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Next Item Previous Item Go back to White Papers List When an agency or firm needs a new sales manager, top management’s logical first choice is often the star sales producer. Most top performers are excited about the promotion, and they don’t want to let their bosses down, so they take the job. They think it would-be career suicide to turn it down. That’s why many top salespeople end up taking a sales management role, even though they never really wanted to be a manager. They want to please others around them, and they want to help the company, but many are not prepared for the challenges and changes that lay ahead of them. Being Good in One Job Doesn’t Guarantee Success in Another Remember the classic “Peter Principle”? It was an observation that in any kind of hierarchy, people tend to rise to their “level of incompetence.” In other words, as people are promoted, they become progressively less effective because good performance in one job does not guarantee similar performance in another. Sales producers are conditioned to excel on their own, and they know what works for them as individuals. Teaching others how to have similar success is an entirely different skill. That’s why, once promoted to sales management, great salespeople often struggle to succeed in the new role. Tiger Woods isn’t known as a great golf coach, and you don’t see LeBron James conducting shoot-arounds. Their gift is in their own performance, and great coaches know that. Why Salespeople Often Fail at Management When we promote top sales producers into management, we lose their extraordinary sales production. And if they aren’t happy in the management role, we run the risk of losing their talent altogether if they leave the firm or agency. Without management training, new managers typically struggle to excel in the unfamiliar role. They might not enjoy leading others to succeed, and they might become impatient with producers who lack the talent they have. To compound this problem, their associates want strong leadership but might not be getting it, so they often leave the agency or firm, too. You can see why promoting your top producer into management without the proper preparation can be a costly mistake. Two Potential Solutions Here are your primary options. Choose the one that’s right for your organization: Conduct an external talent search for a sales manager with a successful track record of management success. Promote a top sales producer only if he or she has expressed a genuine interest in management and only after providing the person with management training. Before you do that, establish a process for evaluating sales management candidates, the same way you evaluate potential agents or advisors. Hold them to the same standards you would hold external candidates. This will help you avoid moving a producer into management just because you like him or her. Consider Hoopis Performance Network for Management Training One effective resource for training new or existing managers is HPN, an innovative virtual platform designed for financial leaders who are building a region, an agency or firm, a sales unit or a sales team. You can get access to hundreds of high-impact sessions for all levels of experience, divided into five distinct elements of success. These sessions are short and easily digestible, averaging less than 10 minutes. Your managers can access the video training anytime, anywhere, on their computers, smartphones or tablets. Think Twice Before Promoting Your Star Producer into Management

Next Item Previous Item Go back to White Papers List The other day, I saw a question that a software company owner posted online. He asked if it’s necessary to be “nice” in business. He was frustrated with employees who’d complained about feeling pressured to work 70+ hour weeks, having to chase new business with a fierce competitiveness and working within a tyrannical internal culture. His feeling was that true professionals are born fighters. I don’t agree. I believe a strong firm culture builds a strong firm. This is not to suggest that success can be achieved, individually or as a firm, without focus, energy, initiative and passion. It can’t. Success can be achieved, however, in a culture that values integrity, employees, compassion and high ethical standards. I believe that a strong firm culture develops and sustains a strong firm. Employees who are part of a strong culture that aligns with their own personal values tend to be more engaged in the organization, and therefore more productive. This article makes the case for a strong firm culture that emphasizes happy employees and strong values. It also lays out a framework for analyzing your firm’s culture and strategies for making improvements where needed. Take a Cue from Scrooge Who doesn’t know the story of Ebeneezer Scrooge, the penny-pinching, mean-spirited old grouch of a business owner who Charles Dickens brought to life in his 1843 novella A Christmas Carol? As the story went, Scrooge was an aging and bitter business owner with no family of his own. The ghost of a deceased former business partner was haunting his subconscious. Scrooge had one lone employee, Bob Cratchit, to handle the company’s books and collect from customers with the ferocious zeal of an IRS agent working for a bonus. A family man with a disabled son named