AdvantEdge - World Financial Group
Transcription
AdvantEdge - World Financial Group
Think and Grow Rich NO GLASS CEILING , JUST BLUE SKY Nightingale-Conant’s AdvantEdge GET THE EDGE AT WORK AND IN LIFE FROM DREAMING TO DOING WORLD FINANCIAL GROUP IS HELPING ENTREPRENEURS MOVE FROM DREAMING TO DOING p48 PLUS: USE THE SAME FINANCIAL TOOLS AS THE SUCCESSFUL DO p16 Tom Mathews World Financial Group Duluth, GA $4.95 USA VOLUME C, ISSUE 24 www.advantedgemag.com $6.95 CANADA 'UHDP X X X ª 8PSME 'JOBODJBM (SPVQ *OD %LJ %FDBVTFUIBUTUIFPOMZXBZUPXJOCJH+VTUBTL$BSM&EXBSET )FMMUFMMZPVBEJSUUSBDLXBTOUUIFPOMZUIJOHIFTBXUISPVHIIJT mSTUXJOETIJFME )FTBXIJTGVUVSFo BMJGFNPWJOHBUUIFTQFFEPGESFBNT "U8PSME'JOBODJBM(SPVQXFESFBNCJHUPP'PSZPV&WFSZ EBZXFIFMQNJEEMFJODPNFGBNJMJFTQMBOGPSUIFJSmOBODJBMGVUVSFT UPNPWFUIFNUPXBSEUIFJSESFBNT#JHMJUUMFPSTPNFXIFSFJO CFUXFFO5FMMVTZPVSESFBNTBOEXFMMXPSLUPIFMQZPVHFUUIFSF Êv>ÞÊivÌÊLi `°Ò X P S M E G J O B O D J B M H SP V Q D P N $BSM &EXBSET OBNF BOEPS MJLFOFTT VTFE CZ BVUIPSJUZ PG 3PVTI 3BDJOH -JWPOJB .* contents Nightingale-Conant's AdvantEdge Vol. C, No. 24 Features 48 38 Lloyd Conant: This I Believe Lloyd Victor Conant had the vision to create a company with the sole purpose to empower people to succeed. He believed that in each of us lies the unawakened strength to live the life we most desire ... and he was right. In this rare interview, learn this humble entrepreneur’s powerful philosophies on service, teamwork, idea generation, and the journey to success — which have been the foundation of Nightingale-Conant for over 40 years. 48 From Dreaming to Doing® How World Financial Group is transforming the face of financial services and empowering entrepreneurs across North America to move from dreaming big dreams to living big dreams. By Sheila Lothian 54 Think and Grow Rich Napoleon Hill has arguably influenced the success of more men and women than any other person in history. Steel magnate Andrew Carnegie was so impressed with Napoleon as a young reporter, that he convinced Hill to research and organize the world’s first philosophy of individual achievement. The project took 20 years to complete and included insights from such greats as Thomas Edison, Henry Ford, and President Roosevelt. The result was a proven formula of 13 clearly delineated success principles,which has since changed the lives of millions — and made Napoleon Hill a legend for all time. 62 The Strangest Secret 62 Know what will happen to 100 individuals who start even at the age of 25, and who believe they will be successful? By the age of 65, only five out of 100 will make the grade! Why do so many fail? What happened to the sparkle that was there when they were 25? What became of their dreams, their hopes, their plans ... and why is there such a large disparity between what these people intended to do and what they actually accomplished? That is ... The Strangest Secret. By Earl Nightingale 84 The Death of Impossibility The Wright brothers achieved more than a technological breakthrough when they conquered flight on December 17, 1903 — they redefined “possibility” for all of us. Apply the seven problem-solving principles the Wright brothers used over 100 years ago to break free from the impossibilities in your life. By Mark Eppler, Author, The Wright Way 84 www.advantedgemag.com AdvantEdge 5 contents Nightingale-Conant's AdvantEdge Vol. C, No. 24 Professional Edge 16 No Family Left Behind™ 16 Bringing Wall Street to Main Street, and making sure that on the road to financial freedom, no family is left behind. 24 The Company of Women (No Glass Ceiling, Just Blue Sky SM) World Financial Group is giving women all they’ve ever asked for: A 100% equal opportunity to change their futures. By Sheila Lothian 30 Failure Is a Choice Made by the Undisciplined Failing to meet your objectives, regardless of what they are, is a choice, because something else has been given higher priority. If you fail, it is because you choose to fail. By Vic Conant Personal Improvement 72 Success Is Not an Entitlement Success is not an entitlement. It is not a “right” or a “claim” that we should simply get. Success is earned. By Ivan R. Misner, Ph.D. 76 It’s Easy to Earn Money Most people spend their entire lives trading their time for money and never amass the financial fortune available to them. They never invest the time to learn the basics of how to multiply their income. By Bob Proctor 24 Insights 13 14 22 29 34 66 90 Some Day ... If Only ... The River or the Goal/Tips for Setting Goals Perceptions of Success Avoiding Futile Competition Autograph Your Career and Your Life With Excellence Escape the Culture of Complaint Don’t Follow the Follower Departments 8 20 46 68 80 Letter from the Editor CEO Dad Coach’s Corner Simple Truths Inspiring Quotes Editorial contributions must be submitted by mail (not fax or email) and accompanied by return postage. Publisher assumes no responsibility for return or safety of unsolicited art, photos, manuscripts, books, or audioor videocassettes. AdvantEdge is published at least six times per year. AdvantEdge magazine, Nightingale-Conant, 6245 West Howard St, Niles, IL 60714. Copyright © 2005 by Nightingale-Conant. All rights reserved. AdvantEdge™ is a registered trademark. One-year subscription rate for U.S.: $19.95; Canada: $31.95; all other countries, two-year subscription rate: $89.95 (cash orders only, payable in U.S. currency) POSTMASTER: Please send address changes to AdvantEdge, Nightingale-Conant, 6245 West Howard St., Niles, IL 60714. Permission Material in this publication may not be reproduced in any form without written permission. Requests for permission must be made by mail in writing, must include a self-addressed, stamped envelope, and should be mailed to: Reprints and Permissions, AdvantEdge™, 6245 West Howard St., Niles, IL 60714. Allow three weeks for reprint request response. There will be a minimum $100 fee for each reprint requested. Reprint requests transmitted by facsimile or email cannot be honored. PRINTED IN THE U.S.A. 6 AdvantEdge www.advantedgemag.com letter from the editor ur mission is to continually connect you with the world’s most powerful success information, giving you the Edge at work and in life. O RESPECT PEOPLE, MAKE MONEY, HAVE FUN Welcome to another powerful issue of AdvantEdge. Every once in a while a new idea comes to an old market and changes everything. In this issue, I am thrilled to introduce a very unique company that is doing just that. On the surface World Financial Group, a