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Sidney Weinberg once described his firmโ€™s culture as โ€œ๐˜ญ๐˜ฐ๐˜ฏ๐˜จ-๐˜ต๐˜ฆ๐˜ณ๐˜ฎ ๐˜จ๐˜ณ๐˜ฆ๐˜ฆ๐˜ฅ๐˜บ”. I see t

Sidney Weinberg once described his firmโ€™s culture as โ€œ๐˜ญ๐˜ฐ๐˜ฏ๐˜จ-๐˜ต๐˜ฆ๐˜ณ๐˜ฎ ๐˜จ๐˜ณ๐˜ฆ๐˜ฆ๐˜ฅ๐˜บ”. I see the benefits of this culture as a #wealthmanager, although it can be challenging for other advisors to execute due to productivity and sales pressures from higher-ups.

The temptation to chase short-term sales targets by telling clients what they want to hearโ€”like hyping up trendy stocksโ€”can be strong.

However, as the financial industry evolves, the stereotypical smooth-talking salesperson (think Jordan Belfort) is becoming ๐˜ฐ๐˜ถ๐˜ต๐˜ฅ๐˜ข๐˜ต๐˜ฆ๐˜ฅ. ๐Ÿšซ The 2008 Global Financial Crisis and advancements in #technology like Robo-advisors and #AI have transformed my role as a financial advisor.

Todayโ€™s clients like you are more informed and cautious. You understand that, net of fees, many fund managers ๐˜‚๐—ป๐—ฑ๐—ฒ๐—ฟ๐—ฝ๐—ฒ๐—ฟ๐—ณ๐—ผ๐—ฟ๐—บ ๐˜๐—ต๐—ฒ ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜. Even Warren Buffett has recommended most people to invest in low-cost index funds.

The growth of private #banking and family offices has also shifted the role of an advisor from merely delivering returns to ๐—ฎ๐—น๐—ถ๐—ด๐—ป๐—ถ๐—ป๐—ด ๐—ฑ๐—ฒ๐—ฒ๐—ฝ๐—น๐˜† ๐˜„๐—ถ๐˜๐—ต ๐—ฐ๐—น๐—ถ๐—ฒ๐—ป๐˜๐˜€’ ๐—น๐—ผ๐—ป๐—ด-๐˜๐—ฒ๐—ฟ๐—บ ๐—ด๐—ผ๐—ฎ๐—น๐˜€. ๐ŸŽฏ

This shift transforms the advisor into a trusted consigliere / Personal CFO, a concept I mentioned in my previous post, which is someone who builds relationships on which clients can depend. Advisors are there to protect clients, often by saying โ€œnoโ€ to prevent costly mistakes, guiding them toward smarter decisions, and keeping emotions like greed and fear in check. ๐Ÿ’ช

Iโ€™m even looking at ๐—ณ๐˜‚๐˜๐˜‚๐—ฟ๐—ฒ-๐—ฝ๐—ฟ๐—ผ๐—ผ๐—ณ๐—ถ๐—ป๐—ด clientsโ€™ needs, ๐˜€๐—ถ๐—บ๐—ฝ๐—น๐—ถ๐—ณ๐˜†๐—ถ๐—ป๐—ด their financial lives, and even advising on complex family matters or navigating business challenges.

An essential aspect of being long-term greedy is knowing when to say โ€œnoโ€ to the wrong clients. This lets advisors focus on building relationships that last. There are no shortcuts or quick wins; itโ€™s about the long haul, about planting seeds today that will grow over the years.

For the advisor in todayโ€™s world, adopting a long-term greedy approachโ€”one that ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฒ๐˜€ ๐—ถ๐—ป๐˜๐—ฒ๐—ด๐—ฟ๐—ถ๐˜๐˜† and the ๐—ฐ๐—น๐—ถ๐—ฒ๐—ป๐˜โ€™๐˜€ ๐—ฏ๐—ฒ๐˜€๐˜ ๐—ถ๐—ป๐˜๐—ฒ๐—ฟ๐—ฒ๐˜€๐˜๐˜€โ€”is the path to sustainable impact and success. ๐Ÿ“ˆ

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