Where should a financial advisor seek wisdom?

(it's not a trick question and has nothing to do with Wall Street)

If it wasn’t clear before, it is now: Wall Street and Washington have some major issues. Crime, corruption, gridlock, compromise, fraud, financial manipulation and tremendous debt. We could make a list a mile long of choice adjectives to describe the brokenness of our global financial situation and we’d still be lacking.  

Because we must steward our resources in the midst of this financial mess, it is nearly impossible to remove ourselves completely from the world’s broken financial system.

There is hope, and for that wisdom we can look right to the Word of God.

Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is —his good, pleasing and perfect will.” - Romans 12:2

This passage gives clear instruction on how to live and manage life and finances in the world. You don’t need a financial advisor conformed to this world -- quite the contrary. Instead, we should strive to find wise counselors who desire this transformation and who seek God’s will. Instead of worldly counsel, we need to seek Godly Wisdom.

Without wise counsel plans fail, but with many advisors they succeed.

- Proverbs 15:22

Wealth is Deceitful

We listen in Matthew as Jesus explains The Parable of the Sower. He describes one of the seeds which was planted among the thorns. While the seed is successful in sprouting, “the worries of this life and the deceitfulness of wealth choke the word, making it unfruitful.” 

Wealth is deceitful -- plain and simple. We read as King Solomon, in all his riches, describes his wealth as fleeting.  A financial plan, without Christ at the center, will offer no security, and no amount of money will provide the long term security we all need. Wealth is only a tool. It is just one of the many ways that God has richly blessed us. A financial advisor who shares your values can help you to use money effectively while keeping God in the driver’s seat. 

The World’s Best Isn’t Good Enough

The financial industry has set up rules and regulations to protect consumers from mismanagement in the financial system. Even with these protections, this worldly system has left us disappointed.  As a fiduciary, your financial advisor is expected to do what is in your best interest. But as a financial advisor and a fiduciary myself, I am going to suggest that even the world’s highest standard is too short sighted. Based on the passage above from Romans, we know that there is a higher calling.

What if you had someone who could walk alongside you in your stewardship and was unwilling to be conformed to this world? Imagine someone took the fiduciary standard a step further. They agreed to look out for your best interest, not only today, or through retirement, but in light of Eternity? Your financial planner should be held to a higher standard as they desire to be transformed and to see clients transformed to the will of God.

Instead of Charging You More, Your Financial Planner Should Help You In Giving More.

As a family spends assets down or gives assets away, your financial professional manages less. The financial system in America today incentivizes financial professionals to keep more of your assets around. This can be a conflict of interest, especially when a family believes what the Bible says about giving. Seek a financial planner who knows what God says about generosity. Search for someone who will go against the grain to back you up as you obey God and use what you have to be generous on every occasion. (There are some excellent passages on generosity throughout the Bible. My favorites are in 2 Corinthians and in 1 Timothy.)

A Different Idea of Success

The world’s financial planner measures success by the size of their practice and the assets under management. More clients and larger clients lead to more fees and more commissions. This ultimately leads to larger spending and more lifestyle. 

A financial advisor with his or her sights set on God will not measure success in the same way. Instead of more billing and higher fees, they will strive for a higher level of contentment. Instead of more personal wealth and more assets under management, they will work to be generous and to lead clients to contentment and generosity.

Empowering Clients to Live Life to the Fullest!

I recently heard it said that many Americans are now dying at age 60 but are not being buried for 20 or 30 years past that. The quote was meant to discourage folks from a self-serving, un-purposeful life in retirement. 

The concept of retirement is not necessarily good or bad, but it is certainly not a practice defined in the Bible. Last I heard pf a financial planner in his late 80’s at a Kingdom Advisors Conference. He received the Larry Burkett Award for integrating Biblical wisdom into his advice and counsel. The emcee presenting the award jokingly said, “You are getting pretty old. When do you think you’ll retire?” The planner responded, “I have never been more equipped to do my job and to point families and their finances toward Christ than I am right now.” I think that his response was beautiful.

The fact is that you have never been more equipped to make a difference for Christ. Your financial advisor should seek out your capacity. They should help you to find what you were made for. Instead of a message on retirement or a sales pitch on long term care, you should leave your planner’s office with sound financial advice, but even more importantly, a feeling that you can do all things, through Christ, who gives you strength!

Surrounding Yourself With Biblical Counselors. 

