NAIFA-Columbus hosted a membership breakfast meeting at the OSU Fawcett Center on Wednesday, August 21st, 2024 with guest speakers Julia Bowling, Shawn Phelps, and Scott Eickelberger. 

Julia Bowling with Sedgwick provided a brief overview of the Workers Compensation Group Rating Program. Group rating is a pooling program enabling state-funded employers with better than average claim histories to combine claim expenses and rate calculations to take advantage of premium savings currently reserved for larger employers.

Julia has 25 years in the workers’ compensation industry and the entirety with Sedgwick. She is a Business Development Manager where she assists Ohio employers and trade organizations unpack the complexities of risk management, workers’ compensation, and most specifically the Group Rating Program.

Shawn Phelps and Scott Eickelberger jointly discussed “Estate Planning and Tax Changes for 2025”. Use it or Lose it! The Tax Cuts and Jobs Act (TCJA) of 2017 significantly changed the federal estate and gift tax system.

Shawn Phelps, MBA is the Founder and Private Wealth Advisor of River Tree Wealth Management, a member of Northwestern Mutual’s exclusive Private Client Group based in Columbus. The firm specializes in investment planning, estate planning & trust services, and business planning & succession.

Shawn is an accomplished advisor, trainer, and business strategist with over 20 years of experience in financial services and business management. With a passion for helping individuals, families, and organizations reach their full potential, Shawn has dedicated his career to providing practical solutions and insights to help people plan for adversity, prioritize financial wellness, and create financial legacies, all while having fun!

Scott Eickelberger is a partner with Kincaid, Taylor & Geyer where he has been primarily involved in all aspects of estate planning, estate administration and real estate matters. This includes the drafting of Wills, various types of Trusts and Powers of Attorney. Scott handles commercial and complex litigation primarily revolving around real estate and will and trust disputes. 

Scott has been the Solicitor for the Village of New Concord, Ohio since 1992 and has served as the President of both the Muskingum County, Ohio and Perry County, Ohio Bar Associations. Scott is a member of the American Land Title Association, the American Bar Association, the Ohio State Bar Association and the Muskingum and Perry County Bar Associations.

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April is National Financial Literacy Month, an annual observation NAIFA wholeheartedly agrees with. But why is financial literacy important and what are we doing about it?

FINRA surveys consistently show that around two-thirds of Americans lack basic financial understanding, and their lack of knowledge is significant. Those who score higher on FINRA’s financial literacy quiz show a greater tendency to earn more than they spend, have an emergency fund of three-months’ salary or more, contribute to retirement accounts, and accurately estimate their retirement savings needs.

In addition, consumers who are more financially literate are better equipped to manage their debt and avoid high-interest loans, more likely to save and invest effectively, and more likely to manage financial risks and cope well with unexpected financial challenges and emergencies.

NAIFA Supports Financial Literacy

During April and throughout the year, NAIFA promotes financial literacy. Life Happens, NAIFA’s consumer outreach arm, created and coordinates important consumer outreach campaigns, like Insure Your Love Month, Disability Insurance Awareness Month, and Life Insurance Awareness Month. Life Happens provides financial professionals with tools and resources to educate consumers. During National Financial Awareness Month, Life Happens is creating a social media toolkit of posts and graphics that will soon be available to NAIFA members.

Financial professionals play an important role in improving financial literacy among their clients and in their communities. They often go well beyond providing products, services, and guidance, and empower those they work with to understand things like budgeting, saving, investing, borrowing, debt management, retirement planning, and risk protection. Many NAIFA members volunteer in their broader communities, working with schools, churches, libraries, local governments, civic groups, or business organizations to provide financial literacy education. Understanding among consumers leads to better decision making and improved financial security. We highlight NAIFA members’ good work in the Advisor Today blog, on our social media accounts, and in the Advisor Today Podcast series.

Advocating for Financial Literacy

NAIFA chapters have leveraged their political grassroots influence to encourage state laws adding personal finance courses to high school graduation requirements. Students are required to have basic proficiencies in math, English, science, and other subjects. Doesn’t it make sense that they should graduate with some understanding of financial matters? Not only does this provide them a base of knowledge as they face the prospects of making their own personal finance decisions, but it also could build enthusiasm and encourage some to pursue insurance and financial services as a career.

