How often do we as individuals truly think of long term benefit vs. short term needs? Can we put off the delicious chocolate chip cookie in order to think of long term fitness? Can we pay a vendor the full price he or she deserves because of the value of a long term relationship or will we push for the short term discount just because we can? Or can the vendor discount appropriately based on referrals and the good will that this would generate? We all live with these types of decisions every day.
I thought of this today while reading
Thomas Friedman's column in today's The New York Times where he discusses “situational values” vs. “sustainable values” and how he wishes our nation's leaders would be able to think of the country's long term needs as opposed to their own political short term desires. I think we all would like to believe that we live our lives by sustainable values all the time. Of course, that's just naïve.
In terms of my little world in recruiting for the wealth management industry, I'm hoping that more and more Advisors, along with the managers that recruit them, can show more of their “good side”, their sustainable side, if you will.
Interview scenario in Sarch's Mythical Kingdom of Sustainable Values:
“Hi Mr. Manager, I'm the Big Producer down the street. I want a fair deal, but one in which you will make money over time, even if I don't shoot the lights out right away. I know that you need to make money on the deal too. But I'm looking for a partner who will care about me after our deal is inked and want to be on a winning team I can be proud of for many years to come.”
“Nice to meet you, Mr. Big Producer. I want to pay you based upon what I can reasonably expect you to bring over. I am looking forward to helping you do business going forward. I'm looking for a partner who understands that I have many constituents pulling on my time, from other Advisors to senior management, but I'll be straight with you always. If you ever lie to me putting my franchise at risk, I will throw you to the wolves. Understand that I will do my best for you always, but if a better opportunity comes up that is better for me and my family, I will leave you in a heartbeat.”
