By Ryan P. Dolan
“The best time to plant a tree was 20 years ago. The second best time is now.”
Chinese Proverb
”Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”
Abraham Lincoln
You’re a high-performing professional or business owner. You take great pride in your career accomplishments and the sacrifice and hard work that went into it. You’ve reached a point where you are reaping the financial benefits of that commitment and drive. And yet, you feel a nagging sense that something isn’t right. There is a stark dichotomy between the time and bandwidth you expend on your career to earn financial resources, and that spent focused on how those resources should be optimally protected and nurtured to achieve your many goals and aspirations.
It’s totally understandable how this lack of congruency occurs. Most of my clients work very hard, and have a reasonably strong sense of control with regard to their careers and income prospects. They know their business, and which levers they need to pull to hit their professional and financial goals. With regard to the planning and stewardship of the assets their career affords, on the other hand, they feel far less focused, competent and in control.
This lack of alignment between these two sides of their financial life, particularly as assets and responsibilities build, starts to create tension. Are they living up to the responsibilities and capacities of their financial resources? Many chose to respond to this tension by reinforcing their strengths. They increase their commitment to work, grinding longer, putting the pedal down, and trying to compensate for their lack of any real strategy or planning. Throw more money at the problem. Instead of taking some time to strategize, plan and reflect on what they are really trying to achieve, and where they want to go, they keep whacking at the financial tree with an increasingly dull axe. Proactive and comprehensive financial planning, on the other hand, serves to sharpen the axe.
What stops people from taking action? First, simple inertia. We’ve been in a bull market for over a decade. So many have no idea if they are on track towards their priorities, transitions or goals. But their income is increasing and investments are appreciating. Good times almost inevitably increase complacency and reduce initiative to change. In addition, many smart, competent people have a sense of shame for their current financial condition. The causes run the gamut. They make a lot of money, but don’t save much. They’ve made terrible investment mistakes. They feel insecure about their perceived lack of financial sophistication. Maybe they feel like they should have taken action a decade ago, and feel like they’ve waited too long.
Whatever the rationale, taking the first step is always the hardest part. With this in mind, I’ve crafted Dolan Partners’ process of meeting with prospective clients to be the very opposite of what most people think meeting with a new advisor would be: painful, awkward, and pushy. Instead, it’s two people having a candid, honest, confidential, and completely judgment-free conversation. In a time efficient way, I gain an appreciation for who you are, a broad understanding what you are trying to achieve in your life, and how money plays a role in that.
There are a million advisors out there. I know it seems daunting to try and find the one suited to your needs. If you’re a mid-career (30s to 50s) professional or business owner, who is looking for a fully-engaged, holistic and comprehensive financial advisor, spend some time researching me and my firm. The best way to get a sense of my process at the outset is to review my website and blog at www.dolanpartners.com
If you would like to know more, here are a few suggestions for getting started on the path to ownership of your financial future. My ultimate goal is to encourage people to take action, whether that leads to a relationship with Dolan Partners or not.
Step 1: A Painless Introductory Phone Conversation (20-30 minutes):
On our website, you can schedule a time to have an introductory call with me. In a half hour or less, my goal is simply to learn about you, personally and financially, and broadly identify the financial opportunities and challenges you face.
This call is an easy dialogue. I’ll ask a series of questions which will give me a sense of who you are, where you are trying to go, your current financial progression toward goals, and what you are looking for in an advisor. Typically, initial questions beget additional questions. I will then describe my services in more detail, and how I work with clients.
There is zero sales pressure. I aim to have 100% client retention, and to work with clients for the rest of their lives. This calls for a process where both parties have adequate time to vet each other. By the end of this call, I will suggest next steps. If your current plan is broadly aligned with your goals, I’ll be the first to tell you, and we can part as friends. If you need financial direction, but for whatever reason aren’t likely a fit for us, I will always endeavor to steer you in a helpful direction.
Finally, if we both agree that further discussion is warranted, we will set up a second, face-to-face meeting.
Step 2: A No-Pressure, Face-to-Face Meeting (45-60 minutes):
The next step is for you to come to my office, or have a video call if you aren’t local. It will simply be you and me sitting in my conference room having a one-on-one conversation. My goal in this meeting is to dive more deeply into who your background and life history. I ask prospective clients to come with an open, transparent, and introspective frame of mind. Before we can plan for the future, we need to understand the past, and its influence on us. Only after understanding the person, can we best identify how to manage their finances. I will ask about your upbringing, family history, relationship with money and investing, and career progression.
Once a baseline understanding of your history is set, we will look forward to your priorities, values and goals. Prior to this meeting I’ll have you fill out a brief survey asking about your degree of satisfaction in a broad range of financial areas such as spending, investments, taxes, and estate planning, among others. This survey will assist in focusing the direction of the conversation.
In the last 15-20 minutes, I’ll describe more thoroughly my background, Dolan Partners, how I work with clients, and the rights and obligations of both parties to ensure a successful long-term relationship. I’ll give them a copy of my advisory agreement to review at home.
That’s it. I encourage the prospective client to leave the meeting and think everything over, as will I. Typically, we will have a brief follow-up call a week or two later, and either agree to working together, or part as friends. Should we decide to not work together, that is where the conversation will end. No pressure, and no obligation. I simply hope I was able to help push you in the right direction.
What’s stopping you from getting a second opinion with regards to your financial life? Other than your family, what could be more important than the sound planning and stewardship of your resources in a way that aligns with your goals and values? Whether you currently work with an advisor or not, what’s the downside in getting a painless second opinion?
Take the first step.