If your impression of Tony Robbins is a huckster on late-night infomercials, I think you're in for a pleasant surprise. His recent barnstorming across the financial services industry has left many people wondering whether he has the sincerity and gravitas to help pull our industry out of its untrusted morass or whether he's simply out to pad his pockets.
I'm giving him the benefit of the doubt for now.
Mr. Robbins burst onto the scene more than 30 years ago and has been a force of nature ever since. Sure, he did the infomercials, but having read his books and listened to him for decades, I think he's one of the few people with the intelligence, experience, empathy, drive and powers of persuasion to herd an industry of cats and lead it to a better future.
Why is he turning to financial services?
In an interview with Tim Ferriss, author of “The Four Hour Work Week,” Mr. Robbins said he moved his attention to our industry after watching the documentary “Inside Job.”
The film upset him, he said, because it showed that a small number of people “basically put the entire economic world at risk, and when they put us near imploding, the punishment for that was to reward them by putting them in charge of the recovery, printing more money and then taxing everybody else on earth — and then giving them their money back.”
(More: Tony Robbins' 7 steps to financial freedom)
PART OF THE SOLUTION
Frustrated that nobody was looking out for the little guy during the Great Recession, Mr. Robbins said in the interview, he felt he could be part of the solution.
How? He had access to all the top financial people through his 21-year coaching relationship with hedge fund manager Paul Tudor Jones. He thought he could talk to these wizards of Wall Street, understand their strategy, then translate it in a way that average Americans could understand and benefit from in the form of a book.
Mr. Robbins took this idea to his publisher, which he told Mr. Ferriss had been begging him for a new book for two decades. When Mr. Robbins told the publishing team he wanted to write a financial book, he said they told him, “ "No, this category is a dead carcass. It has been picked clean; there's nothing new to say.' “
Mr. Robbins wouldn't take no for an answer, and the publisher finally relented.
Wise move on the publisher's part, because the new book, “MONEY Master the Game: 7 Simple Steps to Financial Freedom,” (Simon & Schuster, 2014) is the No. 1 bestseller on Amazon.
Would you feel comfortable taking financial advice from Tony Robbins? You don't have to worry about it, fortunately.
“There's not a word in there that's coming from me on the financial side,” Mr. Robbins said.
SPECIAL GIFT
The key to the financial advice in the book is that it's coming from the best financial minds in the world. Mr. Robbins' special gift is to get people like Mr. Tudor Jones, Ray Dalio and Carl Icahn to share insights about investing that they have never publicly disclosed before.
Beyond the book, Mr. Robbins has been quoted as saying he wants to be the voice of independent advisers. Is he the right guy?
First, I don't think we need a single voice for our industry, but I welcome his energy and passion. He will undoubtedly bring visibility and constructive conversation to the challenges we face.
As far as his qualifications to be the voice — his experience goes way beyond motivating people. Over the years, Mr. Robbins has evolved into a highly sought-after business strategist whose companies are generating — according to him — $5 billion in revenue annually.
In recent interviews, Mr. Robbins has shared why he has such a burning interest in our industry. And, yes, it could be a con, but I doubt it. No person of his stature could endure in the limelight for more than three decades — especially in this age of social media — and be at the top of his game if it were.
I don't think this is a money grab for him, either. He is a philanthropist who has given millions of dollars and who cajoles his friends into being philanthropists, too.
In his interview with Mr. Ferriss, Mr. Robbins said that to get up to speed in the field, he had spent four years researching his book and had spoken to more than 50 of the world's top investors and financial industry leaders.
He made it known in
an InvestmentNews interview and others that he eats his own cooking by having an independent financial adviser handle his financial planning. And to add more heft to his team, he works with well-respected industry figures such as Elliot Weissbluth and Brian Hamburger.
FAST WORK
Years ago, Mr. Robbins was asked how he had become such a great speaker while in his early 20s — an age at which most people equate public speaking with dying. He said that, unlike a typical speaker who gives one or two talks a week, he was giving five a day. As a result, he got the same experience in two years that the typical professional speaker got in 10 years.
What he's doing in our industry is similar. In just a few short years, he has gathered tremendous experience.
Whether you like it or not, Mr. Robbins has arrived. Who knows how long he'll stay. But here's how I recommend we approach his entry for now:
1. Keep an open mind. He's an “outsider” but has the skill set to make a huge difference.
2. Absorb some of his work. Read and listen to what he says, apply discernment to it and see what you can learn.
3. Trust but verify. The old quote popularized by President Ronald Reagan is appropriate. Mr. Robbins has the potential to make a positive impact, but no one should be trusted blindly.
As you can tell, I'm excited about his entrance into our industry, and I look forward to what the next 12 months will bring.
Steve Sanduski is a New York Times best-selling author and president of Belay Advisor. Follow him on Twitter @SteveSanduski.
