The Power of You

“Today you are you, that is truer than true. There is no one alive as youer than you.”  Dr. Seuss My latest cell phone is a Nexus 6P, purchased in early July after a boating accident left my less-than-two-year-old Motorola X destroyed. But that’s another story. New to me, the Nexus allows me to unlock it by putting one of my index fingers on the phone’s back. This technology is old, but for me, it …

Make Care a Verb

There has never been a time in my 63 plus years of life when it felt like we were drowning in words. We e-mail, tweet, post, blog, send, forward, save, edit, create, copy, paste, delete, and share words at an alarming rate. The fact you are reading this discussion bears witness to this vexing but apparently inescapable phenomenon. When it comes to our clients, the words we use are either nouns—think static, sound, bland—or they …

The DOL Gift, Part 3

What does it mean for an advisor to truly “serve” a client? To answer that, let us look at the third gift that the DOL offers, for it is a gift that keeps on giving. Over the last 20 years, the transition from commission-based to fee-based business in financial services has taken priority in many practices. One of the most powerful reasons clients are better served through a fee-based relationship is, in the words of my trainer, “it …

The DOL Gift, Part 2

The new DOL rule gives a second gift that celebrates community more than it creates reams of transactions. The client-facing professions of finance, law, accounting, and insurance have an elephant in the room few are willing to name and discuss. We earn our living by the fees we charge clients for our services. In past years, the stock broker lived and died by the number of trades in a day. Lawyers and accountants are famous …

The DOL Gift, Part 1

For the last 18 or so months, much has been written about the new Department of Labor (DOL) “fiduciary standard” that will soon be required for those working with retirement accounts in the financial services industry. No longer will a financial advisor be able to make recommendations that are only “suitable,” but rather all advice must be in the client’s “best interests.” This fiduciary standard rule will require more transparency regarding fees, how investment advice …