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JULY 2009

Upcoming Events

Best Practices Teleconferences
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LAMP 2010 Conference
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Focus on Relationships

In his book, "25 Secrets to Sustainable Success", industry legend PHILLIP C. RICHARDS, CLU CFP RHU, describes the business tactics that helped him build one of the most successful organizations of its kind in the world. In this excerpt, Phil zeroes in on what really builds success for advisors — spending time with clients.

When dealing with people, remember you are not dealing with creatures of logic, but creatures of emotion. — Dale Carnegie

Advisors’ People Skills Protect Their Jobs

The singular skill that most advisors possess that allows them to succeed in our great business is their ability to form relationships with clients by earning their trust. While other characteristics are important and necessary, face-to-face people skills are clearly paramount in our business.

For that reason, our advisors need not worry about having their positions outsourced to other countries, as is happening with many jobs in America today, or about being replaced by a computer.

Globalization of the Economy

At LAMP 1996, Thomas P. Burns, CLU ChFC, made a General Session presentation titled “Redefining Our Role as Leaders in a High-Risk Culture.” In that discussion, he said that we are all feeling more pressure to work even harder than we have in the past because of global competition and the Internet.

The globalization of our economy is a huge source of stress for many people, not only because many jobs are being outsourced to other countries, but also because of the pressure that this international labor competition has placed on benefits, earnings and job-performance expectations.

In his 2006 book, The World Is Flat, Tom Friedman describes how globalization and exponential advances in digital technology have made it possible to do business instantaneously with billions of other people across the planet. Innovative start-ups all over the world drive this globalization, especially in India and China, where people can compete for — and obtain — low-wage manufacturing and information jobs, as well as highly skilled research and design work.

A much-quoted 2003 study by Goldman Sachs said, “India’s economy … could be larger than Japan’s by 2032, and China’s larger than the U.S. by 2041 (and larger than everyone else as early as 2016).”

Many employers might prefer to be paternalistic organizations that take care of their employees, but they no longer have that luxury. Those who do so proceed at their own peril. We’re seeing a marked decline of defined-benefit pension plans, an increasing shift of health care costs to employees and higher productivity expectations and requirements. These are just a few of the manifestations of the accelerating phenomenon of outsourcing caused by globalization.

Click here to read the full article.

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