You know the classic Catch-22 pun: “Just because you’re paranoid doesn’t mean they aren’t after you.” Here are a few items I’ve been keeping a watchful eye on lately. As an evidence-based investment advisor, you may want to take a look at them too.
GDPR … It’s Growing on Me
GD-what? It’s not your fault if you’ve not even heard of the European Union’s General Data Protection Regulation (GDPR). Set to go live May 25th, it’s a big deal in Europe, but I might not have heard of it either if I didn’t have a number of colleagues and clients based there. Even then, it only dawned on me a few weeks ago that I may need to comply with portions of it too, as described in this Forbes article.
If you are not collecting, processing or storing any personal information on anyone in the EU, you can probably remain blissfully ignorant about the details. But, I wanted to bring it to your attention anyway because I’m intrigued by its parallels to our would-be fiduciary standards. Think of the GDPR as having a similar mission, but it’s meant to protect people’s personal data instead of their financial well-being.
Note: If you’ve been reading my blog for years, this post may sound familiar. I originally posted a version in 2012. The subject came up again recently, so I decided a redux was in order …
“I know I probably should but …”
What’s your favorite excuse if you don’t routinely ask clients for referrals?
It feels pushy. It’s not my style. This isn’t the right time/place. I forgot. What if it isn’t a good fit? I’m not currently seeking new clients. I’m just no good at it. … Do I have to?
If any or all of these sound familiar, I challenge you to shift your mindset: Asking for referrals doesn’t have to be a chore or an embarrassment, and trust me, the more you do it, the easier and more natural it will become. Once you become comfortable with it, it can become a three-way win for you, your clients and those being referred to you. Here’s how:
Have you ever ended up with so many subjects to write about that you seize up and skip writing anything at all? It happens. Time to get caught up on some of my blogging backlog …
Twenty Over Ten Offers Content Assist
A few weeks ago, I attended one of Twenty Over Ten’s webinars, introducing Content Assist. The new offering struck me as one more reason to consider turning to this firm for your next website build. I especially liked the fact that it provides you with “starter” content, but you can edit it as much or as little as you please to personalize it for your own use. That’s not unlike my own Content-Sharing Library, except theirs is integrated tightly into their website service.
Will there be a content creation alliance between us at some point? Hey, stranger things have happened. No promises, but let me know if that’s of interest to you. Either way, I’d like to think Twenty Over Ten and I go together like Forrest Gump’s peas and carrots. Way to go, Twenty Over Ten!
Good news! This April, the Content-Sharing Library will be five years old. We’re just under 140 worldwide subscribers, with approximately 140 pieces available for download … and growing. Here’s a quick take on some recent updates I’ve made to celebrate and liven up the Library. (ALSO, don’t miss the UPDATED CONTENT announcement bundled into this post.)
Preview the Library Before You Join
Non-members can now preview the Library before subscribing. In preview mode, you’ll be able to browse everything that’s available for members to download. Click on Free Samples, to see how the download process works. When you’re ready to gain full access to the Library, Become a Member, and you’re on your way.
NEW: Updated Material from the Archives
Some of the material in the Library is now several years old, and yet still useful. To make best use of still-relevant material, I’ll be refreshing and re-releasing key content in updated form. You’ll find these updated materials featured in a new category, UPDATED Content.
To launch this initiative, I’ve just loaded an updated version of “The Vital Role of Rebalancing.” Originally released in June 2013, it’s still a timely discussion today.
Easier Access After You Join
Library members can now download content straight from “new content” email announcements or blog posts:
If you’re already logged into the Library, clicking on an email or blog post link (like this updated “Vital Role of Rebalancing” link)– will instantly download the referenced content.
If you’re not yet logged in when you click on a new content link, you’ll be prompted to log in, and then the material will immediately download.
When viewing the Library, members can now also click on the title of the content to download a single piece, or check multiple selection boxes to download several pieces at once.
More Good Content to Come
It’s been a fun ride so far building the Content-Sharing Library. I look forward to adding new materials and continued updates for many more years to come!
As we mad-dash toward another new year, it’s a good time to reflect on fitting friends, old and new.
Take Joe Goldberg, for example, who I met when we both worked at BAM Advisor Services. I went independent back in 2009, while he remained on board as director of retirement plan services until earlier this year. Like me, Joe became his own boss … with a much wider break from past job descriptions. Joe is now in charge of trimming bodies instead of 401(k) accounts at his new fitness studio, TruFusion St. Louis.
I could not be happier for Joe; even back in the day, health & fitness were core to him, as he cajoled BAM conference attendees to get up in the wee hours of the morning to join him for a morning spin. The more sweat, the wider his grin got.
