Lessons from LAMP

Highlights from the Las Vegas conference

Ihad the pleasure of attending LAMP 2023 in Las Vegas this year, and it was worth every minute and every penny.

The conference attracted leaders from around the world, with participants learning and connecting at 69 sessions held over three days. The biggest challenge was trying to be in two or three places at once!

I’ve often said there are no secrets in this industry — just insights you haven’t yet encountered. Every year, LAMP provides an opportunity to hear some of those insights from industry experts you wouldn’t otherwise meet. LAMP is about learning, sharing, and being totally transparent to help us all raise our game.

The issues that face one firm are the issues faced by all, and LAMP is a wonderful venue to discuss them openly. At LAMP, we are not competitors. We are partners in the industry, all searching for answers and strategies to do our work at an even higher level.

There were so many quality sessions and speakers at the conference. My notebook was full, but here are a few quotes and themes I brought home with me.

“Lions don’t dream of hunting. They just hunt.” Eszylfie Taylor, founder and president of Taylor Insurance and Financial Services in Pasadena, Calif., offered that powerful analogy — one that highlights a key ingredient of success for many in the business.

Ken Dychtwald, founder and CEO of Age Wave, based in Orinda, Calif., provided great insights about aging. Empty-nesters and people in retirement will have more than 50 trillion hours of free time over the next two decades. Gone is the “beginning of the end” mindset; for clients, the overriding perspective is that this is simply a new chapter in life. As advisors, we must all deepen our understanding of the true concerns and realities of those who are transitioning to this phase of their life. It’s no longer enough to simply do an income projection to age 90.

Many speakers touched on an overriding theme of “culture.” Dave Porter, owner and managing partner of Baystate Financial, headquartered in Boston, attributed his firm’s growth and success to culture and a relentless focus on driving it. His advice was to ask each advisor to give you one problem they’re having trouble with and then deal with it. “Culture trumps strategy,” he said.

Ryan Wood, regional vice-president of Equitable Advisors in Dallas, recommended asking your team three key questions:

• If you could describe our culture in three words, what are they?

• What ideas do you have to improve our culture professionally, personally, or just for fun?

• What ideas do you have to help us improve as a team?

Meanwhile, Toronto-based Adam Mamdani, vice-president, proprietary distribution, for RBC Insurance, underscored how culture drives advisor loyalty through disruption and times of change.

Randy Little, associate director of Desjardins Financial Security Independent

Network in Ottawa, addressed the topic of teaming and succession. He emphasized that teaming allows the principal advisor to focus on what they love about what they do. As a result, everything else improves, making for a more effective and lucrative succession plan.

Hilda Tang, senior vice-president of strategy & enablement at Sun Life Financial in Toronto, helped all of us understand why being a digitally enabled advisor is important for the firm, the advisor, and the client.

Caesars Palace provided a great backdrop for a stellar event focused on learning, sharing, and celebrating, and it was priceless to see pillars of the industry face to face. As a leader in the industry, your attendance at LAMP is imperative. Participants acquire insights and learnings that help shape future strategies, and the experience is top-notch. LAMP 2024 in Denver is waiting.