My "Bersonal" View

As a sports fan for life I have ridden the roller-coaster of emotions when cheering for my teams. The highs and the lows. But through it all there was the constant of Sports Center. The highlights. How many times did I watch Sports Center even though I already had seen the exact same show and the exact same highlights already? Over time the, sportscasters became as big as the event they were reporting. The first significant sportscaster who I use to quote all the time was Howard Cosell. Who can forget “Miami has the Oranges but Buffalo has the Juice!”  Then of course Chris Berman brought immediate attention to ESPN with his unique nickname style…nicknames like Mike “Your in Good Hands With” Alstott;  Jeff “Brown Paper” Bagwell and my personal favorite Joseph “Live and Let” Addai.

But then there was the best of them all, Stuart Scott. Stuart Scott showed us that sportscasters could be fun and the energy he displayed every time he appeared on camera will never be forgotten. Stuart Scott passed away yesterday after a long courageous fight against cancer. His swag as a reporter will forever be unmatched and he will be sorely missed. One thing is for certain, however, and that’s that his slogans and insightful quotes will always live on. Here are a few of my favorite Stuart Scott catch phrases:

If you were on fire on the basketball court –

Call him car wash because he is automatic

When referring to someone playing at a high level and with ease-

As cool as the other side of the pillow.

When a player was getting more rebounds than anyone else on the court-

They call him the Windex Man cause he’s always cleaning the glass.

When someone would begin to dominate a game-

Just call him butter ’cause he’s on a roll.

When someone would make a smart play-

Like gravy on a biscuit, it’s all good!

When someone would get ejected from a game-

You ain’t got to go home, but you got to get the heck up outta here.

When Bryce Harper hit a homerun-

And the Lord said you’ve got to rise up!

When a player torches another player-

He must be the bus driver cause he is takin’ him to school

If a pitcher got bombed for a home run-

Check if your bleeding cause you just got tagged

And finally – on the only way to fight cancer-

So live. Live. Fight like hell. And when you get too tired to fight, lay down and rest and let somebody else fight for you.

The Great Stuart Scott- Rest in Peace – your words will live on.

As partners, we share many of the same visions – some basic, some complex, some high and some low on the priority chart. But most of us share the same, fundamental goals: Produce more revenues, recruit more agents/advisors, find more clients, hire talented personnel, differentiate ourselves from competition, provide the best service, adopt the latest technologies, etc.

You don’t know what you don’t know is a popular phrase, but one that it’s best to not be satisfied with when running a company. About your business, there IS a way to find out what you don’t know.

At ISN we didn’t invent the SWOT analysis but have first-hand knowledge as to its benefits. Definition: An executive analysis of a company’s “Strengths, Weaknesses, Opportunities, and Threats.” Management at ISN Network conducts this analysis yearly in January in the form of a focused retreat off site. There is no designated day of the year in which it should be conducted. Formal or informal, off-site or on-site, some businesses conduct a SWOT annually and others bi-annually to bulletproof themselves from industry changes that come at warp speed and that can be devastating if unaddressed. Like so many insurance agents without a life policy of their own, attorneys without an estate plan, and doctors who avoid yearly examinations, surprisingly, there are business owners that are too closely involved with the day-to-day operations to see a need for inventory on their own business.

The benefits that come from examining such basic categories of your business are priceless. Delving into detailed discussions to outline the condition of your operations can be both inspiring and painful. But the generation of new ideas gleaned from this cost-free endeavor are one of many reasons why every company should partake in it. Bring your company’s talent together in an all-day setting to find that undiscovered pearl. You will find together different ways to not only view your business, but other ways to shape and grow it. Remember, any ideas and revelations that come alive within the SWOT process, it is paramount to bring those discoveries into a phase of initiatives to be carried out.

As the year 2014 comes to an end, many of us tend to look back on the year and think about the things we did well and the things that did not go so well. Many times we think to address this by making “resolutions” that the next year will be different. Unfortunately, our New Years Resolutions tend to last about as long as it took for us to make them…in other words we fall back to old habits even though our best intentions are to change.