member of the $320 Billion AEGON Group, might appear to be just another financial services firm, but with a closer look it is apparent they are much more — a rare blend of old-school financial advice and revolutionary practices that focus on empowering and enabling both their clients and employees to move from dreaming… to doing. Their secret: a culture that focuses on opportunity rather than obstacles. Where competitors see problems, WFG finds success. When I first learned of this “focus on opportunity,” I was reminded of a lesson that I learned in college at Lafayette in Easton, Pennsylvania. My freshman year, I had taken up mountain biking, and my first weeks of riding on the steep, rocky Appalachian Trail were met with several brutal falls. After my third or fourth perilous tumble down a rocky slope, one of the gentlemen in my group, the most experienced rider, pulled me aside and asked me a question I have never forgotten. He asked, "When you're riding down a hill like this, what are you looking at?" I looked at him and said, "I'm trying not to hit a big rock or those trees!" He then looked at me and smiled and said, "That's your problem. Don't look at the rocks you are trying to avoid; look at the space between the rocks, where you want to go. The bike will follow what you are focusing on." I did use his advice and managed to become a very accomplished mountain biker. However, his advice had far greater implications for me than just for mountain biking. I have always carried that lesson with me as an interesting metaphor for success. So often, we fail because we never take our eyes off the obstacles (the rocks) long enough to see the opportunities (the spaces between the rocks). World Financial Group exemplifies this idea. They don’t see the rocks that most companies see; they see the space (the opportunities) between the rocks. Here are just a few of the opportunities they have found where most only see boulders. Office politics: In order for most large companies to control their staffs, complex political structures are used which sap enthusiasm and deflate employees’ hope of achieving greatness. WFG looks between those rocks and lets their people operate like entrepreneurs within company – free to succeed as they please, based solely on performance. (see From Dreaming to Doing, p48). The glass ceiling: Many companies are trying to tear down the long-standing “glass ceiling” that has prevented so many women from reaching the top. WFG is not tearing the glass ceiling down because it never existed. They looked between those rocks long ago and realized that the space between was enormous opportunity. By creating a structure that empowers women to utilize their unique talents and drive, WFG gains a competitive advantage in the marketplace. (see The Company of Women, p24). The rich get richer: As many of the top investment firms steer their brokers away from serving low and middle income families, to focus on helping the rich get richer, WFG sees vast opportunity. In fact, WFG has built their entire company around providing the same financial advice, tools, services and personal care available to the rich, to every family, regardless of income. (see No Family Left Behind, p16). Each of our ability to succeed in life is dependent on our ability to focus on the opportunities, regardless of how large and frightening the obstacles are. World Financial Group is a rare company that helps everyone from employees and associates to customers and clients stay focused on those opportunities … and helps them avoid the rocks. Enjoy another powerful issue of AdvantEdge! Carson V. Conant Editor in Chief, AdvantEdge [email protected] 8 AdvantEdge www.advantedgemag.com professional edge No Family Left ™ Behind Bringing Wall Street to Main Street, and making sure that on the road to financial freedom, no family is left behind. “B y making every citizen an agent of his or her own destiny, we will give our fellow Americans greater freedom from want and fear and make society more prosperous and just and equal” President George W. Bush declared in his inaugural address earlier this year. Every day in a variety of ways, Americans and Canadians struggle to attain this freedom from fear and want. While the paths to this freedom are many, the ability to choose the kind of lives we wish to lead for ourselves and for our children can grow from one important source — personal financial independence. The lottery or the death of a rich old uncle notwithstanding, as an agent of our own destiny, we may seek personal financial freedom as an employee, as a self-employed person or as an entrepreneur business owner. However, in order to create wealth regardless of the source or amount of our income, we should consider becoming an investor. Since the vast majority of us are employees and without hefty stock options granted and exercised before the tech bubble burst, we may only achieve the goal of personal financial freedom through astute investing. How do we become an astute investor when so many of us live paycheck to paycheck, over-laden with debt and with little or no security net? 16 AdvantEdge www.advantedgemag.com Bringing Wall Street to Main Street A recent Wall Street Journal article1 confirmed what most people already know: by and large, Wall Street is not interested in the little guy, or even the average guy. In fact, at a time when average families need good financial information, knowledge and advice more than ever, many of the big brokerage firms are ratcheting up their efforts to turn them away. Case in point: In a blatant bid to eliminate less-profitable clients, three of the biggest Wall Street firms have recently eliminated commissions on accounts under $100,000. With no incentive for servicing smaller investors, brokers for these firms have no choice but to abandon lower and middle-income clients in favor of wealthier accounts. Their small investors are left to figure things out for themselves on websites or through call centers, where they receive limited, if any, knowledgeable financial advice. The American Dream, A Myth? America has long held the distinction as the land of boundless opportunity, where a person’s family background and social or economic status placed no limits on their ability to achieve financial success. It has a history peppered with many rags-to riches stories, from Benjamin Franklin and Henry Ford to Warren Buffett and Bill Gates. Men, who through hard work and a little luck, climbed to the highest rungs