No one enjoys “being wrong.” Does the risk of that keep you
out of the planning process? Is it a comfortable way to disassociate yourself
from the results of the future? Does refusing to plan comfortably insulate you
from the discrepancy between predicted and actual year-end comparisons?
Most using the moniker of retirement plan adviser are in
this business with an eye toward making a difference. The follow-up to that is,
“OK. How?” How do you plan to make a difference?
Your business represents a number of interests. Stakeholders
consist of your clients and family and regulators. You also have your own
individual concerns. The question remains: Do you take an active role in
shaping your own destiny by planning your future, or are you merely a casual
observer? In observer mode, you watch your business roll into the future, take
whatever comes—and then react.
Shape Your Future
There are three primary and easily discernible paths to
making a difference for the benefit of your stakeholders: 1) Deliver premium
service; 2) Exploit efficiencies that others cannot conceive; or 3) Innovate.
Said differently, you can do it best, you can do it more proficiently, or you
can do it first. Each can serve as your road map in nudging your business
toward your destination.
Your options are countless and limited only by your
imagination. The retirement industry seems to be in endless pursuit of the next
big idea to free the masses from retirement peasantry. Will behavioral finance
be the saving grace for our industry? Will a new brand of education help you
differentiate your firm? Are you capable of being substantially more efficient
than your competition? Can your team do more with less, thereby boosting your
margins from good to obscene?