Once clients stated an expectation that he knew was unrealistic, such as, “I want a 10% return on average,” he would gently lay the pen down and say, “I can’t make that promise. I know of some competitors down the road who will tell you they can. I personally cannot and will not.” His punch line when he told me this story was, “It’s easier to appoint than to disappoint.”
Maybe we’re not promising to perform at a certain level, but are we implying we have abilities that we do not possess? Do we engage in conversations that imply abilities of prognostication, timing and selection? If we are predicting (or echoing another’s predictions) about what we think will happen in the markets, are we implying that we have some sort of prophetic insight? If we are comparing ourselves against averages and indexes, are we implying that we will be able to compete with them over time?
The easiest way to never break a promise is to never make one—unless we’re sure we can keep it. That means thinking about limiting our commitments, not embellishing our capabilities, and being careful not to overextend our energies.
Maybe, in the spirit of John’s approach, we should start by telling clients what we cannot do before we tell them what we aim to do:
1. I cannot predict the future.
2. I cannot execute perfect timing (therefore, I’ll employ an all-weather strategy).
3. I cannot beat indexes, averages and competitors year after year.
But …
1. I can and will pay attention to your situation.
2. I can and will adjust your approach according to your life needs.