clues our body sends, such as why you get a knot in your stomach in anticipation of seeing a certain person. One interesting tactic is to ask a co-worker or loved one to describe how they know when you’re angry or stressed out -- you may discover consistent patterns of behavior of which you were previously unaware.

[CLICK HERE to read the article, “10 Ways to Enhance Your Emotional Intelligence,” from Psychology Today, Jan. 2, 2012.]

[CLICK HERE to read the article, “Test your Emotional Intelligence: Free EQ Quiz,” from Institute for Health and Human Potential, 2014.]

 

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Independence, Interdependence Go Hand in Hand

The interdependence a steady job provides makes it difficult to just up and leave.

The company you work for relies on you to provide your expertise, and in return, you are compensated with pay and other benefits. Each party relies on the other, which means you can’t go willy-nilly quitting your job to start up your dream business. Or can you?

While it’s important to feel needed and experience the camaraderie of working alongside others, the flip side of interdependence is independence — in this case, setting out on your own and not relying on a single employer or person to provide for you. Unfortunately, happiness and a high-paying job do not always go hand in hand, so for some people achieving professional satisfaction means branching out on their own.

It’s common for employees to desire career independence to a degree, but in the big picture, even those who open their own small businesses have interdependent connections in some form. The U.S. economy and employment market can’t be sustained by large employers alone, as small businesses contribute the most jobs.

In addition, you can’t be an independent entrepreneur without customers to buy your goods and employees to help you sell them. It’s like a strong marriage, which is typically characterized by two spouses who rely on each other for varying forms of support.

We get that. We also understand that sometimes you have to put your own financial security at risk toward the dream of owning your own business, and that can add another layer of complexity to planning for your retirement. Don’t hesitate to reach out to us for help in creating a retirement income strategy that works for your circumstances.

[CLICK HERE to read the article, “You Will Never Be Paid So Much That You Will Love Your Meaningless Job,” from Entrepreneur, Nov. 25, 2015.]

[CLICK HERE to read the article, “Are You Ready to Be an Entrepreneur? Ask These 5 Questions,” from Huffington Post, Nov. 16, 2015.]

The pursuit of independence has led many skilled professionals to cut the corporate umbilical cord in exchange for contract work. In fact, during the recession some were forced to do so, but have since learned to appreciate the advantages of greater work/life flexibility, autonomy and control. So much so that now companies are having a hard time recruiting pros back into the full-time, cubicle-style workforce. In 2014, nearly 35 percent of the average company’s workforce was contingent or contract-based — and that number is expected to grow to 45 percent by 2017.

Ninety-six percent of contract workers say they prefer their new employment status because their clients are more likely to value their work, and 89 percent say they like having more control over their schedule. Moreover, a recent study found that 2 million (of the country’s 6.4 million corporate contract workers) earn $75,000 or more a year.

Of course, the contract arrangement is interdependent as well. Companies have found that employing independent workers enables them more flexibility and agility, as well as the ability to find employees with specialized talents.

[CLICK HERE to read the article, “Your Company Needs Independent Workers,” from Harvard Business Review, Nov. 23, 2015.]

However, starting out on your own can be tough. You need to know how to price your services, negotiate contracts, create internal processes for billing and client communications and, perhaps most importantly, network to get business.

[CLICK HERE to read the article, “Startup Marketing 101: An Entrepreneur’s Guide,” from Founder Institute, Nov. 20, 2015.]

[CLICK HERE to read the article, “Succeed in New Situations,” from Harvard Business Review, December 2015.]

If a family member or significant other relies on you, it’s likely you rely on them as well. Just remember when you meet with a potential new client or customer as an independent contractor or vendor, that they need you just as much as you need them. That’s how the world works — successfully.

[CLICK HERE to read the article, “8 Entrepreneurs On the Magic Moment When They Knew Their Startup Had Made It,” from Fast Company, Nov. 25, 2015.]

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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No Matter the Age, There’s No Place Like Home

For many, — hopefully most — home represents security and acceptance. A place to retreat when things don’t go your way; a place to celebrate when they do.

Not long ago, the holidays were the one time of the year when the family reconvened to spend time together under one roof. Now, it’s not uncommon for relatives to share a home year-round. Gone are the days when a son or daughter moved on to college or a career at the age of 18, only to return on special November and December occasions.

For better or worse, boomers are growing accustomed to welcoming back grown children, as well as seniors seeking care from a familiar face.

Retirees typically prefer to live in the comfort of their own home as long as possible, but the best alternative may be moving back in with adult children.

As your financial professional, we focus on helping clients feel confident in their finances now and in the future, and, if necessary, develop contingency plans, because even the best-laid plans can go awry. If we can help you with your retirement income plan, please contact us for a meeting.

[CLICK HERE to read the article, “The ‘elder orphans’ of the Baby Boom generation,” at CNN, May 18, 2015.]

