How Innovation Helps The Business AND Customer- Episode 338

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[00:01] Welcome to the Prosperity Podcast. In this episode of the Prosperity Podcast, we’re going to be talking about some of the latest innovations in science and technology and how you can use that to better your life and your finances and live a more prosperous life. This comes from an article from two people that you admire highly, and do you want to tell us who those people are and then we’ll set the stage? Yes. The first is Peter Diamandis, who has a book coming out that I’m super excited about. One of many, actually. He’s got a couple already out. Peter is a longtime mentor of mine, somebody that I follow in specifically in the technological space about what’s happening in the next two or three or four years.

[00:51] He talks about 10 and 20 years out as well, but he’s really, really focused on helping business owners be prepared for the technology that’s in the next two to three years. He has an event every year called Abundance 360 that I attend either physically or virtually and love, love, love his information and the way that he uses the information and helps us use it as well. The second person is Dan Sullivan, who is probably how I met Peter now that I think about it. He’s such a creator of good in the world as an entrepreneur coach and somebody that I’ve been working with as a attendee in his programs as a business owner, but then also somebody that I coach for, I use their content in particular groups that they ask

[01:39] me to share it with, and that’s a joy to do as well. Of course, you always learn better when you have to teach the information, so it’s a win-win for me as well. I think it’s really vital for us to understand why we set the stage of this episode this way of understanding who Peter and Dan Sullivan are. The reason why is because who you associate with is who you become. You’ll notice that Kim was really specific in explaining who Peter was and how he’s been a mentor in the technology space. In many ways in our lives, we need to find different mentors and you could look and say, I want to have Elon Musk be my mentor for innovation in the automobile industry or the solar industry or whatever that may be.

[02:26] Finding those specific people really help. Now, here’s why we set that stage is because we’re talking about the future and the most cutting edge things. And luckily, you’re listening to a podcast and a podcast isn’t like a book that was written a year ago and then took months to get edited and then took months to get published and then put out there. This is real. This is something that we’re doing right away. So first off, Kim, how are you viewing innovation in the financial industry? What are you doing to stay at the top? And then we’re going to talk about this. I’m so excited that I believe the financial industry is slowly, slowly helping our society get clear on the difference between advice and implementation and

[03:15] advice is designed and it should be coming from someone that has a fiduciary duty to the client, meaning that they will put the client’s interests above their own under all circumstances. And ideally, you would hope that everybody was operating that way all the time. And let’s trust that they are. Yet there is a license and a process that some financial advisors go through that sets them apart in this area. And it’s having the Series 65 and being a part of a registered investment advisory firm, specifically, though, an RIA firm that can charge a fee for advice that is not only charging a fee for assets under management. And I think the financial industry for way, way too long combined what they

[04:08] call financial planning. And let’s forget for a minute that I’m not a fan of that, nor do I think that’s a helpful thing at all. Nevertheless, they combined financial planning with assets under management. And it cheapened the act of the advice, because the financial planning part is typically the advice, not always. But by combining them, it cheapened it. And that’s a shame. Our firm has chosen to set those apart. And it’s so valuable to be able to do that. It is so important because first of all, not every client wants advice. Some people truly just need implementation. They have money. They want to save it. They have money. They need to invest it. Let’s get it implemented. Done. That’s truly the relationship that some people want.

[05:00] Other people want the ability to have the advice. And maybe they also implement. Maybe they don’t implement. And either way is fine. And yet, the industry has not made this clear. And I think it is finally starting to do so. You know, almost more the way that we can look at it is that you’re creating a family legacy more so than just implementing. And we’ll get into that in a different episode. But you have the skills and the ability and the knowledge to be able to implement and you have the advice. And hopefully over time with the podcast episodes, the books, blogs that are written, this information is going to impact generationally. So let’s talk about the innovations that are happening. And this is what’s amazing.

[05:52] And we’re going to leave a link inside of this podcast episode. But the technology is making these major leaps. And so here’s a major leak in the industry. And now in communication, you can wear and you probably understand this better than I do, but it’s like a call it a pad, a sensor pad. Is that right, Kim? Yeah. OK. So you can wear the sensor pad and imagine doing like a Skype phone call and talking with a lost long lost relative that you finally connect with. And now you see each other over Skype and you’re thousands of miles away and you want to give that person a hug. Well, this sensor pad, it’s almost as though they’re reaching through the screen and you can feel that sensation and they’re enabling

[06:39] this long distance, more of an intimate type of communication. So for me, as the co-host of this podcast, I’m always looking for innovations and technology in other industries and seeing how we can pull that into this industry. And that makes me think, OK, so for Kim, how is she helping listeners or how is she helping clients? And it’s, well, the books, the podcast, the blog posts. What other things are you doing and how are you innovating? How are you setting yourself apart from everyone else? Well, what has always been interesting to me about podcasts in particular and also the audio books is the impact of the human voice on a prospect. And I think it’s even more impactful than a camera and or a YouTube.

