You Are Not Paid to Be Right All the Time

As the markets become more and more complex, keep in mind that not everything you recommend will work out. It’s okay to feel badly when something doesn’t work. It’s not okay to feel guilty.

Listen to this audio episode or read the transcript below to learn why feeling guilty is a problem and what to do instead.

One problem with feeling guilty is that we tend to doubt ourselves. Your clients don’t deserve that. They desperately need you to have confidence in yourself. Have an opinion and be there for them. That’s hard to do when you feel guilty.

Just make sure you are right more than you are wrong.

Nobody is right all the time. Being wrong occasionally is part of the job. Clients don’t expect you to be right all the time, unless you give them reason to believe otherwise. Not every iPad works right out of the box. Most do. Not every surgery goes well. Most do. Not every recommendation from you works. Most do.

A friend of mine explains to his clients that, because he is human, he is prone to the occasional error. He goes so far as to say that he is capable of being wrong one-third of the time. If he gives his clients three pieces of advice, two will work and one may not. He is not perfect.

“There are plenty of Financial Advisors willing to tell you that they are perfect. I am not and neither are they. You tell me how far you are going and I’ll get you there, but, please, do not expect me to be perfect in my recommendations.”

I urge you to ask every new client what it is they expect of you.

You’ll find client expectations to be both modest and reasonable. Generally, they just want to beat the bank. We do not need to overpromise.

Ask your clients how far they are going and make sure you get them there. Tell them you will most likely make an error from time to time, but when the journey is over, you’ll get them where they want to be, on time, safely. Nobody can ask for more.

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