Category: Change

 

To Change Careers at Midlife, Change Your Mindset

 

At the height of my career as a top producing sales agent in the insurance and financial sector, I suffered a second accident that forced me into recovery for nine months. During this time I had to reevaluate, reframe and expand my mindset and vision to include the challenges I was experiencing physically in relation to my career. This ‘setback’ allowed me time to reconnect with the passion I experienced educating my clients, the excitement I drew from viewing inspirational business speakers at the Million Dollar Round Table, and set the stage for a successful new career as an international motivational business speaker.

A Matter of Mindset

At the end of my keynote speeches on change, audience members frequently ask if it is possible for them to successfully change careers as they approach mid-life. I answer that change isn’t a matter of age, but of mindset, determination, persistence, and grit.

In September 2016, the University of Michigan studied occupational transitions of older Americans. They found that at what many of us consider retirement at age 62, about 57 percent are no longer in the labor force, but that 26 percent are still in their profession and 17 percent have decided to completely change their careers.

The Ewing Marion Kauffman Foundation, which conducts bootcamps for those who want to become entrepreneurs, found that people aged 55 to 64 now comprise about one-third of America’s entrepreneurs.

However, older employees aren’t just becoming entrepreneurial but are in demand as full-time employees.

As of February 2018, the Bureau of Labor Statistics showed that the unemployment rate for those 50 and above was lower at 3.2 percent, than the overall unemployment rate at 4.1 percent. These aren’t fast food jobs either, but careers as diverse as banking, healthcare and insurance.

The Determination to See It Through

Nevertheless, having the mindset to change jobs or create new jobs isn’t enough. Older workers need the determination and persistence to see it through. The website Next Avenue (December 21, 2017) stated:

Among the biggest obstacles to people’s ability to create a career they love (after 50) is a preconceived notion of ‘where they should be’ and what they ‘should do.’ But success doesn’t have to follow a scripted narrative.

To take the leap, you need to fundamentally believe that it’s never too late to transition into a career that aligns with who you are.”

Forbes magazine (June 21, 2017) debunked five myths normally associated with older employees determined to change careers. These myths included that it’s never too late to change careers; that it’s embarrassing to admit that you are not happy with a career you’ve been working at for many years; that the over 50 workers can’t get hired; that the only kind of work out there is part-time; and the biggest fear of all is that the older worker can’t compete against Millennials or younger.

Every one of these myths regarding change has been disproven providing you have the vision that lets you see that obstacles can be overcome.

How Determined Are You?

Nicole Maestas, Ph.D., is an economist, professor, and expert in the study of aging at Harvard University. In a recent interview for the Wall Street Journal, Dr. Maestas stated that when older workers are determined to work, they get work, when older workers want to succeed, they will succeed. She summarized:

“The labor-demand study simply shows that when there is a shortage of skilled workers, older workers will get jobs.”

To compete in the job market, workers over 50 will need to re-train themselves to be current on technology. Age will not be the factor to hold them back, rather an unwillingness to learn. In short, be a student.

 

Contact Scott Burrows, Keynote and Breakout Speaker on Change through this website or call us at: (520) 548-1169.

 

Year of Change Ahead for Financial Advisors: How Will You Respond?

Every one of us involved in the financial and insurance industry knows that 2019 will be a year of change.

Bob Veres, writing for Advisor Perspectives (December 10, 2018), pointed out at least five major challenges that will impact financial advisors this year. They include new “BI” or best interest standards and fiduciary oaths; planning for the coming Bear market and making clients your partners in the financial planning process; the pressure to shift away from AUM (percentage-based) portfolio revenue models to flat fees; the trend away from traditional insurance agencies to self-directed purchases; and the opportunities in utilizing customized “Robo” software within your practice. Veres concluded that change is never easy and financial advisors and insurance brokers must prepare for whatever is next.

Will You Evolve or Be Left Behind?

How will you adapt your business this year? Have you identified your strategies to meet the comprehensive financial planning needs of clients about to retire as well as younger generations embarking on their careers?

As a financial advisor, in order to stay ahead you will need to wear many hats in managing client expectations. Will you be able to show clients at all stages of their careers the value that you are bringing to the investing equation, and are you determined to make the necessary emotional investment and to be an educator as well as advisor?

In 2019, and beyond, financial advisors will need to focus on new niche markets to differentiate themselves. They will need to embrace the latest tools to set themselves apart in a highly competitive financial advisory market. It will not be a matter of offering customer service, but tapping into technology to access changing regulations and ultimately to use that information to recommend the right insurance and investment products.

