As a staunch supporter of the independent agency channel andsomeone who is proud to serve the Independent Insurance Agents andBrokers of America, I am inspired when I see agents and otherprofessionals banding together to help one another become moresuccessful. Recently, I had the opportunity to witness an exampleof this while attending the inaugural PRMA Summit in Chicago fromNov. 10 to 11.

The Private Risk Management Association (PRMA) is anindependent, not-for-profit “community of collaboration” that isdedicated to growing the high-net-worth (aka, private client)personal risk management niche through education, awareness andadvocacy. Nearly 200 professionals packed a ballroom at The WestinMagnificent Mile for the association's first annual conferenceknown as the PRMA Summit. Among them were 108 licensed agents andbrokers, as well as 39 carrier reps, including senior members ofhigh-net-worth specialist insurers ACE Private Risk Services, PURE,Fireman's Fund and AIG Private Client Group. The first day of theSummit was designed to help attendees understand how to create morevalue for their high-net-worth clients and their centers ofinfluence. In the process, I found it refreshing that a number ofchallenges that agents face were addressed by speakers anddiscussed openly within the audience. For example:

Accessing wealthy clients with significant assets to protectis difficult, as is securing their loyalty. What can I do to accessmore and earn their loyalty? In her presentation, “A Macro Viewof the High-Net-Worth Universe,” Hannah Shaw Grove, co-founder andexecutive editor of Private Wealth magazine, provided data thatshowed 80.5% of clients with a net worth in excess of $10 millionfind their advisors (including insurance and risk managementprofessionals) through other professional advisors. She also notedthat only one-third of the super rich consider themselves trulyloyal to most categories of advisors. The one interesting exceptionto that rule: Fine art advisors have a loyalty rate that is doublethe average of others. Fortunately, Grove offered insights on howto create more value that will result in greater access to advisorsand their clients, as well as earn coveted levels of loyalty andreferrals.

Consumers are more self-directed and access more informationthan ever prior to making a purchase or choosing a provider. How dowe most effectively influence the perception consumers have ofus? Larry Linne, co-author of “Brand Aid” and CEO ofIntellectual Innovations, laid out a plan to help attendees managetheir personal brands. Following Linne's talk, “Branding a HNWPractice: Creating Your Own Memorable Brand,” I walked away with apractical strategy to take greater control of the way othersperceive and positively differentiate me, as well as a number ofinsightful tips to create a LinkedIn profile that attracts newbusiness.

How can I close more sales and deliver more value for myclients? Sales and leadership training consultant AndrewCrawford tackled this issue by identifying a number of key “trustedadvisor” behaviors that help increase client loyalty and attractnew business. He reviewed the importance of focusing conversationson the clients' success and tailoring solutions to preserve orenhance their lifestyle. Following his talk, I gauge myeffectiveness as a trusted advisor with three points he offered inthe session—am I being proactive, am I being courageous and am Itruly focused on my client'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 of co-hosting aninteractive town hall session titled “A Brave New Digital World:The Future of Personal Insurance,” with my friends Ron Berg, theexecutive director of IIABA's Agents' Council for Technology (ACT),and Jim Kane, SVP of personal insurance at USI. Throughout thesession, many attendees in the audience shared how they deal withcommon issues like how to effectively incorporate remote staff intoour organizations; how to leverage e-signatures in our businessprocesses; how to address the growing concern over data security;and, how to attract and retain talented milliennials, and “bridge”them to more seasoned employees with completely different workhabits and preferences.

Day one of the Summit offered a number of valuable skills andinsights that are applicable in the high-net-worth niche andbeyond. Day two gave attendees the ability to enhance theirtechnical skills and knowledge directly related to the managing theunique risks of the wealthy by offering classroom-style sessions ontopics that include demystifying the family office, the pitfalls ofmanaging international risks, protecting and insuring fine artcollections, the complexities of insuring private aircrafts andyachts, the evolution of the Flood Insurance Program and advisingthe high-net-worth customer on security issues. The content forthese sessions was curated and instructed by PRMA members andcommercial experts in their fields willing to share theirexpertise. Attendees left these sessions with innovative orinsightful solutions to “real” risks or other issues they raisedwith the expert presenters.

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 andcontribute to the community of collaboration.