Tim, Cratchit meekly asked Scrooge for Christmas Day off from work. It was a request for which he would pay dearly in the form of nonstop verbal and emotional abuse from Scrooge. Scrooge eventually granted Cratchit Christmas Day off without pay, only because of the Christmas custom. Besides, no businesses would be open for business on Christmas Day and, thus, no collections could be made. Bob eventually persuaded the sad and lonely Scrooge to join the humble Cratchit family for Christmas dinner. Scrooge saw the positive spirit of the sick son, Tim, and the struggles of this loving family to make ends meet on the paltry wage Scrooge was paying. He heard the warnings of his ghost-partner, Jacob Marley, urging him to choose love over money. Eventually, Scrooge rose to become a business owner who knew the value of values. He learned that a happy employee with a healthy work–life balance could help him build a successful firm. Happy Firm, Happy Life OK, I’m taking some liberties here with the old phrase, “happy wife, happy life.” A happy employee is absolutely necessary to building a strong firm. Employees who come to work excited to fulfill the firm’s mission, effervescent with energy and ideas, and with a plan and the focus to execute the plan are typically successful employees. Successful employees set goals. They meet and exceed deadlines. They contribute to the success of their teams and to the firm as a whole. Compare these successful employees with the disgruntled employee who chronically shows up late or barely on time. The one who has a tired, disinterested look on his face. The one who takes too-long lunches, shuffles out early and complains to co-workers about colleagues or leadership. Employees like that are a cancer to an entire organization. They can breed negativity throughout the ranks with their bad attitude and divisive behavior. They can turn a high-octane sales meeting on its head with disruptive comments and sighs or scare off potential clients by complaining or being unprepared. Imagine what can happen to a firm in which many employees give off an unprepared and negative vibe. If your firm isn’t fostering a strong and positive culture, you will end up with a weak and negative firm. Studies prove this point from many angles. Let’s take a look at some eye-opening facts. Happy Employees Are Up to 20 Percent More Productive than Unhappy Employees A study conducted in 2015 by Competitive Advantage in the Global Economy looked at the correlation between employee happiness and workplace productivity. This study found that happy employees give more effort at work. As a result, they are 20 percent more productive than unhappy employees. This is not to say that happy employees are more productive because they are working more hours. Happy employees know when to put in extra time and when to take a break. They aren’t distracted with unattended at-home responsibilities or with a fear of unreasonable demands at work. As a result, happy employees are free to focus on work tasks at hand because they are not distracted by stress. They are properly rested, and they are physically and mentally strong. They have a clear focus for achieving goals at work and responsibilities at home. Happy Employees Are More Accurate in Their Work than Unhappy Employees Perhaps because of their state of happiness, happy employees are not only more productive than unhappy employees, they’re also more accurate in their work. According to the same study just mentioned, those employees averaged 19 percent greater accuracy than employees who reported they were unhappy at work. According to the study, the improved accuracy can be attributed to three key factors: Fewer distractions and, thus, better focus Greater investment in personal and organizational results Stronger desire to achieve goals and meet expectations Employees Who Are Encouraged to Live a Healthy Work–Life Balance are Twice as Likely to Be Happy at Work A Robert Half study on workplace happiness found that employees with a happy home and work–life balance were two times as likely as “workaholics” to be happy at work. According to the study, happier employers were also more loyal, more accurate in their work and more productive. Not surprisingly, organizations known to promote a healthy work–life balance also are able to attract and retain happier (and more productive) employees, according to that same study. So what is considered to be a healthy work–life balance? Here are some of the top factors mentioned in the study and other employee surveys: Flexible work options — Telecommuting and working from home are no longer new concepts. According to the Robert Half study, these are important factors that successful employees consider when choosing an employer. Flexible schedules — Flextime is an increasingly common option, allowing employees to combine work, home and downtime into a schedule that promotes personal productivity. Healthy-living support — On-site gyms or gym memberships, employer-sponsored wellness programs and stress-management programs have been shown to improve employee happiness, productivity and retention. If your firm lacks the financial or human resources to manage a wellness program or offer flexible working arrangements, there are other things you can do to promote a healthy work–life balance for employees. Here are just a few ideas: Contact your health insurance provider to see if it offers wellness programs, wellness incentive initiatives or other programs at no cost to your firm. I know of a few firms whose health insurance plan gives employees up to $30 per month in a health savings account if they wear a fitness bracelet and log 10,000 or more steps each day. Contact local gyms to inquire about workforce membership discounts. 