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?