Fire hose or Faucet?Jim Ruta
You’d think that clients would already know it all. But they don’t. With the explosion of information on the Internet the reverse has happened. There is so much knowledge available consumers are overwhelmed by it all. It’s like they need a drink of water and the Internet is like having a fire hose turned on you. It’s too much. You can control that flow and make it useful. Be like the kitchen faucet.
It a very important job today. When I started in the 1970s, we brought the information to consumers. Now the job is discerning what information applies and what does not. We provide interpretation today, not information. We give them context, not just content. We need wisdom, not just data.
The ink may barely be dry on your license and you already know more about financial matters than most clients will ever know. I know it’s easy to presume that business people and professionals have it all figured out, but they usually don’t. Educate them and build your credibility, reputation and referability.
Financial literacy is a big deal these days. Controlling the flow of information so it is useful is a big part of an advisor’s role. Doing this takes both ongoing education and focus. There is no way you can know everything. Please don’t try.
Instead, choose the area that interests you the most and “go deep” there. Know all you can know. Be someone else’s expert on the topic. Have a team of others to refer to so you can be sure your clients get the best possible advice you can get them. They’ll appreciate it. You’ll
benefit from it. But, be sure to take the time to educate yourself and your clients. A client you educate is a loyal client. They need to hear about their money from you. Be their fountain of knowledge and you’ll be high performance too.
I’m Jim Ruta, and that’s just the way it is.
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