This year maybe we can go a step further. Instead of making a resolution to change, lets take a look at our philosophy. This is a fundamental way to look at how we live and work. A motto so to speak.

With that in mind I just finished reading Michael Soupios and Panos Mourdoukoutas book The Ten Golden Rules of Leadership.  InThe Ten Golden Rules of Leadership they have reviewed the writings of the Classical philosophers and selected ten ideas that will positively impact our leadership effectiveness. Not surprisingly, the philosophies of classic figures remain relevant in today’s workplace.

Genuine leadership is not complex but it is difficult because it requires that we do the inner-work on a continual basis. And that is a lot to commit to. It’s lifelong. And what we want to do is to check it off and mark it as good enough. Sustainable leadership requires a radical life-long commitment to rule one of leadership: Know Thyself. Here is the list of ten for you to ponder on…and maybe for 2015 a change in your philosophy can lead to success. Happy New Year.

Rule 1: “Know Thyself.” –Thales
This is an intimidating task and one that many never really get around to. It never seems as important as the task at hand. The larger issue though is that we all possess a “powerful tendency to obscure, distort, and fictionalize on behalf of a fabricated reality.” The authors note that “Knowing Thyself means bringing a fresh transparency to our hidden motives and identities.” They suggest that a would-be leader commit to “an agenda of spirited self-indictment.”

Rule 2: “Office Shows the Person.” –Pittacus
Giving a person power reveals their inner qualities. “Specifically, power discloses whether or not a person has disposed f the psychological deficiencies that negate the possibility of real leadership.”

Rule 3: “Nurture Community at the Workplace.” –Plato
Plato insisted that “there is no greater evil than discord and faction and no greater good than the bonds of communal sentiment.” The idea that if one part of the body suffers, we all suffer. “Foster a culture of cooperation and collaboration by defying the myth of the exceptional individual, and by explaining the corporate gains of working together.”

Rule 4: “Do Not Waste Energy on Things You Cannot Change.” –Aristophanes
The Athenian playwright Aristophanes wrote in his play titled Peace, “Never will you make the crab to walk straight.” Some things we cannot change. “Leaders must assume a posture of flexible response.”

Rule 5: “Always Embrace the Truth.” –Antisthenes
Antisthenes wrote, “There are only two people who will tell you the truth about yourself—an enemy who has lost his temper and a friend who loves you dearly.” “Honest assessment is an essential requirement of effective leadership.” The problem is that the higher up the ladder you go, the less likely you will receive complete and accurate information.” Seek the truth. Hire a heretic.

Rule 6: “Let Competition Reveal Talent.” –Hesiod
Hesiod suggested that competition that releases selfishness is destructive, but competition that releases ingenuity and creative is a constructive use of competition. Strife than is not the byproduct, but inner excellence and personal development.

Rule 7: “Live Life by a Higher Code.” –Aristotle
Aristotle wrote of the “magnanimous man” or the “great-souled” person. He is referring to a person that lives by a higher or more rigorous code than the average person. But not in a vain way. “When it comes to the great-souled individual, personal honor, not ego, is the ultimate priority and concern.”

Rule 8: “Always Evaluate Information with a Critical Eye.” –The Skeptics
“Leaders should never assume that the information they receive is unsoiled by hidden agendas or political agendas.” The problem though is even more personal than that. Socrates reminded us that “we must be vigilant against the conceits of wisdom [and] that we are all strongly inclined to assume we understand things that in truth we fail to genuinely comprehend.”

Rule 9: “Never Underestimate the Power of Personal Integrity.” –Sophocles
In the play Philoctetes by Sophocles, one of the two central characters believes that the ends justify the means; “one should not allow moral concerns to impede the necessities of practical achievement.” In the face of this seductive idea, the other main character, Neoptolemus, responds, “I would prefer even to fail with honor than win by cheating.” It’s easy to rationalize wrong behavior.

