What You Get
Why I Do What I Do
When I was a “young” salesman selling computer systems and software I called on the owner of a company that made complex, sophisticated component insertion equipment used to populate circuit boards for the computers of the day.
I wanted to discuss a software based process for production planning, scheduling, and inventory control system used to manage manufacturing processes. It was very sophisticated software and process for its time. It was and remains a fantastic process and brought tremendous time and inventory savings to the industry and facilitated just-in-time manufacturing.
I explained to the business owner, to the best of my ability at the time, how the process works and how it could benefit his company. While these systems are software-based, it is conceivable to execute the process manually though I doubt anyone does that today because of the highly dynamic nature of environment and the complexity of the product and the process.
Think about manually rebalancing 100 to 300 to thousands of client portolios (depending on the number of advisors on a team.) It didn’t make sense at all.
Sure enough however, the owner said “we” could do it ourselves manually if we wanted. I was young and while I knew he was wrong, I wasn’t quite prepared to challenge the prospect. As it turned out at that time I was not savvy enough or good enough as a salesperson to convince him otherwise. I knew however that while logically it was possible to be done manually, they wouldn’t do it. It was just too complex and too time consuming done with pencil and paper. I left the meeting disappointed but with a few lessons including this one that has stayed with me for these many decades. The lesson is that in most cases human beings don’t do what is best for them even if they know it. In an article by David Rock and Jeffrey Schwartz, “The Neuroscience of Leadership,” they state that, “... changing behavior is hard, even for individuals, and even when new habits can mean the difference between life and death. In many studies of patients who have undergone coronary bypass surgery, only one in nine people (11%), on average, adopts healthier day-to-day habits. The others’ lives are at significantly greater risk unless they exercise and lose weight, and they clearly see the value of changing their behavior. But they don’t follow through.”
In a Forbes article dated January 1, 2013, it stated, “But for all the good intentions, only a tiny fraction of us keep our resolutions; University of Scranton research suggests that just 8% of people achieve their New Year’s goals.” In “Following Through: A Revolutionary New Model for Finishing Whatever You Start,” by Steve Levinson, PhD and Pete C, Greider, Med, it says, “According to some estimates, 90 percent of the books purchased in bookstores never get read past the first chapter.” They also say, “According to an anonymous spokesperson for one popular health club, nearly three out of four new members stop going within just three months of signing up.” The most interesting story in this book was,
“Dan left the conference feeling inspired. He was convinced he had found the missing ingredient that would set his career on fire. ‘I was so excited,’ he told us, ‘I could hardly wait to get back to work and start using what I had learned.’ Dan recalled that it was about three weeks later when, while searching through his briefcase for a file, he came across his five pages of ‘great ideas’ from the Atlanta conference.’ Oh, my God,’ he gasped. ‘Look at all this stuff. I forgot about it! If I had used this with Smith yesterday, I would have made the sale for sure.’ He recalled thinking about it in the car all the way home that night. ‘I can’t believe I haven’t followed through on any of that speaker’s ideas. What a fool I am!’ he thought.” All of us are challenged to follow through regardless of who we are or what are intentions are. This is pure fact!
When I worked in a wirehouse and in the last 18 years of coaching, I have seen it over and over again. Given how busy advisors are and how many activities they try and do, many just do not have:
David I. Leo
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.
If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com