There are times through the simplest of conversations you learn things you would have no idea ever existed. For instance, recently, I was part of a conversation about repairing socks. I for one had never thought socks would or should be repaired or even considered doing so. Come to find out, there was a time and maybe there still is, that when someone discovered a hole in a sock, they would repair it (or darn it) by placing a light bulb (or similar shaped object) inside of the sock. They would then sew it together to darn the hole and the problem was solved.
How did I not know about darning a sock? Was it simply done before my time or did I just not do a good job of listening or paying attention to my grandmother when I was younger?
With that being said, it brings me to my point; we all have different perspectives based on our own life experiences. A simple conversation about sock darning gave me a perspective I had not previously had. This one single event is not significant, but the reminder is key. What was done in the past is valuable and once you have a better understanding of the past, you can move forward with a renewed perspective and not one size fits all approach. Seeing a situation from one perspective can be limiting. When you can take a step back and ponder a situation from multiple angles, you have a better chance to make sense of alternative points of view.
Let’s face it; wealth management can be complex. There are many things to consider when making even small decisions; cash flow, taxes, risk management, estate planning and so forth. If the choice was purely an investment decision (and you could ignore all other complexities), the prescription should be straightforward. However, when you look at that decision from multiple disciplines, the path forward is less clear. When you hire a comprehensive wealth management firm, you should expect to hire a team interested in providing more than just the investment piece. Managing wealth is a full-time job and good providers should be able to create simple action plans to deal with the most complex of issues.
Clients of ours recently sold their business. They spent 80 hours a week building the company over the past 25 plus years. They are very sharp and business savvy. They could certainly have selected a handful of mutual funds and let them work for them over the next 30 years. However, instead of doing it on their own, they chose to partner with Legacy Trust. For so long, they chased their financial and career dreams while placing their other dreams on the back burner. They chose to work with us to leverage our experience, our systems, our people and our perspectives. Just as I could learn to darn a sock, they made the conscious choice to spend their time on other priorities.
Personally, I learn the most when I step out of my comfort zone and consider new perspectives. I have been on a quest to find blind spots outside of my current understanding. Looking for additional angles does not mean you are lost, ungrounded or unsure of yourself. It means that you are open-minded and willing to consider other possibilities. You have empathy for the problems that others face and you are willing to take a hard look at solving real issues. Now that perspective is something to get excited about.