In 2023, Alabama, Connecticut, Idaho, Indiana, Louisiana, Minnesota, Montana, Oregon, West Virginia, and Wisconsin passed measures to require public high school students to take a one-credit course in financial literacy before graduating. To date, 25 states have passed similar measures.

At the federal level, NAIFA members continue urging lawmakers to join the Congressional Financial Literacy and Wealth Creation Caucus co-chaired by Reps. Young Kim (R-CA) and Joyce Beatty (D-OH). The Financial Literacy and Wealth Creation Caucus aims to equip Americans with the skills and resources they need for economic stability, wealth-building, and prosperity.

Educated consumers are more financially secure, promote the robustness of the U.S. economy, and provide a market for important insurance and financial products and services. It’s hard to overstate the importance of financial literacy this month and every month.

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Have you ever wondered if great leaders are born or made? Anyone can be a great leader if they understand themselves, know what motivates others to want to follow them, and apply what they learn.

John C. Maxwell said it best, “A leader is one who knows the way, goes the way, and shows the way.”

Do you know how to get your message across and have others want to follow you?

Let’s look at six leadership styles so you can better understand your style and how to motivate others better.

Leadership Style #1: Commanding Leadership

The Commanding Leadership style, one of the most aggressive of the six leadership styles, expects and demands immediate compliance to their orders. They have a style that accomplishes tasks by ordering and dictating to people. A good example of this style is a drill sergeant!

The Commanding Leader lives by the motto: “Do what I tell you!”

This style works best when team members lack skill or expertise. For example, a rookie needs direction on what to do and how to do it.

Leadership Style #2: Visionary Leadership

The Visionary Leadership style is a leader who has a vision and wants the team to help make it a reality. These leaders clearly understand what direction the company needs to move towards because they have a clearly defined vision and can explain what it will take to make it happen. An example of this style is how Elon Musk leads his company.

The Visionary Leader lives by the motto: “Come with me!” 

This style works best when an organization is adrift because it creates a new vision and direction. Typically, it should be used when a company needs significant change or when team members are willing to follow someone into an unknown future.

Leadership Style #3: Affiliate Leadership

The Affiliate Leadership style focuses on building relationships. They want to create harmony within the team, leading to a more productive workplace. Affiliate leaders provide constructive feedback to team members. An example would be the boss who buys a birthday cake for each team member on their birthday to show that they care.

The Affiliate Leader lives by the motto, “People come first.”

This style best works when a team is in crisis, or a new team is being created. This style allows you to be effective when building team connections, improving communication, increasing morale, and repairing broken trust.

Leadership Style #4: Democratic Leadership

The Democratic Leadership style encourages team members to participate in the decision-making process because it welcomes ideas. This style is helpful in teams where members are highly skilled because encouraging team members leads to increased creativity and new ideas. An example is a branch manager who has never been in production but has an experienced office of advisors whom they trust.

The Democratic Leader lives the motto, “What do you think?”

This style works best when you, as the leader, are unsure about the direction to take because it encourages creativity and innovation. As a result, employees take ownership of their ideas.

 Leadership Style #5: Pacesetting Leadership

 The Pacesetting Leadership style leads by example. In other words, they set the pace. An example is the top producer in the office who becomes the producing branch manager and is still the top producer or the senior advisor on a team who always seems to close prospects.

 The Pacesetting Leader lives by the motto, “Do as I do!”

 This style works best when you need fast results from a motivated team, such as running a cross-selling campaign to set appointments with clients to do a life insurance review!

 Leadership Style #6: Coaching Leadership

 The Coaching Leadership style motivates team members who enjoy being a part of a group. Team members receive clear expectations, which creates skilled, productive individuals who can go on to coach others. An example is the branch manager who has the third-year rookie coaching the brand new rookies on how to handle objections.

The Coaching Leader lives by the motto, “Try this!”

This style works best when the leader identifies the strengths and weaknesses of each team member and then provides guidance so team members can improve and eventually teach others.

Why Learning Your Leadership Style Works

The reason why learning your leadership style works is that some styles work better depending on a specific situation. When you understand what leadership style to use and when you inevitably help others want to follow you.

