During the pandemic I have had a lot of downtime in the 200+ days. During this time I have decided to write a book using the guidance of Soren Kierkegaard. One of his many famous thoughts was “Life must be lived forward, but only can be understood backwards”. This week I’ll summarize three of the chapters in my upcoming book. 

A Coke a Day
In many sales jobs we use a script to insure we discuss all of the features our firm wants us to sell. My first sales job was selling new cars. We learned many sales quips to sell the car. My favorite script was to share that it looks like we are down to a Coke a Day to make the final decision. I would end the script with a question. Do you need anyone else’s permission to buy a Coke?  The answer to this rhetorical question was No.  I would close the sale by saying since we don’t need anyone’s permission. Let’s sign the contract  for your new car!  The script also taught me what I didn’t want use a script in my next job. Companies who use scripts ofte…

Earnings Adjustment

The pandemic has showed us several items in our business and our economy that need to be improved. This week we will share components that need to be reduced and several new ideas we should add with the money we save. Cuts and changes are never easy but we will offset the cost savings with an equal amount of new professionals. Take a deep breath because none of our cost cutting ideas will be the from the founders. Hopefully, our recommendations will allow us all to make more after we have a vaccine. 

Experts The complexity of a credible wealth advisory solution requires numerous experts.  Historically we have outsourced this need and created a “my client” argument.  The top independent firms have all of the experts under one roof.  Many experts are being pushed out of their current firms and are looking for a new team.  Our industry has  experienced professionals being displaced in the accounting and brokerage businesses before.  The next experts we need to add are therapists and T&…

In Control*

This week I was thrilled to read No Rules, Rules. It reminded me of the great professionals I have worked with that didn’t want to be told what to do. They could figure out their own superior solution to the Ivory Tower. This week I will summarize how we can apply Netflix’s ideas to the independent wealth advisory business.  We don’t have any movies, but we now have technology and a an advisor mindset that we can apply. 

Brady Belichick Kraft
Netflix reminds us that we are not family, we are a team. This speaks to me as a man, apologies to Kenzie Grant, and to my wife and two daughters . As a team we must hold all of our teammates to a high standard. If they can’t make the grade we need to replace them. If they do make the grade we need to pay them a free agent wage. Our teammates want to be a part of our team because we win and our success will trickle down to them and help attract great advisors and clients. 

Great teams have the money to spend on great facilities and state of the…

Corralling The Herd

Many of us are still at home hoping doctors and drug companies can achieve Herd Immunity. While social media won’t solve COVID it does distract. My favorite distractions are listened below. 
The Bomb educates us how people helped create the atom bomb.  It also describes the conflicts on the team.Hope Through History  History shows us that this is not our first crisis.It Was Said  Great speeches stick in our heart  Amended  The struggle of women inspires Behind The Talent  Many of us are looking for a new job.  This podcast can help.  
Billionaire Boys Club  Recent graduates try to get rich quick.Even The Rich  Rich families are dysfunctional too. 
I’m spending more time trying to educate myself for my next professional chapter.  

RIA Geek Squad

The Pandemic has revealed some hidden gems in our established businesses.  Our wealth advisory business will survive as an essential business, but we should add successful services.  This week we will examine the service that saved Best Buy and helped the stock make all-time highs.  How we and our clients could use it as we live a new remote life? The service will cost our business money, but the benefits should offset any costs. 
Nerds We need to hire experienced professionals to serve on the squad.  Their technical expertise is a given but they must complement their technology knowledge with an empathetic personality.  Most of us have visited an Apple Genius Bar with our “dumb” questions.  The genius always had the answer that was delivered without judgment.  Our nerds need to approach all of our clients using a similar approach.  We need to hire and train more empathetic Nerds.  The gig economy has an answer for us through BrainTrust
On Site
Another important lesson learned during The …

Four Cs

I noticed that my recent decisions during the pandemic all started with the letter “C”.  I still have the big company skill of creating memorable acronyms to guide the thousands of nationwide professionals.  Now that I have broken away I don’t need to write terms for a large group to follow.  Independent Advisors still need a new rule book for their colleagues and clients to understand what their new firm believes. This week I’ll share rules I have watched independent advisory firms successfully implement. Since you are the boss now hopefully these observations will help you use other letters.  ChangeThe first wave was brokers breaking away from Wall Street to become independent.  The current wave was caused by the Pandemic and with gasoline from Private Equity.  The dramatic decrease in interest rates has reduced many businesses cost of capital.  The other beneficiary is consolidators who can help established independent firms purchase other firms  or recruit new advisors.  The final…

Back to School

Our back to school debate has been a good civics education. Since it appears some schools are remaining remote we will continue to organize our monthly online favorites for them. We too are still at home, so our internet usage is high. Hope you can benefit from our screen time. 
EducationInvolved parents help make schools great schools.The podcast Nice White Parents shows us the good and the bad of parents Take 15 is an informative discussion with top Axios Today is a good ten minute summary to start your day  Someone should tell our President 
EntertainmentThe longer we stay at home the more we need to be entertained. Our new favorite is SmartlessBlood Ties continues to surprise Oprah asks great questions on her Super Soul Conversations
We hope those going back to school remain safe but in the interim these podcasts should help.