Q&A with Kelli Hueler: - Napfa

Eye On... Financial Planning
leadership. Naïve and desiring to please,
I attempted to accommodate his demands
to serially rewrite his financial plan
proposals. The more I did, the more he
demanded—all without paying for it. In our
conversations, it became clear to me that
he neither understood the value of financial
planning nor my competence and my
training to assist him in reaching his goals.
I recognized that I had failed to adequately
communicate how he and his family could
have a safe journey, as well as where our
professional boundaries were.
I also found that the time my staff and I
devoted this client threatened the safe arrival
of all my other clients. The last straw came
when he demanded that I do something
illegal. He had finally consumed my
patience. I recalled something I learned in
aviation: If a passenger becomes disruptive,
land ASAP and jettison him or her. For the
sake of the whole, I cut him loose.
Left unmanaged, one bad apple can
bring down the whole ship. If you discover
a “bad-acting passenger,” follow my
aviator rule and get back on track with
the rest. This lesson alone has saved me a
planeload of headaches and money, and has
allowed me to focus on the best parts of my
practice.
Keep cool. There is nothing that has
tested keeping my cool more than market
meltdowns that have plagued the first
decade of the 21st century. During each
crash, clients and nearly every layperson
I knew were uttering that nasty four-letter
word: “sell.”
These occasions are true tests of
advisor mettle. When fear-fueled crowds
shout, “Don’t you see what’s happening?
Sell while we still have something!” This
is when I snap on my captain’s hat and
explain the environment, plan of action,
and consequences of crowd behavior.
Most of all, I explain how we planned for
such an event and why, except for small
adjustments, it is prudent and wise to stick
with the plan.
Not every story has a fairy tale ending,
but, predictably, markets recovered—even
home prices—and those who weathered
heavy turbulence with me fared much better
than those who bailed. Advisors are captains
who need to do all they can to keep people
from hurting themselves and others by
presenting calm, direct communications. We
remind people that no matter how rocky it
is, we have been through similar situations
many times before. Each of us must hold on
to our seats and maintain our cool. Tactically,
we can try for a smoother ride, but no matter
what, we have to understand that turbulence
is normal, and severe turbulence doesn’t last
long.
Embrace alternative arrivals. A few
years ago, while my wife Peggy and I were
overflying the Chesapeake Bay returning
from a family reunion in North Carolina
to Boston, my radio picked up a worsethan-forecasted
weather briefing. New
England would soon be shrouded with low
cloud ceilings and poor visibility. I could
only fly by visual-flight rules, because my
instrument (or flying-in-the clouds) rating
had lapsed. Assessing the risks, I decided
to land at Cape May, NJ, and wait out the
weather.
The layover turned out to be some of
the most pleasant 24 hours we ever had
in our travels. Fascinated by flying, our
inn hosts treated us like celebrities. They
pointed out fun things to do and gave us a
wonderful short history of the region. The
seafood was heavenly, the shore breeze
cooling, and my wife and I had landed
some precious footprints-in-the-sand time
together.
Conclusion
Flying has made me a better financial
planner because it has steeled me to do
the right things at the right times, even
if they’re unpopular and difficult. I am
always aware that the buck stops here—
whether it involves safety, leadership,
business, regulations, training, credentials,
or procedures. Passenger or client: In every
case, there’s a plan to land them safely,
regardless of atmospheric conditions.
Finally, unplanned alternate arrivals can be
lots of fun, too. Just ask Peggy.
Steven Wightman, CCPS, CFP ® is owner
of Wightman Financial Network, LLC,
based in Lexington, MA. He has flown more
than 200 miles per hour on an airplane
that he built, approaching a national speed
record for a single-engine, amphibious
plane. He can be contacted at steve@
wightmanfinancial.com.
Napfa Advisor SEPTEMBER 2012 35