Question: I seem to have reached a dead end in my career in my field of specialization in the financial services industry. I feel bored. At times, I need to drag myself out of bed and go through the long commute just to do the same thing over and over. Is there something better to do out there?
Answer: Let me tell you a few lessons I learned from my business in financial planning, particularly in providing objective advice without selling any financial product. Being in business was not my choice. I was happy being an employee for a financial institution. In fact, I had been an employee for most of my career. But then the Global Financial Crisis struck in 2007-2008. Soon after, I was retrenched.
The first lesson is “ask.” No matter how hard I tried, I could not succeed based on my strength alone. I needed divine intervention. That was when I dialed 911 and said, “Lord, at first I was afraid. Now, I’m petrified. Please help.” At the same time, I remembered reading this phrase from my first ever personal finance book entitled 21 Days to Financial Freedom by Dan Benson. Dan said one of the ways to achieve such freedom was to give first—cheerfully, faithfully, wisely and quietly. So, I promised to give first in this fashion to Him and to my clients.
The next lesson is “seek.” I am a numbers man. It was natural for me to “compute” what I was up against. So, I did plenty of studying, diving into book after book to see where I still needed to improve and did market research to see with which kind of clients I would be successful. It was then that I realized that passion is never enough. Within the ikigai, Japanese for a life of purpose, the intersection between what you do very well and what you love to do is your passion. And the intersection between what you love to do and what others need is your vocation. I learned that in starting and sustaining a business, you need to combine passion with vocation.
The third lesson is “knocking.” Results can only be had through knocking or making that effort to act. Otherwise, all lessons learned will be for naught.
So, I sent emails to 2,000 human resource people telling them about my background, what I do, the benefits of hiring me to train their people to be financially free so that they will be focused at work and at home, my fees and many other things. Surprise, surprise, the number of people who replied was just one. Hardly anyone wanted to give us even the time of day. And that one person, who happened to be a friend, even scolded me for sending a very long email to people who were so busy.
What happened was that I applied the last two lessons but not the first. I was probably so stressed at that time that all I could think of was making money so that I could support my family. So, I changed the email with just a picture of an open palm catching water. I then added just two lines, a question and a suggestion: “Are your employee benefits being wasted like catching water with an open palm? If so, call us.” This time, the email focused on my clients’ needs, not mine. And sure enough, a handful replied.
But the handful who did reply were still feeling the waters and were asking for big discounts on my fees to see if I would have an impact on their employee productivity. Some even used the tactic of saying they would hire me repeatedly if they liked me.
Now, fast forward to the future. Our clients are some of the largest companies in the country and in industries like banking, life insurance, food manufacturing, pharmaceuticals, schools and many more.
Is the financial planning industry in the Philippines already overcrowded? Far from it. In fact, the industry is only beginning to grow. There are many segments that remain unserved and underserved. You just need to follow the lessons I learned, asking for divine guidance, seeking through careful study and knocking or committing to action. After all, it is a 2,000-year-old formula first stated in Matthew 7:7: “Ask and it will be given to you. Seek and you will find. Knock and the door will be opened to you.” INQ
Send questions via “Ask a Friend, Ask Efren” free service at personalfinance.ph, SMS, Viber, Twitter, LinkedIn, WhatsApp, Instagram and Facebook. Efren Ll. Cruz is a registered financial planner and director of RFP Philippines, seasoned investment adviser, bestselling author of personal finance books in the Philippines and a YAMAN Coach. To consult with a YAMAN Coach, email yaman@personalfinance.ph. To learn more about personal financial planning, attend the 97th RFP Program this August 2022. To inquire, e-mail info@rfp.ph or text 0917-6248110.