If you want to build a successful business you have to learn how to say no. You have to say no to employees, you have to say no to suppliers and you even have to learn how to say no to customers.
It’s been almost fifteen years since I first started doing our discovery process that we now call The Objective Review. At first we just called it our discovery process. We then started calling it the Stage 2 Discovery process. Now we just call it The Objective Review.
The goal with this process is to quickly and efficiently identify what you want to do and why it’s important that you achieve the outcomes we discover. Over the years we’ve continually added parts to our process that make our Objective Review easier to do and faster to deliver.
Advisors love to advise. We think we have a great deal of value to add and always want our clients to listen and take our advice. This often manifests itself as the advisor talking and the client listening.
I’ve recently had the pleasure to meet Dick Wagoner, a sage in the financial planning industry. Dick talks about clients living in a micro-economy but planners want to work with them in a macro sense.
I agree with this idea. Our clients do live in a micro-economy. When their investment accounts go down because of a bear market, they are often affected.
Over the years I’ve learned a fair amount about looking at things from another persons viewpoint. This was an especially hard lesson for me, especially when I was in my late twenties and early thirties. At that point in my life my ideas were always correct and if you didn’t agree with me, there was always the door.
Today I know that there are many, many things that I can and do learn from others. I’ve also learned that in my business it’s always about what our clients want and has little if any about what I want. Every time I forget that (and occasionally I do) I get a learning experience that is often not very pleasant.
Mind maps are visual illustrations of activities or plans that are easily understood. We use mind maps in our firm to help our clients understand complicated planning issues on a single page. Instead of using a report that is several pages long, we often will illustrate the plan using a mind map.