Overusing Commas

A man has been found guilty of overusing commas in his correspondence.  The judge warned him he can expect a very long sentence.

Quora Answer: What Secrets Do Professionals Use to Choose a Financial Consultant?

The following is my answer to a Quora question: “What secrets do professionals use to choose a financial consultant?” 

There are no secrets.  This is not a magical process.  People want to work with those they know, and are comfortable with.  That financial consultant is most likely from a common business network, has an established reputation, and is a known quantity.  It would be highly unusual for a person serious about his financial planning to simply take the first person who calls.

Quora Answer: As a Public Speaker, How Do You Stay on Track When You Have Other Things on Your Mind?

The following is my answer to a Quora question: “As a public speaker, what do you do to stay on track when you have other things on your mind?” 

This is not a chat with the neighbours over the fence, holding a cup of tea, while we tell them our opinions on random topics.  If you feel this need to talk about whatever you have on your mind, you are not a public speaker; you are simply speaking in public.  Public speaking is an art as well as a discipline.  When we speak, there is an objective, an intent. 

Every public speech has a specific theme.  This is normally tailored to address the needs and concerns of the audience.  The speech begins with an opening statement, a broad brush of the intent of the speech, and the parameters of address.  The speech then goes onto details on specific points that need to be elaborated.  There is narrative pacing, examples to personalise it, and strategic use of rhetorical devices to elicit the appropriate response.  A good speech does not cover more than three points.  This is not the reading of a policy paper, or a research paper.  It then ends with a summation of points and a call to action.  If the speech is crafted properly, there is no avenue for the speaker to go off message.

Quora Answer: Are All Life Insurance Quotes Free?

The following is my answer to a Quora question: “Are all life insurance quotes free?”

If you are only asking for a quote, they are free.  Quotes are generated by the system when you input the required data such as age, occupation, gender, and some financial data.  It does not take much to ask for a quote, and by themselves, they do not tell you much beyond superficial price comparisons.  However, if you are asking for a comprehensive financial health review so that those quotes have a context, and are part of a strategy for risk mitigation, wealth accumulation, and wealth protection, some financial advisors chare for that.  This is because now, you are not asking for a quote; you are also asking for a strategy to fit your needs and your budget.  That takes a bit more homework.

Quora Answer: What is the Best Investment Strategy for an Economy with Increasing Inflation?

The following is my answer to a Quora question: “What is the best investment strategy for an economy with increasing inflation?” 

Inflation is the rate of decline of your purchasing power due to the falling value of the currency you own, relative to the general increase in the prices of goods and services.  That means funds in the money market, and debt instruments such as bonds will decline in value.  Correspondingly, the value of real assets such as stocks, real estate, and commodities such as gold will increase in value. 

Gold has been the traditional hedge against rising inflation.  However, this is a short term measure because once there is a market correction, the value of gold will drop.  Over an extended investment horizon, while there will be an increase in value, unless you happen to live in some sort of banana republic, the rate of increase in value of your holdings will not keep pace with the general increase in value of other forms of investments. 

Real estate is also a good hedge against rising inflation, but there are caveats here.  Real estate prices depend on demographic pressure and other economic factors beyond inflation.  If you are in a growth region, price pressure will trend upwards.  There is also the consideration for types of property, or REITs.  Real estate is prone to bubbles, and investment in real estate involves a lot of leveraging, which is an inherent risk.  Finally, real estate, except for REITs, is not liquid. 

For the risk averse, average investor engaged in long-term financial planning, the best investment is index funds, or blue chip stocks.  Individual stock picks is a lottery unless you have access to the sort of market analysis that investment houses and banks do.  However, the market has always trended upwards.  Investing in an index of the market spreads the risk across multiple regions and economic sectors.  It is relatively affordable.  And most importantly, your holdings are liquid, which means you can pivot towards bonds when the market dampens.

Quora Answer: Is It a Smart Move to Have Multiple Life Insurance Policies for Myself for the Family?

The following is my answer to a Quora question: “Is it a smart move to have multiple life insurance policies for myself for the family?” 

This depends on a few factors.  Firstly, what sort of life coverage do you have?  Only death benefit?  Does it have terminal illness, critical illness, early payor benefit, disability?  Does the death benefit have special provisions for accidental death?  What about self-harm and suicide?  Is the coverage limited by region, or is it international?  Are there exceptions for certain occupations or activities?  If you have any or all of these, do you actually need it? 

