While many of the young planners attending were just beginning their businesses, others had established practices in their markets. The group shares a life-centered focus, and the majority of planners are off-loading investment advice as they recognize that this piece has been commoditized. The future of the profession is moving toward their ideology—and the average age is 37. You do the math.
The next week I flew to the U.K. and was blown away by the passion, professionalism and determination of the planners I met at the BACK2Y meeting (also in its fourth year). It was founded by Paul Armson of Inspiring Advisers—a visionary rebel who has refused to abide by business as usual in flogging products and calling it “advice” or “planning.” The title of BACK2Y pretty much sums up the maypole around which these vibrant and energetic advisors rotate—going back to “Why?” Asking, “Why are we in this business?” and “Why do people need the money?” Close to 500 advice professionals from eight different countries were in attendance, and the atmosphere was electric with enthusiasm for the next stage of the advice profession.
Time with this group affirmed my suspicions that the ROL (“return on life”) revolution is clearly under way—and it’s not going back to riding horses. The horse-trading in this analogy is the business of investment management (which is necessary but no longer deemed as value-able). The wise professionals are letting others manage the monies while they manage the relationships. It is the horseless carriage that spells progress for both client and advisor.
For those who embrace the inevitability of the life-centered planning profession and the ROL revolution, it is important to understand the difference between evolution and revolution. Evolution is about waiting for the inevitable to take shape, and for what is to morph into what shall be. Revolution takes place when those already convinced decide to hasten the pace of the inevitable.
Life-centered planning is here. Life is the point, the objective, the logical conclusion and the only context that counts for your clients. It’s time to get our eyes off the numbers and get our ears on the stories. Progress matters to people—and is best measured by the impact their money has on their life.
If you aren’t centered on understanding your client’s storyboard, then you will certainly be left behind by “those blasted contraptions” blowing dust into your eyes.