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How an Improv Class
Helps me be a
Better Wealth Advisor
As I have written about before, each year I try to do something out of my comfort zone or visit someplace that I have never been to before. After my dad died two years ago, I was in a pretty bad funk. My wife encouraged me to go to this local Improv class, since I have always been intrigued by comedy and on occasion would do stand up comedy on open mic nights.
So with a leap of faith I joined an Improv class. I did not know what to expect and I was terrified of not being funny. As I went to my weekly class I got more and more comfortable the more I practiced. I also benefited from the guidance of a great teacher and classmates. We have done two public shows in front of at least 80 guests at each performance.
As I reflect on my Improv classes and the live performances, I noticed some similarities between improv and being a Wealth Advisor and how it makes me better at the latter one. Here are some of the similarities I thought of:
- Listening Skills- One of the most important things in improv is listening and waiting to respond. As a Wealth Advisor, I must be a good listener and respond to my clients once I fully understand their point of view.
- "Yes and"- In improv, there is a term "yes and", which means when a fellow improv actor brings an idea to the skit, it is important to build on their idea and to not discount what they said, which is just selfish and ultimately ruins the skit. As an advisor, I need to do the same thing for clients who have ideas for solutions. I need to acknowledge and build onto their ideas by providing insight.
- Practice, practice, practice... All the great improv actors mastered their craft by endlessly practicing. Similarly, I continuously try to improve my craft as an advisor through reading and attending educational courses.
- Not being afraid to fail - In improv, failing is common and expected. It is how you learn to get better and more experienced. As in any business, part of our way of growing our practice is by forging new relationships and ultimately gaining new clients. We get told "no" from potential new clients now and then. Some might think of this as failing but I can't get a "yes" without the possibility of a "no".
- Thinking and responding quickly - In improv, you don't know the subject matter for your skit, so you have to think quickly and not panic. I am presented with the "unexpected" quite often as an advisor. For example: swings in the stock market, changes in economic cycles, regulatory changes, client emergencies, and client life events. I have to be quick to respond and be sure not to panic.
- Be spontaneous and have fun - I am in a serious business but in life we still have to have fun. I enjoy the laughter of improv and enjoy the fun and laughs I have with clients.
- Base things in reality but be unusual - I take my role as an advisor very seriously as my job is to help my clients make sure they don't outlive their money. I try to make our firm different than others by creating our own unique processes to help add clarity to their lives.
- Trust - I have to rely and trust my fellow actors to bail me out when I am failing and to add on to my skit to make it funny. I have to do the same for them. By being together for almost two years, I know their tendencies and trust where we can take a skit. As an advisor with a fabulous team, we trust each other and know each other's tendencies. This helps us when servicing our clients. With clients, I strive to know their tendencies as well and how they prefer to do business so that we can "yes and" our relationship.
All the best!
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MAY 2016
Commonly Observed Holidays
May 5. Cinco de Mayo
May 8. Mother's Day
May 23. Victoria Day (CA)
May 30. Memorial Day (markets closed)
Financial Dates & Deadlines
May 15. 2015 non-profit returns due
Business & Industry
Military Appreciation Month
May 1. School Principals' Day
May 1-7. Small Business Week
May 2-6. Teacher Appreciation Week
May 3. Teacher Appreciation Day
May 6. Nurses Day
May 6. Military Spouse Appreciation Day
May 8-14. Hospital Week
May 8-14. Police Week
May 11. Receptionists Day
May 15-21. Transportation Week
May 16. Accounting Day
May 21. Armed Forces Day
Cause Observances
ALS Awareness Month
Arthritis Awareness Month
Clean Air Month
Family Wellness Month
Mental Health Month
Social Security
Education
Month
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"It wasn't on my calendar.
"
Most people do not plan for a medical, mental or aging crisis for a parent-or themselves, and if such a crisis is not on your calendar, prepare now. None of us know what we don't know, and when a loved one's health and/or mind are failing, this is no time to have a crash-course in learning.
- Who do I turn to for advice?
- What kind of questions do I ask?
- Do I plan a loved one's care for this immediate crisis-or make a plan that includes future needs as conditions worsen?
- How do I respond to the many needs: place to live (kinds of facilities), care (who provides and what kinds), costs (and how to pay them), and advisors (finding the right people to handle finances and elder planning).
If you have more questions than answers, this first-hand guidebook, written by a CPA/ financial planner about his dad's situation, will provide answers. Now you will be able to deal with your own situation with more knowledge and focus.
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| Cause Observances Continued May 1-7. Be Kind to Animals Week
May 5. Holocaust Remembrance Day
May 5. National Day of Prayer
May 10. World Lupus Day
May 11. Donate a Day's
Wages to Charity
May 18. Employee Health &
Fitness Day
May 25. Senior Health & Fitness Day
Special Observances
Bike Month Golf Month
Hamburger Month
Older Americans Month
May 1. Stepmother's Day
May 2-8. Wildflower Week
May 7. Kentucky Derby
May 8. VE Day, WWI
May 8. No Socks Day
May 12. Limerick Day
May 15. National Chocolate Chip Day
May 20. NASCAR Day
May 21. Preakness Stakes
May 21-27. Safe Boating Week
May 29. Indianapolis 500
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The information provided in this newsletter is educational in nature and is not intended to be construed as, legal, tax or investment advice and does not necessarily represent the views of the presenting party. Specific federal and state laws relevant to a particular situation may affect the applicability, accuracy or completeness of this information. Material presented is believed to be from reliable sources, but its accuracy is not guaranteed. If additional information is needed, the reader is advised to seek professional services.
William Cummings is an Investment Advisor Representative with securities and investment advisory services offered through Transamerica Financial Advisors, Inc. (TFA) Member FINRA, SIPC, and Registered Investment Advisor. Concierge Financial Organization, Inc. and TFA are not affiliated. Neither TFA nor its representatives provide legal, tax nor accounting advice. Persons who provide such advice do so in a capacity other than as a registered representative of TFA.
LD056598 - 5/16 |
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