3. Contact wellness professionals in your area to see if they sponsor health fairs or conferences. You might find integrative wellness teams of physicians, nurses and even licensed massage therapists willing to go to your location for a wellness day of health screenings and chair massages. Consider employee incentives that reward productivity with a gift certificate for a massage or paid time off. Look to your corporate vendors for positive ideas. For example, perhaps your retirement plan administrator offers free on-site financial planning workshops, or your accounting firm offers free tax-planning classes. Plan a team-building event annually or quarterly. You can do this to announce a new initiative such as a new corporate code of ethics (more on this below) or to promote a day of fun like a spring picnic, a day at the ballpark or a walk for a cause. A Happy Sales Force Produces Nearly 40 Percent More In his bestselling book The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work, former Harvard professor and popular TEDx speaker Shawn Achor turns traditional thinking on its head. In the book, Achor scientifically lays out why happiness breeds success, not the other way around. When it comes to sales force happiness and productivity, Achor says happy sales reps are nearly 40 percent more successful than unhappy sales reps. If that’s not a compelling argument for doing everything reasonable to foster happiness in your firm, I don’t know what is! You can get Achor’s book new or used here. (Tip: think about giving a copy of this book to everyone on your leadership team to ignite the happiness spark in your firm.) The Case for an Ethical Workplace Happiness and numbers are important, but they’re certainly not everything. A strong firm is supported by a strong code of ethics, which conveys trust and reliability to employees, customers and the community at large. Think about it: if clients don’t trust your firm to act with integrity, will they stay with you? Probably not. Trust is critical to long-term customer retention, and longterm customer retention is necessary for the long-term success of any organization. The problem with the discussion of ethics is that it’s difficult to define. You know it when you feel it. Here are some examples of what ethics looks like (and doesn’t look like): Employees laughing it up by the water cooler might be having a great time and appear happy, but if they’re spending more time at the water cooler than they are on achieving goals, they’re not the productive employees you want. Productive employees respect their employer’s time and money. An employee who will do or say whatever it takes to close a sale might be driving numbers, but if she’s untruthful or doesn’t deliver what she promises, then she’s going to cost you dearly over time. An employee willing to break your rules for clients might be making them happy in the short term, but he is cheating your firm. Those clients’ temporary satisfaction can’t last because in their gut, they know they can’t trust your employee to do the right thing. Creating a code of ethics is important to encouraging team members — requiring them — to act with integrity. It conveys your firm’s values in writing and makes it clear that team members and leaders are expected to uphold those values at all times. A corporate code of ethics is a complex set of ideas and expectations distilled into an easy-to-understand and easy-to-follow guide for employees and leadership. Creating a code of ethics can take a lot of time, but it’s worth it. It protects your firm’s reputation and your client relationships, and it promotes a high-quality workplace and workforce. I recommend reading this guide for help with researching, developing and upholding a strong code of ethics. Once you understand the importance of having a code of ethics and work through the process of creating one, you will increase employee pride in your firm and respect among your clients and within your community. Why Top-Down Passion Produces Bottom-Up Results Happiness alone doesn’t produce results; a happy workforce led by passionate leaders does. You can’t fake passion. If you don’t believe in your firm or love what you do, it’s going to show. Employees, clients and your community will feel your lackluster vibe. On the other hand, if you love the work you’re doing and the impact you’re making, your potential and existing clients will feel your positive energy. High-quality advisors will want to work for your firm. Clients will want to refer you to their friends and family. The community will seek you out for solutions, speaking engagements and leadership roles. If there’s something you don’t love about your firm, from your employee relations or customer quality to your bottom line, or even your interior décor, figure out why and change it. In my white paper “Igniting Passion into Your Firm’s Culture,” I spell out the importance of passionate leadership and a passionate workforce. If you haven’t downloaded this white