Challenges

Reading this morning from Around the Year, Nick Murray's book of daily reflections for financial planners -- which I read every morning before breakfast along with other things, he commented on the fact that about 80% of financial advisors cited volatile markets as the biggest challenge to their business. Nah.

Make no mistake, volatile markets, nervous people, and high ambient amounts of atmospheric uncertainty do suck. But there is always uncertainty.

The most difficult thing is using one's time wisely to figure out how best to serve one's clients best, while also seeking to grow one's business. In the end, these are problems of time and scope management -- figuring out what it is you should be doing, what you should be delegating, and what you should be defining as outside of your competency and referring out and/or asking an expert.

Yesterday, for example, I did a phone interview with a journalist about the life and financial lessons one should be teaching one's kids before they go to college. I spent time preparing for a meeting with a prospect who has a multi-million dollar package of Phantom Stock Units that will come into play if/when his firm IPOs a few years out. I reported to 401k wholesalers about the pain points of a prospect with whom we will be meeting in January to help them pick a new platform (or not). At the end of the day, I went to a board meeting for a non-profit, after which I conferred with a guy who wants to set up his own non-profit about some of the things he should be thinking through. I gave him my card and told him I'd connect him with a friend who consults on this kind of thing. An ex-girlfriend, actually.

In each of these interactions there were questions I didn't know the answer to and I had to admit it frankly and/or appeal to a specialist for guidance.

Then I went home and watched The Wire with Graham. At the end, he fell asleep with his feet across my lap. That was the best part.