Impeachment


The impeachment hearings have dominated our news feeds. How will you feel if the decision doesn’t go your way?  Our blog this week will examine how we feel after we make a big decision like resigning our job or hiring a new wealth manager. Our experience and observations can help but unfortunately they leave us wanting more.
Ephemeral


Making a change feels good until it doesn’t. Unfortunately our new job has many of the same problems that existed at our old job. I tell my colleagues when they resign that “the grass is brown everywhere”. The same buyers remorse is true for clients when they choose a new wealth advisory firm. Once the new firm smell has disappated. The way we can address this issue is to remind the person why they made the change.  Don’t assume everything is fine. Check-in and assure the person why they made the change and that you and your firm are happy they joined. Experience has shown that if we don’t support their decision their joy will be ephemeral.

Introspection

 Many advisors describe themselves as therapists. While this won’t require a couch in their office it does provide a good roadmap for meaningful conversations. Interesting that the best subject is not the performance of the portfolio, it is the open ended question of how are you doing?  Trust Departments had it right years ago when they called financial advisors relationship managers. Who is the dummy now?  One of my favorite movies on relationships is Albert Brook’s movie Lost In America. Stream it on Netflix.



Next

Kierkegaard got it right in the 1800s. His insight that life can only be understood backwards but must be lived forward is a mantra I try to follow. Unfortunately we build our firms and careers based on yesterday’s successes which even the SEC has deemed is a poor approach. What future items should we monitor?  I’m researching how AI can help me and my firm. I’m also embracing social media. Creating a list of people to follow on Twitter, not named Trump, is a good educational morning routine. Both however don’t hold a candle to actual human interaction. Sorry Facebook.

Impeaching the president or resigning from your job momentarily feels good. Cultivating a real friendship feels better.

Comments

Post a Comment

Popular posts from this blog

Inorganic

Image
Our industry has always looked down on Wall Street’s recruiting checks.  Last week there were numerous announcements that independent firms were offering advisors money to purchase their practice.  The term for these transactions is inorganic growth.  This week we will look at why these transactions are the new rage and examine if they are better than the old Wall Street checks. Wempy Popeye and financial advisors fall for the “I’ll gladly pay pay you tomorrow for a Hamburger today” pitch.  Unfortunately Popeye and and most financial advisors provide their hamburger but seldomly get paid what the firms and Wimpy promise .  Why?  The advisors need the cash and Popeye is gullible.  On Wall Street the deals adjusted when the advisors changed firms looking for a new deal every five to eight years.  The recent Luminous departure shows that the advisory contracts need to be adjusted.  The new contracts are written by experienced firms and lawyers to prevent serial departures. 
Read more

Stop Judging

Image
I have known that I have MS for over four years.  My doctors believe I have had MS for over twenty years.  Initially, When I received this diagnosis  I was very opinionated when I saw disable people. I assumed the worst. As a currently disabled person I can educate and warn you regarding things you shouldn’t say to me or disabled people..  This blog will educate on my disability. The places it manifests itself and how you can react and support me and other disabled people. The three items are: 1.) Needing a walker 2.) Government disability  3.) Falling MS causes me to loose my balance and fall.  The walker prevents this reality  I look at walkers as being as sign of old age,  I was incorrect and a good walker is an aid!  With a walker I fall less often.  I might look old, but I am OLD! Our government provides support to the millions of MS patients in the US.  Support is through Social Security and must be approved.  I am approved. The service can be cancelled if i get a full time job.
Read more

Summer Changes

Image
  Our summer is almost over,  What did we learn during all of our downtime?   I will summarize all of my observations and share my plans on what I will implement when I return to my office.  I discovered/ learned 6 items on my beech lounging, morning walks and social media tolling that I’ll share.  Hope they help.  My first and easiest change was my eye glasses.  Many of my friend asked it was trying to look like Elton.  I wasn’t…. The next three changes were business related. The changes will be voted on by my colleagues.  Steve Jobs of solving client problems the client didn’t know they had will be our guiding light.  I tried to change a few items. The obvious item what I changed was my eye  glasses.  The other areas were business related and I wanted wanted to be in control of my changes. The first change s our business’s model.  It has taken years to realize that I can’t beat thr market index.  Growing up on Wall Street this change was difficult.   Alpha is difficult to achieve an
Read more