In Advisor Solutions Podcast Episode #91, Learning Your Leadership Style, you will find a much more detailed description of each style, the pros and cons of each, and when to apply them. And, as a result, it will help you to become a better leader!

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The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.

Bryon and Chuck offered a unique perspective when they testified at a DOL public hearing that the Department's latest fiduciary proposal will harm consumers. Unlike any of the other witnesses, Bryon and Chuck have been working together for decades as advisor and client.

Their real-world experience – Bryon was already a seasoned professional when the DOL first imposed its fiduciary rule in 2016 and he saw its impact firsthand – brought authentic voices to the DOL proceeding and complimented the testimony of industry lobbyists.

Real-World Impact

Bryon testified that consumers are best served when they can choose how and from whom they receive financial services. The current DOL proposal would force many advisors to move to a fee-for-service model tailored to higher-income clients. It ignores that some clients are better served by existing models.

Chuck offered his own case as an example. When he began preparing for retirement, he had limited assets and very likely would not have been able to work with Bryon had the DOL proposal been in place.

"By moving forward with this Proposed Rule, the Department is ignoring the negative impact this rule will have on lower- and middle-income savers and the real-world experience that NAIFA members saw firsthand before the 2016 Fiduciary Rule was vacated," Holz testified.

NAIFA, along with the American Council of Life Insurers, initiated a lawsuit challenging the earlier DOL fiduciary rule. A federal appeals court in 2018 vacated that rule. The DOL's current proposal shares many of the flaws of its predecessor.

NAIFA members develop relationships with clients based on trust and results. Even Timothy D. Hauser, the Deputy Assistant Secretary for Program Operations of the DOL's Employee Benefits Security Administration (EBSA), acknowledged the impact of Bryon and Chuck's testimony. "It's one thing for people in the business to testify but it's another for one of your clients to step forward. Thank you."

A Fight We Have to Win

With so much at stake, NAIFA strongly urges the DOL to withdraw its recycled rule. We are working with members of Congress on both sides of the aisle and urging their opposition, as well. We will continue to oppose the DOL proposal and explore all options to preserve consumers' ability to choose from a variety of financial service models.

There are things you can do to help:

•  Take Action at NAIFA's Legislative Action Center by sending a letter opposed to the DOL proposal to your members of Congress.
• Be sure to keep your NAIFA membership up-to-date. If you have a year-end renewal date, don't let it lapse. Renew today!
• Encourage your colleagues who are not NAIFA members to join us. The greater our numbers, the louder our advocacy voice grows. Given the current DOL threat, we need all financial professionals to be a part of our efforts.
• Mark your calendar for NAIFA's Congressional Conference, May 20-21, and sign up to get an update when registration opens.

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NAIFA’s Board of Trustees and the Board of Directors of the Society of Financial Service Professionals have both voted unanimously to approve a merger agreement between the two associations. The votes come after the membership of NAIFA and FSP both voted overwhelmingly in favor of the merger earlier this year.

Three officers from the FSP Board and one from Life Happens, which also has joined the NAIFA enterprise, will serve on NAIFA's 2024 Board of Trustees.

With the mission of “Empowering financial professionals and consumers through world-class advocacy and education,” the unified organization will be known as NAIFA but will encompass a robust professional development wing led by and branded as FSP. 

Members of the combined association will benefit from a broad member benefits portfolio. Resources concerning the merger and how it benefits members are available on NAIFA’s website.

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November is National Long-Term Care Awareness Month and it is a great time to bring potential limited and extended care planning needs top-of-mind with your clients. It is important for every comprehensive financial plan to include LTC considerations. So even if LTC insurance is not your primary line of business, Long-Term Care Awareness Month gives you a good opportunity to get clients up to speed.

Fortunately, NAIFA's Limited & Extended Care Planning Center (LECP) offers expert connections and resources on a variety of LTC planning options you can discuss with your clients. LECP kicked off the month early with a special Halloween event, "Don't Be Scared of Long-Term Care." The recorded presentations and presentation slide decks from the event are now available on demand.

Learn from some of the best in the business on a variety of important topics. 

