As a staunch supporter of the independent agency channel andsomeone who is proud to serve the IIABA, I am inspired when I seeagents and other professionals banding together to help one anotherbecome more successful. Recently, I had the opportunity to witnessan extraordinary example of this while attending the inauguralPRMA Summit in Chicago.

The Private Risk Management Association (PRMA) is an independent, not-for-profit “community ofcollaboration” that is dedicated to growing the high-net-worth(aka, private client) personal risk management niche througheducation, awareness and advocacy. The group was started byveterans in the niche who recognized that a significant percentageof wealthy Americans do not have comprehensive risk managementprograms in place that reflect their unique needs and significantassets. Launched in March of this year, PRMA has already attractednearly 350 members from across the United States, representingdisciplines that include insurance (carriers & independentagents), wealth management, fine art appraisal & advisory,personal security, and various others.

Nearly 200 professionals from 28 states packed a ballroom at TheWestin Magnificent Mile for the association’s first annualconference known as the PRMA Summit. Among them were 108 licensedagents and brokers, as well as 39 carrier representatives,including senior members of high-net-worth specialist insurers ACEPrivate Risk Services, PURE, Fireman’s Fund and AIG Private ClientGroup.

The first day of the Summit was designed to help attendeesunderstand how to create more value for their high-net-worthclients and their centers of influence. In the process, I found itrefreshing that a number of challenges that agents face wereaddressed by speakers and discussed openly within the audience. Forexample:

Accessing wealthy clients with significant assets toprotect is difficult, as is securing their loyalty. What canI do to access more and earn their loyalty? In herpresentation, “A Macro View of the High-Net-Worth Universe,” HannahShaw Grove, co-founder and executive editor of Private Wealthmagazine, provided data that showed 80.5% of clients with a networth in excess of $10 million find their advisors (includinginsurance and risk management professionals) through otherprofessional advisors. She also noted that only one third of thesuper rich consider themselves truly loyal to most categories ofadvisors. The one interesting exception to that rule: Fineart advisors have a loyalty rate that is double the average ofothers. Fortunately, Grove offered insights on how to create morevalue that will result in greater access to advisors and theirclients, as well as earn coveted levels of loyalty andreferrals.

Consumers are more self-directed and access moreinformation than ever prior to making a purchase or choosing aprovider. How do we most effectively influence the perceptionconsumers have of us? Larry Linne, co-author ofBrand Aid and CEO of Intellectual Innovations, laid out a plan tohelp attendees manage their personal brands. FollowingLinne’s talk, “Branding a HNW Practice: Creating Your Own MemorableBrand,” I walked away with a practical strategy to take greatercontrol of the way others perceive and positively differentiate me,as well as a number of insightful tips to create a LinkedIn profilethat attracts new business.

How can I close more sales and deliver more value for myclients? Sales and leadership training consultantAndrew Crawford, tackled this issue head on by identifying a numberof key “trusted advisor” behaviors that help increase clientloyalty and attract new business. He reviewed the importance offocusing conversations on the clients’ success and tailoringsolutions to preserve or enhance their lifestyle. Following histalk, I find myself gauging my effectiveness as a trusted advisorby asking myself three questions he offered in the session: Am Ibeing proactive, am I being courageous and am I truly focused on myclient’s success.

How do we capitalize on, rather than fall victim to, therapidly changing world in which technology and millennials arehaving a huge impact? I had the privilege ofco-hosting an interactive town hall session titled “A Brave NewDigital World: The Future of Personal Insurance,” with my friendsRon Berg, the executive director of IIABA’s Agents’ Council forTechnology (ACT), and Jim Kane, SVP of Personal Insurance at USI.Throughout the session, many attendees in the audience shared howthey deal with common issues like whether and how to effectivelyincorporate remote staff into our organizations; how to leveragee-signatures in our business processes; how to address the growingconcern over data security; and, how to attract and retain talentedmilliennials, and “bridge” them to more seasoned employees withcompletely different work habits and preferences.

As you can tell, day one of the Summit offered a number ofvaluable skills and insights that are applicable in thehigh-net-worth niche and beyond. Day two gave attendees theability to enhance their technical skills and knowledge directlyrelated to the managing the unique risks of the wealthy by offeringclassroom style sessions like:

• Demystifying the Family Office – An Insider’s View
• The Pitfalls of Managing International Risks
• Protecting & Insuring Fine Art Collections
• The Complexities of Insuring Private Aircraft & PrivateYachts
• The Evolution of the Flood Insurance Program
• Advising the High Net Worth on Security Related Issues

It was impressive to me that the content for these sessions wascurated and instructed by PRMA members and friends, commercialexperts in their fields willing to share their expertise for thebenefit of others and the category at large. Severalattendees told me they left these sessions with innovative orinsightful solutions to “real” risks or other issues they raisedwith the expert presenters.

As part of PRMA’s commitment to help members enhance theirexpertise (and be widely recognized for doing so), the associationintroduced a new education platform, inclusive of a two-levelprofessional designation program.

• Achieving the “Expert” designation will require successfulcompletion of six specific learning modules within a two-yearperiod, each of which will include approximately eight hours ofinstruction (online or classroom) followed by an examination. These modules will be rolled out beginning in Q1 2015 and areanticipated to provide continuing education credits.
• “Experts” may be invited to earn a “Masters” leveldesignation by completing an approved research assignment (e.g.,white paper). In the spirit of ‘fellowship of the category,’research will be preserved for PRMA members in an online memberlibrary.

The education platform is offered through a partnership betweenPRMA (curation of technical content), New Level Partners, LLC(content delivery), and St. John’s School of Risk Management(provider official certification).

Organizations like PRMA are critical to helping the independentagency channel thrive over the long run. If you serve privateclients, I encourage you to become a member of PRMA and getinvolved. If your business is focused in other parts of theindustry, find a comparable organization that is relevant, e.g.,PLUS, GUAA, etc., and contribute to the community ofcollaboration.