The Wealth Consigliere

  We continue to reach forks in the pandemic road. Our success will require us to make adjustments. The old adjustments might work too. This week we will discuss how we can deal with changes.  Maturity   Maturity is a key aspect for managers, advisors and clients. As we mature we realize that many of our assumptions are faulty. This questioning is important for interviews and prospecting. Our answers will evolve and change.  Benefits   We need to provide a comprehensive benefit package for our colleagues. We also need to use it ourselves and understand the benefits.  Holidays   The Holidays help us slow down and spend time with our family. Our family is why we work. The Holidays can remind us of this fact. Enjoy your family and communicate why you need them.  Change is stressful. We need to accept the changes and roll with them. 

  Podcasts are currently free due to the advertisements. Some firms are offering ad-free podcasts. I’ll stick with free. My two favorites are listed below. 😊  Third Squad -  https://www.iheart.com/podcast/1119-third-squad-87991909/ Backstage Pass -  https://www.pushkin.fm/show/backstage-pass-with-eric-vetro/ Let’s hope the free podcasts survive as long as the free parking spaces…

 I don’t know if it is my age or the pandemic, but my social media feed reads like an Obituary Section in the local newspaper.   This week I will examine how we can reduce our regrets. We have a distorted memory of friends after they pass away. What do we miss and why? Our memories are better, but we need to understand how we can use these memories with living friends. Life is fleeting and our understanding of this reality will help us and our living friends.    Our clients and the regulators are fixated on the fees we charge. Many firms hide the fees and make the fallacious claim that their services are free. The fact of the matter is that someone is paying our fees. This reality is something we need to understand.  Wealth has numerous definitions. Most jump to definitions based on the type of car the person drives and where they live. Snap judgments are often erroneous. We are impressed by money. It requires a self aware person to evaluate where their money c...

 I remain afraid of snakes. They have survived many environmental changes. This week we will discuss other items that haven’t changed. There are numerous changes to our wealth advisory industry, but there are several items that remain the same. We need to embrace this reality and accept we can’t change everything. Many families are starting a new business. This creates a whole new set of challenges. Who will run the firm and is there an interview process for younger family members. The issues need to be addressed at the family level first before we start a business. No changes here. When we were dropped off at school we realize that we are on our own. The reality is shocking but it is the first step to our independence. There is no short cut. We need to figure out how to be our own boss.  We typically use celebrity endorsements to validate our business. Unfortunately celebrities are humans too and understand little about our business services in addition to our endorsement che...

  We are evolving out of the pandemic. Finding a good teacher that isn’t selling us something is sacrosanct. It is a responsibility that we as independent advisors need to identify the best new approach.  This week we will cover numerous subjects that can help. I love my favorite teachers because they they didn’t have a conflicting agenda. They sincerely wanted to make me to learn and improve.  Numerous Approaches We need to do a third party examination of our business. The third party might see unique items we take for granted. This examination will help us improve.  Our blind spots are easier to see using a third party. Have a cocktail and ask a friend their opinion.   Seasonal Changes   The seasonal changes dictate our lives. We need to be aware of the seasonal impacts on both our business and life. Just because the seasons change we shouldn’t be required to change too.  Margins Over time we realize that our margin for error is slimmer than we belie...

  We need to jump in the podcast pool. It seemed scary but the water and the guidance can make it enjoyable. We just need to do it. My monthly Podcast summary will focus on 2 True Crime podcasts and an educational podcast. My three favorites are: Bad Women (True Crime) https://www.pushkin.fm/show/bad-women/ Over My Dead Body (True Crime) https://deadline.com/2021/09/over-my-dead-body-fox-lake-wondery-podcast-1234844521/ Backstage Pass (Educational) https://omny.fm/shows/i-am-refocused/celebrity-vocal-coach-eric-vetro-backstage-pass-po I have found that history is difficult to dispute. 

  It sounds like many businesses are having problems hiring. I am interested in working and I view this blog  as my free online job application. Sorry, Indeed, LinkedIn Premium and AI.  We all need to have an experienced copilot. The sophisticated instruments demand help. The second opinion helps too. A successful business requires several opinions even if the final decision is made by the pilot/founder. I could be a good copilot.  The old approaches die hard. I’m surprised there are still Psychic offices in many strip centers. We need to rationalize our business to insure our approach is new world. We also need to confirm our services are what our clients want today. It is a difficult transition for all involved. We need to embrace the new and improved solutions. I am technologically proficient.   We can use the success of a subscription box in our business. The box includes items we want but would never buy individually. The contents include items we know our ...