Last week I was invited to speak at a dinner welcoming our local CFA society’s new charterholders. Something a bit different this week… these are my notes for that speech.
I know firsthand the struggle it took for you to arrive at this moment, so let me start by congratulating you. And as many of you are here with spouses and significant others, let’s also not forget to acknowledge their support.
All of which leads me to my first bit of advice… marry well. It’s not romantic, but it’s the most important business decision you’ll ever make.
Arrival
In wealth management, we work with many clients who have “arrived,” at least financially. Whether it’s retirement after a long and successful career, or the sale of a business, what many discover is that without a goal they are working towards, life can feel a bit empty.
[You might have felt this yourself. I recall not knowing what to do with all of my free time after completing the CFA program.]
What these people discover is that you never actually “arrive.” The meaning of life isn’t in the arrival, but rather in the struggle itself.
Of course, we should pause to recognize landmark moments in our journey. Tonight is one of those moments. Take the time to reflect on the challenges you faced on the way here.
Earning the charter is a war of attrition. Those of us who make it through may not necessarily be the smartest, but we are definitely the most persistent and determined.
I remember a sign that hung at my daughter’s dojo: “A black belt is a white belt that never gave up.”
So after taking time to reflect and to celebrate, it’s time to continue the journey. Resume the struggle.
What advice can I offer you?
This career is a gift
Many of us came here from other countries, or are here because of the risks our parents, grandparents, or great grandparents took to relocate here. I’m not sure what my great grandfather would think about what I do for a living today - most of the people in the village he came from make a living by farming and herding goats.
We are here because of their courage to pursue a better life, and we should never take it for granted. Carry the torch. Tend the flame.
Also, let’s face it, financial markets are really interesting, especially for nerds like us. I’m still in awe of the fact that I get to do this for a living. Never forget that.
Money
Finance can be a lucrative pursuit. There are a lot of temptations to pursue a quick buck.
Don’t be impatient. Do the right thing, and the money will come.
Never forget whose money it is. First, your clients succeed. Then, you do. Not the other way around.
Take your job seriously. Aside from their health, and that of their family, a client’s life savings are the most important asset they own.
Work hard. Earn trust every day. Don’t ever let someone regret putting their trust in you.
People
More important than money - the people you work with and the people you work for will shape who you become. Surround yourself with people who make you better - intellectually, but also as a human being.
Work with and for people who share your values. It will make life easier.
Find a mentor - either in person, or through books. Take advantage of social media to connect with other professionals around the world. The idea that you can connect to industry giants on Twitter or LinkedIn is amazing to me - it’s something we didn’t have when I was starting out. Write online, share your ideas. Build a tribe.
Work
In this business, you are rewarded for thinking differently than everyone else.
Look for things you believe to be true that other people don’t.
This is your brand.
This is your investment edge.
This is what sets you apart.
Think about how you can share your knowledge and give back to the profession. This was a large part of my inspiration to write the book - to ensure that the knowledge and opinions I shaped over my career did not disappear with me.
Think about how you can share knowledge and give back. Volunteer. Contribute to causes that are meaningful to you.
Remember that the real wealth you earn over the years is in the relationships you build.
Be lucky.
Is it possible to control your luck? No, but you can position yourself to benefit when luck comes calling. As the old saying goes, “the harder I work, the luckier I get.”
Have fun. Time flies.
I feel like I was sitting in your seats just yesterday. I don’t know where the years went. I have no idea how I got up here.
On a related note, don't worry too much about where you are today, if it’s not exactly where you want to be. Focus more on the direction in which you’re headed.
A lifetime of change can happen in just a few years. Things change fast. Be in a position to deserve success.
You have arrived
Congratulations, you made it.
But we never really arrive.
Tonight, pause to celebrate; and then continue on your way.
I wish you the best of luck on the rest of your journey.