One thing we both took from our years at BAM was a deep appreciation for the “do unto others” mindset you get when you combine dedicated fiduciary advice with rational evidence-based investing. Pair the two together, and you inherently end up with a powerful perspective you can’t ever fully legislate or regulate into being – and that we may too often take for granted.
I realized that when Joe recently posted as follows on Facebook:
Isn’t that just such an “evidence-based advisor” thing to say?
On the threshold of Thanksgiving (here in the U.S. anyway), I pause from my regularly scheduled project list to post some ponderings on the power of a single word.
What’s the Word?
Recently, I was privileged to attend the BAM ALLIANCE 2017 National Conference. Returning to my roots is always part educational, part sentimental, and entirely inspirational; this year was no exception.
I could blather on for pages about some of the insights gained by networking with my peeps. Maybe I will in a future post. But if I were tasked with condensing the entire event into one word, it would be this:
Events ranged from deep dives into academic financial theory, to business development workshops, to helping the local food bank with an outreach program, to pondering the true meaning of happiness. Throughout, I couldn’t help but notice a silver thread of empathy connecting all of us attendees, fund managers, financial service providers and keynote speakers alike.
Did you catch Jason Zweig’s recent post, “It’s the Little Things That Can Color an Investor’s Outlook”? In it, he shared the results of a recent study on how strongly we behaviorally biased humanoids can be swayed simply by the color in which our investment choices are displayed. When participants saw financial losses in fire-alarm red instead of benign black and white, their responses were more frequently stained with the telltale fingerprints of fear and risk aversion … unless, unsurprisingly, they were colorblind.
So that’s one interesting data point suggesting that the colors in your communications may matter more than you realize, and not always as you might expect from a financial accounting point of view.
This important message, often overlooked, reminds me of an article I stumbled across recently by software developer Nick Babich, entitled “Red, White, and Blue.” Babich is a self-described “UI/UX lover,” which may sound nefarious but it means he concentrates on how to improve websites’ user interface (UI) and user experience (UE).
In other words, colors are his bag, baby. He offers several other reasons you should be more in touch with your and your clients’ inner rainbow than you may currently be.
One of the reasons I launched my Wendy’s Wednesday Whimsy series was so I could mostly write about best practices for evidence-based investment advisors … but sometimes strike off on a lark when I felt like it.
This week, let’s talk about sex.
This may seem like a wild lark indeed but, in a moment, I’ll explain how it’s actually more parallel than you might think to my usual flights of fancy.
Last March, my husband and I celebrated our 25th wedding anniversary. If you do the math, let’s just say we’re a touch (or more like a body block) older than 32, and it’s sometimes harder than it used to be to reignite the spark that united us more than a quarter century ago.
So along came a recommended book newly published by another Wendy who lives here in Eugene, Oregon: “Sex That Works,” by Wendy Strgar. On a whimsy, I decided to support a local Wendy, and loaded it to my Kindle.
Hey, did you catch the recent study that’s been making its way around the popular press: “Buying time promotes happiness”? As perennially popular as happiness tends to be, the media jumped right on this one.
Of course one study – even an academic one – isn’t “proof” according to evidence-based rigor. But this particular one seems about as far-reaching as a stand-alone inquiry can get. It’s co-authored by five academic heavyweights from four universities. Plus it represents four academic disciplines across three countries – the U.S., Canada and the Netherlands. Contributors came from Harvard University’s Business School, the University of British Columbia’s Department of Psychology, Maastricht University’s Department of Finance, and Vrije Universiteit’s Center for Philanthropic Studies.
“[W]orking adults report greater happiness after spending money on a time-saving purchase than on a material purchase.”
I’ve seen a number of posts lately about the value of spending money on spending time … i.e., on having experiences instead of possessions. Tim Maurer recently covered this subject nicely, for example. The study I’m referencing suggests people also derive a lot of pleasure from spending money on saving time or, put another way, on avoiding experiences they’d rather not have, like housekeeping or yard work.
Or how about wealth management? While financial services didn’t seem to come up as a happiness-generating time-saver in this particular study, I’d be willing to bet there are plenty of people who would rather be mowing the lawn than figuring out how to finagle their finances.
So here’s an interesting idea for your marketing & communications: What if you presented the value you bring to your clients in increments of time instead of just the money? Here are some ideas to get you going.
Portfolio management services saves some time. After initial set-up, maybe you’re saving a family a couple of hours every month by managing their portfolio for them. That’s nice, but a decent roboadvisor can take care of that too, so this is just the beginning. Continue reading “Are Your Clients Happy? Time Will Tell”→