One of the communities that I’m involved in is the Financial Transitionists Institute. It’s also known as the Sudden Money Institute. The purpose of both is to train financial advisors on how to work with financial transitions that happen in our lives.
When we work with financial transitions, we end up working on transitions in general. I think this is an important point. Financial transitions don’t live in a world by themselves and generally non-financial transitions don’t either.
One of the questions Susan Bradley, the founder of both organizations recently asked was what is the promise that we bring when we work with our clients. I’ve been thinking about that for a couple of months and thought it would make a good topic for this week’s video.
So, let’s jump right in with the promises I think you deserve.
You know, one of the communities I’m involved in is the Financial Transitionist Institute. It’s also known as the Sudden Money Institute. The purpose of both is to train financial advisors how to work with financial transitions that happen in our lives.
When we work with financial transitions, we end up working on transitions in general. I think this is a really important point. Financial transitions don’t live in a world by themselves, and generally non-financial transitions don’t either. They’re both two sides to the same coin.
So one of the questions that Susan Bradley, the founder of both organizations, recently asked was, what is the promise that we bring when we work with our clients? I’ve been thinking about that for a couple months, and I thought it would make a great topic for this week’s video.
Let’s jump right in with the promises I think you deserve from the Sustainable Business.
- Number one, we need to listen deeply to what will make your life better. Instead of us spouting what we think you need to do and how you need to do it, first we need to be thinking to understand before we get to be understood. That’s one of the Stephen Covey’s “7 Habits of Highly Effective People”. And I think it’s a really important thing for you to be realizing as you’re thinking about an advisor. Does your advisor really listen to you and ask instead of tell? Meaning we need to be asking you questions to understand what’s important for you and, more importantly, why it’s important. A lot of times, when I ask you a question, you’ll find that I will dig down and dig down and dig down ’til we get to the core thing that you’re really thinking about that you want to accomplish. Once we get to that core thing, it’s a lot easier helping you get to where you want to go.
- Number two, we need to move at your pace. It’s really easy for advisors to get impatient with our clients. A lot of times, we get impatient with our clients because what we’re doing is, we’re really trying to move at our pace. We already understand all the things we’re working with you about. That’s why you hired us in the first place. It’s not reasonable for me to think that you understand everything I’m talk about and that you can move at the same speed I can. I have to match your pace. You don’t have to match my pace. I think that’s a really important thing.
- Number three, we need to recognize that you’re the expert at your life. You’re hiring me for a certain amount of expertise, or you’re hiring any advisor, for a certain amount of expertise they bring to the table. But there’s one thing that I absolutely do not have expertise on, and that’s what makes your life work for you. You’re the expert at that. It’s my job to help you uncover that and figure out what it is that’s important for you. But the truth is, I can only do that by asking you questions and keep asking you questions ’til we’re both absolutely clear what makes you tick and what makes you have joy in your life. You know, it’s too often advisors advise if your life was their life. Years and years ago, I was working with a client. I went to a meeting, he invited me to a meeting, about nine or 10 people in the room. And the purpose of the meeting was to figure out whether they should do an employee stock ownership plan. And all the people in the room were talking and talking and talking for about 45 minutes about all the reasons they believe this person shouldn’t do an ESOP. And after about 45 minutes, I raised my hand. I said, “You know something? “Will has one goal in mind. “He wants the 250 jobs that he has “to stay in Burlington, Vermont. “The only way that can happen “is if his company becomes a fully owned ESOP.” And at that point, I realized what their advice really was about what they would do if they owned the company, not what Will wanted to do because he did own the company. So it’s really important that we advise you from your point of view, not our point of view.
- We have to realize that there are lots and lots of transitions in your life. You know, a good example of a transition is, when you go from being a control and command manager to learning how to delegate, meaning you have other people do the work and successfully do the work, that’s a huge transition in your life. And you’re gonna go through the four stages of transition when you do that, which means you’re gonna have anticipation. You’re gonna have an ending, which is you try to delegate. You’re gonna be having passage, where things are really, really, really messy, where delegation isn’t going so well and you have to go back and relearn the lessons that you thought you learned the way. Then finally, on the other side, you come out to what we call the new normal, which means that you’ve learned how to delegate, you’ve gone through the messiness to get there, and now you’ve become good at delegating. Well, that’s a transition. And the truth is, every transition in your life will have those four things. You anticipate, you have an ending, you have a passage where it’s really messy, and then finally you get to the new normal, where life is changed. So it’s our job to help you successfully navigate the transitions in your life.
- Number five is, we need to keep it simple. When you’re going through a major transition, you’re under pressure, and your IQ drops. If we make it complicated, you’re gonna get confused. You’re gonna stop. You’re gonna freeze. You’re gonna feel you’re under undue pressure. And that is not the way to help you make a great transition. What we need to do is, we just need to keep it simple, do a few things at a time, and help you figure out what must be done now, what could be put off, and what isn’t really important at all. So it’s really important, and I can’t say this enough, how much you have to simplify and have people simplify things for you when you’re going through a major transition in your life.
- Number six, and this is something which is a little bit … I wouldn’t call it out there, but it’s a little bit out there anyhow. Hopefully, we can find a way to guarantee our work. If you’re working with us on investing or financial planning, I can’t guarantee that work. It’s against the rules of the SEC and the state of Vermont. But it can be done for our consulting work that we do. And we do guarantee that work. I just really believe, and it really annoys me that advisors will say, “Well, we can’t give you a guarantee “because we have no idea if it’s gonna work,” or “We can’t guarantee what you’re going to do.” Absolutely right, I can’t guarantee on what you’re going to do. But I can guarantee that I can help you find solutions that will work for you. In the Financial Freedom Project, the guarantee is, we will help you and guarantee that we will come up with operationally doable strategies and make you financially free from your business. That’s the guarantee we can do. We can guarantee that we’re gonna come up with a strategy that works for you. We can’t guarantee that you’re gonna implement the strategy. So that’s the difference in the guarantee is that we’re gonna guarantee what we can do. And we’re gonna guarantee a result that you can get. We’re not going to guarantee what you need to be doing yourself. So these are all the promises, and we make some more, that we make when we work with you.
So what are the promises that you make with your customers? You know the ones that are overt versus the ones that are just implied. And frankly, the overt promises are the ones that really count.
So why don’t you scroll down and, while you’re at it, leave a comment below about the promises that you make and whether your think getting a promise from a supplier is important in your life.
Another thing I want you to do is DOWNLOAD our free eBook on Relationships And Roles In Your Business. You might find the roles you play in your business are burning you out and making your business experience not that much fun. And frankly, I want you to feel like work is fun and you’re making enough money to fill all your goals.
So this is Josh Patrick. You’re at the Sustainable Business. Thanks a lot for stopping by. I hope to see you back here really soon.