business philosophy

The Gong Show, Seminar Edition

© Can Stock Photo / dutourdumonde

I spend most of my days working with you or for you on your investments and planning. A few days each year are spent at seminars and conferences, working to get better at working with you or for you.

It is great to find a new perspective or idea or tool that helps us with our work, especially delivered by an inspired and inspiring speaker. But sometimes things we see and hear are just not a good fit for our values and philosophies. The last seminar I attended had much that was helpful.

But the part that was not helpful was interesting. Reflecting on it, it had to do with a mismatch in philosophy.

One of the speakers was a consultant for a coaching outfit, one that works with financial advisors to help them grow their businesses. After the preliminaries, he began his presentation by asking attendees to visualize how much money they wanted to make, three years down the road, encouraging our ambitions. And then, write that number down in the notebook provided. Next, how many millions in client assets did we want, three years hence? Write that down.

Thinking about the future and setting goals is a familiar and valuable exercise. But it was what came next that made me think of The Gong Show.

(One of the first reality TV talent shows, The Gong Show featured amateur acts appearing before a panel of celebrity judges. A judge could end an audition by striking a loud gong.)

The next topic after the money exercise was about the importance of being client-focused. Before many words were said about how vital it is to be centered on clients, I heard the gong in my head and thought, “Too late. You already established that you are focused on money, not clients.”

We concluded long ago that the better off you are, the better off we are likely to be, down the road. So when I walk in the door of 228 Main each morning I think, “What can we do to grow the buckets?” Of course, that’s not the only thing. We also work on helping you use your resources in your real life, to spend well. It is all part of being better off. Our business objective is to improve your outcomes.

The better off you are, the better off we are likely to be. My income is a byproduct of how well or poorly we help you become better off. That fits the definition of client focus a lot more closely than having your results be a leftover effect of how much money I want to make.

There were other things in that seminar presentation that struck me as off, but if I had a gong I would not have heard them.

Clients, if you would like to talk about this or anything else, please email us or call.

122 Out of 7 Billion

© Can Stock Photo / thesupe87

Of the seven billion people on the planet, more than three billion have access to the internet—including 286 million in the United States1. Any of these millions and billions may read our work and our thoughts here at 228Main.com, no cost.

The funny thing is, we started out writing with a specific audience of 122 households in mind. These are the people who trust us to manage their portfolios and help them frame their financial issues. We began writing these articles to improve our ability to communicate with and serve 122 of you, our existing core clients.

It turns out that there is a pleasant side effect to this process. We find that making it easier to connect with you has improved our capacity. We used to think that the 122 households were about our limit for how many we could take on without compromising service. But as our operations grow more effective, we believe we have been able to deliver better and better service. We now believe we may have room to grow to 160 client households.

We don’t know who will wind up filling our excess capacity, where they live, or what their circumstances are. But we do know a few things about them already.

They will have effective attitudes about investing, or be willing to learn them. In other words, they will fit into our niche market of the mind. They will have a few hundred thousand dollars available for long-term investing, or more. They will understand that we put all of our efforts into trying to grow the buckets and communicating with clients, instead of spending some of our time organizing wine tastings or delivering smoked turkeys or chasing prospects around.

We have long thought we have all the business we need. We do not know what the future holds, though, and the regulatory environment is constantly changing. We do not always believe in the conventional textbook wisdom. Regulations based on the textbook approach may potentially make business more difficult for those of us who would rather try something different. The increased scale afforded by our newfound capacity might be helpful in handling regulatory compliance down the road.

Our work for our core clients is extremely gratifying. If you are one, thank you for the opportunity to serve you. If you may be one of the thirty-eight future clients, please soak up all you can here at http://www.228Main.com. Feel free to get in touch with us via phone or e-mail. And for the rest of the millions and billions, we’re glad you are here, too—you are welcome to eavesdrop while we talk to our clients.

1Data from http://www.internetlivestats.com


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.