Secondly, there are limits to how much coverage you can take on your life.  In Singapore, insurers generally accept a maximum of $6 million for death benefit, and $3 million for disability, although this may vary.  You could ask for that limit to be raised, but that would require special underwriting, and you have to prove you are worth that much.  This means, if you were to decline disclosing prior coverage, and actually have more than the limit, you can only claim up to that limit.  Or the insurer may decline to payout for non-disclosure, and return your premiums less costs to the estate. 

In general, when you get coverage, you should undergo a financial health review process, and obtain coverage that is suitable.  If budget is not a constraint, you want enough that your family has enough to maintain their standard of living upon your death, until they are able to adjust to that loss of income, if you are the primary provider.  Death is an event.  If the coverage is for critical illness, you are likely to survive for years.  There is a likely loss of more than one income in the family, because your spouse or others have to put aside time to care for you, and that is even with the cost of getting help such as a home-based nurse or maid.  If it is disability, you have that, and you could live two decades in that state.  The coverage you need in such a case is likely up to ten times the income you need to protect. 

In such a case, it would be prudent to break it up across a few policies.  Whole life policies have a value, and may function as financial instruments.  In the event that you have problems with your income, you have options such as dropping a policy, taking a premium loan for one or two of them, or halting coverage for a period of time without dropping the policy.  More policies mean more options.

Quora Answer: Does a Good Financial Plan include an Insurance Plan?

The following is my answer to a Quora question: “Does a good financial plan include an insurance plan?” 

The purpose of insurance is to manage risk, and mitigate your exposure to risk.  That is an integral part of financial planning.  No financial plan is complete without planning for loss, for untoward events, or anything that would impact our income, and standard of living.  That is the purpose of insurance.  The more you have, the more you need to protect.  Conversely, the greater your wealth, the greater your need for insurance.

Quora Answer: Can I Set Up My Own Revocable Trust?

The following is my answer to a Quora question: “Can I set up my own revocable trust?” 

If you have enough funds or assets, and are concerned about the distribution of your estate, it is worth your while to consider setting up a revocable trust.  A revocable trust is not a distinct legal entity, and does not protect you from creditors, or legal action against your assets, since they are still vested with you.  The purpose of a revocable trust is to avoid probate when you pass away, since it becomes a testamentary trust upon your demise.  A testamentary trust is an irrevocable trust. 

Setting up a revocable trust is easy.  You could get a corporate secretary, or a lawyer to set one up, and there is a standard trust document.  This document may be amended as and when required, to better reflect your needs and requirements.  Since the trust is revocable, you have full control over your assets, and may dispose of them as you wish. 

Because this is a trust, it is a distinct legal entity when it comes to the disbursement of your estate.  The advantage is that you may spread the disbursement over a period of time, even across generations.  You may stipulate that the trustees invest the assets, and give some of the proceeds to specific beneficiaries.  You have a means to ensure that your beneficiaries do not dissipate their inheritance because they do not know how to manage a windfall.  If these are your concerns, and you have substantial assets in your estate, then this is the option for you.

Quora Answer: What Should a Shareholder Do if He Suspects Financial Mismanagement by the Founder?

The following is my answer to a Quora question: “What legal or ethical obligations does a shareholder of a privately held startup have if he suspects financial misdoings by the founder?” 

If there is any clear evidence of financial mismanagement or fraud, anybody aware of it, even the shareholder, is obligated, by law, to report it to the authorities.  Failure to do so is to be an accessory to the offence, and be liable for prosecution. 

From an ethical perspective, we have to understand that in business, reputation is everything.  You cannot be associated with anything untoward, and financial mismanagement will negatively affect your investment.  In the example above, make that report. 

From a strategic perspective, all is not necessarily lost.  You can extract some sort of concession, and exit, or you can take advantage of the situation and take over the company.

Quora Answer: What are the Consequences of Expatriates Leaving Singapore?

The following is my answer to a Quora question: “What will be the consequences of foreign expatriates leaving Singapore, and possibly avoiding Singapore altogether?” 

In the short term, nothing is going to happen.  Singapore is undergoing a lockdown, and had a recent economic contraction, the largest in the nation’s history.  Uncertain revenue, and contractions on the labour market mean that companies are reluctant to hire anyway.  The increased unemployment and underemployment among native Singaporeans is also a cause of tension.  This is cyclical. 

