The Hypocrisy Trap
Amar Pandit
A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.
August 30, 2024 | 2 Minute Read
I recently met Ram, a mutual fund distributor who was frustrated with his client’s behavior. “My client wants to get investment guidance from his uncle,” he complained. “He listens to him all the time. He also listens to these finfluencers who don’t even understand our real business. He has no plan in place for making financial decisions.”
I could sense Ram’s frustration. It’s challenging when a client prioritizes unqualified advice over professional guidance. However, I wanted to challenge Ram to reflect on his own practices. “I understand where you’re coming from, and I totally empathize with you,” I said. “But aren’t you doing something similar?”
Ram looked puzzled. “What do you mean, Sir?”
“Do you have a written business plan for your practice?” I asked. “Forget a comprehensive business plan—do you even have a written marketing plan? I’m not talking about a 20-page document filled with jargon, but a simple, actionable plan to guide your decisions.”
Ram didn’t have an answer. “Aren’t you also randomly taking advice from your friend who happens to be an influencer? Aren’t you listening to 20 different people telling you to do 20 different things?” I continued.
The reality is that many financial professionals, like Ram, operate without a clear plan, often relying on fragmented advice from various sources. This can lead to inconsistent decisions, missed opportunities, and a lack of focus.
As real financial professionals, we stress the importance of having a structured, long-term financial strategy and plan to our clients. Yet, we sometimes overlook the need for a similar approach in our own businesses. A simple, well-thought-out business or marketing plan can provide the direction and clarity needed to make strategic decisions, stay focused, and achieve long-term success.
So, before we judge our clients for their lack of planning, let’s ensure we’re not falling into the same trap. After all, the principles we advocate for our clients should be the ones we live by in our own practices.
The question then is – Are you living by the principles and practices you preach?
Similar Post
Nano Learning
Hard Things and Easy Things
We spend so much time trying to make everything in our lives as easy and convenient as possible. Sometimes that’s a good idea.
20 October, 2023 | 2 Minute Read
Nano Learning
What The Quote?
I recently came across a quote that I read a few times. It was so good that I decided to dedicate a Nano to this one. Arthur Schopenhauer – “The wise in all ages have always sa ....Read More
8 December, 2023 | 2 Minute Read
Nano Learning
This is Key for you to Thrive in the Next 3, 10 and 30 years
I am sure most of us would have gone to the gym at some point of time in our lives. What do you do when you exercise? Do you lift the lightest weight or the heaviest weight? ....Read More
18 September, 2020 | Minute Read
Nano Learning
Return on Life (ROL) versus Return on Investment
Do you deliver a 15% return to your clients OR Do you help them live their Happiest Financial Life? Help your Clients live their Happiest Financial Life (This is the Future of We ....Read More
13 March, 2020 | Minute Read
Nano Learning
The Edge Lies Here
We often obsess about goals or outcomes. But the edge lies elsewhere. Hint: I have mentioned this recently in one of my posts. In his newsletter, Author James Clear wrote, ....Read More
10 February, 2023 | 2 Minute Read
Nano Learning
Did you know this 12X Difference?
According to McKinsey’s latest US Asset Management Report, the gap in valuations between the best and the rest is 12X. Aren’t you shocked or surprised? Similar or higher diffe ....Read More
2 July, 2021 | 3 Minute Read
- 0
- 0
0 Comments