Most people need more than just a retirement strategy — they need an aging plan. An aging plan has two components. First, a place to live that is suitable for seniors, such as a one-story home, preferably with large doorways. The second component is access to people willing to offer help when needed.

[CLICK HERE to read the article, “Retirement: Are Tiny Homes One Big Fix for Senior Housing?” at The Ticker Tape, Oct. 30, 2015.]

While moving in with adult children certainly meets these criteria, there are alternatives. Cooperative communities have been popping up all around the country via shared homes, clusters of homes, condominium and apartment communities.

These communities give residents a network of neighbors who can check in on you, take you grocery shopping or drive you to a doctor’s appointment. Not surprisingly, the housing arrangement seen on the hit TV show, “The Golden Girls” is becoming more prevalent, as retirees pool resources to look after each other and become less isolated.

[CLICK HERE to read the article, “Meet the new Golden Girls (and guys): How boomers are coming up with creative living arrangements,” at The Globe and Mail, Nov. 12, 2015.]

Whether you prefer to live alone, with family members or in a cooperative community, we’re here to help make that a possibility financially. If you have any questions about where you stand now and in the future, give us a call.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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Digital Evolution Changes Way We Shop, Interact

The Internet, much like radio and television before it, has changed modern society and the way we interact with each other. It’s even changed the way companies market products to consumers.

Social media has essentially redistributed power from brands to individuals thanks to immediate and evergreen feedback that customers can write about the products they purchase and use.

In a way, we’ve reverted back to the days when people relied more heavily on recommendations from friends and family to help decide what to buy. Now, no matter how slick a marketing campaign or sales pitch, people can perform due diligence to help get the real scoop before making a purchase.

In our business, we rely on referrals from clients, friends and family as well. When it comes to your finances, you must be able to trust your financial professional.

[CLICK HERE to read the article, “Imagine There’s No Marketing … It’s Easy If You Try,” at Knowledge@Wharton, Nov. 13, 2015.]

Computers, tablets and cellphones are now conduits for mass quantities of information, which can make it even more difficult to make decisions. Because there is so much greater choice now, you can’t always get recommendations from friends for something you want to buy.

However, you can tap the resources of social media — namely point-of-purchase reviews by strangers who nonetheless have already purchased the exact same product you’re considering.

According to recent research, 90 percent of consumers have read online reviews to determine the quality of a local business, and 39 percent do so on a regular basis. On many websites, merchants provide the opportunity for customers to leave both good and bad reviews about their products.

Be wary, however, of a merchant that has only good reviews — it’s possible they may be filtering out negative input or submitting their own positive remarks. If you want feedback but there is none available, perform a Google search to see if there are reviews for the product at other sites. Once you’ve read them, you can always go back and purchase the item from the original site.

[CLICK HERE to read the article, “88% Of Consumers Trust Online Reviews As Much As Personal Recommendations,” from Search Engine Land, July 17, 2014.]

[CLICK HERE to read the article, “5 Predictions about the Growing Power of Online Customer Reviews,” from Entrepreneur, Aug. 28, 2014.]

[CLICK HERE to read the article, “Amazon sues more than 1,000 sellers of ‘fake’ product reviews,” from CNN, Oct. 19, 2015.]

People do more than read, shop and chat online. For example, 25 percent of college students have taken at least one class online, and more than twice as many now take a class online as live on campus.

One of the positives of online educational opportunities is that it can help solve the problem of student debt. It used to be that the only way for many students to get a college education was to take out a student loan. Now online classes can be both less expensive and offer the flexibility for students to get an education while holding down a job, caring for children or living in a rural area.

[CLICK HERE to read the article, “One in Four Students Takes Online Classes,” from Social Media Today, Nov. 12, 2015.]

Then, of course, there are the downsides of social connections. A recent survey found that 60 percent of Americans check their email while on vacation and 25 percent become restless and unwell after just three days without access to email. In fact, doctors have estimated 11 million Americans suffer from “email addiction.”

One way to downplay the tendency to constantly check your phone is to turn off email and other notifications from social media sites. If you are at work or in the company of children or elderly parents (or anyone, really), allowing your focus to shift every time a new email arrives takes up a lot of energy to both respond and then get back to the task or conversation at hand.

Not only can this multitasking make you less effective, it sends the message to the people right in front of you that they are a lower priority.

As for checking emails first thing in the morning, experts suggest waiting at least half an hour to an hour after you get to work before checking your inbox. That’s because the brain is generally most alert, most focused and most creative in the first part of the morning.

If you waste this mental acuity on responding to emails, you’ll be less sharp when you get to tasks that would benefit more from it.

[CLICK HERE to read the article, “Five ways to use mindfulness to manage your email,” from Knowledge@Wharton, Nov. 13, 2015.]

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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