President Elect's Corner
Rubina Hossain, CFP®

The beginning a new year is a great time of reflection more than at any other time of year it seems. It is also a time to reflect where you are in your practice, where you were the past year, and what you need to do rest of the year.

Not only should you consider your business goals but also your own life goals and those of your clients. Some planners have improved their business by incorporating life goals when planning for clients and have found that it strengthens their relationships with clients.

As planners, what are your quality goals in life besides the business goal of revenue per client? A friend forwarded me a story recently that maybe some of you can relate to:

An American businessman was at the pier of a coastal Mexican village when a small boat with just one fisherman docked. Inside the boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them. The Mexican replied that it took only a little while. The American then asked why he didn’t stay out longer and catch more fish, but the Mexican said it was enough to support his family’s needs.

 
The American then asked, But what do you do with the rest of your time?

I sleep late; fish a little; play with my children; take Siesta with my wife; and stroll into village each evening where I sip wine and play guitar with my amigos. I have a full and busy life, Senor.

The businessman scoffed, I’m a Harvard MBA and I could help you. You should spend more time fishing and with the proceeds buy a bigger boat. With the proceeds from the bigger boat you could by several boats; you’d have a fleet of fishing boats. Instead of selling your catch to a middleman, you would sell directly to the processor, eventually opening your own company. You’d have to leave this small village and move to Mexico City, then Los Angeles and eventually to New York City where you’d run your expanding enterprise.

But Senor how long will this take, asked the Mexican.  Fifteen to twenty years, replied the businessman.  But what then Senor, the fisherman asked

The American laughed. That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions!

Millions Senor? Then what, asked the fisherman.

Then you would retire. You move to a small coastal fishing village where you’d sleep late, fish a little, play with your kids, take Siesta with your wife, and stroll into the village in the evenings where you could sip wine and play guitar with your amigos.