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Winning is not
complicated. People complicate it.
If you surround yourself with the right people, you win.
Dick Vermeil, general manager and football coach of the Super
Bowl XXXIV champions, the St. Louis Rams.
Let's say that John Elwayin the
prime of his football career as quarterback of the Denver Broncos
stepped into a huddle and nobody knew who he was. Do you think the
players would be able to spot his expertise anyway?
Even though this would never happen, play along for a minute. The team
would know right off, wouldn't they? He would not have to tell them,
"Look, you guys, before I call the play, you probably want to know
a little about who I am and what my background is. I know none of you
have heard of me because there was some kind of NFL amnesia virus going
around, but I've got two Super Bowl rings, and I am the ultimate,
last-minute, comeback guy. I can take us down the field in the fourth
quarter with almost no time left and be better than anybody who ever
played the game."
Instead, all he'd have to do is walk into the huddle, be John Elwaya
truly great quarterback take charge, and tell them what to do. They'd
get an inkling, don't you think? That instinct would lead them to
execute the play as instructed, and when Elway delivered, they'd still
be in awe.
People who are great in any field don't have to spell it out. You can
tell by potential advisors' behavior and demeanor whether they are good
at what they do. A Trusted Advisor would simply walk into the new client
meeting, be himself or herself a true pro ask the right questions, and
always operate at the highest standards. You'd know whether you were
talking to the first string or a benchwarmer. Like John Elway, a Trusted
Advisor's competence level and trustworthiness are demonstrated by
behavior and backed up by delivery.
As you seek the right advisor for you, don't get too distracted by
designations or tenure in the financial services industry. Designations
may be reassuring, but they don't really mean an advisor is any better
at this business than someone who doesn't have them. The best Certified
Financial Planners, for example, know other CFPs whom they would never
trust with their own money. Similarly, the number of years in the
business has little to do with actual competence. Maturity has its
advantages wisdom gained from life lessons, sometimes a stronger sense
of self and direction, a parental warmth (for younger clients), or a
sense of shared experiences (for older clients) yet someone once said
that few people actually have twenty years of experience; instead, most
people have one year of experience twenty times. Younger or newer
advisors may be more technologically adept and fresher to the game. But
you have to be careful about generalizing; there are plenty of
computer-savvy advisors over fifty, and there are an equal number of
wise thirty-year-olds.
The size of the firm that employs them is no indication, either. Bigger
companies may provide better training, but that training could be
Generation Five or Six sales techniques. Some companies will provide
access to a lot of resources, expertise, and experience, but the
Internet has equalized the playing field: even an independent advisor
has ready access to all the resources the big firms used to control.
My point is this: You have to rely on your gut reaction to the
individual you're meeting and use certain other criteria (see the
checklist at the end of this chapter) as a backup. You simply want to
find an advisor who inspires your trust and who has followed the BRG
("being really good") formula for success. It goes back to the
Elway analogy. You will know when you are in the presence of a pro.
There should be no doubt in your mind.
An interview with the right advisor will be such a profound experience
for you that after about an hour you will feel ready to hire the advisor
to write your financial plan, trust him or her with all your money, stop
working with any other advisors, do whatever this advisor tells you to
do, and share the good news with your friends, family, and colleagues
about the incredible experience you had. When you meet with a Trusted
Advisor, you feel energized. In contrast, when you meet with a
salesperson, you feel worn down.
When the meeting is over, ask yourself, Do I feel inspired?
The Trusted Advisor has also mastered a certain paradox: how to care
about you yet remain detached enough to say when there isn't a good fit
or you have mistaken ideas about how to proceed. It's one part
"tough love" and one part caring more about doing good
business than making money for his or her self.
Look to find a great advisor, not just one who wants your business. You
should have a sense that your advisor cares about you as a person, but
could take or leave your money. Eagerness is not a plus in this
profession; you really want to stay away from the person who seems
hungry or over-enthusiastic. You also want a financially successful
advisor. After all, who wants an advisor who's broke? That's like having
an obese, cigarette-smoking fitness instructor. This is your financial
future; don't entrust it to someone who is so zealous to please you that
his or her judgment is swayed by that desire. Instead, look for someone
who has the confidence to tell you the truth whether it's what you want
to hear or not, guide you as you work toward your financial goals, and
support you in fulfilling what is truly important to you (your highest
values). |
