Is that YOU, behind the Mask?

Yay! It's back! The UK version of The Masked Singer! Now a global TV phenomenon!

Like me, some of you may admit to having tuned in the last few Saturday evenings to watch up to 12 masked celebrities perform each week. At the end of each show the audience vote out the weakest performer who then have to reveal their identity to the chant of?Take It Off! Take it Off!?Take it Off!?

It's hilarious. Absolutely crazy but captivating TV viewing.

Masks can be useful I guess. But rarely.

If you are a financial adviser, are you wearing a mask?

Just before Covid kicked in, I was asked to present my ideas on Lifestyle Financial Planning to a large audience of advisors in London.

The speaker before me, the star attraction for this event, was the Head Fund Manager of one of the UK’s largest Equity funds.?

He arrived late and swaggered on to the stage to applause from the audience. I could see they were clearly putting him on a pedestal. He made no apology for his lateness, and in a somewhat self-righteous manner, appeared to look down on his audience as he started his?powerpoint presentation.

I could already sense we were about to be exposed to numerous bar charts and historical performance comparisons. I was already starting to yawn at the thought of it. But, as I looked around, I could see the audience of advisors were mostly on the edge of their seats - with pens and iPads poised - waiting with bated breath for the insight, analysis and predictions to come from this man.

But then, after skipping through a few charts, from the front row where I was seated, I could hear him muttering?“...that’s-already-out-of-date”,

He then said:

“I suppose you are wanting some advice? Post Brexit? And what with US elections coming soon, and now this... this... coronavirus.... you want some predictions about what’s going to happen to the markets? To oil prices? To interest rates? You want some ideas... about what to say to your clients?”

The audience remained quiet, but as I looked around I could sense they were all inwardly saying:?“Yes please, Master! Tell us!!”?

Instead, he said:?“Well, I haven’t got a FLIPPING clue! NOT a clue!”

He then went on to describe the perfect storm, and cover all the reasons why he didn’t know what was happening - or what was going to happen. His audience of advisors looked extremely disappointed.?

Meanwhile, I found it to be one of the most honest talks from a fund manager I had ever heard! Ever! I wanted to hug him.

He clicked quickly through his remaining slides, then disappeared off stage, not thanking his audience - obviously on his way to far more important meetings with far more important people and with far more important things on his mind.

The advisors in the audience just looked at each other. Shell shocked. Confused. Now what?

They had been hoping for some guidance. They got none.

Now, it was my turn to take to the stage.

It must have been the rebel in me...

It must have been the rebel in me but I couldn’t resist referring to the previous speaker in the intro of my talk.

I started my talk by saying,?“Mmmmmmm.... Interesting... Did you hear that?"

"Did you hear what the previous speaker said?"

"From his mighty position as Head of 'XYZ' Fund, and him being, supposedly, one of the most respected names in the investment industry..."

He said... "I haven’t got a FLIPPING clue what’s going on!"

He hasn’t got a clue!

And here’s the thing… if HE?hasn’t got a clue, I’m willing to bet that none of you have got a clue either!

Yet how many of you are engaging with clients as ‘investment advisers’ and ‘wealth managers’ PRETENDING that you DO have a clue?

Could you be wearing a mask?

By the way, I did this for years, wear a mask - until I discovered what I’ll share with you today.

Why do we do this? Why do we create a service proposition that is so heavily focused on things over which we have absolutely no control?

How many of you feel like I used to feel… awkward? A fraud?

How many of you feel that one day soon, you might just get found out??

How many of you are tired of the pretence? Of having to answer to clients, about things over which you have very little knowledge and zero control?

If any of this resonates with you, then this is because you have created a ‘money focused service proposition’ instead of a ‘LIFE centered’ service proposition.

Think about it. If you’ve been feeling this way while markets on the whole have been going up, how are you going to feel when they start going down? Or sideways? When the focus on your performance - and your charges - is going to become even more intense?"

I then went on to describe an alternative to a money focused advice proposition. It must have connected with a few because over 25 advisers from that audience signed up for my online training which teaches my 'Lifestyle Financial Planning 7 Step Success System'.

