I love good sports stories and analogies, as well as strange facts and figures from the sports world. So of course I enjoyed an article from USA Today Sports that listed 101 little-known sports facts. One that jumped out at me? Bill Buckner has more hits than Ted Williams. Unfortunately, most people remember Bill Buckner for one error than they do for all his achievements at the plate.
This made me think about our business and our relationships, not only our clients but also their beneficiaries. Do you want to be remembered for the one error you might have committed in the planning process? Or, will you be remembered for all the great years of returns you provided your client during their working years? You can accumulate a lot of money for your clients over their earning years, but if you fail to plan for their lifetime income, your legacy to their family will be dramatically different.
Watching their parents, kids see firsthand what their retirement lifestyle could be with you as an advisor. With a flawed history, your chances of managing the next generation’s assets become slim to zero. If you haven’t addressed their parents’ longevity or health care concerns, they likely won’t want to have the same experience. If you haven’t taken care of their parents, why would they want you to take care of them?
At the end of the day, we can manage assets and build wealth all day long. We can outgain the money manager across the street or beat the market indexes. But, if we commit an error in not addressing predictable, guaranteed, inflation-adjusted income to our client; we will be remembered for our one error versus all the years of outperforming the market.
Bottom Line: Don’t let one error define your legacy for generations to come.
© 2018 Ash Brokerage LLC.