Defying Disruption, The Key: Transparency

Beacon Pointe’s Institutional Consultants recently attended the 2017 CICA (Captive Insurance Companies Association) conference held in San Diego (March 12 -March 14, 2017). CICA is the oldest and currently one of the preeminent independent conferences for the industry. The CICA conference is a collaborative environment where over 500 insurance industry professionals and solution providers meet to learn, share innovative ideas, and network.  Attendees found the conference sessions, which were titled “Beginner, Intermediate, and Advanced,” very informative.

The motto of the CICA conference was “Defying Disruption.”  This motto resonates well within the entire insurance industry that is dealing with the increasing number of retirees being replaced by Millennials. Specifically, by 2018, one fourth of the insurance industry are set to retire. The industry is embracing the Millennials as they assimilate into the insurance industry workplace.  Most of the breakout sessions focused on two key themes; managing Millennials in the workforce and the proposed policies of the new administration in Washington.

The conference began with a featured keynote speaker, Ms. Lindsey Pollak, who described the mentality of the past four generations (Traditionalist/Greatest Generation, Baby Boomer, Generation X, and Millennial).  Ms. Pollak noted that her research of the Millennial generation encompassed three main themes important to their careers: namely, personal development/coaching, variety, and transparency. What was exceptionally noteworthy was how technology created this disrupting force of personalization which ultimately led to an opposite mindset from the Baby Boomer generation.  One example of this disrupting force was the development of the 1950s tract homes versus the ability to now customize everyone’s order of a cup of coffee.  Ms. Pollack’s presentation concluded with examples of ideas from businesses in multiple industries that are currently adapting their work environment for the Millennial generation.

A key theme from Ms. Pollack’s presentation was that transparency is important to Millennials. Instead of accepting “you will be told when you are told,” Millennials want an understanding and explanation as to why. Millennials aren’t so much challenging the status quo; they simply want to know the thinking behind a process or procedure. As a Registered Investment Advisory (RIA) firm, Beacon Pointe completely understands what transparency means to its clients. As a fiduciary, Beacon Pointe is bound by fiduciary standards and, therefore, must be completely transparent providing advice to its clients. The fiduciary standard of care is defined by investment recommendations that are in the absolute best interest of the client, and that clients’ interests must take precedence over the advisors. Broker-Dealers and their registered representatives are held to a suitability standard rather than a fiduciary standard. Investment Advisors are held to a fiduciary standard of care. Transparency for Beacon Pointe is not only acting as a fiduciary but also disclosing all investment fees paid by our clients so that clients have complete understanding of their costs.

Other sessions addressed the impact of President Trump’s proposed policies and their effect on captives. Additional topics focused on interaction with regulators, recent developments in Federal and State tax issues, and specifics on how the new political landscape will impact captives.


Important Disclosure: This content is for informational purposes only. Opinions expressed herein are subject to change without notice. Beacon Pointe has exercised all reasonable professional care in preparing this information. Some information may have been obtained from third-party sources we believe to be reliable; however, Beacon Pointe has not independently verified, or attested to, the accuracy or authenticity of the information. Nothing contained herein should be construed or relied upon as investment, legal or tax advice. Only private legal counsel may recommend the application of this general information to any particular situation or prepare an instrument chosen to implement the design discussed herein. An investor should consult with their financial professional before making any investment decisions.

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