A post at Business Insider titled 21 Ways You Are Deluding Yourself gave us pause for thought.
Excerpted from the book You Are Not So Smart in which the author gives:
An entertaining illumination of the stupid beliefs that make us feel wise.
You believe you are a rational, logical being who sees the world as it really is, but journalist David McRaney is here to tell you that you’re as deluded as the rest of us. But that’s OK- delusions keep us sane. You Are Not So Smart is a celebration of self-delusion. It’s like a psychology class, with all the boring parts taken out, and with no homework.
And we wondered: how are wholesalers deluding themselves?
Think of this as the companion piece to A Lot More Than 10 Rules For Wholesalers.
Delusion #1 – You’re really worth $500,000 (or more) per year.
For as long as I was in corporate America, in financial services distribution, my wife would make sure that the annual Sunday newspaper magazine insert, Parade’s annual What People Earn edition, was left on my desk.
It had a note that said, “Your reality check.”
A while ago NPR ran a post called What Americans Earn.
To this day I will tell anyone that asks that I was simply fortunate enough to select the right industry – one in which extraordinary incomes are the norm.
But, in the grand scheme of things, was I worth the amounts that I was paid?
Delusion #2 – Being a top producer is a license to bend the rules.
Should top performing wholesalers be praised and respected for their hard work and success?
Absolutely – and praise (along with money) is what fuels them.
Should they be given special dispensation to ignore budgets, deadlines and other elements of Firm protocol/practice.
Top producer status does not buy you a free pass.
Delusion #3 – You have mastered the job.
Over 65% of our coaching practice revenue comes from amazingly talented clients who are already at the top of their game – in the top decile of their firms.
Yet they seek out improvement.
So, there’s a reason they are at the top – they never stop questioning, learning, improving.
Delusion #4 – Leveraging up your lifestyle is prudent.
Five years ago you were making $75,000.
Today you are making $300,000.
You buy a seven figure house, a BMW, a golf membership at the club, and vacation lavishly.
Great – but if the biggest chucks start hitting the career fan are you financially prepared?
Too many wholesalers got caught with their financial pants down during this last downturn and may spend years trying to recover.
Don’t be that guy/gal.
Delusion #5 – Your party behavior at sales meetings is acceptable.
You’re with the ‘boys’.
It’s like family.
Everyone is having a great time.
That may be true but jumping into the pool fully clothed (metaphorically or literally) at the end of that all too fun dinner function will get you branded in the worst possible way.
Just ask the wholesaler who thought that lighting his flatulence at a client event was entertaining.
But wait – you can’t ask him because he lost his job and was never rehired.
Delusion #6 – COIs are of no use to my practice.
They are always asking for money.
They don’t write the trades.
Two of the reasons we have heard for ignoring COIs – both of which may be true.
And neither of which are reasons to ignore the folks that hold the keys to the kingdom.
Delusion #7 – My wife, husband, kids, girlfriend, boyfriend etc. will understand my inability to be available for them.
They know you have to work hard.
They understand the long hours and the travel.
Even if they can’t ever explain exactly what you do.
What they will never understand is how you outsourced raising them to the nanny.
Or how you are obsessively compelled to check messages throughout the family vacation.
Or why there is no vacation because you have to meet your goals.
Or why your weekend isn’t really a weekend at all.
Delusion #8 – A little fudging on the expense account will not be noticed.
You are right.
Until it is noticed.
And you are fired.
Over a $200 ‘fudge’.
Delusion #9 – Dress to impress is a dated concept.
If you are working at a Silicon Valley tech firm where the primary form of transportation is skateboard then perhaps.
In this business it’s shined shoes, starched shirts and properly tailored suits.
If you can’t take the time and attention to care for your own presentability why should an advisor care to spend time with you?
Delusion #10 – Your clients have a compassionate ear for your bad day.
Your clients are having their own self absorbed day – just like the rest of us.
You showing up with your ‘baggage’ unpacked is simply bad form.
On the other hand, you showing up as a bright light in the advisor’s otherwise dim day will have you welcomed back the next time.
Delusion #11 – It’s a dog eat dog world and what’s mine is mine.
Oh it’s one hell of a competitive business we are in.
It’s also microscopically small.
That means that a spirit of collegial competition is the always the best course of action.
So if you ever find yourself being ‘that guy’, and playing the game in an unseemly manner because you need to get yours, remember this: at the end of 2015 total U.S. household investable assets totaled more than $42 trillion.
There’s plenty of money for all of us to make our goals, live extremely comfortably, and win production awards – while still playing nice in the sandbox.