of the economic ladder. But do the facts support this image today? Is hard work enough? The gap between the rich and poor has widened significantly since 1970, but the odds that a child born in poverty will rise above their parents’ economic class remains unchanged for the last 35 years.2 Further, the richest 10% of the U.S. population own more than 88% of the stock in individual hands, according to Federal Reserve data from 2001. To continue the illusion of living the American dream, many have turned to debt to finance lifestyles their current incomes cannot support in order to enjoy an existence better than their parents. Since 1990, median American household income has inched upwards only 11% after adjusting for inflation, while median household spending has increased by 30%, according to an analysis by Economy.com. Median household debt outstanding, in the meantime, has leaped by 80%. In the battle to keep pace with the wealthy, outstanding household debt doubled to more than $10 trillion between 1992 and 2004 (after adjusting for inflation)3. Some economists fear that rising interest rates, sluggish wage growth and the threat of a housing bubble burst may force many over-extended people into bankruptcy in the years to come. President Bush added that “In America's ideal of freedom, citizens find the dignity and security of economic independence, instead of laboring on the edge of subsistence.” No Family Left Behind™ World Financial Group (WFG), a member of the AEGON Group with over $320 Billion4 in assets, takes a holistic view in helping families build wealth and has already helped hundreds of thousands of people profit from the strategies of the rich, and their charge continues today. Their mission is simple: To help people become financially independent no matter what their income so that No family is left behind. Taking advantage of the products and services available through its affiliates, World Financial Group walks its customers, regardless of their current financial situation, through a six step process to increase cash flow, manage debt, create an emergency fund, ensure proper protection, build long-term asset accumulation and preserve their estate. From helping to identify more available money to developing debt solutions, from home mortgages to investments to finance a vacation home away from home, from saving for your children’s college education to setting up investment vehicles for your grandchildren’s education, from protecting your family should you die too soon to accumulating sufficient retirement funds should you live a long and happy life, WFG associates stand behind their customers. “Building a secure financial future isn’t about having a lot of money,” says Senior Executive Vice Chairman Ed Mylett. “It’s about doing the right things with the money you have. That’s what changes a person’s life. All you need is someone to sit down with you and show you how to do it.” That kind of personal, one-on-one conversation is the first step in the WFG associate-client process, and it enables WFG to understand their client’s point of view and meet their needs in a way few financial services companies can match. As clients begin a savings program, WFG is sensitive to their time horizon and tolerance for risk. Based on these factors, WFG is able to offer the beginning saver a wide choice of fixed and indexed insurance products that put them on track to achieving their financial goals. Further, through its registered broker-dealers, clients are educated about investing in equity-based investment products, like mutual funds, unit investment trusts, 529 plans and variable annuities. For those clients who want to protect their families and make the most of their investment dollars, WFG’s broker-dealer affiliate, World Group Securities, Inc., also provides variable universal life insurance products that offer an extraordinary opportunity to couple that protection with equity investments on a tax-advantaged basis. Life insurance does not have to be only “death insurance” as so many are conditioned to believe. The benefits of these policies, subject to applicable fees and charges, are fully available during the lifetime of the insured person, however, it also provides the added protection and security of death benefits for your family, even if you die tomorrow, and it allows you the opportunity to build real wealth without unnecessary income taxes. “WFG recognizes that the path to financial independence is a journey for our clients and that along the way; there is a point (approximately $25,000 in “Building a secure financial future isn’t about having a lot of money,” says Senior Executive Vice Chairman Ed Mylett. “It’s about doing the right things with the money you have. That’s what changes a person’s life. All you need is someone to sit down with you and show you how to do it.” That kind of personal, one-on-one conversation is the first step in the WFG associate-client process, and it enables WFG to understand their client’s point of view and meet their needs in a way few financial services companies can match. 18 AdvantEdge www.advantedgemag.com investment assets) at which the client becomes a true investor as opposed to focusing primarily on saving,” says Senior Executive Vice Chairman Dean Fliss. “Many clients at this stage are looking for active management of their portfolio in order to minimize downside risk as an alternative to traditional ‘buy and hold’ methods of investing.” The registered investment advisor program through another WFG affiliate is able to provide these clients with fee-based programs that monitor accounts on a daily basis as a part of an investment strategy customized for their risk tolerance. Working with each client through an in-depth financial needs analysis, WFG associates help families identify their specific needs, goals and priorities, then provide the financial concepts and tools necessary to meet those needs, attain those goals and maintain those priorities. In keeping with its mission to help families become financially independent, WFG empowers its clients to become the agents of their own destiny on their way to freedom from want and fear. n To learn more about World Financial Group, please visit www.worldfinancialgroup.com today. 