19th August 2013

Aegon: Take control of change

An old boss of mine once said, ‘If you’re afraid of change, don’t work in financial services.’

The last year has seen probably the biggest changes I can remember in my 27 years in financial services. RDR has revolutionised the way our profession interacts with clients, and auto enrolment will define the future of pension planning for a generation.

If that wasn’t enough, we’re also seeing the:

• effects of our economic environment
• strains of an ageing population
• second Industrial Revolution, driven by new technology and social media

I want to focus on how it affects us, as we mustn’t ignore or forget the human element when it comes to how we adapt to change in both our personal and business lives.

I’d like to take you through the five stages of change:

1. Denial – we rage against the light as we fight and strive to defend the status quo. This is natural, and in fact allows many of us to understand what we may lose or gain from any change as we enter stage two.
2. Anger – we realise that change has happened, or will happen, and can’t be avoided. It’s normal to feel insecure as you experience what you perceive as chaos all around you.
3. Dejection - by this stage the realisation of the changes we face are apparent, and it’s clear the old ways or relationships or processes are not coming back, and you have no other choice but to let go. The anger you previously felt is now translated into despair and remorse.
4. Acceptance – we realise that change has happened and that we have to get on with our lives and now reflect on how we can move on.
5. Understanding and evolution – we now realise the impact of the changes we’ve faced, we understand how they’ve affected us and begin to harness our acceptance and move forward.

Does any of this resonate with you? It’s important in any change to go through these stages or we never move on emotionally or professionally. You might want to try these tips from the leading experts on change:

• Be aware that change happens. It happens in both your personal and professional life. You can’t live in the past, so denying that change could occur only makes things more complicated for you.
• Stay alert - know what’s happening around you. When you come across clues that hint that change is on the way, acknowledge them.
• Anticipate the change process by recognising its different stages. Keep in mind the faster you get to the acceptance stage, the more promising things will look for you.
• Assess yourself - change is a time when your confidence about your skills and capabilities gets shaky. Recognise your strengths and where you could bring them into play. At the same time, stay aware of your areas for development and work on improving them.
• Be adaptable enough to look at the different angles of the change and see where you could apply your ‘existing’ skills and knowledge.
• Stay positive - keep a positive attitude and don’t let yourself drown in uncertainty. Involve yourself in the change.

Change is never easy but following these steps may make it easier for you and your business.

John Joe McGinley 
Head of Business Brain, Aegon

Business Development, Pensions, RDR