Recapping The Summit: Lessons from the Mountaintop

“Be the change that you wish to see in the world.”
– Mahatma Gandhi

2016-the-summit-imageWe just returned from the third Summit for Prosperity Economics Advisors, an event that my husband Todd and I host each year for professionals in our industry. We spent three-and-a-half days in beautiful Park City, Utah learning and sharing together with wonderful speakers, food, friends, weather, and more!

It takes a lot of time and effort to put on an event like this, but the energy and gratitude we get back makes it so worthwhile. Our theme this year was “Be a part of something bigger.” And indeed, something bigger than any of us is arising in The Prosperity Economics Movement. The movement is gaining momentum, and we are so proud to be a part of it.

Observations from The Summit for Advisors:

Many advisors in our circle fear a market crash and do not trust “securities” (the sentiment is that they are mis-named!) Advisors are giving up their securities licenses and supporting others to do the same.

Sometimes it felt a bit like a 12-step meeting… they way that people in the industry talk about their securities licenses! “Hi, I’m Pat, and after 13 years of selling securities, I just gave up my securities license…” (Applause and supportive comments follow.) Many advisors in our circle are either trying to give up selling securities or are proud to have already given up their securities license, even if it required a huge professional transition… which it often does.

2016-Kim-and-Todd-speakingDoing the right thing for the client matters.  Stories were shared of clients who have lost money in the stock market, and of the heartbreak, advisors felt having to tell clients they have lost money in the market (especially AFTER retirement). Our Prosperity Economics Advisors take their responsibility to help clients grow AND PROTECT their money very seriously. Many  advisors no longer find it acceptable to receive commissions or fees for subjecting their clients’ money to risk.

Doing the right thing for each other’s clients matters, too. We’ve put together a backstop succession plan, which is a legal document that will allow other advisors in the movement to help in case one of us became unable to serve our clients due to death or disability. My son, Robby, may be coming in the business someday (we hope!) and we have excellent help with Jill and Theresa, but we also wanted to make sure that our clients have the help and support they need should a “Plan B” ever became necessary. We don’t ever want to see our good work or your progress undone by an outside advisor who doesn’t understand Prosperity Economics.

Advisors are now embracing alternative investments. (By alternative investments, we mean they are outside of the typical stock, mutual fund, and bond offerings.) We are seeing advisor attitudes change as they discover the facts about alternative investments such as bridge loans, commercial financing private equity funds, life settlement funds, and other alternative investments secured by real assets.

While some advisors and agents were resistant at first (especially in years past), we see confidence and excitement soar after they hear the details and ask the nitty-gritty questions of those representing alternative investments. At last… those coming from a mutual fund or insurance-only environments feel they have true alternatives that offer profitable results for clients, without unnecessary risk.

2016-marketing-panelMore advisors are embracing video, podcasting, and webinars than ever before. We are recognizing the need to “get our message out” and the enormous need to counter the endless media messages that recognize “stocks and bonds” as the only (or the best) ways to save and invest. We know there are better options, and we want investors to know about them!

We feel proud to be making a difference. The insurance industry is NOT an easy industry to succeed in (most of us sell life insurance, some of us offer alternative investments as well). We joke that all we have to do on a plane if we wish for peace and quiet is to tell our seat mate that we sell life insurance! But the truth is also that Prosperity Economics Advisors are proud to help families in this way. Being able to deliver not just condolences, but also a sizeable check to go with it, leaves a lasting impact. We feel we are making a true difference in helping people prepare for the future, whether that future includes a college education, a dream vacation, or a legacy for loved ones.

2016-speakers-cropThis is an industry committed to the success of new advisors. Because this is not an easy business – either selling life insurance or educating people that there are better options than typical stocks, bonds, and 401(k)s – our business has a high rate of failure. 80% of those who begin the business do not succeed, long-term.

However, in our circle, mentors are springing up. Selfless support abounds. Successful advisors speak and share what’s working for them at The Summit for Prosperity Economics Advisors. Collaboration reigns and has replaced competition as our dominant paradigm. We understand that we can and we must all succeed… together.

This is an industry committed to large-scale change. We know our financial systems are broken. We understand that banks and the Federal Reserve are not the pillars we have been led to believe they are. We know that our economy is more fragile than most people realize. And we want to make a difference that enables everyday Americans to build and keep their wealth, unencumbered by market crashes, financial crisis, and government rules, regulations, and taxes.

We want everyday Americans to be able to grow and save their money safely, to use and enjoy their wealth, and to pass legacies on to future generations and the causes that they care about. We are Prosperity Economics Advisors!

Want to Learn More about Prosperity Economics?

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2 thoughts on “Recapping The Summit: Lessons from the Mountaintop”

  1. I was fortunate to open my own RIA back in 2011. I hung up my Series 7 forever. Recently, the company I used to set up my RIA warned me against dropping securities from my offering. They warned that more and more states have a problem with non-securities RIAs, and seek to shut them down due to non-compliance issues. In offering non-registered investments to accredited investor clients, what are (or could be) some of the pitfalls I should be aware of, in your opinion?

    1. Hi Frank, I apologize for the late reply, I was out of town when you left the comment, and now Kim is out of town… however, I have passed along your comment and question to Kim’s email, which she will receive when she returns (if not sooner.)

      And I’ll give a HUGE plug for The Summit… Your question is exactly the kind of thing we can discuss there, not only with some of the speakers (who represent alternative investments), but also around the lunch and dinner tables.

      I can only tell you that no one is trying to shut us or our partners down, however, I know that Kim (and her lawyer) do their due diligence.

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