July 2021
Our Work Has Changed Forever
The last 17 months have truly been unprecedented. Few things still surprise me, but the global pandemic of Covid-19 and its pervasive impact on our everyday and economic lives definitely has. Besides the horrific events of the World Wars, almost no one alive today has experienced such an event. It wasn’t a cry of the wolf, it was the wolf.
But as we see every time that humans are challenged in the most severe ways, a few gems have been discovered in the wreckage. I've already been lambasted for saying this, so please don't send me a message reminding me about the destruction. Let's hold two thoughts.
Let's get to the point: What can we as professional services firms take as positives from this dark period? A lot of good, I believe.
I have long been a fan of the ‘bionic adviser’ model. I believe that we should use technology to do the repetitive, and often boring tasks. Doing this frees up the human to focus on the emotional and psychological side of financial advice, where we add our real value.
In my business, I haven’t met with a client in the flesh since February 2020. I’ve taken on new clients whom I have never met (and don’t plan on ever meeting). I’ve been more focused on client outcomes, and I’ve been more focused on improving business efficiencies. Why has it taken a pandemic for people to realise that being chained to a desk in a specific office is not a requirement of providing a valuable service?
Had Covid-19, and its forced disruption, not been thrust upon us, the typical city commuter would still be caught up in the charade of getting up at 6:05 (maybe one snooze), rushing through breakfast, and sprinting off to the station, standing in the same spot they’ve stood in since 1997, getting onto three crammed trains, arriving at the office in somewhat of a fluster, opening their laptop to check emails they could quite easily have done at 9:00 sitting at their dining room table wearing comfy clothes and drinking their own coffee.
The bulk of work in the information age can be done anywhere, at any time, and almost by anyone. We have been handed a gift which not everyone in our profession has accepted with open arms. Through this chaos, we have been given the opportunity to develop new business processes and working practices which will improve our lives for the rest of our careers.
By making the right changes, we can profitably serve more clients, from more places, in an environment of our own choosing. I am embracing it, and so are many others.
I now see myself as a remote adviser first. Face-to-face is not a route I will be pursuing in my client acquisition strategy. I also find my video meetings to be very intimate, and both parties at ease in their own environments. It’s far easier to book remote meetings as there’s less to coordinate. I find the meetings are more focused and don't last as long as my previous face to face meetings. The future is bright for financial advice, embrace the new ways of working or fall behind.
How have you permanently changed how you run your business? Please hit reply, I'd love to hear your stories.
📰 Articles & Blogs
Under the Microscope: ‘Noise’ and investment advice [20 minutes]. An interesting report investigating a fascinating subject.
7 Steps to Facilitate Exquisite Listening [8 minutes]. A framework for improving this vital skill.
Your Commitment Devices Database [4 minutes]. A few ways to bridge the “intention-action gap”. Look out for the full database of ideas here.
How Often Does Dollar Cost Averaging Fail? [7 minutes]. Instead of worrying if you are buying near a peak, just keep buying and you are likely to end up ahead in the long run.
The Behavioral Coaching Dilemma: Giving Clients What They Want Instead Of What They Need [8 minutes]. Until clients start asking for someone to change their behaviour, it might be best to stay focused on what they want and slip in what you know they need.
Adopting A "Coach Approach" To Overcome Planning Inaction [34 minutes]. Coaching is simply financial planning done right.
The inflation conversation [3 minutes]. How do you illustrate the destructive power of inflation in memorable ways?
🎧 Podcasts
Planning for Life After Full Time Work [62 minutes]. Just listen to this, it's the best conversation I've ever heard on retirement planning.
Accelerating Your Firm's Evolution [46 minutes]. The mindsets and methods it takes to go to the next level.
📚 Book Recommendations
The Righteous Mind: Why Good People Are Divided by Politics and Religion. Social psychologist Jonathan Haidt explores the origins of our divisions and points the way forward to mutual understanding.
👏 Encore
50 Ideas That Changed My Life [11 minutes]
A little planning goes a long way [3 minutes]
8 Lessons from 6 Years in Business [6 minutes]
Must-Read List Of Best Books For Financial Advisors [22 minutes]
How to Maximize Advisor Productivity While Avoiding Burnout [2 minutes]
Why Advisers Need Minimum Fees [4 minutes]