Within the Singapore context, an expatriate is a person that is living in Singapore for a short, but undefined amount of time, who is a citizen of another nation, and is employed in a job that requires technical or management skills.  Singapore is, and will continue to be, in the near future, an attractive destination for the ambitious, the upwardly mobile, and the adventurous.  Money talks, and when the economy grows again, there will be talent coming here for their own reasons. 

There are a variety reasons why companies hire expatriates.  From a national perspective, expatriate fulfilled the role of borrowed talent while we develop our own human resource, or as a means to grow our access to other markets, or a possible source of future citizens.  Like any nation, it makes sense for Singapore to prioritise her own citizens.  Citizenship should have privileges, and this extends to vaccination, economic opportunities, and access to infrastructure.  This does not mean that we discount expatriate talent.  It merely means that in times of scarcity of resources or opportunities, Singapore and Singapore companies give priority to Singaporeans.  There is no controversy there.  When there is a a threat, we do not expect them to stay around to defend this nation.  They are not equal, and no expatriate should demand that sort of equality. 

All that aside, xenophobia of any sort is irrational and hypocritical.  Most Singaporeans are descendants of earlier immigrants.  Going back a generation or two, many of us came from immigrant stock.  Blaming these people for perceived or actual policy failures of the government, or exploitation of corporations, is unjust, and should be condemned.

Quora Answer: Can Mauritius become an Economic Power like Singapore?

The following is my answer to a Quora question: “Can Mauritius become an economic power like Singapore?” 

Mauritius is an island nation in the Indian Ocean about 2,000 kilometres off the southeast coast of the African continent, east of Madagascar.  The population of Mauritius is around 1.2 million.  If we look at the position, away from the major shipping lanes, and the population, it seems a tall order.  However, we have to consider that the country is relatively high in the human development index, and has a healthy economy.  Corruption is low, healthcare is good, education is subsidised, and the country possesses one of the largest EEZs in the world. 

As the country moves further up the production food chain, and invests in biotechnology, tourism, research, and renewable energy, it will continue to attract investment.  While it is far off the major shipping lanes, it is between Asia and Africa, making it strongly placed as an investment hub for Asian companies that want to invest in Africa, while mitigating their political risk.  Banking and insurance are already almost 12% of the economy, and it will grow.  The low tax regime, with strong compliance, makes it one attractive for regional hubs. 

Given another decade or so, it is not beyond reason to expect Mauritius becoming a regional economic power.  The greatest challenge it faces is climate change; this is an island nation.  This will mean that massive infrastructure investment is necessary.  These are not funds the country has, at the moment.  The country also imports a lot of petrochemicals to fulfill its energy needs.  The push for renewables is the next challenge.  Finally, growth also means addressing the growing wealth divide, which must be addressed.  Successfully overcome these challenges, and the country is expected to grow in the next decade or so, as Africa opens up.

Quora Answer: Why Does Singapore Invest Heavily in the Military?

The following is my answer to a Quora question: “Why does Singapore invest so heavily in the military?  Where do they expect threats from?” 

Singapore’s defence budget is around 3.4% of GDP in 2021.  This is almost a historical low, and well down from the almost 5% in the early 2000s.  By any measure, Singapore’s defence budget is not a lot.  In terms of monetary value, Singapore’s defence budget is just under US$12 billion. 

However, if we were to compare this, in real terms, with the budgets of our neighbours, the difference is stark.  Malaysia’s defence budget for this same period, is US$3.5 billion.  Indonesia’s defence budget is US$7.5 billion.  This means Singapore’s defence spending is slightly more than both its nearest neighbours combined. 

When analysing defence budgets, we do not merely look at these numbers.  We must also consider the nature of the expenditure.  Indonesia, Malaysia, and every other nation in the region, is spending on maintaining their existing capabilities, with some left over for buying new equipment, not new technology.  There is not much left over for funding significant research and development, for maintaining strategic deterrence on regional rivals, for running live firing exercises, or even securing their own EEZ.  Much of that is wastage due to endemic corruption, and an inefficient bureaucracy. 

Singapore, in contrast, has evolved its military strategy to address a major concern: the low TFI.  This means there is greater emphasis on drone technology, automation, and efficient processes requiring less manpower expenditure.  In terms of theatre, Singapore is more than capable of winning a short conventional conflict with any regional power due to the massive qualitative and technological edge.  Instead, the concern is the growing assertiveness of China in the South China Sea, and the Andaman Sea, two ends of the Malacca Straits.  This would explain the investment in naval and air power projection into these theatres, and a defence strategy emphasising securing littoral waters.  That would explain the ADF, for example. 

