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June 11, 2020 at 01:32 PM
(Photo: Shutterstock)
Everyone is spending a lot more time at home these days. Those of us fortunate enough to still be working are working from home. We’re cooking, cleaning, eating, teaching, gardening, binge watching and more.
Most important, we’re connecting with those closest to us while also exploring new ways to maintain isolated contact with others we know and care for. We’re relearning what “home” means and feels like, and hopefully this piece will inspire you to reflect more on this topic.
The new concept of being home is changing the way many of us think about a lot of things, including our work life.
Consider for a moment how many of your co-workers and clients you have digitally invited into your home for the first time. You might have thought about whether the space you’re showing fits the brand you want to portray — the colors, décor or a small child looking to sit on your lap.
In our own industry I’m hearing that more advisors are considering the question, “Where is my home for the next five-, 10- or 20 years? Am I truly where I want to be?”
Alongside the growing number of advisors with mature practices looking for a planned transition, this appears to be a key reason why the trend of advisors moving into the independent space continues almost unabated during the pandemic.
Community Connection
Simply put, working from home has re-emphasized the importance of connection and community in our lives. Plus, the current situation has helped advisors to focus on two distinct types of community: that of our professional lives and that of our personal lives, which in many cases also will include clients.
The fact is, in a “normal work week” (whatever that means anymore), many of us probably spend just as much time interacting with our colleagues and clients as we do with our families.
Although it’s always been valuable, the current situation has helped advisors, particularly those identifying as independent, to explore the importance of being part of a supportive community of professionals that share their values. And such communities already exist.
If you’re an advisor who wants to talk with other professionals about investment strategies, the latest tech tools, practice management or how to run your business, there are lots of forums available.
But many advisors today are looking to connect on a deeper level with their peers and their clients.
Too often when clients want to talk about things that matter to them beside money, advisors find themselves at a loss for how to have those conversations.
As an industry we spend a lot of time talking about the need of getting to know the client on a deep and personal level, which has to include a discussion of personal values. But a huge gap exists between the perception and the reality.
The best advisors, those who truly adopt a holistic approach, spend a lot of time talking to clients about a wide range of topics — not just their wealth, but also their health, their purpose and their values.
There are also many advisors that connect with clients on how these real human endeavors are not measured by wealth, but rather how the decisions made around wealth are in alignment to them.
Certainly, there are forums where advisors can convene to talk about deeper topics, but they are not always easy to find. One is Kingdom Advisors, a faith-based organization that includes advisors affiliated with a number of firms.
About four years ago when I first attended one of their events, I asked quite a few of the advisors I met, “Why are you here?”
With a remarkably high degree of consistency they said, “Because it really fuels me — it’s a place where I can go and talk about things I can’t talk about at my firm.”
