I was speaking at a workshop about a year ago, and during the question-and-answer period, a gentleman sitting in the back of the room asked me this question: “What’s your thing? Like, what makes you different from every other financial planner who does these educational sessions?”
Generally, I’ve heard financial experts give canned responses to a question like that. It almost sounds like it came from some company script. That always bothered me because I hate being fake. I wouldn’t say I like giving generic responses, and those types of responses don’t move people to act. My job, as a member of someone’s money team (click here to read more about the money team), is to get them to make a decision that will improve their future financial success. So, right there on the spot, I blurted out something off the cuff, eventually becoming my credo.
Here was my response to that gentleman:
“Sir, I’m not much different from other financial experts you might have encountered. I’m a licensed professional, and I can assist my clients with various insurance, investment, retirement, and financial planning-related matters. I also do coaching or consulting because sometimes, people need to talk about what they’re doing and see if they’re going in the right direction.
But here’s something I think about when I’m engaging with someone. There are four primary things that I’m looking to discuss with anyone I sit down with. Now, they might not need to care about all four, but if everyone addressed them, more people could and would be living more comfortably.
#1 When someone in your family (or you) goes off to glory, a crowdfunding campaign should NEVER be necessary.
We should never rely on strangers to help us out when a loved one passes away. If we took life insurance planning more seriously, we wouldn’t need to set up a crowdfunding campaign. Plus, even if you post a campaign and have some success, more money is needed. And you only get some of the money because there’s a fee involved. Can we have an honest discussion about life insurance and make sure you have the right amount? That’s something I want to know. Whether someone likes insurance or not, it’s a vital wealth-building tool.
#2 You should be crystal clear on your investment strategy (risk, what you’re invested in, DIY vs advisor-assisted)
Too many people are clueless when it comes to their investment strategy. How do I know this? Because I’ve asked, and they’ve told me, “Jasper, I don’t know what the hell I’m doing” or “Jasper, I’ve got this account, but I couldn’t tell you what I’m invested in.” That doesn’t sit well with me. So, whether someone is a do-it-yourself investor, partners with an advisor like me, or does a combination, I need people to be clear about what they’re doing on the investment front.
#3 Retirement is coming. Prepare accordingly
I don’t need to elaborate much on this one. I just hope that when you’re ready to retire, you’ll have enough money to last you the rest of your life. If you don’t, we should probably have a conversation.
#4 Set up your babies for a successful financial future (your babies or your grandbabies)
Whether you have kids of your own, grandkids, nieces, nephews, or some other kid that’s not blood-related, what are you doing to set them up for a financially successful future? Think about kids who grow up in wealthy families; they tend to have more options in life because there isn’t a financial strain. Things can happen because somebody can fund it. I know that’s not a reality for everyone, but I challenge people to devote some of their money to financial planning for the babies. Too many people spend too much money on things that aren’t going to get their kids far in life. But what if every kid (shortly after birth) was set up with a bank account, an investment account, and a life insurance policy? (My daughter was already here, and I told him about the 18-year head start)
If everyone took these four things to heart and did some serious planning around each one, we’d see a lot more wealth being built and sustained by people from all walks of life in this country. All four of the things I listed are connected. I’ll stop there because hopefully I’ve share enough to help you understand what makes me different and what I’m about.”
In case you were curious, after that long explanation of my credo, that gentleman booked a meeting with me the next week. And he ended up becoming a client by the end of that first meeting.
The #BuildWealth Movement® works tirelessly to Disrupt Generational Poverty® for everyone so their kids, kids, kids can live a life of privilege.