Quality Tools Add Value

I recently published a post Why We Plan and it drew a comment on LinkedIn that made me stop and think.

Ami Maishlish runs CompuOffice Software.  CompuOffice provide tools that assist insurance professionals provide quality products to their clients.  Chief among them is LifeGuide.  If you do not use them now, take a look at the CompuOffice Site

Ami’s useful thought:

“Don, I fully concur with you, and particularly with the sentence: “Engineering is about efficiency. Get the most output for the least input.” Here is an example of that, from a year ago, relating to life insurance. See this brief 4-minute tutorial: https://www.youtube.com/watch?v=nizkE30N_Eo As you correctly note: “Perhaps efficient life insurance, disability coverage, investment tools, debt management and budgeting could free up enough money for a nice vacation every few years.” The difference between two equally qualified and trained professionals may very well be the quality of the tools that they use.

The difference may be the quality of the tools that they use.

Ask any tradesman.  Cabinet makers do not use a $29.00 drill or a half price saw from Home Depot.  They buy the best because they care about their work.  They select materials carefully, they take the time to learn how to use tools, organize the work, and review for quality.  An insurance advisor is a tradesman in many ways.  It would not hurt them to learn to use quality tools.

I have often tried to tell new people that a financial advisor is like a plumber.  First you stock a truck with many, often specialized, tools and quality materials.  When you come to the job, you assess the problems, opportunities and urgency.  After the assessment and plan of attack, you go to your truck and select the right tool and the right materials.  Only then do you do anything.

The semi-skilled take their one tool to the job and try to make the job fit the tool.

As Ami illustrates, with equally skilled practitioners the quality of the tools and the materials provide their edge.  You can overspend on the cheapest tool because it does not work when you need it to do so, or it leaves rough edges or other blemishes to be addressed later.  Why fight a poor tool.

Professionals are always adding to their tool repertoire.  All of them understand quality in use.  All of them believe that cheap is expensive.

Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario.  In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.

Please be in touch if I can help you.  don@moneyfyi.com  866-285-7772

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