1 Wall Street Snubs Small Accounts, Wall Street Journal, February 17, 2005 2 As Rich-Poor Gap Widens in the U.S, Class Nobility Stalls, Wall Street Journal, May 13, 2005 3 Lagging Behind the Wealthy, Many Use Debt to Catch Up, Wall Street Journal, May 17, 2005 4 USD, According to the 2004 AEGON Annual Report (www.aegon.com) Securities offered through World Group Securities, Inc. (WGS), member NASD, SIPC. Investment advisory services offered through InterSecurities, Inc., a Registered Investment Advisor. WFG, WGS, WFGIA, and ISI are affiliated companies. There is no assurance that investment objectives will be achieved. Investment products contain risk. Mutual funds, variable annuities and variable universal life insurance are sold by prospectus. Please contact WGS at 770-453-9300 for a prospectus that contains complete information, including fees, investment objectives, surrender charges, risks, expenses, performance information and other information about the mutual fund, variable annuity or variable universal life insurance policy. Please carefully consider all these important factors and read the prospectus carefully before investing. Variable product subaccounts are subject to market risk and may lose value. professional edge The Company of Women By Sheila Lothian World Financial Group is giving women all they’ve ever asked for: A 100% equal opportunity to change their futures. Y Women are the world's largest market. They account for 80% of all spending by U.S. households, account for 70% of new business startups, and control over half the private wealth in the United States. ou don’t want to believe it. You tell yourself it can’t be true, that it’s a relic of a day gone by. But if you’re a woman who has spent any time in the business world, chances are you’ve come up against it: The proverbial “glass ceiling” that keeps you from reaching the highest levels of professional success … simply because you’re a woman. There’s no question that genderbased workplace inequality should be a thing of the past. After all, the workforce includes more women than ever before, contributing at higher and higher levels and fueled by tremendous ambition and a powerful drive to succeed. Yet recent statistics show that a startling disparity between a woman’s success in business and that of her male counterparts still exists. • Women make up more than half of the managerial and professional labor pool, but only account for a little more than 1% of all Fortune 500 chief executives* • American women make 83% of consumer purchases and comprise 51% of the electorate, yet … 24 AdvantEdge www.advantedgemag.com • Only 63 of the top 2,500 earners at Fortune 500 companies are women* • Only 8 percent of partners at Big Five accounting firms are women* • Only 14 percent of partners in America’s top 250 law firms are women* Those statistics offer a glimpse of the cold, hard reality that confronts many women on a daily basis. “Most companies have not dispelled myths about women's commitment, about their risk quotient, willingness to relocate, and ability to manage men or run a manufacturing operation” says Betty Spence, President of the National Association of Female Executives (NAFE)*, “so women do not get offered the opportunities that lead to the corner office.” Indeed, terms with negative connotations are used today to describe women whose career path includes raising a family. What is missing in so many organizations, it seems, is a truly level playing field. An opportunity for women to be evaluated and to advance solely on the basis of their performance, without reference to their gender, age, previous career experience, or lack of it. Under such unbiased conditions, women would inevitably soar to the top in record numbers. In support, consider what is happening to many women who have become disillusioned with the corporate world. The same talents and skills that have been undervalued and, hence, under-rewarded in large corporations and professional firms have led women to become among the most successful entrepreneurs in the country today. Women-owned businesses are growing at twice the rate of all U.S. firms. One in every 11 adult women owns a business. More than 18 million workers are employed by a woman business owner. Women entrepreneurs generate nearly $2.3 trillion in revenues to the U.S. economy. One in five women-owned businesses is owned by one or more women of color. One company, however, stands out as melding the best of both worlds — providing a genuine equal-opportunity experience for its home office employees and for its entrepreneurial independent associates. And it’s thriving right in the middle of what has long been considered the ultimate “boys’ club” — the financial services industry. A World Away From Business As Usual World Financial Group, Inc. (WFG) is a financial services marketing company whose mission, structure, and work environment are anything but business-as-usual. Founded with the purpose of bringing the financial strategies of the wealthy to middleincome families, WFG has empowered more than a million North American families to take control of their financial futures and build the life of their dreams. But within its own walls, WFG has created something else unique in the field of Financial Services: A business environment in which women face absolutely no external obstacles to success. In fact they have taken a proactive stance, recognizing that women’s innate strengths — an instinctive focus on teamwork, relationshipbuilding ability, the inclination to seek more information when making decisions — are actually tailor-made for the service-oriented financial arena. Over a year ago, the company took the unprecedented stance of highlighting this hidden strength through its women’s initiative, named “In the Company of Women.” While several financial services companies are waking up to the need to market to women, In the Company of Women is not an experiment or new marketing gimmick aimed at a niche market segment. Rather, this program serves as the identity given to a fundamental principle of WFG — everyone receives the same chance to succeed, and success is recognized based solely on performance. According to Spence, its lack of targeted training — not lack of ambition — that blocks women's advancement to the highest ranks of corporate America. To answer that challenge, WFG offers comprehensive training programs designed to thoroughly equip all of its associates for a career in financial services, right down to licensing and registration preparation. “Our training programs give anyone the knowledge and expertise to build a fantastic career. All they need to bring to the equation is the drive to succeed,” says WFG’s Judy Hsiao. Another obstacle hindering women in the corporate ranks is the lack of The high level of flexibility so many women are seeking has been an essential part of WFG’s philosophy from the very start. WFG associates have the freedom to choose where they work, when they work, and how much they work. ... For women, all of this translates into an opportunity to build a career around their lives, instead of being forced to build their lives around their careers. 