Category Archives for "What Your Clients Want"

8 Could it Be That Meaning is The New Money For Financial Planners?

Here’s a short story that seems to have nothing to do with financial planning (but it does).

Imagine Bob Lutz.

Bob Lutz?

He’s the former CEO of General Motors.

Bob is not the artsy-fartsy kind of guy. He looks and acts like a marine, which he once was. He smokes cigars. He flies his plane. He once said that global warming was a myth, peddled by the environmental movement.

But when the New York Times asked him about how his approach would differ from his predecessors at the time he started as a CEO at GM, here’s how he responded:

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8 Why People Don’t Want Your Financial Planning Service And It’s Not Because They Don’t Need You, Don’t Trust You, Or Don’t Believe You

A study done by a pair of Canadian psychologists uncovered something fascinating about people at the racetrack.

Just after placing a bet, they are much more confident of their horse’s chances of winning than they are immediately before laying down that bet.

Of course, nothing about the horse’s chances actually shifts: it’s the same horse, on the same track, in the same field.

But in the minds of those bettors, its prospects improve significantly once that ticket is purchased.

What has this got to do with financial planning?

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11 Why People Don’t Stick To Your Financial Plan and What To Do About It

edmund hillary

Sir Edmund Hillary and Sherpa Tenzing Norgay

Do you believe that your clients act on your financial plan?

Then imagine Sir Edmund Hillary, the first man to climb Mount Everest, explaining how he was able to accomplish that feat.

Suppose he had explained he was just walking around one day when he happened to find himself at the top of the tallest mountain in the world.

Ridiculous of course. But no more ridiculous than your thinking that your client will stick to your financial plan while you are not working to make it happen.

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