Hardware or Software:Brian Carden "Insights" - Financial Advisor Nashville

04/12/2010

Hardware or Software

APRIL 2010 INSIGHTS

…from the desk of Brian Carden, Financial Advisor

No this is not about computers, so please keep reading. For what it’s worth, I refused to get a Blackberry up until 2 years ago, when our team forced me to have one…I’m not a technology guy in any shape form or fashion…trust me! I have 6 remotes at home because I refuse to consolidate to one!!! After 28 years in this industry and many of those years of wondering why my career chose me and not vice versa…I’ve been blessed to be able to turn my “career into a calling”. That means the man you meet in social settings is the same guy that will be across from the conference table in our office…or the one that is alongside you when “life happens” and other than a doctor, or a minister, I’m the other person you might need the most.

So many people that I meet are defined by what they do. However, what they do is not who they are. Herein lies my dilemma…as I’ve said before, “You really don’t know what I do.” In networking situations, to keep it very brief, I’ve often referred to myself as a “forensic financial psychologist”. Here’s how that breaks down:

Forensic, meaning I dig up all of your policies, statements, wills & tax returns, etc. to review and figure out the all of the moving parts of your financial stuff.
Financial means $$$$, pure and simple, because you probably have thought about your money several times this morning before reading this.
Psychologist because it’s all about the emotions, values, fears, wants, needs, desires, hopes, etc…that surround your money. Granted, I am not a psychologist, but emotions come into every conversation I have with clients and prospective clients.

Why “Hardware or Software”? It’s very simple actually. Hardware is nothing but product sales. “Oh, I’ve got an insurance agent.” “My financial advisor manages my IRA, but I never talk to him…I’m probably too small of a fish for him anyway”. “I used to have an advisor, but he’s changed firms so many times, I’ve lost touch with him.” “I bought my life insurance on the Internet because it was cheap.” Trust me; I’ve heard all of these, and more! Hardware says since your account balance has gone down 40%, let’s move it to something safer…like another product!

Software, on the other hand, is all about being a trusted advisor…one that listens, asks a lot of questions that a lot of people are scared to ask you. It’s those questions that don’t get asked that keep you up at night, isn’t it? Software is all about learning about what is so important to you about your money…your family...your cash flow. Oh yeah, it’s also about the emotions surrounding the psychology factor that I mentioned above. It’s about planning…for today, tomorrow, and the next generation that follows you.

There’s a ridiculous misconception in financial planning, and that is “My financial advisor manages my money.” I don’t think so…that’s hardware. My role is not to manage your money, per se, but to manage you, your expectations, your emotions, and everything in between. How do I get paid? Well, just like a computer needs software to run…in order for your financial plan to be implemented correctly and managed as we go, the appropriate mix of products have to be in place first. I get paid to implement the products (hardware) so that I can walk alongside you as your trusted advisor (software).

So again here we are…the Starbucks latte is waiting for you. You tell me…what does your financial picture look like…full of hardware, perhaps? Let me know how that is working for you...

Best,
Brian
Brian_Carden@PeachtreePlanning.com

Posted by Brian Carden at 01:15:00 PM in Financial

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04/12/2010