“I think Sam Renick was brilliant with his focus on young children,” said Garrett, who has a 7-year-old daughter. She spent over $2,000 for 1,000 books and gives copies to advisors in her network to share with their own families and clients.
Garrett said she used the book and songs with her daughter about two years ago and liked how the material intrigued and excited her. Garrett was then moved to spread the word of Sammy’s Big Dream to her local community in Eureka Springs, Ark.
“This is the same thing we talk to adults about, except we use the big words,” said Garrett. The story of Sammy Rabbit’s journey to accomplishing his big dream, she said, coincides with her belief that advisors should prompt adult clients to think about what they really want, too.
She then told the story of a client who helped her understand the concept of a big dream without the "shackles of adulthood." A couple came to her office seeking advice on how to safely transition to retirement. When Garrett asked the husband what he sincerely wanted to do with his retirement, he said he wanted to run a bait-and-tackle shop. The man's wife and Garrett both thought the idea was too small, and so took it as a joke and giggled. However, once Garrett realized that her client was serious, she began to recognize that this was what he really wanted.
She recommends switching up traditional promotional materials with something more family friendly.
“Instead of having the stereotypical financial planning or investment-related trade journals, instead—it’s crazy—let’s put a child’s book out there,” she said.
Renick said an idea like that is an opportunity for advisors to develop a deep relationship with their clients and build their practice. He also added that the book Sammy’s Big Dream has an additional benefit to clients: It might spark a much-needed dialogue between parents.
“If [spouses] are not on the same page, it might catalyze a conversation between them,” he said.
Sammy’s Big Dream does what the University of Cambridge report recommends—helps parents initiate the conversation about delayed gratification and planning ahead by learning to save.
“I think learning to save money is the No. 1 skill that they should teach kids,” Renick added. “It’s about protecting yourself and positioning yourself for opportunities.”