April 2020
What a month March was!
For some advisers, this has been the first real crisis of their careers, while for others it was a reminder of how valuable (and at times, difficult) our work can be.
This is our Olympics, this is what we train and prepare for, make no mistake about it. Whatever you thought your value proposition was, you now realise it's this:
Helping clients to practice rationality under uncertainty.
Right now there is nothing but uncertainty. We dance with ambiguity.
A few silver linings as I see it:
First, the way the profession has pulled together has been remarkable. We've shared our experiences of this event during video sessions and shared client communications. If you're looking for a message to share with your clients, please feel free to use/repurpose any of the four emails I've sent to my clients (no need to ask permission or credit me, unprecedented times and all):
Part 1 | Part 2 | Part 3 | Part 4
Second, every adviser has learnt whether their client onboarding process is worthy of a behavioural financial adviser. If your clients were surprised that a significant market drawdown was possible, it's likely that you need to amplify your lifeboat drills. We're in the lifeboats with our clients now, we can just about see the shore.
Third, some of us may have discovered who our "at-risk" clients are. A reset in the world (and markets) is a great time to make changes to our businesses and lives. Do the difficult work. I revert to the All Blacks 'No Dickheads' policy. If you haven't yet read this book, now may be the time.
Legacy - 15 Lessons in Leadership
Remember this experience and learn from it. This is a noble profession, at its core is the pursuit of lifelong learning.
You manage humans, not assets.
Main Feature
Advisors Share Ideas and Tools to Demonstrate Leadership [11 minutes]
Advisers from around the world were invited to share the messages they are sharing with clients, to demonstrate leadership, and the tools they are using to stay in touch.
One idea is all you need to improve your business.
Articles and Blogs
You Trained for This! [2 minutes]. Yours might be the only voice of positivity your clients will hear at this time.
Finding Peace Within the Pandemic [10 minutes]. This is a war that wages within the borders of the mind.
The Power of the Human Spirit [4 minutes]. We have survived worse than this.
How to Deal with the Behavioural Challenges of Bear Markets [3 minutes]. Behaviour trumps market returns.
Will You Choose Alive Time or Dead Time? [6 minutes]. How will you use this time?
5 Surprising Benefits of Being a Great Listener [2 minutes]. These all lead to win/win outcomes.
What Your Clients Really Need Right Now [3 minutes]. Will you lead them?
Perspective [3 minutes]. We've seen worse before.
The Power of Being Interested in Others [4 minutes]. There's magic in a good question.
Top Ten Behavioral Biases, Illustrated #2: A Bird in the Hand (Loss Aversion) [8 minutes]. Losing scars.
Podcasts
Growth of the Experience Economy: A Transformation of the Financial Service Industry with Dennis Moseley-Williams [72 minutes]. Good service is no longer a differentiator.
How to Add Value at a Time When it’s Needed Most - with Bob Burg [51 minutes]. Are you giving more than you're taking?
Michael Bungay Stanier: Taming the Advice Monster [59 minutes]. Improving the coaching conversation.
Enhancing Your Discovery Process by Becoming a Better Biographer [32 minutes]. Seek first to understand.
Book Recommendations
Marketing Made Simple by Donald Miller. Is your marketing message clear enough?
Remote: Office Not Required by Jason Fried and David Heinemeier Hansson. A prescient manual.
Encore
How I'm Managing My Own Money Through the Crisis [5 minutes]
It's Never Just About The Money [4 minutes]
Why are investors not paying for advice? [7 minutes]
I Don't Know [4 minutes]
The Untold Story of the Professor, Advisor, and University That Plan to Save Wealth Management [14 minutes]
The Lifecycle of Greed and Fear [5 minutes]
When it rains [3 minutes]
How A Camera Taught Me Patience [4 minutes]
What You Truly Value [4 minutes]
