As a dedicated 401(k) geek who goes to almost every industry conference, I am struck by the lack of imagination with most agendas littered by self-interests and sponsored content focused on the past, trying to keep retirement plan advisors inside the 401(k) echo chamber. I spend most of my time speaking with people in the hallways or at the exhibit halls, trying to get to know not just what they do, but why.
Which is why I was so fascinated by what Sheri Fitts is doing with her Sway conference, with the third annual event just completed this past summer. Sheri describes the conference as a place, “Where people can rediscover their purpose, step away from the ‘default settings’ of financial services, and show up more fully as themselves. At the heart of the event is a belief that authenticity isn’t just a buzzword—it’s a transformational force.”
Now that’s different and the key for RPAs to distinguish themselves in a world that continues to be commoditized with declining or shifting fees as most advisors still focus on what they do— Triple Fs and even financial wellness (whatever that means)—as opposed to why as the esteemed Simon Sinek explains how Apple has run circles around other computer companies.
But before we get to why, we must get to know ourselves, which is the door to authenticity. The concept, “know thyself” comes from ancient Greece adopted by Socrates. It’s the primary purpose of Vipassana meditation—to observe equanimously what’s happening as our mind and bodily sensations interact over and over thousands of times each day.
Most clients and customers intuitively know who is authentic. No matter how many acronyms, code sections and industry buzzwords we throw at HR, benefits and finance professionals who run the plans with little to no ERISA training and knowledge, juggling up to 10 jobs, their intuition is very strong. They easily sniff out frauds, people not being authentic and those reciting text or company lines. Smart ones are insulted by industry professionals who use jargon, not understanding the daily trials and tribulations of dealing with complex and burdensome ERISA compliance while trying to help people save for retirement and make the case for more resources to senior managers.
“Personal branding isn’t just about self-promotion,” noted Sheri. In fact, it’s quite the opposite. As an infamous shameless self-promoter, I try to focus on ideas and stories, not on how great I am. That’s for others to say, or not say. Admitting we do not know or detailing some of our failures, being vulnerable, is more powerful than self-grandiosity and arrogance.
“Not knowing is true knowledge,” a basic concept of the Tao, called the wisest book ever written, or, as Sheri puts it, “curiosity is a business advantage.” That concept is hard, especially for professionals working for providers who are supposed to know everything and must tow the company line as well as advisors, part of some larger organizations. We learn more from our failures than successes.
Granted, RPAs must know the basics and help clients set up and run their retirement plan, minimizing work (time), liability and costs while integrating wealth and benefits services. It’s important for advisors to focus on what resonates with them, outsourcing the rest, creating strong human connections, attracting clients that share the same beliefs, who become advocates. Otherwise, they are in danger of being replaced by AI as Microsoft predicts.
But before we pick a lane or personal brand, we must know ourselves, which can be a lifelong journey, maybe longer. Oscar Wilde wrote, “Be yourself, everyone else is taken.”Thank you, Sheri, for being brave enough to start a conference outside the 401(k) echo chamber. It’s much more important than sitting through another panel about PEPs, MEPs, GOPs, student loans, HSAs, emergency savings, private equity, cryptocurrency and retirement income or listening to industry cheerleaders attack anyone who criticizes our industry as if we are perfect and know everything, acting as guardians but are really prison guards.
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