Since the SAF is building from a position of strength, much of that budget goes to the acquisition and assimilation of new technologies, and developing this strategic potential.  As such, there is little scope for a direct comparison of Singapore’s defence budget with her neighbours.  Indonesia, Malaysia, and other nations are in the early stages of modernisation.  Singapore is preparing to fight a different sort of war, against a regional power, in our near abroad, if it ever came to that.

Quora Answer: If a Company Has a Profit of $50 Million, & an Investor Owns 10% of the Company, Does He Earn $5 Million?

The following is my answer to a Quora question: “If a company has a profit of $50 million per annum, and an investor owns 10% of the company, does he earn $5 million?” 

In short, no, that is not going to happen.  Firstly, is this profit before, or after tax?  If the company declares a net profit, not gross profit, of $50 million, after tax, interest payments, depreciation of assets, and amortisation, the board needs to propose whether they are going to issue a dividend on the share.  No sane company is going to pay out all the profit, and not retain some of those earnings for the continued running of the business. 

Businesses, as a habit, retain much of their profit to strengthen their capitalisation or even meet those capitalisation requirements, to purchase assets, to shore up the share price if they are listed, to prepare a war chest for mergers and acquisitions, or simply to have funds in the money market for practical reasons.  Only once these, or myriad other reasons, are addressed, will the board consider a payout of dividends.

Quora Answer: If Someone Invests in Your Company, What Percentage of Profit Should They be Getting Monthly?

The following is my answer to a Quora question: “If someone invests in your company, what percentage of profit should they be getting monthly?” 

When someone invests in a company, they take an equity stake.  This size of the stake depends on the value of the shares sold.  This stake does not entitle shareholders to a monthly percentage of profit, since that is not how company accounts are done. 

The audited accounts of the business are presented to the board.  The board proposes a dividend per share based on the net profit declared.  If there is no net profit, then no dividend need be issued.  That being said, just because a net profit is declared, does not mean the board is oblige to propose a dividend to be paid out.  Sometimes, the net profit may not be substantial, or the company has other uses for retaining the funds.  These are normally annual affairs.  In the event of an exceptional windfall for the company, such as from the disposal of significant assets, or other unplanned revenue, the board may choose to issue a special dividend. 

It would be unusual for a board to issue some sort of monthly dividend to shareholders as profit share.  This would open a Pandora’s box of compliance and audit issues, and the authorities may even take exception to this, and classify this as monthly income, which would have tax implications.

Quora Answer: What Should I Watch Out for When Getting a Mentor or Advisor for My Startup?

The following is my answer to a Quora question: “What should I watch out for when getting a mentor or advisor for my startup?” 

A mentor or advisor is important when the people in the startup are new, and need borrowed experienced navigating regulatory hurdles, financial structuring of the club, and even investor relations.  That being said, the mentor is supposed to advise, not run the company by proxy.  If a mentor insists on imposing his idea of how a business should be run, or how the management of the company should be structured, you should consider replacing your mentor.  This is your business, not his. 

It is also to ensure that your mentor does not have conflicting business interests.  If he also represents your rivals, your potential customers, investors, or vendors, there will always be questions about whether his advise actually has your interests at heart, or benefits his interest. 

It should be obvious, but it has to be reiterated, that your mentor should have an impeccable record.  He should have any investigation, or any past suspicion of fraud, or any investigation.  This impacts on the credibility of the business. 

Finally, for someone to be a mentor, or advisor, he must demonstrate actual, practical knowledge and experience in the industry.  He should have a network you can leverage on to grow the business, and he should believe in the project, and the team.

Quora Answer: What are the Reasons Term Policy Claims are Rejected?

The following is my answer to a Quora question: “What are the reasons posed by term insurers when rejecting a claim?” 

This depends on the terms of the policy contract.  One of the more common reasons is because of non-disclosure of a pre-existing condition during underwriting.  For example, if the person made a claim of death due to heart attack, and the insurer discovered that the history of high cholesterol or high blood pressure was not previously disclosed, the insurer would deny the claim, and refund all premiums less costs. 

Another common reason is because the claim is not covered by the policy.  For example, some term life policies do not cover suicide or any death ruled to be by self-harm.  Or, if there is a claim for critical illness, and the rider was either not purchased, or lapsed, the claim is rejected. 

Sometimes, a claim is made for death through activities that are not covered by the policy.  Most policies do not cover high risk activities done as a profession, such as a professional race car driver, or serving in the military in a combat role.  Special coverage is required.  In the event of a claim, that claim would be rejected. 

