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Has anyone built a Client Advisory Board?
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Interviewing with Apple next week for the roles of Global Supply Manager (GSM) and Worldwide Procurement Analyst in Austin. Does anyone have any tips or advice for the interview? What kind of questions do they ask?
Also, what’s the compensation like in Austin specifically? I would think the compensation would be different than Cupertino. Anyone have any offers or salaries for these positions in Austin?
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Anyone knows about the base for chase PCA?
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This is a tough one. It is important that you make sure not to be judgy or show any irritation. Their defensiveness is a coping mechanism. Fat people know they are fat, but often are not willing to make the lifestyle changes required until they run into a health concern that gets their attention. The same is often true with spenders. They feel entitled to spend their money just like people feel it is not fair that others can have a brownie.
I would be tempted to show them 2 plans.
The first plan where they control spending and work a debt pay-off plan and then invest and retire.
The second would be them retiring at 70 with just Social Security. Then tell them we can do whichever you are more comfortable with, but I can't be your advisor if you are not going to take my advice.
I once had a prospect couple that came to me with serious money issues. They were literally rotating which bill they skipped each month so that they were never more than 1 month behind. It was horrible. We worked out a plan that included selling their truck to buy something cheaper and use the proceeds to pay-off a credit card to get their heads above water. Instead the husband traded it in on a new truck. Obviously I did not take them as clients after that. I even let them keep their planning fee since they clearly needed it and did not get value from the plan.
sounds lifestyle and keeping up with the joneses. I’d flat out tell them that their trajectory is going to lead them never being able to retire. And then I’d drill into their head that no investment strategy can overcome poor spending habits. Finally you can let them know you can only help them if they want to be helped. and let them know the ball’s in their court.
The ball is always in their court. I’ve always considered it here’s the advice. What would you like to do? I’ll try my best not to let you make the wrong one and I’ll give you all the disclaimers but if you absolutely want this then I guess.. (occasionally have refused certain requests but usually let them make the mediocre choices too).
Sometimes you can’t work with people like this but you can try.
I work with HNWI and usually they know they’re in over their head (not literally… often they have properties and bags and shoes etc that they’re unwilling to sell to get out of their debt. Truly half the closet would end all their problems but noooo she wants to hold on to the birkins). There’s no need to point out the obvious they know it already and can’t cope.
At this point you just go with logic while being very sensitive and responsive to how they react to what you say. You stay warm and understanding but also firm with the truth. You don’t back down from the truth but you become tactful with when you say it. Truly the tone matters more than anything else at this point. At a moment when they’re feeling more logical you can say. If you’re looking to XYZ lifestyle with vacations at retirement at ABC age. You would need this amount. Which would be this amount over this period of time. These are the scenarios. You lay out the truth and let it speak for itself. That should be enough of a reality check. They will do their own math. In situations like this it’s much better to lead them to make their own conclusions than you saying it for them as it will feel like an imposition or worse judgement.
Sometimes I may even say a very simple fact. You either make more or spend less. It’s either plus or minus there’s no way to get around the math. If they absolutely need you to draw the conclusion for them you could say in order for that it is likely that you would have to make lifestyle changes. If you would like to maintain the same lifestyle, which is also ok, you will have to get serious on a path to promotion. OR Sometimes I pull out the. You have to pay yourself first and secure yourself and your future first before spending.
If none of these work I’d just give up on the clients. Probably way more work than it’s worth if I’m being honest. I can’t imagine if each and everyone of my appts with these clients would require this much emotional labour. I’d simply die from exhaustion.
We are paid to tell them the truth. We are also paid to make it a bit less painful than slapping them with it so there’s a certain level of handholding required. But primarily we are paid to tell them the truth. If they walk let them.
Give them a bar chart.
Have you created a financial plan for them?