NAILBA Perspectives Spring 2020 | Page 11

Jennifer A. Borislow Founder and chief executive officer of Borislow Insurance Randy L. Scritchfield, CFP, LUTCF; Second vice president of the MDRT Executive Committee The point was to explore the qualitative results of how these three professionals’ plans are working out, and possibly learn something about broader planning in the process. I started by asking the three to share their planning focus for 2020. More specifically, I asked where, as they started to build their marketing plans for 2020, they saw the greatest opportunity in terms of either focusing on a particular product line or in making some changes to their operations. Ms. Borislow said, “Complexity brings opportunity! In 2019, the Massachusetts legislature joined many others states in passing a new law called Paid Family and Medical Leave (PFML). Under this law, employers of all sizes are required to take some action as it pertains to offering employees the ability to receive paid time off for family leave or for an employee’s health condition. This new law has created a huge amount of confusion for employers, as they have options ranging from offering a private plan to contributing to a state funded plan. The bigger picture is coordination of all kinds of employee leave, including but not limited to PFML state and federal, sick time, maternity/paternity leave, worker’s compensation, and short- and long-term disability. Leave absence management is where we see a significant opportunity to be impactful to our clients and prospects.” For Mr. Scritchfield, the best opportunity for success in 2020 doesn’t lie so much in product, but instead in the kind of client he serves. “At this point in my practice, my greatest marketing opportunity is not in terms of a particular product line, but rather in the demographics of my clientele. Because most are either entering retirement or in retirement, they are very concerned about their money not ‘dying’ before they do. One of the biggest Jonathan A. Shaw, CLU, ChFC President and CEO of Shaw American Financial Corporation services we provide for them is lifetime income through some of the products we offer, to ensure they’re well protected into their golden years. “Additionally, I continue to be amazed at how many people regret not securing more than 10- or 20-year term life insurance policies when they were younger. A decade or two before, they thought they would not need life insurance in retirement. But as retirement draws near, they realize how active they still are, and that their life has not changed significantly from when they were working. As a part of that active lifestyle, they still want the comfort and security that a life insurance policy brings, plus the tax-free death benefits create a great source of liquidity they may not otherwise have.” Mr. Scritchfield added, “We are working with clients to renew term insurance policies when necessary, but ideally, we help them secure a form of permanent insurance to take them into retirement. It is ironic that, in retirement, they often now want something that I may have failed to convince them to purchase years ago.” Mr. Shaw’s objectives for 2020 are quite different, focusing more on his operation and how it can better serve advisors. He told me, “‘Build it and they will come’ is a misquote from the movie Field of Dreams. The real quote is, ‘Build it and he will come.’ Regardless, if we build the best infrastructure of high-quality carriers, technology, and top-notch employees to service business, I believe there are plenty of disenfranchised advisors who are looking for a store that is easy to work with and knowledgeable about our products.” So now that their 2020 goals are established, I asked about the practical steps they have taken to help ensure that their expectations are realized. Mr. Scritchfield told me, “I’m at a stage in my career that’s different than many other advisors, Tracking the year continued on page 12 www.nailba.org 11