Training: An Investment Rather than an Expense.
In the last three weeks I’ve completed three Money Finder Bootcamps for Advisors. That the process I teach is true planning, for real life, seems to ring true for all advisors. Debt and cash flow, cash flow in particular (which applies to all clients, regardless of net worth), are very important parts of any client’s financial picture. How much longer will the industry remain deaf to this?
Yes, lots of people are starting to listen to my message. But far too many are still vigilantly holding their hands tightly over their ears. Why? They are hoping that when I talk about the need for debt and cash flow planning that I’m excluding their clients. They see training as a pure expense. Many advisors don’t want to invest in themselves. Many managers, wholesalers and companies would prefer to invest in sessions about their products, rather than planning in general. I get it. I know the conversation you have with yourself, where you think that paying for training is an expense, and that you’d be missing a few possible closing appointments, which you tell yourself increases the expense. That would be a reasonable argument if training were an expense. Unlike your light bill, which is an expense, training is an investment. If you pay the light bill all that happens is your lights stay on. If you invest in your process, in training, in a skill that all financial advisors and planners should have, but almost none do, then that time is an investment that will pay great dividends to you for all of your career. When you offer planning for real life, those dollars will come back to you with lots of friends.
The most brilliant and successful people I know, who are always in growth mode, are life-long learners, and they know that training is an investment, that learning is the only real way to attain continued growth.
There is a big difference between an expense and an investment. The real cost of bootcamp is approximately 10% to 20% of the pay on an average case. That’s just one case, how many new clients can you take on in a month? Does paying your light bill give you a return like that?