Helping people make informed financial decisions can be
tough. Now don’t fret, this isn’t a pity
party kind of blog coming up. These are
just some thoughts on how to get people to act in their own best interest. I think my doctor might have the same kind of
thoughts sometimes, but not about me.
Being a financial advisor that only gives advice and doesn’t
sell or manage stuff, has its advantages.
We don’t get a lot of phone calls or emails asking why we screwed
up. Now, both my partner Anna and I
screw up plenty, but we try to catch each other’s mistakes before we foist them
on the public. However, when we do give
advice whether in person, on the phone, on Skype or via email, we are never
really sure what’s going to happen. We
usually find out later.
In our business model, we also don’t have to do quarterly
reports or publish newsletters to explain what’s going right or wrong. Who reads those? I’m sure some folks do, but in past lives we
hoped 5% took a look. Only engineers,
who found every addition error or typo, seemed willing to communicate about our
offerings.
How late we hear from someone usually relates directly whether
they are following our advice. If we get
phone or email soon after the delivery, then we know the client is doing
something with our recommendations – thinking about them and, or trying to
implement them and needs our assistance or further explanation.
It’s not unusual to see clients a year later and find that
most of the work we recommended is yet to be completed. How were we to know?
That’s where my doctor comes in. He
makes a follow on appointment right then when I’m sitting there. Funny how the prescription runs out just about
the time our next meeting is to take place.
OK, so Doctor of Financial Advice Ludwick is going to change
his ways and book follow up appointments right away and also have the office
staff follow up a week later to see how things are going. Yes nurse, I’m taking
my pills and exercising. I get the sense
their interested in my welfare. I can
take a hint.
So after nine years of operating in a certain way, Doctors
Ludwick and Sergunina will alter their practice and help their clients move
forward in their financial lives. Yes it means more phone calls for us, but we
expect to see more accomplishments because of our efforts. Yes, it might mean we have to switch more
appointments that need to be altered, but I think we can handle it.
So if you’re a client of ours, what do you think? If you’re a colleague, what do you think? And
if you’re a prospective client, what do you think?
