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Summary: Everyone has blind spots. This concept was popularized in a model created by two UCLA psychologists, Joseph Luft and Harry Ingham, in 1955—the Johari Window. Now most people are familiar with the model, or have at least heard of it, but not much has changed when it comes to activating the mental strength required for self-awareness. I’m referring to a high-level awareness that enables you to learn your “blind spots” a.k.a. weaknesses.
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Summary: We had a conversation recently with a financial adviser who recounted how he'd spent several hours with a client who had just inherited significant funds from a close relative. The client was wrestling with how to adjust to this steep change in his personal wealth, while deciding how to reengineer his overall financial plan under these new circumstances.
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Summary: We may not realize it, but we are constantly negotiating. For instance, a four-way-stop intersection on the drive to the office features a negotiation that, barring a crash, has no major impact on the relationship between the involved drivers. Negotiations about financial advisory fees, however, are much different; both the stakes and the potential to affect the advisor-client relationship are high.
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Summary: I recently reported on research that suggested avoiding debt is an important component in whether earning more money leads to more happiness. This supplements previous research that shows increasing one's income to around $75,000 a year does increase happiness.
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Summary: Third-party providers seeking to attract advisors often point to service as a differentiator in the marketplace. Yet, what service means to one advisor is often quite different to another advisor depending on size, circumstances, goals and more. By segmenting advisors, TAMPs (Turnkey Asset Management Programs) and other providers can better understand and support their clients, often dispelling some common misunderstandings about service expectations in the process.
