Voices: 5 lessons I learned in 2020 that made me a better advisor

March 9, 2021 7:30 AM

The year 2020 was certainly a test for many of us. The immense challenges and obstacles stretched the fabric of our lives as never before. I once heard Dan Sullivan of Strategic Coach say, “You either win or you learn.” In 2020, it was easy to feel like we weren’t winning. Not always winning is part of becoming successful, but I've always been an optimist, a glass-half-full person.

After all, Elon Musk had his best year ever in 2020 making risky investment choices that paid off for him becoming the richest man in the world. We aren’t in the billions league but the game changed in 2020 and there’s a lot we have learned that can potentially skyrocket our success through 2021.

Consider these five things that I learned in 2020 that I carry with me to be a better advisor.

Be a strong leader

Our clients don’t only come to us for investment advice — they come to us for our leadership. They were looking around, unsure what was happening: Were they going to die? Would their nest eggs be safe? Should they risk it all to take advantage of the major market opportunities? During my conversations with clients over the course of 2020, what they wanted most was someone to help give them confidence, and perhaps more importantly, help them reframe their thinking and refocus on a path forward. Sometimes our most valued advice to clients is that which offers encouragement and direction, especially in uncertain times.

Disrupt the workplace

Last year was an overdue showcase for innovation and adaptation in the workplace. A transformative change took place in how we communicate and collaborate to serve our clients. 2020 forced many companies to close physical locations and figure out how to be productive at home. What we found out is that there are a multitude of ways (and times) that people could be productive outside of the typical 9-to-5 (but really 7-to-7 if you count commutes). In that time, our clients and prospects found more time to listen to financial podcasts or really slow down and think about their finances in a different way.

Use technology to provide options

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Online events, webinars, virtual office hours and advisory board meetings, you name it: 2020 brought us other forms of engagement to make sure that “face-time” with clients was still possible. And you know what? These innovative solutions strengthened our connection with clients. It’s easier than ever to provide more options using technology than the typical – schedule a meeting, come down to the office, and read off some paper workbooks. Clients can now take these meetings comfortably in their homes and be able to make better decisions.

Become a broadcaster

I launched my first client-facing book on retirement in March last year, and quickly learned the importance we advisors have for leveraging media opportunities to educate and motivate clients and prospects. I continued a new season of the Maximum Advisor podcast and spoke to experts like Matt Halloran from Proudmouth about the power of podcasting. I also learned from Julia Littlechild and Steve Wershing about the value of using client feedback to become more referable, even virtually. Innovative content creators were being seen in so many more ways in 2020 than ever before. We all have the power to share our unique point of view that attracts the people who need to hear our message. We can create our own radio shows (podcasts) or television network (YouTube) from our own homes. We learned how this was significant to our business by rolling up our sleeves and just starting.

Be resilient

Most importantly, I learned how resilient our families, clients, teams, and the industry as a whole can be. Epictetus said, “Circumstances don’t make the man; they reveal him.” I’m amazed at what last year’s experiences revealed: the sheer grit that surrounds us. Whether it was medical professionals and front-line healthcare workers or kids, teachers, and parents adapting to virtual school,people just got it done. It wasn’t always pretty or easy, but we made it to the end of 2020. Now our duty as financial advisors is to serve our clients, so they accumulate the wealth they deserve.