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 Being Done™ – What if I don’t want to “Be Done?” Being Done™ is a term given to that time when Trusted Advisors have optimized their practices so that they can totally focus on delivering the highest quality of service possible to their Clients given the constraints of time. While some Financial Professionals may say that they “never want to be ‘Done’,” that’s really not an option. Call it what you will, it’s a function of time and quality. Maintaining the quality of service you wish to provide requires a certain amount of time per Client. If you follow the Old World approach of “mailing to the masses,” you will inherently spend a large portion of your time “prospecting” for new Clients and screening them to determine if they are a fit with your practice. This doesn’t benefit your Clients (since it’s time spent not serving them), and it doesn’t benefit you. You may also get to the point in your practice where you’ve run out of time to serve any additional Clients. As a result, each new Client either requires that you allow your service quality to erode or that you give up some of your personal time (to maintain service quality). That approach to business requires your Ideal Clients to, in effect, subsidize the time you spend with non-Ideal Clients … and that is not “all about your Clients’ best interests.” So, if you don’t like the term “Being Done™,” that’s okay with us, but you need to recognize that you cannot create more time without negatively impacting the quality of the service you provide or the quality of your life, and we don’t think either is an acceptable alternative. [ ] Compliance Issues (In General) It is a common industry practice to sarcastically refer to the Compliance Department as the “Sales Prevention Department.” In some ways, that’s a compliment … because you shouldn’t be trying to “sell” product if you’re serious about behaving like a professional. Your role should be to tailor solutions that will help your Clients achieve their Goals for the reasons that are important to them. The real role of Compliance is to protect the public. If everyone in the Financial Services industry behaved like a true Trusted Advisor, there would be no need for Compliance. After all, the foundation of Values-Based Financial Planning™ is to always tell the truth and to focus on your Clients’ Goals and Values. Compliance issues sometimes arise because:
If a Compliance review is believed to be necessary, our advice is always the same:
Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (Financial Road Map®) – What if Compliance Won’t Approve the Financial Road Map®? The Financial Road Map® is not subject to regulatory review. It is merely a vehicle for capturing information that is particularly relevant to your Clients … their Values and Goals and a synopsis of their current financial position. It differs from capturing the same information on a legal pad only in that it is designed to enhance your Clients’ experience; to capture and reflect such information in a single document in a way that demonstrates your recognition of its importance. The Financial Road Map® does not constitute “sales literature” within the context of NASD Regulations. This is the only misinterpretation of the Regulations that has ever been argued with respect to the Financial Road Map®, and it was based upon BAI’s web address appearing on the document. BAI is not a regulated entity, and our web address only appears to facilitate reordering. Therefore, the related NASD Regulations do no apply. Click here for White Paper – Financial Road Map® Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (NASD Approval) – Are Your Programs and Resources NASD Approved? BAI’s Programs and Resources do not require NASD Approval. Our Programs and Resources do not offer any securities recommendations or other technical advice whatsoever. We offer no content that is subject to regulatory review. To do otherwise would be totally incongruent with the Values-Based Financial Planning™ philosophy, which asserts that you are a professional with a fiduciary responsibility to act in your Clients’ best interests and that it would be negligent to introduce complex financial information with the intent of suggesting that they have a sufficient understanding to make an “informed” decision without professional advice and guidance. That being said, our Programs and Resources have been submitted by various parties over the years for review, and they have never been disapproved by any regulatory agency. The most common response to submittals has been “approved without comment.” Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (Phone Consultation) – Are Phone Consultations Subject to the Do Not Call List? No … the “Do Not Call” legislation does not apply to phone appointments that are conducted in accordance with the principles of Values-Based Financial Planning™:
Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (Recording) – What if Compliance Won’t Allow Me to Record? There are no State or Federal laws that preclude the recording of anyone’s conversation if that person is fully aware of the fact that a recording is being made and consents to the recording (otherwise answering machines and voice-mail would be illegal). Since our instructions are to have the recording device fully visible and to identify its use clearly, there is no surreptitious use of the recording device, and the consent of the parties is secured. Under no circumstances would we ever condone the use of a concealed recording device or the recording of a conversation without the consent of the parties. Note: Most firms in the Financial Services Industry record telephone calls for quality purposes. If you would like to determine whether your firm does so, just dial your firm’s general telephone number and ask to be transferred to your extension. You will hear the disclosure while you are on hold. [ ] Compliance Issues (VBFP Books) – What if Compliance Won’t Approve the VBFP Book? On rare occasions, Compliance Departments will attempt to deny the use of the Values-Based Financial Planning book because of the terms “Financial Planning” and/or “Financial Advisor” if you are not licensed as a “Financial Advisor” to do “Financial Planning.”
Click here for White Paper – VBFP Book Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (VBQOL Newsletter) – What if Compliance Won’t Approve the VBQOL Newsletters? The Values-Based Quality of Life™ Newsletter does not and will not contain any securities recommendations or other content that is subject to regulatory control. It provides monthly articles of interest that focus on subjects that are more important to your Clients than the management of their money (i.e., their physical, inner, relationship and career health). The VBQOL Newsletter is designed to reinforce the fact that their money is the under control of a Financial Professional (you) who cares about them as individuals. It also reminds them of whom they can turn to when their financial circumstances change and they need the advice of a trusted professional (i.e., when a CD matures, an inheritance is received, etc.). Note: If it were inappropriate to permit non-financial information to be forwarded to your Clients, then your firm would also have to ban birthday, anniversary and holiday greeting cards (many of which are provided by the firm). While such cards represent a superficial way of maintaining Client relationships, the VBQOL Newsletter represents a far more meaningful and effective way of enhancing Client relationships in a manner that is completely congruent with the Trusted Advisor “Way of Being” … it focuses on helping your Clients maintain balance and perspective in their lives. Click here for White Paper – Newsletter Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Enrollment – How come I can’t enroll in Academy 1 (etc.) if I want to? There are a number of prerequisites for each Program. As examples: you need to have completed the Mastery Series™ 1 before you can enroll in an Academy 1; you need to have completed both Academies before you are eligible for participating in the Being Done™ Study Group; etc. Additionally, attendance or participation in a BAI Program is by invitation only … and only your ACC can extend an invitation. We do this so that you only invest in Programs that are appropriate for where you are in your journey. It also protects the integrity of the Program for other participants … so that they can experience the Programs with other Trusted Advisors who are at their level of skill and commitment. Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Procrastination – Why can’t I just sign-up/take action/etc. in a few days/weeks/months, etc.? There are two typical motivations for this type of behavior: (1) you want to avoid what you perceive to be “old school” sales tactics, or (2) you honestly believe you will take the action at the later date.
One of Bill Bachrach’s mentors, Doug Carter, talks about “The Commitment Effect” in his Way of Being™ Workshop. Essentially, “The Commitment Effect” suggests that behavior changes in a positive manner once one commits to a course of action. As an example, when you commit to being married … most people stop dating! The same is true of committing to do something (such as coming to an Academy). The commitment changes your behavior. You prepare more seriously and, as a result, get more out of the time and money you invest. As the old adage says, “Don’t put off until tomorrow what you can do today.” Here are a few others that may help you put things into perspective:
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