“Talent isn’t enough. You need common sense and good advice. Don’t let what happened to me happen to you.”
These are the words spoken by Lewis “Hack” Wilson, a week before his death in an interview given to CBS Radio. The baseball great who made his Major League debut in 1923, went on to play twelve seasons in the big leagues. In his prime, he was the highest paid player of his day, yet he died penniless. Hack Wilson didn’t say, “You just need advice.” He said, “You need good advice.”
I have several advisors in my life – my financial advisor for investments and planning; my medical advisor (physician) for my health; my tax advisor (CPA) for tax planning and filing; my minister for spiritual advice. I want the same from all of them – good advice.
For me, there are 4 crucial ingredients that determine whether the advice I get from my trusted, professional advisors is just advice, or whether it’s good advice. Here’s what I need:
- Tell me Something I Don’t Already Know – What good is last week’s weather forecast? Tell me what I need to do to weather next season’s storm. Tell me something you think I would like to know. I like the fact that every time I visit my physician, he tells me about some new medical research and discoveries that can have a positive affect on my health, provided I take his good advice.
- Question: What new, refreshing, helpful information are you sharing with your clients? Are you just going through the motions, delivering the same old stuff?
- Advice: Dazzle me with something new!
- Remind Me of What I Do Know – Everybody is familiar with the old adage “use it or lose it.” It’s true. Last time the market went down 10% you called your financial advisor and said, “sell me out…I can’t take it anymore!” You lost it. She commenced to remind you that you have ten more years until retirement, and that you are investing for the long term in a quality portfolio. People hire advisors who are experts in their respective fields, because they “use it” everyday. If you use it everyday you don’t lose it.
- Question: Are you reminding your clients of what they already know? Are you reminding them of the smart, thoughtful decisions they have made?
- Advice: Don’t forget to tell me how smart I am, and remind me of the facts!
- Protect Me From Myself – But what if it’s outside my field of expertise? The great philosopher Forrest Gump once said, “Stupid is, as stupid does.” Caring individuals don’t let others do things that seem stupid if they can help it. If you’re a CPA and your client says, “I think I’m going to sell all my stocks, “short” the S&P 500 and become a chain smoker. You should say, “If I were you, I would not do that.” You are not speaking as investment professional or a health care professional, but as a professional who truly cares about his client.
- Question: How involved are you in the lives of your clients? Do you know what makes them laugh, cry, and sing?
- Advice: Be my life advisor, not just a dispenser of professional services!
- Tell Me the Truth – And that’s not the same as saying don’t lie to me. Sins of omission may pale to the sins of commission, but both are character issues. Some characters spend their lives leading people astray, while other characters are bystanders, not telling people the brutal truth that could save them from heartbreak or ruin, for fear of being rejected. I don’t’ want my minister telling me, “Do whatever feels right to you.” If the glass is truly half empty, don’t tell me it’s half full just because you don’t have the guts to be authentic. Tell me the truth – give me your expert opinion.
- Question: How often do you disagree with your clients? Do they ever get mad at you for a brief period of time because you talked straight with them?
- Advice: Look me in the eye, and tell me the truth!
Advice is plentiful, but good advice is profitable!
Bill Edmonds is an “Outside-Insider” (an Executive Coach and Consultant), who works with leaders to help them reach their full potential in the areas of organizational and personal development. He spent 24 years with Merrill Lynch until his retirement in 2014, where he led a $100+ million per year revenue wealth management business unit as a Director with the firm.
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