Sour Grapes

We all know the fable from Aesop. Crow has grapes. Fox wants grapes. Crow won’t give them over, no matter how fox uses his guile to get them. Fox declares the grapes are sour and leaves (probably muttering things under his breath).

I remember this as a cautionary tale from the crow’s perspective – that people tend to diminish the value of something you have that they can’t (this interpretation has been supported by every elementary school teacher I had).

I’ve realised this is too simple. We need to see it from the perspective of the fox, and become better by doing so.

The fox felt he wanted the grapes, and that entitled him to them. When he didn’t get them, he diminished their value in his mind, and tried to do so in the mind of the crow as well. He settled on cynicism. What if he thought of it in a different way?

What if the fox asked the crow how he might find grapes like those that he could reach? What if he tried to figure out some type of trade with the crow for something the bird would value? what if he simply accepted that the grapes were not his to have, and he focussed his attention and energy pursuing something that he was more likely the obtain?

As an advisor, what do you do when a sale does not happen, or a very valuable prospect does not want to do business with you? Do you essentially call ‘sour grapes’?

Belief

You are an expert and designing and implementing financial plans. You use the best products to make the plans work for your clients.

And they still don’t buy. Why?

It is likely a question of belief – a question of the underlying ‘why’. And I am not talking about, “This policy provides tax-effective growth with unparalleled protection.” That is a ‘what’.

I am also not talking about, “We use a comprehensive process to design a unique financial plan.” That is a ‘how’.

People do things that ‘fit’ with their beliefs. What they believe dictates how they think, which in turn dictates how they act. It is not about you trying to figure out every client’s unique ‘why’. You have your own ‘why’, what you fundamentally believe to be true and important. Be true to your own why, start out by letting everyone you meet know about it, and you will begin to attract clients who share your why, clients who believe what your believe. After that, the how (the process you use to move from belief to logical thought), and the what (the tools you use to turn thought into reality) are easy.

Two stories

This advisor is brilliant at developing and implementing financial plans for his clients. He uses state-of-the-art modelling software, and custom builds portfolios. He is a student of the capital markets, and likely could be a portfolio manager for institutional clients – and has the letters behind his name to prove it. He has many, many clients, and runs a very successful and profitable practice. He works tirelessly for his clients.

Another advisor also runs a successful practice. Once per year, she shuts her business down and drives over to an elderly widow’s house. The widow is a client, but she has only a small income portfolio with the advisor. The widow has no family. The two of them drive across town to a cemetery, where the widow’s husband lies. The advisor never knew him, and stands by quietly as the widow visits and remembers. When she is done, the widow and the advisor go out for lunch, and the widow recounts tales of her life with her husband. And the advisor listens.

Which story will resonate with clients, and make them want to do business with either advisor?

What is your story?