Cruising to a bright future in financial services

One of the best-kept secrets in this business is the Financial ConNextion cruise, where professionals and college students come together for a weeklong educational event. Participants earn the trip by competing against students from other schools. Groups of two write papers exploring two different financial services occupations. Past entries have reviewed actuarial science, financial planning as a support staff, becoming a property/casualty broker and other career options.

In the end, the students learn a lot about themselves and about occupational choices they have after they earn their degrees. Most of the students are majoring in insurance, finance, actuarial science or similar fields, but some are general business majors. 

I admit that prior to going on the cruise, my opinion of today’s college students was not a positive one. I had at least partially bought into a stereotype that they are entitled and self-absorbed, and I was worried that the future of our industry was in rough shape. So, I finally said yes to my friend and founder of the cruise, Teri Getman. She had been asking me to come speak on the cruise about my specialty of income protection/disability insurance, as we protect the most valuable asset for many graduating college students — their ability to earn an income. 

Our future is bright

My first cruise was in February 2023 and within 15 minutes of showing up at the pre-cruise hotel, I knew our future is much better off than I thought. These students did their homework. One group interviewed more than 30 professionals to learn about the good, the bad and the ugly of the particular occupation they chose. 

One team that really struck me was a pair of actuarial science majors who were first-generation college students and could communicate better than many young insurance/financial planning professionals. 

One of them realized from all the interviews that she needed to change her career outlook, as she didn’t want to do all the studying, take all the tests and jump through all the hoops required to get to the top in actuarial science. Most actuaries end up sitting for four to six certificates over time. She realized that wasn’t going to work for her when she wanted to have a family and not be working 40+ hours weekly while also studying 40+ hours a week. 

Her project teammate, another young woman, communicated with the best of them, has a great personality and is ready to take on the challenges of getting to the top of the actuarial profession. I would be willing to bet that she becomes a CFO or CEO of a major insurance company someday, although I probably shouldn’t place bets when discussing actuaries. 

The cruise includes more than 15 hours of classroom education that the industry professionals and students complete together. Most of the professionals shared insights about their practice specialties, how they run their business or specialty topics within their fields. We even had a couple who offered sessions on professional etiquette. 

It ended with a competition

I attended each session. I loved what the professionals shared and absolutely enjoyed all the questions from the students. As the cruise neared its end, there was a competition for scholarships for the top groups of students. Groups from six different universities made final presentations on such topics as why being  fee-only versus fee-based would fit them better or why they want to specialize in life insurance or property/casualty insurance. 

Each student came out of this experience with around 20 raving fans in the profession who are more than willing to help each of them get interviews, internships, mentors, etc. After my first cruise, I pledged to go the next year and sponsor a student, which I did this past February. I am already signed up for next year and am sponsoring a student for $1,500. Will you join me? 

This year, two of my good friends in the industry joined me along with their spouses. Thanks to Cheryl Canzanella Lewis and John Richardson for participating. We are all signed up for next year, and our spouses are looking forward to it! 

We, as established professionals, need to ensure the health of our industry and the future financial well-being of our clients and consumers by encouraging the upcoming generation of agents and advisors. There are programs at colleges and universities around the country providing students with a good foundation of financial knowledge. Financial literacy courses in high schools are sparking the interest of students trying to decide what to do with their lives. 

NAIFA is doing its part by offering Future Leaders, a program that provides encouragement and education to students looking at financial services careers. The Financial ConNextion cruise is another program growing this next generation and ensuring that the future of our industry looks bright.

Corey Anderson, DIA, of Albertville, Minn., is the president and founder of DI GEEK, specializing in disability income insurance. He is NAIFA-Minnesota’s vice president for advocacy and was the 2012 NAIFA Young Advisor Team Leader of the Year. Contact him at [email protected].