26 AdvantEdge www.advantedgemag.com mentors. Anyone successful will tell you how important it is to have a role model. With so few women in corporate leadership positions, the persistence of hold-over biases and unfounded assumptions about career-oriented women, as well as the sometimes overly cautious litigation-led concerns about male — female relationships in the workplace, women are left with few, if any, options in finding a mentor, male or female, to help guide their careers. At WFG, women and men leaders commit to mentoring the members of their team, regardless of gender, over the long term. The cycle continues as the mentored become the mentors of tomorrow as they build their teams and businesses. As WFG’s impressive (and growing) ranks of female executives and associates are proving, women and Financial Services make a winning combination — one that gives WFG an advantage over their closed-minded competitors. Eliminating the Experience Gap One of the most common obstacles many women face in their quest for professional success is career discontinuity. Women who reenter the workforce after taking time off to raise their children, or who decide to make a mid-life career transition, often find themselves at the bottom of the ladder, facing a near-insurmountable gap in experience and seniority This ubiquitous barrier to women’s success hasn’t been “broken down” at WFG — it simply never existed there. “World Financial Group was built on the philosophy that potential, not present circumstances, should be a person’s entrée into a job — and that performance, not politics, should be the sole determinant of success in that job,” says WFG CEO, Tim Stonehocker. WFG’s Marcy Blochowiak, one of many success stories, was a flight attendant when she first learned about WFG. “Initially I thought, ‘Who would ever want to learn about money from a flight attendant?’ But WFG taught me to look beyond labels and tap into my potential to learn the financial services business and change my life.” Today, Blochowiak is the author of a book which gives women a guide to making the transition from employee to entrepreneur and building great teams. Her story is a common one at WFG, where thousands of women from all walks of life — from social workers to teachers to stay-at-home moms — have launched exciting, lucrative, selfdirected careers as independent associates, helping families plan for their financial futures while helping themselves and their families in the process. These women have joined WFG for a very simple reason: they want it all, and with WFG, they’ve found they can have it all. Freedom, Flexibility, and Financial Abundance The “all” that women today are searching for comes down to one thing: fulfillment. Fulfillment in their personal and business lives, but also fulfillment in championing a noble cause: helping people around the world achieve financial independence. Presented with the all-or-nothing choice between a successful career and a fulfilling home life, more and more women are pioneering a third way, forging new paths to their dreams on their own terms as home-based entrepreneurs. In fact, a recent study found that women often start companies to better balance their work and family lives, rather than to get rich*. The high level of flexibility so many women are seeking has been an essential part of WFG’s philosophy from the very start. WFG associates have the freedom to choose where they work, when they work, and how much they work. And, by providing financial information to women and their families, WFG women help others attain their own freedom of choice. What’s more, by providing independent associates with the marketing and administrative muscle of its Executive Headquarters, as well as ongoing support from a network of experienced field leaders, WFG enables women to make this leap to business ownership without the usual risks of starting a new business. “They are in business for themselves, but not by themselves,” says, WFG’s Dina Fliss, “which makes all the difference to a new business’ success.” For women, all of this translates into an opportunity to build a career around their lives, instead of being forced to build their lives around their careers. Attracted by that opportunity, women who join WFG are delighted to discover that a satisfying job and a Why All the Fuss? Why Now? Simply put: Women are the world's largest market. They account for 80% of all spending by U.S. households. They account for 70% of new business startups. They control over half the private wealth in the United States. It should be clear the fuss is justified and worth the effort. Although women make up “only” 51% of the United States population, they are the sole or primary decision makers for just about every household (and increasingly business) purchase. Earnings power and wealth ownership are only part of the story, then: spending tells the tale. Yet, in a recent study, 91% of the women questioned said advertisers don't understand them. (Greenfield Online for Arnold's Women's Insight Team). Frankly, in light of the power packed in women today, the fuss is not big enough. The challenge for marketers is to understand today's woman customer well enough to help meet her needs, the wisdom to communicate in ways that resonate with her cares and concerns, and the patience to build a relationship rather than seal the immediate deal. The first to do this in your industry will make not only today's sale, but tomorrow's as well. Isn't that worth some fuss on your part? It should be. Women, who comprise just over 50% of the U.S. population, make over 80% of the consumer purchasing decisions? (And in case you're wondering, consumer spending accounts for 2/3 of GNP, so that's hardly peanuts!) Moreover, because of their entry into the workplace over the past 30 years, and their rapidly accelerating income and ownership base, women are increasingly dominant in categories not traditionally marketed to them, including cars, computers, financial services, home improvement and consumer electronics. How