Rule 10: “Character Is Destiny.” –Heraclitus
Our character or our moral essence determines the course of our lives. While we can’t control the world around us, “Heraclitus was correct to insist that we are, to a very great extent, the authors of both our own blessings and our own burdens.” “A well formed character,” write the authors, “is the priceless reward paid to those who have done the hard work of coming to know themselves.”

In news out of Washington we hear another sad story about how the Pension Plans of the past, the time trusted institution of our fathers and grandfathers, are not working. This type of news is the perfect  example of why our clients need to think outside the box and plan for their own retirement.

The Washington Post – December 10, 2014

 A bipartisan group of congressional leaders reached a deal Tuesday evening that would for the first time allow the benefits of current retirees to be severely cut, part of an effort to save some of the nation’s most distressed pension plans. The measure, attached to a massive $1.01 trillion spending bill, would alter 40 years of federal law and could affect millions of workers, many of them partof a shrinking corps of middle-income employees in businesses such as trucking, construction and supermarkets.

“We have to do something to allow these plans to make the corrections and adjustments they need to keep these plans viable,” said Rep. George Miller (D-Calif.), who along with Rep. John Kline (R-Minn.) led efforts to hammer out a deal.

The idea is reluctantly supported by some unions and retirement fund managers who see it as the only way to salvage pensions in plans that are in imminent danger of running out of money. But it also has stirred strong opposition from retirees who could face deep pension cuts and from advocates eager to keep retiree pensions sacrosanct, even in cases when funds are in a deep financial hole. The advocates argue that allowing cuts to plans would open the door to trims for other retirees later.

“We thought our pension was secure,” said Whitlow Wyatt, a retired trucker who lives in Washington Court House, a small city in central Ohio. “That was always the word. Now they are changing that.”

Wyatt, 70, retired with a $3,300-a-month pension in 2000 after working more than 33 years as a long-haul driver. He could face pension reductions of 30 percent or more if Congress permits trustees of the hard-pressed pension fund to slash benefits. The deal is aimed at helping plans such as the Teamsters’ Central States fund. The pensions earned by truckers in the fund are among the best enjoyed by working-class people anywhere: After 30 years on the road, many of its participants are entitled to upward of $3,000 a month for the rest of their lives. But now the fund, rocked by steep membership declines, an aging workforce and downturns in the stock market, is in dire financial straits, putting the retirement benefits of 400,000 participants in jeopardy. The deal reached would apply to multi-employer pensions, where a group of businesses in the same industry join forces with unions to provide pension coverage for employees. The plans cover some 10 million U.S. workers.

“The longer we wait to take action, the more severe the impact on retirees and workers in the plans in the worst financial shape will become,” business leaders wrote. “The longer we wait, the heavier the burden will become on employers struggling to fund and extend these pension plans.”

That is the situation confronting the Central States plan, which was notorious in the 1960s and ’70s for being used as a slush fund for organized crime. Since then it has operated under federal court supervision and with the help of professional fund managers. Yet that has not been enough to overcome demographic and other trends that have weakened its finances.

Some see cutting benefits preemptively as the only way to keep troubled plans such as Central States afloat. Under the agreement reached by congressional negotiators, retirees over age 75 as well as those who are disabled would be shielded from any reductions. Also, any benefit cuts would be subject to a vote of plan participants. Nonetheless, many retirees feel betrayed. “I never dreamed they would pull the rug out from under us,” said Greg Smith, 66, a retired shipping clerk who retired in 2011 with a $3,000-a-month pension after 42 years on the job. “I actually retired because I was worried about them cutting pensions. I thought I would be grandfathered in with protections. But I guess not.”

December 14, 2012. It’s been nearly two years since a disturbed young man, Adam Lanza, opened fire at the Sandy Hook Elementary School in Newtown, Conn., killing 20 young children and six adults. With that in mind I wanted to repost the tribute we posted when the tragedy happened. In the 2 years since the tragedy, the people of Sandy Hook have been working hard to bring awareness to a problem that needs to be addressed. You can read more about the mission at  their website. Please “pay it forward” as we try to get the message of  “A New Promise” to as many people as possible. Let us never forget what happened in Sandy Hook so we can prevent it from happening again.

