I recently sent out a Twitter about Ken Fisher. To my surprise, the responses have been running very high.
Ken is someone whom I admire a great deal. apparently others admire him too. His father Philip A. Fisher was a renowned investor himself an author of "Common Stocks and Uncommon Profits," published in 1958. What's interesting is that Ken Fisher achieved his wealth so rationally.
As
you may know, Ken Fisher's firm manages $45 billion in assets. One of
the first articles I saw a written about him in a financial publication
included the words "junk mail" 7 or 8 times in a column that was at
most 500 words.
That's what got me thinking. I said to myself, "You know Rob, these
financial guys think that advertising and promotion is beneath them."
That got me thinking about business coaching individuals who
understand how serving clients well... makes the client richer and more
secure... and subsequently the advisor, as well. But it requires a
building relationships like those Fisher has developed with his clients.
There are a few secrets to Fisher's massive success.
What's interesting is how professional Fisher's service promotion is. He sends regular mailings and he is often on radio and TV. He has a web presence. He writes books. He monitors his mailing list. And the program is coordinated. And that explains why he is managing the assets of so many clients.
Reading Fishers advice on starting a business, I was also struck by how Fisher himself has followed the dictates of the groundbreaking businessman Ivy Lee--a fellow entrepreneurial spirit.
Ivy Ledbetter Lee, was the publicist for Standard Oil of New Jersey, the Pennsylvania Railroad and other large interests in the 1900s. I do a lot of copywriting, and I have discovered that original advertising and promotions provide excellent copywriting lessons. In a speech he delivered in October 1916 Mr. Lee provided advice on business publicity.
Ivy Lee's advice was in four steps:
- use publicity to show your honesty and sincerity
- provide the best possible service
- show courtesy to the general public from the top down
- treat complaints "as a friend"
In our "modern" age it's one of the biggest misconceptions with corporate professionals is the notion of business. In fact, corporate positions are very focused--they keep individuals from becoming familiar with the broad skills necessary to run the business. I've had this discussion with a number of financial advisers. The more successful advisors seem to appreciate the limitations placed on them. They know what they don't know and admit it. And they understand that these limitations can hurt them in some instances.
These revelations are the launching points for effective business coaching.
Some will argue that professional demands take time and make it impossible to learn additional skills...
If a concentrated position really take all of your time, you are no longer in control of your career or your own future.
I teach that there are simple disciplines that make the difference between good business and great business.
(Last year, I conducted a survey of advisors and affluent clients about money. We show that, many advisors miss big opportunities to provide what the clients want. Communications with clients were rated surprisingly low priorities. I am not happy that we have been proven so right on this matter.)
Here are a few of the basic skills that build a strong future. All of these can be done with a simple investment of small amounts of time--and each has big payoffs.
The ability to speak well in public
It's extraordinary to me how many CEOs and leaders of large divisions in corporate America are horrible communicators. They can barely put 2 sentences together. They may lack the confidence in front of the room. or they lack the capability to prepare and rehearse. This is an important skill that leaders should be expected to master.
As a stockholder, I have to wonder, if this person can't persuade me over a chicken dinner, what's happening at the company?
The fixes for poor speaking are too simple to be ignored. Toastmasters is free, and it's a wonderful experience. If you want more intensive personal attention there is always Dale Carnegie.
The ability to write well
Lately, a number of real leaders have penned their thoughts for newspapers. Among them, Carl Icahn, Michael Bloomberg, T. Boone Pickens and Wilbur Ross. This is encouraging, because it shows the public that true business leaders have plans which they are happy to share. That they can frame questions and construct responses. They are demonstrating business public mission, and that business is about much more than just "making money."
That's a good thing.
The fix for poor writing skills is as old as the pencil itself. To get better at writing--you write! Of course, there are also lots of books and writing classes. ( I recommend reading William Zinsser.) Essentially, just having an interest in your writing will begin some modest improvement.
The ability to market and sell
When one reaches a certain level in business it's common to 'rename' the selling function.
This is true with some advisers, money managers and consultants that I work with. Many of them, not necessarily the best of them, cringe when they are referred to as salespeople. This is foolish, of course. Salespeople are generally known to be among the highest-paid people in the world. And the best sales people are among the best educators about their products.
The fixes for misunderstanding selling and a lack of selling skills are also straightforward. Good selling requires being familiar with the product(s), but it also involves understanding the psychology of selling. With marketing, it is helpful to be familiar with the principles of hypnosis. (I've learned this from some of the best salespeople I know.)
Good salespeople don't beat around the bush. Selling--that makes you money--they will admit, is a combination of manipulation and education. As many of us now see all too clearly--selling is a vital task for the economy. Selling done right needs individuals who are ethical and open.
The ability to know 'what you do'
Roles are something many of my clients discover. That they play many different roles has been a surprise to some. But, the most
dramatic personal transformations I have ever seen occur when an individual faces
his/her discomfort about these roles. Some people completely change
their careers, their firms, or their specialties.
Coaching is a process best done live with another human. Inside the interactions accountability and specific results can be supported, safely.
Moreover, the interrelationships created beside coaching peers, usually
other professionals, supplement and enhance good business coaching.
With a high level of transparency coaching, produces learning that lasts.
Finding a role model like Ken Fisher can be very helpful. [More about Ken Fisher.] But the objective is to ultimately become our own
role models. Borrow someone else's solution, of course. You can save a
fortune by avoiding the same mistakes others of our ready-made. Only a
stubborn person would insist on making all their own mistakes. And
this is why speaking, writing, selling and 'knowing what you do' are
vital to your future success. But become your own best example of
success.
Increasingly American jobs are all or partly advisory
in nature. More often these are roles of great responsibility and
accountability. And, if you're an advisor, of any type--legal,
financial, architectural--you are facing an extraordinary opportunity
to grow your clients' asset bases and your own business.
The question is...
When the economy turns, what part of the curve do you want to be on?
Coaching might be your best ticket to success.