[07:36] So like a camera, like a live Skype call or Zoom call and or a YouTube video, because you one would have thought that the video or the camera would have had a little bit more of an impact on people. But I don’t think it does. And part of it is because it’s too distracting. When you’re watching somebody on camera, you’re looking at their jewelry, their glasses aren’t quite straight. What’s that thing behind them? It’s very, very distracting. But when it’s just the voice, it enables people to really narrow in and focus. Now, this is probably true, I’m guessing, for maybe 60, 70 percent of society. However, there are some people that absolutely positively need to touch things before they feel confident in them or will take action around them.

[08:29] And I know this to a certain degree because of my husband, who’s an eight implementer on the Colby profile. If you don’t know about Colby, dig around in our podcast work. We’ve got a couple of episodes on it. Spencer, that would be a great one for you and I to do in the future. Colby.com, K-O-L-B-E, B as in boy, K-O-L-B-E.com is $55. Now, it used to be $50. Frankly, they should charge $100. It’s the most valuable tool that you can use to learn things about yourself. And one of the things that I know about Todd because of his eight implementer, he’s 6-3-3-8, is that he must touch things to learn about them or to be confident in them. And the word implementer is not a verb. It’s a noun like implements.

[09:15] And so I have a fun challenge for our listeners. Ooh, let’s hear it. I would love to know what are some good ideas for a tangible representation of the intangible product that we all know and love so well called a whole life insurance policy because circling back to your sensor that Peter Diamandis helped us learn about, for some people, they need that handshake, that pat on the back or the touch of the shoulder in order to feel confident about anything, about a person, about a particular investment, about taking a step. And so I’m well aware that though there are not many, there are a few people that we miss because the bulk of our work is verbal. And of course, it is even further complicated by the fact that the bulk of our work is intangible.

[10:25] I mean, yeah, you get a physical policy, but believe me, that thing gets thrown in the drawer and never looked at again. I’m not sure why they send them. And so I would love for our listeners to brainstorm with us what could we use as a physical, tangible representation of a life insurance policy, one that will serve that family sometimes for over 100 years. I mean, Spencer, you’re working on insurance for kids that are in their high school and even middle school ages. That policy piece of cake is going to last 100 years, if not maybe 110, 120. And so it is so important that we help people have a sense of the longevity and the purposeness and the purposefulness and the concreteness of these life insurance policies, all of which are intangible

[11:28] and very, very hard to make in a physical representation. What a challenge. Definitely we would love to hear that feedback from the audience. You know, it’s kind of interesting that here it is that we’re having this conversation around innovation and these innovative industries and what’s happening in the future. Yet here we are talking about life insurance and life insurance is something that’s been around for hundreds and hundreds of years. What it is is that there are things within innovation that are constant and things of constant that we can continue to hold onto and that’s nice. It’s kind of like when we always talk about savings, like if we only talked about investments and not the foundation of savings,

[12:19] then when the tide turns, it’s going to be difficult for others. And so when we talk about this innovation, we realize that there’s some massive innovation in the life insurance world and you as running the prosperity movement, you get to be innovative and help out these people. So it’s a lesson on both sides that we’re getting today. Well, it is fun when we talk about innovation and change and the massive amount and the speedy pace at which change is happening in our world right now. It’s always fun to ask the opposite question, which is what doesn’t change? What isn’t changing? And how nice that we have one that isn’t. If I recall, Dan Sullivan said that he’s more interested in what’s not going to change in 20 years from now

[13:08] versus what’s going to change. Probably and Dan’s Colby is two, two, 10, five, I think or four or six, something like that. And that’s indicative of somebody that actually embraces change and loves change and is happy to jump into change. And yet, because he deals with entrepreneurs, which are people, human beings, he knows that there is a lot of value in what doesn’t change because there is a lot of the human experience that isn’t going to change, even though there clearly is massive amounts of it that will. I mean, how cool will it be when we can give a hug to our child or grandchild long distance? Wow. Well, very helpful. And for listeners, we would love for you to provide feedback. What that tangible piece looks like to you

[13:53] as far as life insurance, share that with us and send an email to hello at partnersforprosperity.com. And then also let us know how we can continue to innovate for you. We’re looking always for ways that we can be on the cutting edge. And that’s why we’re reading and we’re constantly associating with the best people and the brightest minds. And we’re trying to share that with you on this weekly podcast. And we really want to thank you for investing your time with us today. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit us at partnersforprosperity.com. If you liked this episode, make sure you subscribe and leave a review.