, Advisors: Now Is The Time To Keep Your Clients ‘In The Game’, The Nzuchi News Forbes

Advisors: Now Is The Time To Keep Your Clients ‘In The Game’

, Advisors: Now Is The Time To Keep Your Clients ‘In The Game’, The Nzuchi News Forbes

B. Heath Beam, CFP®, AEP, ChFC, CLU Principal of Singular Private Wealth, P.C.

As everyone enters the brave new world of life with Covid-19, there is much to consider. Yes, life with Covid, not after. Living with the changes to the fabric of everyday life that the pandemic has left in its wake is as certain as the rise and fall of the stock prices in your portfolio, and many of these alterations will be permanent. Only time will tell to what degree.

So then, how do finance professionals proceed? Do you play the game of life, imperfect as it is, on your heels — afraid and alone, looking in the rearview mirror? Or do you play on your toes — with confidence, collaboratively looking forward for the opportunity that resides within adversity?

Sure, there is uncertainty ahead, and there may be clouds on the economic horizon that include interest rate fluctuations, legislative changes or tax increases, but isn’t that life? It’s filled to the brim with difficult questions, risk, ups and downs and myriad other forms of uncertainty, heartache, disappointment and losses, but also wins. Are you paralyzed by it? Or do you embrace it knowing you’ve been here before and may be here again? Do you attempt to sit in the stands because you are afraid to lose? Or do you accept that in life there are no stands; it is all playing field, and if you can’t lose, well, then you can’t play?

The answer to these and a great many other questions lies in the words of Henry David Thoreau, who said, “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” I believe finance professionals have an obligation to those they serve to help them stay in the game even when it is uncomfortable to do so. That is the essence of the value advisors bring to the relationship.

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When people feel pressured or anxious, they often get too wrapped up in their own self-involved minutia to see the beauty of the forest through the ugliness of her trees, and they convince themselves that the external factors of the macro world around them — which party is in the White House, who’s winning the next election, when is the next market correction, etc. — are somehow more important than their own gratitude for the life they have, the vision for the life they have imagined and the actions they take to move closer to it.

, Advisors: Now Is The Time To Keep Your Clients ‘In The Game’, The Nzuchi News Forbes

They trade in their telescopes for microscopes, choosing to peer down into the dirt of what is wrong rather than gazing up at the stars to see the light of what is right. They stop dreaming. They stop planning. They stop executing. They “go to cash” instead of staying invested. Have you ever done it? I know I have. That mindset is a liar and a thief and must be arrested if you are to make a difference in the world while pursuing your dreams.

And if you are not here to do that, what are you actually doing here after all? I am fairly certain that advisors are not here to hide out at home behind computer screens anonymously pointing out everyone else’s imperfections or deriding them for opinions different from their own with no perspective on what it’s like to walk a mile in their shoes. Your work, if done properly, is about taking that walk in your client’s shoes with them in good times and bad and not wavering when the stack of chips on the table is down. You are here to provide perspective when it feels like everything is going great and patience when it seems nothing is going right, and that requires staying in the game and playing at the height of your capabilities even if you’d rather go sit in the stands.

In my mind, advisors have an obligation to challenge their client’s thinking when the client is being irrational due to the worry of uncertainty, to disagree with them when you see them making harmful decisions and to remind them that the game is long, and the reasons you are playing the game — love, impact, contribution, independence — do not change even when it feels like you are losing.

You are the only one in the unique position to put your arm around your client and remind them that you did not write an investment policy statement as a capital road map for when the sun is shining but for when it is dark and stormy, and it looks like the sky is falling. That is where advisors make the biggest difference in their clients’ lives.

The future will be fashioned, as it always has been, by those who stay true to their vision of the world they want to live in, warts and all — those who choose to accept the chaotic uncertainty of the game of life and keep playing until the clock hits 00:00 regardless of the score. This is because it was never really about winning or losing in the first place. It was about having the opportunity to be a part of this wonderfully fantastic human game. I, for one, want to be in the game. How about you?

The views and opinions expressed are those of Heath Beam, and may not accurately reflect those of the company. Past performance is no guarantee of future performance or market conditions. Heath Beam is a Registered Representative of and offers securities, investment advisory and financial planning services through MML Investors Services, LLC, Member SIPC. CRN202406-380270


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