knowledgeable are you about how women make decisions, what motivates their purchases, and how they respond to marketing differently than men? Women own 40% of all businesses in the US, employ 19.1 million people and generate $2.5 trillion in sales. What are you doing to reach the women entrepreneurs who have been starting 70% of all new businesses for the past decade and driving the market for Small Office/Home Office equipment, supplies and communications technology? Women will acquire over 90% of the growth in U.S. private wealth between now and 2010? Have you thought about how women will become an increasing proportion of the U.S. affluent population as the Baby Boom ages? Are you reaching out to these consumers and investors, or are you doing business as usual — marketing to men (and leaving the women to your competition)? Source: Marti Barletta, Author of Marketing to Women (www.trendsight.com) healthy home life don’t have to come at the expense of a high income. With nothing to hold them back but the limits of their imagination and ambition, these women are earning more than ever before. With WFG, they’ve found a way around the glass ceiling … and discovered that what lies beyond it is nothing but blue sky. As famous female author George Eliot once said, “It’s never too late to be what you might have been.” n Sources: www.womenof.com, ©1997-2004 www.thecompanyofwomen.com www.advantedgemag.com AdvantEdge 27 From DREAMING to DOING ® How World Financial Group is transforming the face of financial services and empowering entrepreneurs across North America to move from dreaming big dreams to living big dreams. By Sheila Lothian 48 AdvantEdge www.advantedgemag.com O nce in a while, a new idea comes to an old industry and completely transforms the way that industry does business. Wal-Mart revolutionized merchandising. McDonald’s revolutionized fast food. Starbucks revo- lutionized coffee. These mavericks defied logic and democratized the marketplace by making quality, in-demand products convenient, affordable, and available to the masses — from the student who wants a latte to the CEO who needs Tide™. The elite world of financial services is the latest institution to get this shakedown. World Financial Group is one of the visionary companies leading this revolution, and forever changing the way ordinary people understand and use money and positively transforming the financial futures of tens of thousands of people across North America and around the world. The mission of World Financial Group (WFG) is powerful, simple, and in the realm of financial services, remarkably original: To bring widespread financial education to middle-income families, and empower them with the information and opportunities to achieve lifelong financial independence and the ability to lead the successful life they desire. Continued on Page 50 www.advantedgemag.com AdvantEdge 49 Continued from Page 49 Once upon a time, it was possible for a working family to build a solvent, successful life on a modest income. Before the dawn of the age of credit and cash machines, spending was easier to regulate and saving was an ingrained habit. Affordable education opportunities abounded for those who had the interest and the commitment — a young student could literally pay his way through school by working a part-time job. Most companies provided employees with a pension that a person could count on to sustain them through their retirement years. Today, it’s a different story. The cost of living continues to rise. Expensive items like cell phones and computers, those once-overlooked people have been empowered to climb out of debt, begin savings plans, provide for their families, start their own businesses, retire early, fund their children’s educations, take dream vacations, give back to their communities, and more. And many have done it with the help of World Financial Group. So, what is the secret? Simple. WFG introduces everyday people to the same wealth-building strategies used by the wealthy, and makes the unique financial needs of this group a priority instead of an afterthought. Through a comprehensive six-step process, WFG associates empower clients to identify and address their particular financial goals and challenges. They “Once in a while, a new idea comes to an old industry and completely transforms the way that industry does business.” —Monte Holm, President, World Financial Group considered luxuries just a few years ago, are fast becoming necessities. Faced with ever-increasing needs that their incomes can’t possibly meet, many families have turned to credit to fill in the gap, only to find themselves quickly drowning in debt. Staggering housing prices and skyrocketing tuition costs threaten to put the most basic elements of the American Dream — home ownership and a college education — out of the average family’s reach. And with employees now shouldering the burden of saving for retirement and Social Security providing barely enough to make ends meet, millions of men and women are facing an uncertain and frightening financial future. The solution to this tremendous challenge does exist: good financial information. Through smart, informed investing and planning, it is possible to overcome debt and build wealth on even the most modest of incomes. Yet ironically, the people who need this kind of information the most have historically had the most limited access to it. Personal finance isn’t a part of the average school’s curriculum, and most financial services companies and investment firms continue to cling to the old way of doing business, targeting clients who already have a lot of discretionary income. But things are changing. Over the past 15 years, more than a million of 50 AdvantEdge www.advantedgemag.com work together to map out a Financial Roadmap that will take a client from where they are financially to where they want to be. But that’s only the beginning. THE “OPPORTUNITY COMPANY” If you are like most people, you dream of someday being your own boss, setting your own schedule, having ultimate control over your time and income, and making a living on your own terms. However, most people never get past just that ... dreaming. The harsh realities of self-employment often cripple those dreams before they ever get off the ground. Fearing the loss of the “security net” their current position provides — a reliable paycheck, a strong support structure, health benefits, an established corporate reputation to fall back on — most people remain in unfulfilling jobs, rather than make the leap to entrepreneurship. Those that do make that leap face an uphill battle. Statistics show that as many as 60% of new businesses fail within five years. They don’t have the money, education, or experience to get the odds in their favor. Recognizing the widespread yearning for entrepreneurial self-sufficiency among its client base on the one hand, and the roadblocks standing in their way the way on the other, WFG devised an ingenious solution — a system through which ambitious entrepreneurs are able to leverage their own unique talents and the assets of an established company by becoming independent WFG associates. Thousands of ordinary people with extraordinary dreams have seized this life-changing opportunity, moved beyond dreaming to doing, and achieved the best of both worlds: the freedom and control of self-employment, and the support and security of a world-class corporate organization that is so critical to a business’s success. In yet another departure from the business-as-usual of most financial services companies, which recruit new employees primarily from direct competitors or companies in related industries, WFG’s associates hail from all walks of life and all professional backgrounds. Ranchers, flight attendants, CPAs, teachers, microbiologists, auto mechanics ... they’ve all launched their own businesses through the WFG model, freeing themselves from the constraints and limitations of traditional employment with the potential for incredible and virtually unlimited income growth. WFG is convinced that the diversity of its associates is a big part of the company’s success. “Our people are our secret,” says World Financial Group CEO, Tim Stonehocker. “Our hiring and recruiting practices allow us to tap talented people from all walks of life and connect them with our time-proven financial products and techniques. We give them the freedom to be entrepreneurs and individuals, and in turn they take WFG in new directions and to successes that would never be possible otherwise.” Rich Cunningham, a CEO Marketing Director from West Jordan, Utah, says that owning his own business has given him a degree of freedom and fulfillment he never could have achieved in his previous career as a mining mechanic. “I have the ability to do what I want, when I want. For the last six years, I’ve been a coach on my son’s little league football team. My schedule is also flexible enough so I can attend my daughter’s horse riding events and special school activities. I don’t have to ask a boss for time off. It’s called choice.” The choice is to work where you want, when you want, with the opportunity to earn as much as you want. For THE WFG FINANCIAL ROADMAP* those who demand this lifestyle, now there’s a way to beat the statistics and achieve it. MENTORING DONE RIGHT What fuels the daunting 60% failure rate of new businesses? Perhaps the biggest factor is the lack of support — both material and psychological — that new business owners face. Going from the security of an established organization, where mistakes are easily absorbed and the fate of the company doesn’t rest on each individual decision, entrepreneurs often feel like they’ve been thrown into the deep end of the ocean without a life vest — accountable for every aspect of their business’s operation and success, with no one to help and nothing to fall back on. The burden of responsibility can quickly become too heavy to bear. In contrast, the success rate of WFG’s associates can be traced to the fact that although they’re in business for themselves, at no point are they ever in business by themselves. As a member of the AEGON group, WFG has corporate support from one of the world’s leading insurance, pension and related financial services organizations, with assets of more than $320 billion.9 But financial support is only the beginning. At WFG’s Duluth, Georgia headquarters, 350 employees go to work each day with one goal in mind: helping associates to build their business. To that end, they provide training programs, licensing and commission support, stock option programs, marketing materials, software, corporate Intranet access, technology solutions, health insurance, and more —everything an associate could possibly need to launch, maintain and grow a thriving, profitable business. And at the heart of WFG’s strength is its Mentoring Business Model: a “pay it forward” structure — unique in the industry — that ensures a positive environment in which associates are continually lifted up by their colleagues, instead of brought down by office politics. Most companies offer some kind of mentoring program, but they typically fall short of transferring the information and experience that can vault a new employee over the inevitable roadblocks and setbacks. In contrast, mentoring is woven into the very fabric of WFG. Each associate has a To help clients plan appropriately, World Financial Group has developed the WFG Financial Roadmap. this suitability and needs analysis, based on information that the client provides, helps establish the foundation for the client’s financial plan. The WFG Financial Roadmap includes the following six steps: 1 INCREASE CASH FLOW Step 2 MANAGE DEBT 3 CREATE EMERGENCY FUND Step 4 ENSURE PROPER PROTECTION Step Step Step 5 Step 6 • Earn additional income • Manage expenses • Consolidate debt • Strive to eliminate debt • Save at least three months’ income • Prepare for emergency expenses • Protect against loss of income • Protect family assets BUILD LONG-TERM ASSET ACCUMULATION • Outpace inflation • Reduce taxation PRESERVE YOUR ESTATE • Help reduce estate taxes • Build a family legacy *The WFG Financial Roadmap is a suitability and needs analysis developed by World Financial Group. The analysis is based upon information obtained from sources believed to be reliable and accurate. However, discuss any legal, tax, or financial matter with the appropriate professional. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any specific security or financial service. whole team of experienced field leaders to draw upon, and who will continue to guide them as their careers grow and they face new challenges and opportunities. “We give all associates access to the support and talent that every entrepreneur needs at some point in their journey,” says Senior Executive Vice Chairman Tom Mathews. “If you were struggling to get a new venture — a new business — off the ground and facing a tough decision that you could- n’t work out on your own, what would you do? Our mentoring program fills that gap. For example, if your marketing efforts aren’t resulting in the kind of numbers you were aiming for, you can simply tap into the proven strategies of other associates who have been in your exact situation and know how to turn it around. You have the freedom and control of a business owner, but support is there, whenever and wherever you need it.” Continued on Page 52 www.advantedgemag.com AdvantEdge 51 THE NEED EXISTS With an alarming lack of education about financial fundamentals, people need the tools and guidance to help them make informed choices to meet today’s challenges. STAGGERING DEBT • Consumer debt has been steadily rising to over $2.1 trillion in 20041 POOR SAVINGS HABITS • Americans are spending more but are saving less. With the growth of real consumption spending outpacing that of real income through most of last year, the personal saving rate moved lower, from 1.5% , on average, in 2003 to only 0.5% in the third quarter of 20042 • Most Americans are not saving enough to meet future needs. Personal savings rates are approaching historic lows, and will be insufficient to meet the future retirement of most Americans.3 THE COST OF COLLEGE • Paying for college can cause a strain on personal savings. According to the College Board’s Trends in College Pricing 2004*, the fees are going up. Here’s a glance at the average college tuition and fees 2004-05 vs. 2003-04: The average cost in 2004-05 to attend a four-year private college increased 6% to more than $20,000 per academic year. Public college tuition increased even more dramatically — up 10.5%to more than $5,100 per year.4 RETIREMENT & THE RISING COST OF LIVING • The median income reported by older American’s in 2000 was only $13,769.5 Only 4 percent of retirees have saved enough and have enough income to have achieved financial independence.6 • Suppose you and your spouse are both 45 years old, earn $100,000 a year and have plans to retire in 20 years. If inflation averages 4.5 percent during the next two decades, you will need more than $241,000 a year to equal your current $100,000 earnings.7 UNEXPECTED LOSS • If you should die unexpectedly, without proper planning, your family could face serious financial concerns. The average single death claim paid by the insurance industry in 2002 was $11,442.8 U.S. Federal Reserve, Statistical Release for Consumer Credit, February 7, 2005 • 2 The Federal Reserve Board: Monetary Policy Report submitted to the Congress on February 16, 2005, pursuant to section 2B of the Federal Reserve Act • 3 The 21st Century Retirement Security Plan, Final Report of the National Commission on Retirement Policy, March 1999 • 4 Trends In College Pricing, The College Board, 2004 • 5 A Profile of Older Americans 2001, U.S. Department of Health and Human Services, Administration on Aging. • 6 2000 Retirement Confidence Survey, American Savings Education Council, Employee Benefits Research Institute, and Mathew Greenwald & Associates • 7 American Chamber of Commerce Executives, 2003 • 8 American Council of Life Insurers, ACLI Life Insurers Fact Book, 2003. 1 Continued from Page 51 As a product of this mentoring environment, each associate in turn gladly “pays forward” the training and support that he or she received, by acting as a mentor to other associates and helping them to grow their business. Given its incredible, proven effectiveness and the culture of camaraderie it fosters among its associates, why don’t more organizations use this “pay it forward” mentoring model? “Because they don’t have the proper incentive structure in place to make it 52 AdvantEdge www.advantedgemag.com work,” explains Senior Executive Vice Chairman, Bill Mitchell. “In other businesses, colleagues will often avoid helping one another out of the belief that someone else’s growth and success will diminish theirs. They see opportunity as a pie, and each slice that someone else takes is one less slice to be had. We know better and we make every effort to foster the collective efforts of our differing talents. It’s a ‘team over me’ approach, and it’s incentivized in everything from compensation to rewards to recognition.” When was the last time you received that level of support, enthusiasm and encouragement from the people you work with or the experts in your field? Imagine what you could do if you could draw on the limitless expertise of those who have fought in the same trenches. Think of the confidence you would have to take on new opportunities and conquer the inevitable setbacks, knowing you had this ace in your pocket. REAL RECOGNITION, REAL REWARDS Walk through the halls of most companies, and you can feel the sense of disillusionment that permeates corporate America today. Most people still believe in the old promise that hard work and determination are all you need to get ahead. But they’ve also come face-to-face with the bitter reality: a culture in which office politics and favoritism all too often send the wrong people up the ladder, while honest, hard workers are left behind. Fed up with this inequitable and unworkable structure, people are walking away by the thousands in search of a truly level playing field and the chance to get ahead on their own merit. These are the people who go from mediocrity to success at WFG. If a WFG associate earns a promotion, he or she gets it. No one is threatened by anyone else’s success, because when one person does well, the whole team does well. Everyone knows that the same opportunities for advancement are available to them. As Co-Chairman Xuan Nguyen puts it, “The only competition any associate faces is his or her own will to win.” And that will to win is acknowledged and rewarded in a variety of innovative ways, from merit-based promotions and public recognition and awards at major company events, to “Super Trips” to exotic destinations around the world. But for most associates, the greatest reward is knowing that they are finally in complete control of their financial destiny — and that through the work they do, they are filling a vital need in the world: the need for ordinary, working people to be able to provide for their families, live well and comfortably, and bring their dreams into being. n To learn more about World Financial Group, please visit www.worldfinancialgroup.com today. USD, According to the 2004 AEGON Annual Report (www.aegon.com) 9
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