paper yet, please do. It offers great ideas for finding your passion for what you do and fostering it among your employees. The key takeaways in that white paper center around a common theme: empowering your employees by investing in them. Here are examples of ways to do that: Implementing a mentorship program in which employees are heard, motivated, helped and held accountable Considering and using external coaching and training programs like the ones we deliver at HPN Encouraging and providing continuing education to employees (beyond what’s required by law) Giving recognition where recognition is due Offering incentives and rewards for performance Encouraging an open-door policy that allows employees a safe avenue for discussing concerns and ideas. Without an open-door culture, disgruntled employees might take their grievances to the breakroom instead, and that can spell trouble for your team. In other words, passionate leadership means thinking actively about how to promote and encourage employee success. In the process of educating and supporting happy, productive and ethical employees, passionate leaders naturally deliver success for the firm. Is Your Firm Culture Working? Is your firm culture at the top of its game? Are you and your leadership passionate about tomorrow, satisfied with your numbers and proud of the work you’re doing? Are your employees happy, loyal and productive? If yes, then keep doing more of what you’re doing. It’s working! If not, or if you know in your gut there’s room to improve, then it’s time to think about how to create a stronger firm culture and, ultimately, a stronger firm. We can help. Hoopis Performance Network training and courses are designed specifically to help financial services firms grow and thrive ethically, passionately and successfully. Contact us to see how our team can get to work with you and your team to help you ignite your passion, create a happier workforce and build a stronger firm. How a Strong Firm Culture Builds a Strong Firm

Joey Davenport CLU, CLF President of Hoopis Performance Network Joey is President of the Hoopis Performance Network in Chicago. He has over twenty years of experience in the financial services industry as a producer, manager, entrepreneur and international speaker. His organization, the Hoopis Performance Network, was recognized for the 3rd year in a row by Inc. 5000 as one of the fastest growing privately held businesses in the U.S. As a Certified Trainer and Master Coach, he is considered the Executive Producer of Northwestern Mutual’s Enduring Relationships program and the Hoopis University. He is also one of the principal authors and co-producers of the advanced sales training program, Factfinding DNA. Joey is co-author of the #1 best-selling book, “The Power of Coaching: Engaging Excellence in Others.” He is the executive producer of the award-winning Trustworthy Selling sales effectiveness program developed with LIMRA International and the Advanced Planning Channel. His web-based training programs have received top recognition including multiple Digital Media Innovators Awards and the ROI Institute’s Top 10 Case Studies. Joey is Past President of NAIFA Chicago and a graduate of NAIFA’s Leadership in Life Institute. He received the NAIFA Illinois Young Advisors Team Leader of the Year award and the Jack E. Bobo Award for Association Excellence from the NAIFA Federation. Joey lives in Chicago with his wife Lyndy and their 13 year old son William. He enjoys spending time with his family, traveling and playing music in his blues/rock band Hot LZ. Previous Speaker Go back to Speaker Network Next Speaker

David Fisher ​ President, Rockstar Consulting David J.P. Fisher (D. Fish) is a speaker, coach, and author. Building on 20 years of experience as an entrepreneur and sales professional, he’s helped thousands of financial professionals develop the strategies and execute the tactics to build their businesses. As the president of RockStar Consulting and Director of Training Content at Ajax Workforce Marketing, he works with individuals and organizations to create more effective networking, sales, and marketing skills – both in the real world and online. He lives next door to a beautiful cemetery in Evanston, IL that reminds him to appreciate every day. Previous Speaker Go back to Speaker Network Next Speaker

Richard Weylman ​ Keynote Speaker and Strategic Business Consultant As chairman of an international consulting firm and best selling author, Richard has established a worldwide reputation for helping clients create opportunities for profitable growth. Most importantly, he communicates how to make the organizational & professional changes needed to effectively elevate business performance. Richard Weylman is the author of three books, two of which are international best-sellers, including his latest the CEO Reads best-seller, The Power of Why: Breaking Out in a Competitive Marketplace, available in 5 languages. He has delivered over 2,500 keynote speeches on four continents to audiences of 20 to 40,000. Forbes Media calls Richard’s content & presentations “brilliant.” The Council of Peers Award of Excellence (CPAE) Induction into the Professional Speakers Hall Of Fame Direct Selling Association Partnership Award for measurable impact on member companies Nominee for the Horatio Alger Award Richard was orphaned at the age of six, and spent his childhood living in 19 different foster homes and attending 11 different schools. However, he has always framed that life experience as great training; “no problem meeting and connecting with new people!” He believes in philanthropy and provides ongoing support for many organizations. Previous Speaker Go back to Speaker Network Next Speaker

