“I never worry about action, but only about inaction.” – Winston Churchill
Yes, inaction is the greatest risk of all. What might this be costing your clients financially and emotionally to postpone action on implementing a plan for their long term financial security? Early on in my career I had a sales manager who used to say, “There’s never a wrong time to do the right thing. Believing anything else is a risk.” Moving forward toward the achievement of goals requires change, perceived by some as risk. Sure change can be disruptive. You have to change anyway.
This desire to change requires a disciplined commitment and determination to follow through while resisting the temptation to return to old outdated and ineffective strategies. As advisors, we have to ask ourselves, will my client be better off 10 years from now taking action or not taking action? Many fortunes have been amassed over the long term by taking smart calculated risks.
If you are dealing with a situation of inaction, there are two questions to address:
1) What is causing the inaction?
- Is it the fear of failure?
- Is it timing?
- Is it past experience?
Once you’ve uncovered the cause for hesitation, then ask yourself:
2) How can this be overcome?
Especially in our business, change is inevitable. Never underestimate your power and responsibility to influence change if it is in your client’s best interest. Sometimes, making people wealthy is more about what you help them avoid. As much as we all love to make our clients money, you as an advisor make a reputation in our business by what you don’t lose.
My experience has taught me that risk in any situation can be reduced by consistent daily focus on doing:
- The right thing
- The right way
- For the right reason
As Norman Schwarzkopf said, “The truth of the matter is that you always know the right thing to do. The hard part is doing it.” So go ahead and open the door to the possibility of your client achieving their goals. The road may be long and hard but in the end you can help them accomplish amazing things! – Mike Sciortino