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Givers and Takers, What's Best for the Business of Financial Planning?
But, in the midst of all the marketing hype, the inevitable consumer confusion over advisor qualifications, and advisors’ associated duties to clients, does openly embracing a 'client interests first' approach to practice make sense for business? A new body of work by Professor Adam Grant of the Wharton School suggests that it does. As the youngest tenured professor at Wharton, and author of the book Give and Take, Dr. Grant's research indicates that there are basically three different types of personalities in terms of individual preferences toward reciprocity: takers, givers, and matchers.
Takers actively attempt to get as much as they can from their interactions with others, while giving the least amount possible. Givers are at the other end of the spectrum. These people tend to give more freely and without strings attached. Finally, the third and largest group is matchers. Matchers believe in a just world and have a perspective of equality. Accordingly, they attempt to maintain an equal balance of reciprocity in their interactions with others.
So, who's more likely to succeed? Do the nice guys really finish last? The conventional wisdom is that matchers have the advantage because givers will end up burning out by over doing it, and takers eventually will fail as the result of burning their own bridges.
Indeed, according to Dr. Grant’s research, when compared with takers and matchers, givers are overrepresented at the bottom of most success metrics. However, also unlike their counterparts, they're overrepresented at the top as well! So clearly there are risks inherent in being a giver. But quite interestingly, successful givers not only learn to give without undermining themselves, they also generally owe a bit of their good fortunes to the matchers, who simply cannot stand seeing generosity go unrewarded.
To the extent that structuring client relationships from the ‘client's interest first’ perspective is similar to what Dr. Grant is teaching us about success, doing the right thing for the client isn't only about professional ethics, it's also about smart business.
Quarterly Education Meeting
Our next meeting will be on May 15, 2013, from 8:30 am to 4:30 pm, at UCI Student Center. This meeting will include 2 Ethics CEs for CFP® Professionals. There are a total of 6 CEs for CFP® Professionals, 3 Insurance CEs, and 4 CPA CPEs.
2013 Allied Professionals Summit
It’s still several months away, but mark your calendar now for the 6th annual Allied Professionals Summit on October 23 at The Pacific Club in Newport Beach – this one is going to fill up fast! Our keynote speakers are Dean Erwin Chemerinsky from the UCI School of Law and Ben Emons from PIMCO.
We are also pleased to announce expert-led discussions by: Matt Brown of Brown & Streza, Darren Capeloto of Payden & Rygel, Keith Baumgarn of Signature Resources, and Jonathan Mintz of Wealth Counsel, with more to be announced.
There will be several breakout sessions and opportunities to network with financial advisors, CPA’s, attorneys, insurance professionals, and other allied financial professionals. Breakfast and lunch will be served, and a closing networking reception will follow the final program session.
Promote your FPA membership by using the FPA Member Logo. Displaying the FPA Member Logo communicates your dedication to FPA's Code of Ethics and Standard of Care.
Mark your calendars for our remaining 2013 Educational Meetings
Welcome New Board Members!
The FPA of Orange County is pleased to welcome two members to our Board of Directors!
Thanks to the diligent efforts of Partner Chair Scot Shier, we've just about filled all our Partner slots for 2013.
If you have any suggestions we could use to finish the job of building out our partnership base, please contact Scot at 949-770-7555 or Scot@QFCorp.com with any contact information you can provide.
Would You Like to Be an Intern?
FPA Orange County sponsors a very active internship program for both interns and employers. Individuals who would like to experience working in a financial planning office or those who are just “kicking the tires” can sign up to be an intern. Planners who seek occasional extra help or who might be looking to see how a potential new employee might work out can utilize the services of the intern.
Internships last for approximately ten weeks. Interns need to be able to work at least 10 hours per week to be able to get a good understanding of how a firm functions.
The FPAOC Internship Program has been an ongoing success in our chapter for many years. Both interns and employers have great results. Contact Linda Barlow at email@example.com for more information.
Do 1 Thing, For Yourself
In the book, “The Go-Giver”, Bob Burg and John David Mann list the fifth “Law(s) of Stratospheric Success” as, “The Law of Receptivity.” And so it is with “Do 1 Thing.” When you pitch in to help out, even a little, you should prepare to receive more than you give. The “Do 1 Thing” opportunity is designed to allow us to get our feet wet in our chapter involvement. If you have trepidations about committing without having a specific task in place, this is for you.
Control freak? Right this way! Everything in its place? Here you are! Type A? We’ve been waiting for you. WE have several opportunities for single task or single serving volunteering with FPAOCC.
Whatever manner you choose, you will be appreciated, supported and feted by chapter leadership and members. And prepare yourself to receive. For no matter how altruistic your intentions, “As ye give, so shall ye receive.” Over and over again, I, and every other volunteer with whom I speak, have stories about how volunteering has paid benefits we didn’t expect. Deals closed, clients helped and practices improved.
If you have another idea for the chapter about how you’d like to volunteer, let me know. We are always looking for ways to grow, accommodate and improve.
Contact me directly to learn more.
All the best,Andrew Scammon; FPAOC Volunteer Development Chair Andrew Scammon; FPAOC Volunteer Development Chair
GREAT DEALS FOR FPA MEMBERS!
THANKS TO OUR PARTNERS!