“I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived. I wanted to live deep and suck out all the marrow of life…” – Henry David Thoreau
In the end, like Henry, our clients want favorable outcomes. What are these and why are they important? In our business a favorable outcome may be a comfortable retirement, college education for our children and grandchildren, protection for our loved ones in case of disability or death, a well funded emergency fund or a number of other specific goals. These are all long term outcomes. Today, there is too much focus on the moment and on disruptive events than on these long term needs of families. As advisors we need to help our clients not be victimized by short term circumstances but rather use these events as springboards for long term wealth accumulation.
These outcomes become more real and important to our clients if they can visualize the outcome. That’s where we come in. If we can help our clients clearly see what the future may hold, they will have a much better idea how to prepare for it. They will have much more confidence as we move forward and much more courage to weather any short term adversity. This enables them to reach forward to achieve the vision of their future. As Zig Ziglar said, “A compelling dream will generate the obedience to push past our fears.” This is the small step necessary for big change.
Experience in this business has taught me that a vital key to success is to help our clients discipline themselves to do what they need to do so that at a later time in the future they can do what they want to do. It is these decisions, not our circumstances, that determine the long term quality of life. – Mike Sciortino