We have all heard the phrase, “practice makes perfect.” That is actually only partially true. If you practice incorrectly, the result will be less than perfect. There is always something missing in colloquial phrases. Perhaps by design. I’m not really sure. So, let’s update the phrase to “perfect practice makes perfect.”
Did you every correct someone for installing a roll of toilet paper backward? Or perhaps you were like me, on the “being corrected end” of the conversation. Whether the paper is going to roll out on the side of the wall or over the front, who really cares? Well, some folks really have a preference. If the paper comes out over the front, it can be folded nicely on top. If the paper comes out from the back, the edge can be hidden from view. Both are preferences and I can understand and appreciate both viewpoints. Neither changes the result of dispensing paper. So, what’s the point…
Well, the way folks accomplish tasks can create arguments. The toilet paper argument is an example. Bottom line, that argument is silly because the result is not affected.
Sometimes people take a side of an argument for the purpose of supporting a political party. Sometimes the topic of discussion is based on fact-checked, third-party verified, documented information. Sometimes not. Sometimes it’s just easier to grab a slice of negative information, repeat it to friends, have them amplify it, and suddenly it becomes a common perception. My good friend, Marc Frye, taught me early on in my career, “if you don’t know, don’t say” and “if in doubt, leave it out”. Sage advice for a new person entering the world of finance. Marc shared that information primarily to keep me out of regulatory trouble.
But I took my mentor’s words to heart because it was a process in my mind. I took what he said and made it a mantra for continuous education and research. “If in doubt” became, let’s find out. “Leave it out” became, let’s get the correct answer, document the source, verify from another source, and provide a good answer. You get the point.
As a company, we drive results. Whether painstakingly searching through thousands of options of Medicare plan combinations to find the most appropriate match for our clients or building a retirement income plan. Our processes drive results.
Our income planning team is comprised of more people than I can remember these days.
Another thing Marc told his clients, and I remember very clearly, “If your advisor is meeting with you, who is watching your money?” I took those words to heart.
Our planning team has dedicated securities traders, with more letters after their names than anyone should. We have trading assistants to stay on top of their trades. We have a dedicated person just to gather information for annual reviews. We have another person just to make sure clients can always talk to a human, another dedicated person just to build retirement income plans (that one is the smartest one in the office, too) and, of course, there is the Vice-President of retirement planning as well, just to make sure the process is followed and continuously improved. Whew! That’s a lot of folks just to do what someone I overheard mention to a client many, many, moons ago.
Process, process, process. They are improved continually. Updated continuously. One of my assistants early in our company’s history said I was always changing things. That was sort of true. My philosophy is based on the understanding that the world we live in is ever-changing. Continuous and never-ending improvement is a way of life for us at American Retirement Advisors.
Our clients have worked hard all their lives and they deserve predictable, consistent results!