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Mandela's 8 Lessons of Leadership
In July, Time Magazine reported on this great Leader's advice for how we can make the world--and our work world-- a better place for all.
1. Courage is not the absence of fear--it's inspiring others to move beyond it.
2. Lead from the front--but don't leave your base behind.
3. Lead from the back -- and let others believe they are in front.
4. Know your enemy and learn about his favorite sport!
5. Keep your friends close and your rivals even closer.
6. Appearances matter--and remember to smile.
7. Nothing is black or white.
8. Quitting can be leading too.
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Challenges
to Estate Planning
About 1 in 4 family business owners don't have estate plans!
Why? 55% say the process is too difficult to deal with and 24% say they don't have time.
How are you positioned to overcome these challenges to proper planning for busy business owners?
Source: USA Today reporting on a survey of 242 family business owners sponsored by US Trust, Bank of MAAmerica Private Wealth Management, Campden Research, and Prince & Associates.
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Ggood Deed Indeed!
Fannie and Freddie get bailed out by Treasury!
Thank you newly-formed Federal Housing Finance Agency for taking control of two of our nations's troubled mortgage institutions! | |
Everyone's back in the swing of things and there's no shortage of things to do this Fall, but please take a moment to explore a few markets with us and consider how we may help you deliver on your 4th Q goals and become famous in your markets of choice!
Best wishes,
Trisha and the Gg Team |
Hispanic Heritage Month
September is a great month to celebrate the significance of the Hispanic population as it is Hispanic Heritage Month.
Hispanic buying power will grow faster than all other ethnic groups and, as we've all heard, the Hispanic population is growing faster than the total population in the US. Gains in buying power are attributed to first time Hispanics entering the work-force or advancing in their careers, as well as the increasing number of Hispanic business owners. There's a need for your services too as Hispanic business owners in the US have, historically, under-funded personal insurance and pension needs.
The chart below demonstrates where opportunity lies in one of the 1.6 million Hispanic businesses in the US:
(according to 2002 most recent informaiton available from the US census bureau)
Distribution of Hispanic Owned Firms
by Business Sector
Hispanic women are opening up businesses across America faster than any other ethnic group.
- In 2006 there were over 410,000 workers on the payrolls of Hispanic Women Business Owners.
- There was $67 billion (2006) in sales from businesses owned by Hispanic Women.
- Over the past decade sales at businesses owned by Hispanic Women have jumped 33.3%.
Source: The Center for Women's Business Research
It's not too late to find out what September celebrations are taking place in your area while cultivating any sponsorship opportunities that may exist for next year. Your efforts could lead to important recruiting contacts and prospecting possibilities!
In honor of Hispanic Heritage Month, Gg is sharing several ideas for capturing this market in our Marketing and Recruiting Tips throughout the month of September. Sign up if you haven't already for our free tips below.
Monthly Marketing/Recruiting Tips:
Sign up to receive this valuable information by clicking on the link below.
Source: Humphreys, Jeffrey M. The Selig Center for Economic Growth, Terry College of Business, The University of Georgia. The Multicultural Economy 2006: Minority buying power in the new century.
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| Recruiting Corner
Lawyer Layoffs Becoming Norm Amid Mortgage Fallout
At least 12 leading law firms, including Cadwalader, Wickersham & Taft, Thatcher Proffitt & Wood, and McKee Nelson, which focus on mortgage-backed securities and securitization, have laid off lawyers in the recent past. The latest, Cadwalader, Wickersham & Taft, announced at the end of July it is laying off 96 New York and London-based lawyers in a second round of job cuts as the Wall Street firm continues to cope with the ongoing effects of the credit crunch. Initially, the firm laid off about 35 lawyers in January of 2008.
Source: The New York Observer. 30 July 2008. Dana Rubenstein. 31 July 2008. <http://www.observer.com/2008/real-estate/apocalypse-dow-new-york-law-firm-ax-96-real-estate-finance-and-securities-lawyers>
Law.com. 31 July 2008. Anthony Lin. 31 July 2008. <http://www.law.com/jsp/article.jsp?id=1202423404457&pos=ataglance>
California Lays Off Thousands of State Employees
Gov. Arnold Schwarzenegger eliminated thousands of jobs this summer that included 22,000 retired state employees who work under contract, and temporary and part-time workers such as those who fill in at the Department of Motor Vehicles, seasonal employees and student assistants.
As of June, more than 30 states faced deficits totalling a projected $40 million, or more than triple the gap of the previous year, according to the National Conference of State Legislatures. Many of these individuals are highly knowledgeable and have ready-built target markets!
Source: "Schwarzenegger orders cuts amid financial crisis." Yahoo!News. 31 July 2008. Don Thompson. 31 July 2008. <http://news.yahoo.com/s/ap/20080731/ ap_on_re_us/california_budget>
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Market Corner
Before you pitch your services to physicians..
For many advisors, working with physicians is ideal because they are affluent, intelligent, have many financial needs, and can be a great source of potential referrals within the marketplace.
However, as this market continues to grow in light of the booming Health Care Industry, many financial advisors are learning that working with Physicians is more complex than they might initially suspect. In fact, one market expert notes that physicians are different than most other clients because they focus less on investment strategies and more on comprehensive planning. For this reason, advisors who want to reach out to the marketplace need to develop an approach and a core set of skills to address this.
Just what are those key skills? While answers abound, there are a few key areas on which advisors might want to focus:
-Asset Protection
With few exceptions, physicians by the nature of their work face substantial liability risk. If you ask doctors about their most pressing financial concerns, asset protection will likely top the list.
-Retirement Planning
Owing to the one-two punch of managed care reimbursement cuts and skyrocketing business-related costs, many doctors today find themselves working harder for less money. As a result, many are seeking guidance on how to achieve financial independence, so they can slow down or even leave medicine entirely.
-Business Planning
Another area in which physicians have unique needs is business planning- particularly given the rapidly changing regulatory and reimbursement environment. Advisors with expertise in these areas-or who have relationships with accountants, lawyers and other professionals with such expertise-can be invaluable to physician clients.
In fact, a recent survey of 3,016 physicians by healthcare consulting firm Merritt, Hawkins & Associates found that roughly 40% of doctors would not choose to enter the medical profession if they were deciding on a career again, up from less than 15% two decades ago.
Source: "Before you pitch your services to physicians, be sure you can meet their unique planning needs." Financial Planning. 1 August 2008. HighBeam Research. 14 August 2008 http://www.highbeam.com/doc/1G1-182068630.html
For more insight into this market - order Gg's Think Market! report:
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Trisha Gallagher Boisvert, Principal
The Gallagher Group
5 Market Sq. Ste. 7
Amesbury, MA 01913
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