Who Moved My Cheese?
A message from... Tony Compton
After you get out of college and begin your working years, you go through a lot of change. Housing, cars, jobs, relationships, the list seems to go on and on. During that time in my life, a good friend of mine realized I was struggling. He told me about a book titled Who Moved My Cheese? by Dr. Spencer Johnson.
It was the first book I had ever read about change, and it completely altered my thought process. I remember these phrases:
- Change Happens
- Anticipate Change
- Monitor Change
- Adapt to Change
- Enjoy Change
They made me realize how many people struggle with the unknown, and if you have the right mindset, it is an area in which you can prosper.
The annuity industry seems to go through a lot of changes, albeit some big and some small. NASD 05-50, SEC Rule 151A and the DOL Fiduciary Rule are all examples of large potential changes that could have altered the annuity landscape forever. Smaller, but still significant changes, present themselves daily, such as product features, staff, technology, distribution channels and ownership. These changes affect our existing business, as well as the potential for new business.
The real opportunity is how you react when change does occur and the way you take advantage of the new landscape.
When everything is status quo, you may be comfortable, but growth can be challenging. Yes, you know the rules of the game, but there typically are not substantial ways to catapult your business. The real opportunity is how you react when change does occur and the way you take advantage of the new landscape.
When facing change, the first thing everyone thinks is “How will it affect me?” It’s human nature to first look out for yourself. The more people you can help transition through the ambiguity of change, the bigger the impact you will have, and the more opportunity for success you will receive.
Today, we see change in the type of producers selling annuities. We see change in rules and ownership of broker/dealers. We see fee-only advisors looking at annuities for the first time ever. The question is: How do you maintain and grow your existing business, while capitalizing on the changes in front of you?
Over the next five years, we will see more business opportunities than ever. Yes, they may look different than they have in the past, but they will be there. The people who flourish in the future will not be asking “Who moved my cheese?” They will be saying “Who cares who moved my cheese.”
Vice President B/D & RIA Sales