Last year, Bachrach & Associates, Inc. (BAI) was launching an ambitious new website program (www.BAIVBFP.com). The project was challenging in two regards. First, to be congruent with BAI’s core values, it needed to be written from a dual visitor perspective (i.e., both from an Advisor’s point of view as well as from the perspective of the Advisor’s clients) and provide value to both groups. Second, it needed to provide 24/7 access to answers to fill in the gaps when BAI’s professional consultants (Accountability Coaches) were not available to answer questions. It was this second challenge that spawned a new acronym in Internet terminology: the FOE™.
It was late at night, and I was trying to address the typical FAQs that needed to reside on our website. During the course of drafting answers to those frequently asked questions, it occurred to me that our Accountability Coaches also were consistently confronted by a subset of FAQs. This subset represented less of a question and more of a pretext for Advisors not taking action. It struck me that these were nothing more than common excuses for embracing the status quo rather than risking improvement, and that they represented the enemy to progress. Hence, those late night hours gave birth to a new phrase that seemed applicable: Frequently Offered Excuses (FOE™).
Clearly, the phrase described what our Accountability Coaches hear on a regular basis, particularly from Advisors who are in the early-stages of migrating their practices from product-oriented, sales-focused businesses to client-centric, high-trust professions (which is the journey that we facilitate). It was also obvious that these frequently offered excuses were the “foe” of progress in the lives of these Advisors.
The reality is that none of us can improve our performance, our job satisfaction or our personal lives unless we are willing to embrace a change of behavior. After all, our current behavior got us to exactly where we are; so, it should be readily apparent that new behaviors will be required to take us to the next level. Yet, it is human nature to resist change. It is far easier to complain about performance while waiting for the World to change than it is to risk taking actions that may be uncomfortable or lead to unknown results. Good luck with that approach! ?
Benjamin Franklin said it best: “The definition of insanity is doing the same thing over and over and expecting a different result.” Evolving from a product-oriented, sales-focused business to client-centric, high-trust profession requires change. You cannot create a professional environment and experience for your clients if you are holding on to sales techniques. Until you can let go … and risk some discomfort and the unknown … your results are not going to significantly change. To weather the storm, Bill Bachrach says, “Sometimes you have to borrow someone else’s belief in you until you develop a belief in yourself.” To a degree, this is what a role the Accountability Coach plays in the lives of the Advisors they serve. They help eliminate some of the uncertainty until you gain enough of your own experience to serve as the foundation of new beliefs that support the change you are trying to make.
The FOEs we most frequently encounter involve money, time and permission. Interestingly, traditional sales training would offer techniques for overcoming these “objections.” BAI’s core philosophy, Values-Based Financial Planning™, prevents the use of “objection handling techniques.” Instead, it focuses on helping Advisors self-discover the direction they should take.
“I can’t afford it right now.” Have you ever heard (or used) that one. It is completely in keeping with Franklin’s definition of insanity. If you never learn something new, you have no control over your future. There is a phrase that I have used in public speaking for years, “There is never a return on an investment that is not made.” We are all familiar with ROI (Return on Investment), but have you ever hear of RODN? That stands for “Return on Doing Nothing.” Needless to say, it equals zero unless some Devine intervention intercedes on your behalf.
Time enters into the FOE equation when we try to avoid a situation because of a scheduling conflict. The reality is that, with rare exception, we control our calendars. The key lies in being able to discern the true value between two or more alternatives. Which alternative has the highest probability of helping you achieve your goals for the reasons that are important to you? That evaluation eliminates any excuse based upon scheduling conflicts.
“I need permission” is another common excuse. Sometimes, what is really being said is “I’d like someone else to pay for it” or “I just need an excuse to avoid making a decision.”
In my “misspent” youth, I played professional tennis, and I remember a quote from Bill Tilden: “Never change a winning game; always change a losing one.” If you are completely happy with your current performance and the way your achieved it and you have balance in your life … congratulations! If you are not enjoying the performance or the quality of life you want … do something about it. Find a philosophy you can embrace, learn the behaviors that are required, and find a coach who can help you stay focused. Do not let frequently offered excuses become the FOE™ that stands between you and your goals.