What about you?

Have you created an 'SVP'? A Suicidal Value Proposition?

If any of the following statements describe you, you are seriously at risk of committing PRACTICIDE: creating a value proposition that will eventually kill you:

1. You need to constantly (quarterly/annually) prove your worth with your investment recommendations
2. You are blamed for events and forces beyond your control
3. You are perpetually compared to competitors and indexes
4. You end up being wrong in your predictions
5. You have to cope with clients who hold back assets while they see how you get on with a small portion of their portfolio
6. You know your fees are going to come under scrutiny - but for now you feel that you’re just about getting away with it
7. You sometimes feel like a busy fool, and do not have enough time in your day to balance personal and professional commitments

Why would any adviser choose to be in this sort of position?

If you sometimes feel this way, you're not alone. And it’s not your fault.

This mask you’ve been wearing? The industry made you do it.

The reality is, over the last 30 years, the “Industry” made us all do it. It wants us to keep the focus on the money, on investments, on performance. That’s how it gets its stuff sold.

The risk however, inherent in the money-centered, investment focused client relationship, borders on the ridiculous:?

1. Project better results in the future than in the past;
2. Hope that forces beyond your control ratify your projections;
3. Explain your way around the inevitable failures and disappointments.

It’s completely understandable why so many advisers are under pressure, having built a service proposition that revolves around the money. I repeat, it’s not their fault.

Stop Selling. Start Inspiring.

If you are under pressure to sell funds and gather AUM - by wearing the mask of an investment advisor - I feel for you. I really do.

But there is another way. A much better way. There is a way to deliver financial advice, starting today (i.e. from right where you are, right now) where financial products and investments simply become the 'tools in your bag' to get the job done. That's all they are.

It's time to move the focus of your service from your clients money to your clients life and then PROVE - every year - that that is your main focus. This is not 'touchy feely'. It's not tree-huggy. There's no need to risk bringing clients to tears. No need to ask too deep or awkward questions... you know the type... where you're afraid of the answer, or where you risk opening a can of worms!

No. Let's keep it REAL!

I'm talking about providing down-to-earth, practical and inspiring financial advice where you tell your clients what I call, The Truth About Money i.e. what needs to happen to help them GET and KEEP the life they want? What needs to happen to help them DO STUFF in the time they have left on this planet? This is about inspiring clients to do what inspires them; to do more, give more, live more!

And right now, in the midst of this global pandemic, there's NEVER been a better or more important time to adopt this approach. Why? Because pretty much every single person on this planet has been considering their own mortality; they've been thinking about what's truly important; about what matters most and what they want their new normal to look like.

We are all waking up to the reality that LIFE is NOT a rehearsal!

This is your opportunity.

It's time to stop selling and start inspiring. And when you do this right, you feel great about the work you do, you keep the focus on what matters most, you build higher levels of trust, you communicate and demonstrate more value, and easily justify your fees. (And, ironically, you sell more financial products and build more AUM - but for all the RIGHT reasons!)

The Solution….

Let go of the flippin' mask! Take it off! Realise your true potential as a financial advisor / planner! Find your WHY, your purpose, your reason for being.

So, what is your WHY? What is it you stand for?

I’m guessing you want to help your clients get a better life, not just a better return. So adopt a service proposition that does just that, one that enables THE REAL YOU to shine.?

And that mask…

Take it off! Take it Off! Take it Off!

Remember: "The first step in de-hypnotising ourselves,?is to realise that we’ve been hypnotised in the first place." so said Richard Bach, author of 'Illusions - The Adventures of a Reluctant Messiah'

So, what about YOU?

Starting from where you are, right now, are you ready to adopt (and communicate really well) a service proposition that you can truly and totally believe in?

Need help?

This is for you. ?Try out my 'Lifestyle Financial Planning Seven Step Success System' and I'll also send you two free books to help you to 'de-hypnotise' and differentiate.

Small print: Offer not intended for advisers without a heart, or who lack spirit and derring do. Ruckus makers welcome.