10 principles for holistic advising

My grandmother was in a nursing home and passed away there when I was early in my career. I was affected by this and I wanted to help and prepare retirees to have a solid foundation in retirement and be the person to guide them through the areas they have to face when retired.

I see seniors who work their whole career and now they have 20-30 years in retirement and several decisions have to be made. If even one of those decisions is not made correctly, it can affect their retirement. 

Health coverage 

I have a team member that sits down with our clients and goes over their options and she stays up on what they need to know and do with Medicare, Medicare supplements and long-term care, etc.

I have learned that an advisor cannot do everything, so you need to work with people that can assist you and your clients.  Form a client advisory council 

Three years ago, after more than 30 years in this business, we decided to start an advisory council. And it’s one of the best decisions I’ve made in my career. Initially, some of my clients were worried they would offend me. I had to tell them, “Look, I’m a big guy with big shoulders. Be brutally honest. I can handle it.” 

They tell me exactly what I need to hear. They’ll say: “I like that. I don’t like that. Try this. Stop doing that.” If you want a great council, pick the ones who really care about you. They’ll be great advocates.

Listen 

We use our advisory council as a sounding board. The council gives us feedback. Then, in the next three or four months, we work really hard on implementing those changes before we meet again, when we report on what we did and why we did it. We show them that we listened.

A few years ago, I told them I wanted to transform one of my conference rooms into a living room. One of the council members told me, “If you do that, you’ll want a fireplace.” That fireplace was such a big hit with our clients, we added another one in the waiting room.

If you want to run a successful business, you have to listen. You have to listen to your clients; you have to listen to your staff; and, most importantly, you have to listen to your family. God gave us two ears and one mouth for a reason.

Technology

Technology is changing the industry. That is where we have to look at things differently. I go back six or seven years ago and I’d say, “I don’t think I need a website. My clients don’t even go online.”

But I realized, you know what? We need to do that. It’s a good way to stay in touch with them and it’s another way to educate them. It also helps us to keep better track of our clients. To be able to be in front of them more and to make sure we’re in front of them at the right time. Compliance 

I think compliance is going to get harder and harder. And I think it’s something we should look forward to and say, “OK, if it gets hard, it just means we can be better at our jobs.” A lot of people are fearful. That tells me that, in some cases, maybe you’re not doing what you should be. So, we turn everything in to our RIA before we do anything. To me, that’s a good thing. Because then you’re saying the right things and doing the right things.

I find that when we embrace change, whether in technology or compliance, we become stronger. The work/life balance 

Families are important. You have to have a balance and prioritize family. I always say God first, family second and work third. If you do that, things will come together. I can tell you I’m not successful without my family and especially my wife. She supports me in everything I do and she looks at everything and helps me make decisions.

Read more insights from 2015 Advisor of the Year Eric Scott