• Tom Riekse, Managing Director, LTCI Partners - "Don't Be Afraid of Too Many Choices! Why the Many LCT Insurance Options Are Great for Financial Security Professionals and Their Clients."
• Jamie Sarno, Vice President of Medicare Supplement & Specialty Health Products, Amerilife - "Resurrecting the Sale"
• Chalen Jackson, Key Accounts Specialist, Senior Marketing Specialists - "Help Your Clients Avoid Skilled Nursing Purgatory - Mitigating Medicare Coverage Gaps"
• Patrick Cahill, CRPC, RICP, Head of Strategic Accounts, Coventry - "The Secondary Market for Life Insurance: Uncovering the Hidden Value"
• Tim Vannoy, CLU, ChFC, CFP, Regional Account Director, Care Solutions, OneAmerica - "Don't Be Scared of Hybrids"
• Corey Anderson, DIA, President and Founder, DI Geek - "The DI Geek: Don't Be Scared of Disability Insurance"
• Kevin Sypniewski, President and CEO of AGIS Network - "Large Employer Worksite: Traditional LTC... Dead or Alive?"
• Cindy Harris, Director of Sales, LifeSecure - "Get Into the Spirit and Talk LTC With Your Clients"
• Thomas Krause, J.D., Vice President of Sales and Marketing, The Krause Agency - "Leveraging Medicaid-Compliant Annuities in Crisis Long-Term Care Planning"

Another great resource is LECP Executive Director Carroll Golden, CLU, ChFC, LTCP, CASL, FLMI, CLTC, LACP. Her latest book, How Not to Tear Your Family Apart: A Practical Guide to Caregiving and Financial Stability, an Amazon bestseller in three categories, is a story about a family who successfully plans for extended care using a practical three-step process.

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Scott Blake is a Wealth Management Advisor and Founder at a leading wealth management firm delivering comprehensive planning, investment, and insurance services for individuals, families, and businesses to help them achieve financial success and live rich, rewarding lives. A passionate leader in his community, Scott is a 2022 national winner of Advisor Today’s 4 Under 40 Award and a board member of several organizations in Columbus, Ohio. He is the President of the Columbus chapter of the National Association of Insurance and Financial Advisors (NAIFA) and has an MBA in finance and financial management services from Capital University. 

HERE’S A GLIMPSE OF WHAT YOU’LL LEARN: 

• Scott Blake shares his background and journey into the financial services industry 
• Tips for succeeding in any business 
• How Scott leverages lessons from his political career and athletics in financial services
• The value of having a financial advisor
• The challenges Scott had to overcome as a wealth management advisor
• What does the future of his practice look like? 
• How to get clients as a financial advisor 
• The importance of delegating tasks 
• How the pandemic impacted Scott’s practice and how he handled it

IN THIS EPISODE…

Are you looking for financial security? Do you want to be on the right track for retirement?

Scott Blake recommends hiring a financial advisor, an expert who can help you plan and prepare for the future. Having pivoted to the financial services industry after several years in politics, Scott discovered how making sound financial decisions impacted his clients' lives positively. According to him, wealth management services should be accessible to people of different income levels — not limited to high-net-worth individuals. He shares how he's flourishing in this industry, helping his clients achieve financial security.

On this episode of Advisor Today, Chris Gandy and Suzanne Carawan sit down with Scott Blake, a Wealth Management Advisor, to discuss his successful journey in the financial services industry. Scott shares the lessons he learned from his political career and being an athlete that he leverages in the financial service industry, the value of having a financial advisor, the challenge he had to overcome in his business career, and tips for getting clients as a financial advisor.

RESOURCES MENTIONED IN THIS EPISODE:

• Chris Gandy on LinkedIn  
• Suzanne Carawan on LinkedIn 
• NAIFA  
• Scott Blake on LinkedIn  
• NAIFA Advisor Today’s 4 Under 40  

SPONSOR FOR THIS EPISODE...

This episode is brought to you by the National Association of Insurance and Financial Advisors, or NAIFA, the #1 association for producers in financial services. 

At NAIFA, we enhance professional skills, promote ethical conduct, and advocate for legislative and regulatory environments.

By joining NAIFA, you gain access to a partnership that elevates your performance while providing greater purpose to your professional work. NAIFA members are happier, make more money, and stay in the business longer.

Get in touch with NAIFA and learn more about how to join NAIFA by visiting NAIFA.org.