Tell Me Your Purpose, I’ll Show You Your Profits
“2023 could be the year the “new normal” fully comes into view. There will be opportunities to help define the future, one in which profits and purpose are inextricably linked. Financial services leaders can be poised and ready to move the industry forward.” – Deloitte Insights (2023 Industry Outlook)
As an insurance and financial services keynote speaker, I have never realized more that 2023 will be critical to the industry. I have heard and read about the problems facing the industry hundreds of times; artificial intelligence (AI), Environmental, Social and Governance (ESG), inflation, recession, excessive regulation and continuing supply-chain problems included.
It is easy to give-in and can be difficult to face. Which way will you choose?
Two-ways to deal with it
There are two ways to deal with the changes that are all around the industry: to do the absolute minimum and ignore the challenges or to embrace change and be a leader in showing the way to renewed purpose and action. For one thing those in the financial services industry know: nothing is ever going to be business as usual again.
Take, for example, ESG. ESG is controversial however, its demands won’t go away; it stresses diversity and inclusion, the need for social change and a renewed commitment to the environment. True, organizations can pay ESG lip-service, or fully address the issues. In an article that appeared in the Telegram & Gazette (January 19, 2023) it was stated:
“A new rule by the U.S. Department of Labor that takes effect Jan. 30 means ESG can be considered by ‘plan fiduciaries’ when deciding where to invest retirement savings.”
Therefore, those in financial services can help companies in funds that have positive social impact and can affect change. Why is this important? Because existing and prospective employees, especially those in younger generations will be attracted to organizations with a commitment to the future and the social issues such as inclusion. In times past, these commitments may have been seen as ho-hum. In 2023, the commitment cannot be ignored,
Another major concern is the possibility of recession. Clients will demand action and not platitude or the minimum amount of commitment. The only way to address the issue is to have the determination to customer service and to meet the concerns for the future.
2023 will require the mindset to win
This year will require the mindset to win; not for yourself, but for the client, and to help the client succeed. The will to win is infectious. The will to win says that no matter what 2023 brings, whether more regulation, more demands for environmental issues, better ways of dealing with inflation and/or recession, you will be there for them.
Despite everything you have heard about AI, artificial intelligence, it is basic human grit, human compassion and human intelligence that will see your clients through. They want you to be there for them; show them your purpose. If you do, it will profit everyone.
To reach Scott Burrows, Insurance and Financial Keynote Speaker, contact Scott today by phone at: 520 – 548 – 1169 or through this website.