Maxwell Maltz was a plastic surgeon 80 years and more ago. He noticed that many of his patients had a personality change when their appearance changed. He took his observations and in 1960 wrote a book, Psycho-Cybernetics: A New Way to Get More Living out of Life. It was a best seller in its day and is still available on Amazon.
An important role for an advisor/counsellor is to help people reach new frontiers. Provide the tools and the reasons and the expectation of success. Change their self image.
“Often the difference between a successful man and a failure is not one’s better abilities or ideas, but the courage that one has to bet on his ideas, to take a calculated risk, and to act.”
Most people who are approaching financial planning lack the will to act decisively and for that reason alone suffer inadequate results. Their image of the skill and knowledge required creates needless limits. Help remove the limit. Financial planning is no more than organized common sense.
The advisor must be far more than the product guy. They must be the conscience that prevents foolish decisions from being implemented and they must be the cheerleader when good ideas are being tried. All the while they must be coach or guide who helps the client understand the opportunities available to them.
When the planning context is well described and properly equipped with the necessary tools, the emotional part can be noticed and dealt with. Until then there is no profitable way for the client to immerse themselves in the process.
As Dr. Maltz points out, the difference is not skill or knowledge, it is emotional. Courage, managed risk and the decision to act.
The advisor’s role must include ways to connect emotions to actions. Advisors should help the client by assigning meaning to facts and numbers. Connecting emotions and meaning permits action. Appropriate action in a known context works. It is the advanced form of financial literacy.
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. firstname.lastname@example.org 866-285-7772