In his daily devotional, “The One Year Uncommon Life Daily Challenge,” former Indianapolis Colts coach Tony Dungy shared his strategy for selecting players in an NFL draft. As you may know, a team’s draft pick can make or break a franchise because of the amount of time and money invested in each player.
During the draft process, Dungy evaluates the list of potential picks and writes DNDC (“Do Not Draft because of Character”) next to the names of people with character flaws. This may seem harsh, but he understands the costly, long-term effects of having a player with poor character on his team.
Too often, teams seek short-term results while ignoring long-term problems. In order to avoid this pitfall, you should implement Dungy’s stringent criteria when drafting your customer base. Similarly, your customers should use the same criteria when choosing you as their financial planning professional.
Adjusting to the new fiduciary standards may seem difficult, but you can mitigate risks – for your clients and your business – by following Coach Dungy’s simple rule: Do Not Draft because of Character.
Align the vison of the client, yourself, and your staff in the retirement planning process. If you don’t feel the client shares your long-term vision for their future, do not engage with them. Invest your time in better-suited clients and strategies to create your own winning team.
Mike McGlothlin is the Executive Vice President of Annuities at Ash Brokerage. His strength is helping advisors become more efficient and effective in their businesses. He and his team provide income-planning solutions focused on longevity and tax efficiency, and they also assist advisors with entering defined-benefit termination planning and structured settlement markets.
© 2018 Ash Brokerage LLC.