The questions asked above, and many more, can only be answered by one person:  you. The expanding workload, the deluge of information, evolving fiduciary rules, the need to offer clients greater transparency, and the maze of ever-expanding investment options will require each financial advisor to have the grit to maintain their success and to rise above average. “Average” advisors will suffer from average on-line ratings especially as more millennials enter the work world. Average will mean being left behind.

Be a Student, Be Coachable

The most successful financial advisors will be those who understand that they are students and not “professors.” Being a student, even if you have been in the business for many years, means updating your practice management, understanding and employing new technologies and the educational components necessary to help your clients reach their goals. It means attending conferences that offer niche market products and opportunities, evaluating the latest practice management solutions and being facile enough to use the social media to set yourself up as an authority.

While new investors may not be sophisticated in terms of investing, they understand technology and how to access information. Financial advisors must match that intensity and sophistication and have the knowledge to answer tough questions their clients find online. It is a tall order but a tremendous opportunity.

The year ahead is where the financial advisor will be a student who is determined to learn what is needed to make the practice successful.

 

For more information on how financial advisors can develop a winning vision, contact Scott Burrows, Financial and Insurance Industry Motivational speaker, through this website or call us at: (520) 548-1169

 

 

 

 

Scott Burrows: Change Management Speaker

Not long ago, I was in my office working on a keynote presentation when a meeting planner called me rather late at night. I picked up the phone and I know I surprised her.

“Oh, I thought you would be voicemail,” she stammered. She looked for the right words. “Are you Scott Burrows, the overcoming adversity speaker?”

I assured her I was, that I had overcome a lot of adversity in my life but that it didn’t define me. She gave me the name of her organization. She was in the healthcare industry and was considering a keynote motivational speaker to talk on corporate change and the management of change.

“I have done many keynotes on change for the healthcare and pharmaceutical industries.”

She confided that her industry was facing several major challenges. There was much concern throughout her association as to whether executives could adapt to some of the uncomfortable adjustments coming that would include initiating sweeping rules, being mindful of pricing and insurance regulations and the increased need for transparency. There were already a number of disagreements and foot-dragging among the association members and the companies they represented. They needed to understand the importance of change or get swept away.

She asked me if I had experience motivating executives to change their mindset. I asked her if she had a few minutes. She was stuck in the airport and she laughed that she had plenty of time!

Scott Burrows: Speaker on Corporate Change

I told her that I developed my life’s philosophy of VISION, MINDSET and GRIT out of my personal challenge and ultimately triumph. I wondered if she knew my story and she said she was only vaguely familiar with it.

I quickly summarized that when I was in my late teens, I was already playing Division I collegiate football and I was a kickboxing champion. I thought I was invulnerable and that I would be a champion kickboxer forever. A few weeks after ESPN broadcast one of my fights, I went out celebrating my victory with friends. Even though I was trained to engage a safety mindset working with hazardous materials and heavy equipment at a former job, I made a poor split-second decision to not put on my seatbelt. My friend lost control of his car. He ran off the road and crashed. I broke my neck and I was paralyzed from the chest down. They told me I would be quadriplegic. I could hear her gasp.

“I had no choice but to accept change,” I said. She told me she could understand that.

My challenge was a lot like what her organization was facing. Unless the members of her organization were willing to overcome their obstacles, unless they were motivated to find a new vision for themselves, to develop a mindset that was more powerful than any of their challenges, they would not get off the mat.

I added that as a speaker I knew that corporate change can’t occur without a daily dose of GRIT, the ability to grind things out every single day to achieve success. Commitment to really change is an extremely powerful weapon, but if it is haphazard little will be accomplished.

Keynote Speaker on Organizational Change

My own story is a story of rising above adversity through VISION and MINDSET to overcome paralysis and to rewire my brain and body. It led to a transformation in my physical and emotional status. I went far beyond what any of my physicians ever thought I could.  It did not and could not happen without GRIT, my forcing myself to literally rise out of my chair and to not accept the easy road but to be the best I could be. Modern day medical science tells us that we can go far beyond our initial prognosis if we put our minds and bodies to doing so.

“Using my own true-life story as an example,” I reassured her, “I can teach the members of your organization to prevail over their resistance to change and to empower themselves to be better and to be more successful than they ever believed.”

I am no longer a kickboxing champion, but I have been blessed to be able to show organizations to change their mindset from “Can’t do,” to “Can do!”  That is, to rise above their situations.

The meeting planner and I decided then and there to work together and I am happy to say my keynote address got through to the members of her organization. They rose above their fears, individually and collectively, and put plans into place to elevate their industry. They are better prepared for the years ahead and for whatever challenges will come. As a speaker it is impossible to say how proud it made me feel.

Want to be inspired to change?

To learn more about Scott Burrows, Keynote Motivational Speaker on Corporate and Organizational change, contact us today through this website or call our office at: (520) 548-1169

 

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