The Epiphany That Changed Everything
June 30, 2015
By Dan Solin
PDF | Page 2
According to a recent interview, Corsair Capital's founder Jay Petschek did not plan to be a hedge fund manager. After holding various roles on Wall Street, Petschek decided to launch the fund in January 1991, when his family and friends were asking him to buy equities on their behalf. He realized the best structure for Read More
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Every time I coach a group of advisors, I invariably learn something new in the process. Here is how my time working with practitioners led to an epiphany that changed the focus of my coaching – and drove better results for my clients.
Some sacrifices are too great
I incorrectly assumed the desire among advisors to gather AUM was more powerful than other motivators. I was wrong, because I didn’t fully understand certain aspects of neuroscience.
One of my favorite aphorisms is: “You can be the smartest person in the room or you can get the business. Both are not possible.” I assumed everyone would opt for getting the business, specifically adapt behavior geared toward gathering more AUM.
While this is the case with most advisors, a small sub-set can’t overcome the desire to demonstrate they are the smartest person in the room. They justify their behavior by stating they are “educators.”
It took me a long time to understand the cause of this type of conduct. It was not what I thought.
The rationalization for “presenting”
The desire to talk, rather than listen, is understandable. Advisors spend countless hours honing their knowledge and approach. They often feel a need, if not a compulsion, to demonstrate their expertise.
It’s easy to justify this behavior. If you assume decisions are made rationally, you will conclude that an exhaustive dissemination of superior knowledge is the best way to convert a prospect into a client.
As you will see, these justifications mask a powerful, chemical issue that explains such behavior among these advisors.
PDF | Page 2
Remember, if you have a question or comment, send it to [email protected]
© 2015, Advisor Perspectives, Inc. All rights reserved.