Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Readers,
I have been extremely fortunate to have spent the past week in Europe with my youngest daughter who is studying there. It is spring break, so being with her on her week off has been a true joy. I have not received many advisor questions, so I will provide some general insights I have considered spending this week together. There is no commodity as valuable as time – and once gone it can never be recaptured. Using time in all the best ways possible should be a lifelong goal and something you want to encourage your clients to think about too.
1. Get to know the next generation of your clients. Yes, I know this is the same-old, same-old, but it continues to stun me how few advisors I interact with have reached out to get to know this next generation. My older children have been working with our advisor – even though they do not have the resources to “justify” it, and they have learned more than I could ever teach them. A simple thing like having too much money sitting in a savings account would never occur to me to discuss with my kids. If you haven’t done the outreach yet, don’t waste another minute; if you have, but you have been rebuffed, try again. This is a valuable service you can provide. For most of us, nothing matters as much as our children and their peace of mind.
2. Encourage your clients to think in two tranches – what they want to do in retirement, and what makes them happy long before they get there and how to best save and plan for this. As I traveled around Europe, I was reminded how much more fulfilling it is when one is in shape, can climb the cobblestone streets and walk the miles and miles most tours require. I know many people who waited until formal retirement to make these trips. But it just isn’t the same when you aren’t able to enjoy whatever you want because you are not healthy enough to do it. This does require planning. With a third child in an expensive college, going to Europe was not in my budget. But I learned a while ago the importance of enjoying money now instead of waiting for that evocative time called retirement to have all the fun.
3. Talk to your colleagues about what they might like to do to enjoy their time off. It can be hard when you are running a successful practice and/or team to take time to be away. In the one week I was gone, I have received over a dozen requests from clients and prospects that need to be addressed. I have not completely disconnected as a result – although I would certainly like to be able to do so! It makes me realize the importance of finding time in the now to create space and do something rejuvenating and fun. The work, requests and commitments will all be there when you return, so help yourself and your colleagues figure out how to create that necessary space.
4. Share ideas and stories with your clients. You don’t want to spend a client meeting showing pictures of your trip to Europe, but you can share interesting insights and ideas about where to go. We are fortunate to have the most incredible travel agent imaginable, Destination Europe, who comes up with all the ideas about where to go and what to see and often has insights I would never think of. Sometimes when I am sharing experiences from our trips, other people will get ideas about where they might want to go. Financial planning is often about dreaming and imaging how you can help your clients imagine where they might like to go, or what they might like to do and accomplish and how to make their dreams a reality.
5. Lastly, fun is to be shared. If you have family members you enjoy, plan a party or outing with them. If you have friends you haven’t seen in a while, integrate them into your plans. The research is clear: The best things in life that have the most meaning are the experiences – those times together you may never be able to recreate. Think about who you have been too busy to see or spend time with, and make the plan to do something right now. While the markets can be erratic and the ups and downs remain the only constant, having an experience with someone you care about can never be taken away.
I hope this inspires you to do something different this coming week or month! Share your ideas and experiences with me here in the comments!
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022 and 2023. Beverly is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. She is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