If the claim is made within the waiting period, it will also be rejected.  For example, some policies have a waiting period of between 30 days to 90 days for specific claims.  Any claim within that period would be rejected.

Quora Answer: Why Do Companies Sell Their Shares?

The following is my answer to a Quora question: “Why do companies sell their shares?” 

The primary reason companies issue shares is to raise capital.  The reason for raising that capital could vary, from building up the cash reserves, to strengthening the paid up for financial reasons, to facilitating a partial exit by founders for profit taking. 

Companies also issue shares to secure the commitment of stakeholders, or as part of a share exchange with a key business partner, for strategic reasons. 

Finally, if the business is listed, shares may be sold for compliance reasons, to diversify ownership, or it could simply be to put the company in the news cycle, playing on market sentiment to raise share prices, and the company’s market capitalisation.

Quora Answer: Should I Purchase Whole Life Insurance?

The following is my answer to a Quora question: “Should I purchase whole life insurance?  I am currently 28 years old, work on ships for a living, married with no children, and make $100k+/year.  Through my company, I max out a 401k which gets matched usually, though with the downturn in oil, the match is being withheld.  I max out an IRA, and keep a year of living expenses on hand.” 

Because you are young, with excess funds, and have no children, whole life insurance will be relatively cheap, and an excellent foundation for your policy portfolio.  There may, however, be some loading because of the nature of your job, but this applies to a term plan as well, with very little upside. 

Because you have excess funds, you could consider a limited pay, participating plan, and overfund the premiums so you pay it off early.  This turns your life insurance policy into a financial instrument, which could borrow against in future, if such a dire need ever arose.  The value of the policy will grow in time, which will leave a substantial estate in the event of death. 

You should also consider getting the rider for disability and critical illness coverage.  At your age band, it is relatively cheap.  Disability is a real concern for people working on vessels at sea.  Critical illness is one of the major reasons for personal bankruptcy.  The mortality costs, the increase in premiums, is worth it.  Dying is an event, and then there is probate.  But disability and illness affects more than one person in the family, and more than one income stream is affected.

Quora Answer: How Can a Person Express Themselves Better?

The following is my answer to a Quora question: “How can a person express themselves better?” 

There are a few considerations when it comes to expressing ourselves better.  This works differently when we are writing or when we are speaking.  We should also consider the audience and our presenter persona.  We do not speak or write only for ourselves.  Our audience needs to understand us.  In general, however, here are some points. 

Firstly, we need to consider who we want to address, and put our thoughts across in a manner they can understand and subscribe to.  This means choosing our words, and the manner we out things across in a manner that is congruent to their understanding. 

Secondly, we need to think about what we want to put across.  It must be a cogent, coherent argument for or against a position.  There has to be a point, or at most, three points.  There has to be an argument supporting this, and there has to be a call to action, where we express what is in it for the audience to support these positions. 

Finally, it is very important to only talk about what we understand.  This ties in to our credibility.  While we need to express ourselves, we only do so in spheres where we have the facts, the experience, and the general knowledge such that what we put forth is credible.

Quora Answer: Why Should People Not Ignore Estate Planning?

The following is my answer to a Quora question: “Why should people not ignore estate planning?”

Estate planning is about securing the assets of the deceased, according to his wishes, for the benefit of the next generation, or other designated beneficiaries.  Estate planning increases exponentially in importance the larger the estate. 

The first consideration of estate planning is about tax exposure.  The estate may be distributed across several different tax jurisdictions, and may need to be reorganised.  The assets in the asset may need to be restructured with trust structures or companies to reduce that tax exposure.  Many parts of the world have an estate tax.  There are ways of mitigating that tax bill. 

The second consideration is to protect the interests of your designated beneficiaries.  This is not simply about willing assets to them, but also about ensuring they receive it in a manner that they can actually benefit from the asset.  This pertains to issues such as accessibility, legacy costs, and so forth.  There should also be provisions for beneficiaries are below the age of majority, or not in a position to represent themselves, such as beneficiaries of unsound mind or intellectually diminished. 

The third consideration is to prevent litigation and infighting among claimants.  This would destroy the family, and the lawyers and the government would come in and get much of it.  This also includes consideration for property in joint tenancy, shares which are pledged, and insurance policies which should be nominated.

Quora Answer: Can a Payroll Tax with Similar Benefits Replace the CPF?

The following is my answer to a Quora question: “What makes compulsory savings, like in Singapore, different from the payroll tax?  Why not just have a payroll tax for CPF benefits?” 

