We have all been there when we have heard how to do the ‘elevator pitch.’ Explain what you do in 30 seconds while trying to capture the person’s interest. There are techniques of over-inflating your job title (janitor to custodial engineer) or saying what you do in a different manner (I give people money when they need it most). To me, these do not matter. What matters is why I do what I do. Everyone in my profession does the same thing, but it is the ‘why’ and all decisions that we make in relation to that ‘why’ that makes us different.
Why does the why matter?
Our why is what motivates us every day. It is what motivates us to make specific decisions and guides our journey in this profession. Every action that we take is rooted back to our why. Unfortunately, some people in this industry don’t have a ‘why,’ they have a ‘what.’ They want to be successful; they want to build a business; they want to be rich. They focus on their ‘what I do’ more than their ‘why I do it.’ They may only work with high-net-worth individuals or only sell specific products because it generates the most money for them. They tend to put their interests above others. They also focus on selling ‘how’ they are better than another advisor – which is usually by providing the best products, service, and advice possible. In the end, everyone in the industry has the same access to products, services, and advice, so the ‘how’ is irrelevant. You can have all of this, but without a clear why, you are just another advisor in my eyes.
Seen with my own eyes.
I am sure people will disagree with what I am saying above, but I have seen it with my own eyes. I bought a book of business and have been trying to build trust with these new clients when they have been working with another advisor with their finances for years. Some clients left because of the change, which is normal. Most recently, an advisor took over a client and made the statement that they wanted what was best for the client – and they need to be compensated for their time. This statement told me everything about this advisor and their practice. The fact that they combined the two statements together shows to me, at least, that they are only interested in making money. If they truly had the interest of the client above theirs, the compensation amount would not matter. They are putting what they want above the client.
The money does not matter
I am sure many of you are saying “but you don’t work for free and need to be compensated as well.” Yes, I do need to make money, but it is not my purpose. Honestly, I could care less about how much money I can make from a sale or an investment. I don’t even think about what I might make until we close the deal. I have could care less if selling Product A would make me more than selling Product B. I only think about the client – what their needs are and how the product I am recommending plays a pivotal role in meeting that need. Nothing else. Some financial plans I have created have I netted less than $100. I have given away financial plans to people and made nothing. I believe the person’s interests, needs, and wants are far greater than any compensation that I earn. Yes, I tell my clients that I receive compensation for my sale of the insurance or investment product. I do this before we even open an application for a client. If they wish to know the exact amount, I will look it up. If they think that I am not worth that much, I will search for a cheaper option. Why? Because I am working for them, not myself.
My why.
If you stuck with me this far, thanks! So down to my ‘why.’ My why is not about helping people, or giving clear advice, or even putting their interests before mine. What is not why I do it, that is ‘what’ I do. My why is more emotional than that. My why is instilling confidence in people so that they can live their best life. Why confidence? Because I know what it is like to have no idea what I am doing. I know what it is like to not have guidance or to miss out on something because I did not know how it works or what it is. I know what it is like to not have someone in your corner fighting for you and having to figure things out yourself. I don’t want people to feel that about their finances. I don’t want people to feel as though they have no hope or real help to reach their dreams. I believe that everyone deserves the right type of support to reach their dreams. I believe that people need support and confidence in their finances so that they can feel confident in life. When they are confident in life, they can live their best life. In the end, that is what I want.
I cannot take credit for this. Most of what I am saying, I learned from Simon Sinek and his book “Start with Why.” This book opened my eyes when I needed it the most. I was unmotivated to work and lost in this industry. I was focusing on what others were doing and lost track of why I love this industry.