Schwab’s annual industry conference, Schwab Impact, was held in Denver last week. The conference offered two memorable keynote speakers in former Fed Chairman Ben Bernanke, and our 43rd President George W. Bush. They both offered authentic recollection of the financial collapse in 2008, and the September 11th terrorist attacks on U.S. soil.
In listening to both speakers candidly telling their stories, I had a much deeper appreciation around their thinking and the actions they took to lead our country through those difficult times. From my perspective, the essence of their messages included the importance of establishing a well thought out plan, while having the leadership ability to make key decisions at pivotal moments for the best possible outcome.
In relating this message to our business, mastering wealth requires a deep understanding of a client’s circumstances today, a clear strategy for implementation, and a strong discipline to reach those future goals.
It all starts out with a crystal clear plan. The first step is to focus on one’s most important goals, and then set the path. It is common for most people to unknowingly leave important goals off their list. This is because behaviorally, we think too fast, we think too narrowly, and we think too shallow. In essence, we think “in the moment”, which can lead to blind spots.
Too often, the result is a plan focusing primarily on the financial aspects of one’s wealth, while largely ignoring areas that add greater meaning to one’s life and legacy. We need to guide our client’s to think slower, to think broader, and to think deeper about their goals…to have the foresight to place themselves in the future that they envision.
To be a great leader in our industry, to solve problems for our clients, we must understand the challenges being faced by our clients in order to make the most of one’s wealth. This includes the discipline needed to establish the RIGHT comprehensive plan, a clear strategy for implementation, and a process for course corrections needed along the way. This is precisely what we do at Janiczek & Company.