The Central Provident Fund is not a tax.  It is, as you have said, a sort of compulsory savings programme.  The intent of the CPF is manifold, since it is broken up into three accounts per person: Ordinary Account, Special Account, and the Medisave. 

Firstly, It gives people who contribute to the economy, a stake in it.  The funds from the CPF are taken out of income, discretionary spending, and may only be used for buying property or investments.  This helps the long-term growth of the economy, and the gives people a chance to accumulate long-term wealth, so that each successive generation is on better financial standing. 

Secondly, for Singaporeans especially, it is a means to encourage property ownership.  This ties into the first reason. 

Thirdly, the Medisave component is a means to manage healthcare costs, and spread it across the demographic.  Younger people overpay so that older people are subsidised.  The premiums are used to purchase Integrated Shield hospitalisation plans.  The MediShield life component is a form of universal healthcare. 

From a government perspective, the funds in the CPF are a source of cheap funds to borrowed against.  A portion of the returns are passed back into the CPF – 2.5% per annum for the Ordinary Account, and 4% for the Special Account.  The excess return goes into the national coffers. 

A payroll tax is a tax on income earned.  Generally, it disproportionately impacts people on the lower end of the income scale even when it is gradated since it puts a limitation on available income with no immediate gain to the tax payer.  A tax is revenue for the government.  There is no scope for it to be applied in the same manner as the CPF, since the funds do not belong to the tax payer. Any benefits, as per the CPF, is government subsidy, and a cost on the government.  In contrast, CPF monies still belong to the contributor.  The funds are helped in trust, for a specific period, but may be used within a specific scope.

President’s Opening Address: 18th Executive Committee Installation

The following was my final address, as club president of AIA Toastmasters, on the occasion of the Installation of the 18^th Executive Committee. 

Our Chief Executive Officer, Ms Wong Sze Keed; our Chief Distribution Officer, Ms Ho Lee Yen; our District Programme Quality Director, Ms, Hasniza binte Abdul Khalil; our District Club Growth Director, Ms Swarna Kalyanasundaram; Past International Directors; Past District Directors; District Officer; my fellow Toastmasters and friends. 

When I stepped up as Club President, and as Division Director; I said, in my inaugural policy speech, that AIA Toastmasters is not the best corporate club in Singapore - we are the best corporate club in the world.  This is not an empty statement.  Since our founding, we have had 17 years of Presidents Distinguished Club; we have had 17 years of 10 Distinguished Club Programme points; we have had 17 years of being the standard that others aspire to. 

This is a club of leaders and champions.  Members of this club have gone on to be leaders in the finance industry.  Members of this club have gone on to sit on the MDRT council.  Members of this club have gone on to lead companies.  Just as AIA Singapore is the industry leader, a multiple-award winner, with the largest market share, and the most accomplished agency force; we, at AIA Toastmasters, have imbibed of that same well that begat this culture of excellence.  What is this excellence?  It is not found in grand gestures, and grandiose speeches.  It is not found in pomp and pageantry.  It is found in planning as if we are going to war, in executing with ruthless efficiency, in caring for the little things.  We are proud of everything we do, and we do everything with pride. 

We began this term in an unprecedented lockdown.  There was talk of an economic depression.  People wanted to leave the club because of this shift to online meetings.  Morale was low.  Our team came together, and drafted a new vision, a revised Constitutions, and a bold strategic plan.  We emphasised that the ability to speak effectively online is different from speaking face to face.  The post-pandemic economy will not go back to physical meetings anytime soon.  We shifted our internal meetings to focus on market analysis, on pitching, and on structuring our products to address client needs.  We taught out members how to anticipate client objections.  We created opportunities for members to shift to conducting effective online seminars.  We started a speaker incubators to raise the standard of our presentations.  We created a High Net Worth discussion group that focused on trust structures and single family offices in the new market.  And we used the Toastmasters system for this.  The results speak for themselves.  Our members are our producers. 

This is my last policy speech as Club President.  I pass the baton, satisfied, because no matter the challenges, no matter the trials, no matter the tribulations, we are ready - not just to survive, but to excel, to leave the comforts of the shores, and to discover new oceans.  When the new Executive Committee is installed, I want you to look at their faces, I want you to remember their names.  Because these individuals are the next generation of greatness.  They are our future leaders manifest.  They are our captains in a new paradigm.  I am proud of them.  I believe in them.  And by the end of their term, I hope you do so as well.