"A License to Learn"

My inner child still laughs each time I watch this scene from the the movie, Airplane.

I was gobsmacked the first time I flew on an airplane. It was a 5-hour flight from Philadelphia to Tucson, Arizona, to visit my cousins. At just 7 years old, I decided right then and there that I wanted to be a pilot.

While I didn't pursue aviation as a career, my passion for flying never waned. About 30 years ago, I achieved my Private Pilot's License (PPL). Two years later, I earned my Instrument Flight Rules (IFR) rating, taking my flying skills to the next level.

Upon completion of my PPL checkride, the Examiner was filling out a form on his clipboard as we stood next to the Cessna 152.

As he finished writing, he tore off the top sheet, looked me in the eye and said "I am not giving you your pilot's license today... (long pause....) I am giving you a license to learn." He handed me the sheet of paper titled Temporary Airman Certificate and shook my hand as I realized that this moment was 30 years in the making and even though I had attained my goal, I had never considered how impactful the Examiner's words would become as I began to view my well established career as an FA from a different perspective.

Here are a few of my favorite aphorisms from the aviation world that easily apply to the world of Financial Advisory.

1) “You start with a bag full of luck and an empty bag of experience. The trick is to fill the bag of experience before you empty the bag of luck.”

In FA world, you get a desk, a phone and a chance. You have zero experience and you are required to "make your own luck" by working your tail off and hoping that you accumulate enough experience to survive past your dangerously stupid phase. The best FAs understand that there is ALWAYS more to learn.

2) "No Problem that you notice on the ground, will get better in the air."

We have all driven cars with an illuminated warning light indicating that something required our attention. When you start your car and an oil light comes on or your temperature gauge begins to climb, you can likely drive the car to a garage for repairs or worst case, pull over and call AAA.

Seeing those indications after starting an aircraft engine means you are not going flying that day. The oil light could be anything from a blown bulb to a manifold leak, but why would any sane pilot take the chance. Pulling over due to an engine failure in flight would not end well.

Now, take a moment and think about a client currently on your Book that you are not too crazy about. They listen to you some, but not all of the time. They take up your Team's time with various requests and try and negotiate the lowest cost on every transaction. They likely fall in the lower tiers of your T-12, whine a lot and place little value on the guidance you offer.

If you knew this relationship was going to evolve to the way it is presently, would you have ever opened the account?

Can't see the future, you think? Shmaybe you can. This client did not go from hopeful new relationship to whiny nudge overnight. There were signs along the way that your either believed you could fix or would just fix themselves. Think about every relationship on your book that fell short of your expectations. At some point you sensed there was an issue with the assumptions you made at the time the accounts were opened.

That initial feeling was the equivalent of the warning light in your car and you opted to continue the journey even as other warning lights came on.

You noticed a potential problem early and ignored it. Give some thought to your lower tier relationships and the moment you realized there was a potential issue. If you got a "do over" would you handle it the same way? How would your Book look if you had addressed the issue while still "on the ground"

3.) "It is far better to be on the ground wishing you were in the air, than in the air wishing you were on the ground."

Nuff Said!

Gary Sinderbrand

609 335 7752

[email protected]

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