Ellen Rogin ​ Speaker, Prosperity Expert, NY Times Best Selling Author Ellen Rogin, CPA, CFP® and Abundance Activist® is the co-author of NY Times best-seller, Picture Your Prosperity: Smart Money Moves to Turn Your Vision into Reality. As a former top producing financial advisor and founder of a wealth management firm which she successfully sold, Ellen knows first-hand how to build a successful, profitable practice. She speaks internationally, consults to the financial services industry, and trains and mentors advisors to increase their influence, impact, and income. Ellen is a TEDx presenter, and her work has been quoted in such national publications as The New York Times, Money, Time.com, and Forbes.com. She is a regular contributor to Horsesmouth® and the host of Horsesmouth Extraordinary Advisor live cast and on the faculty for HPN University. Previous Speaker Go back to Speaker Network Next Speaker

Ian Freeman CLU, ChFC, CASL, AEP Financial Advisor with Northwestern Mutual Financial Network After graduating from Wesleyan University in 1980 with an interdisciplinary major in government, history, economics, and philosophy, Ian became a banker and investment banker before joining Northwestern Mutual in October of 1987. Starting with a $5,000 loan from his uncle, heavy debt, and major anxiety, Ian went nearly 4 months in the business without writing a policy. By the end of that first year, he was the leading first-year agent in the Eastern region. Ian followed that by being the leading second and third-year agent in Eastern region, one of the few representatives ever to lead all three years. In his 29 year career, Ian has written over 3,800 lives and has over $1.3 billion of death benefit in force. As a measure of consistency, 100 lives written in a year is a benchmark, and Ian has done that every year except one (he wrote 98.5 – still a sore spot!) He ranks in the top 40 in career production in the history of Northwestern Mutual, and is a life and qualifying member of the Million Dollar Round Table, consistently qualifying for Court of The Table or Top of the Table honors. Ian is most proud that he is one of only 27 representatives out of 6,500 that have qualified for the Northwestern Forum, the highest measure of production at that company, every year since its inception. Ian holds the Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC), Chartered Advisor for Senior Living (CASL), and Accredited Estate Planner (AEP) designations, and is a member of NAIFA and AALU. Ian considers himself to be an old-fashioned, traditional representative working primarily in the personal market. His passion and commitment to his clients are the driving forces in his practice and carry through to his team of three dedicated associates. Ian is considered a “living legend” at Northwestern Mutual not just because of his production but because of how much time he has given back to mentoring agents throughout the country. In his “spare time” Ian has been President of the Financial Representative Association at Northwestern Mutual, the primary link between their field and home office. Less than 80 representatives in the history of the company have held this honor. Ian has served on countless committees and his counsel is often sought by senior management. He regularly gives dynamic main platform presentations throughout the U.S. to help explain the basics of insurance. He is active in several charitable organizations in Connecticut and Florida. Previous Speaker Go back to Speaker Network Next Speaker

Brian Moran ​ CEO, NYT Best Selling Author, Speaker Brian Moran has over thirty years of expertise as a CEO, corporate executive, entrepreneur, consultant and coach. His background as a corporate executive combined with his experience as an entrepreneur positions him with a unique skill set to help individuals and organizations grow and prosper. Brian’s corporate experience includes management and executive positions with UPS, PepsiCo, and Northern Automotive. As an entrepreneur he has personally launched and led successful businesses and been instrumental in the success of many others. In addition, he has consulted for dozens of world-class companies including Coldwell Banker, Mass Mutual, Medtronic, New York Life, and Tiffany & Co. Brian is a recognized expert in the field of leadership and execution. His realization that most people don’t lack ideas but struggle with effective implementation led him to the development of The 12 Week Year. In addition to his books, Brian has been published in many of the leading business journals and magazines. He is a sought-after speaker, educating and inspiring thousands each year. He is a visionary with a passion for helping others go beyond what they think they are capable of and achieve more than they ever thought possible. His greatest strength might be his ability to take success principles and strategies and help others apply them in a way that is powerful and effective, and gets results. Previous Speaker Go back to Speaker Network Next Speaker