Here on “Throwback Thursday” is my post inspired by the events at Sandy Hook.

Yes…I know…this is a Blog for insurance professionals so what is the tribute idea? Well I did say this would get “Bersonal” and for me the events that took place in Newtown, CT were very personal. The events at Sandy Hook were earth shattering to say the least. I have two children ages 7 & 4 and since I am originally from CT I was overwhelmed with grief as the news of what happened there hit me. I read everything I could get my hands on. I was determined to do something, to find some way to help. I found the Sandy Hook Promise website and I was inspired. I decided to take action.  I collaborated on this song with my friend Jayson. He does the singing and the music while I provided the words.  My brother Evan  added the photos and images and a tribute was born. Here is the latest version of our tribute to Sandy Hook….inspired by the website set up for the Promise of Sandy Hook.

Please, if you are so inspired…post it on your site…we plan to send this too as many people as possible to help support their cause.

A New Promise- A Tribute to Sandy Hook

Negotiation. The outcome of a negotiation can often be determined within the first five minutes of a meeting. Now if you are Vito Corleone, sometimes you have leverage that makes the outcome inevitable. For the rest of us, the art of negotiation is a skill that can be honed and fine tuned. Here are a few ideas to help you in this process.

1. Share your most effective information It is important to know your subject / product and to understand what is the most relevant piece of information that can work in your favor. If the outcome is often determined in the first five minutes, don’t leave your best bullets in the chamber.
2. Find out exactly what the other side wants – The faster you can get the other side to reveal their opening position, the more effective you can be. Ask questions. Listen closely. Often there first disclosure is not the real need.
3. Keep emotions in check – This is crucial. Just like Vito Corleone said, never let anyone know the emotions of a situation. This is like in poker, a tell, that reveals your hand. Strong changes in tone can reveal a desperation and that puts you at the mercy of the other person.
4. Ask for more, settle for less – Ask for more than you expect, but make sure it is reasonable. In this way you set a line that you can move from but still have the other side understand that a deal is plausible.

The IRS recently released new rules regarding longevity annuities. like most IRS changes, these new rules have created an opportunity.

The new rules, announced in July of 2014 are meant to address the financial risks of increasing life expectancy. With people living longer, there is an increased risk that retirement assets will be insufficient to meet the demands of a longer retirement. As most of you know, IRS guidelines require qualified plans, including IRA annuities, to begin Required Minimum Distribution (RMD’s) from an account by April 1 of the calendar year in which the employee attains age 70 1/2. Now, under the new guidelines, certain deferred income annuity contracts can now be classified as a “Qualified Longevity Annuity Contract”, or QLAC for short. The new rules exempt the premium paid for any contract that meets the stated guidelines from the future RMD calculations.

For our clients, this means they can now keep a portion of their qualified assets away from the RMD calculations. By doing this they accomplish at least 2 things –

1. They can defer the tax burden that the RMD would bring
2. They can be better prepared to address the risk of outliving their assets.

As always, IRS rule changes give us a chance to provide service. Next time you talk to a client who has qualified money, create curiosity by asking them if they have heard of the QLAC. Then be prepared to provide service.

I use to be a big fan of the show Seinfeld. It was must see TV in the years before DVR’s. You had to watch it Thursday night or you missed it. I remember one classic episode when friends of Jerry’s wanted him to come visit to “see the baby.” Of course Jerry had a lot of funny reasons why this was not what he wanted to do but he and Elaine went any way. And when they saw the baby they were horrified…it was the ugliest baby they had ever seen. The comedy ensued as they tried to be polite, until Kramer, the one person who always says what he thinks sees the baby. His reaction is priceless, but honest.

All this came to mind when I read Anthony Iamarino’s article titled ” Your Baby is Ugly.” Here is the article. Enjoy.

Your Baby is Ugly