Last year I stumbled upon an organization, mentioned above, called Kingdom Advisors. I signed up immediately, however I wondered about who my fellow advisors would be.  I was hoping not to find financial salespeople using Jesus fish on their business cards to sell bad annuities to helpless widows. I can’t tell you how pleasantly surprised I was with what I have found, how it has changed my life and business and the amazing people that are comprised in this organization. I have been even more excited to meet the financial advisors who wanted to serve God by serving clients better. Instead of conforming to the world, or abandoning the financial system altogether, they desired to use their unique seat to honor God. 

In other forums of financial planners, I have heard endless concerns about our economy and much cynicism regarding our nation’s future. It is refreshing to work alongside this group of men and women convinced that our nation could change if we would just turn to God. The voluntary membership organization is now more than 1000 members strong. These folks are Christians and Financial Planners. This doesn’t guarantee that they will not make mistakes, but it adds a bit of comfort that they will share your values, relying on Biblical financial principles instead of the wisdom the world has to offer.

I am an new advisor and person because of my mentor Ron Blue and his organization.  When speaking about financial planning to people now, instead of a long boring talk about why they might want to work with me or address their financial planning concerns, I actively remind them of this first:

The mind of the man plans his path, but the lord directs his steps. - Proverbs 16:9

Your Capacity Is More Than Money!

Whether they grew up in a church or not, most folks have heard the story of David and Goliath.  To the onlookers, David didn’t have a shred of a chance.  You see, he was just a scrawny wimp.  The folks on his side thought he was crazy.  They tried to equip him for the fight, but the armor and the sword they gave him were too heavy.  He didn’t stand a chance.  

For every reason conceivable, David should have chickened out, but he realized something important that gave him the confidence and the ability to defeat a giant. 

I would suggest that each of us have that ability.  We have something special that would allow us to do great, unimaginably great things.

So what did David realize that was so special?  Well, instead of focusing on his weaknesses, his puny arms, and the overwhelming odds against him, David focused on the things he did have.  

David was a shepherd, and the son of a shepherd. He grew up protecting sheep and had used a sling and a stone more times than he could count.  He had defeated wild beasts and become confident; the sling wasn’t just a tool, but an extension of David’s arm.

Compared to the shining swords, pointed spears, armor and the smell of battle, this skill of David’s seemed like child’s play.  Yet he rested on his skill, on his beliefs and on his calling.  He realized that he had capacity to make a difference.  

It is easy to stand in the midst of giants and to focus on what you don’t have, but this bit of truth just may free you up to claim your true capacity to make a difference and to have fun doing it.  You have so many resources at your disposal.  Sometimes even the folks closest to us can’t see how much we have to offer.  You have the capacity to make a difference--you just have to embrace it. 

Sure, money helps!  When the community comes for help they often ask for money.  We crack open the wallet, moths fly out, and we feel like we have nothing left to give.  Even when we do have money to support a cause, giving without involvement can leave us disconnected from the difference we could make.  Your capacity is more than your money.  

Experiences: the good, the bad and the ugly.  In life we have mountaintop experiences, joy and fulfillment.  We also have awful, painful, hurting experiences--the kind of disappointment and sorrow and grief that lasts a lifetime.  Some of us have more good memories and others have it rough.  No matter what experiences pepper your past, you can use those to relate to others and to make a difference in their lives like no one else can.  How can you put your experiences to work?  How can you relate to others today by sharing these stories? 

People You Know.  Where do you have influence?  Who looks up to you?  Who do you look up to? These relationships are so important and you have more authority in the places where you have earned a right to be heard.  Foster these relationships and seek out new relationships in your community with folks that care about the same sorts of things you do.  Help to make their lives easier and more enjoyable by doing what you love together.  How can you multiply your capacity by using the word we instead of the word I?  

Outlook and Attitude.  Folks live life with either an outlook of scarcity or of abundance.  This can shape every action they take.  We looked at the example of David; he didn’t see his lack of resources. He saw what he had and he used it.  Those who live a life of scarcity seem to take-take-take.  They are engaged in Win-Lose situations where they try to win at others' expense.  In the end, this mentality ends up costing them more than the alternative.  

You can see this in the business world.  A business that serves customers well can make a profit but when the bottom line becomes the only goal, the customer suffers and the business struggles for it.  On the other hand, someone who sees life through a lens of abundance will leave the world better than they found it and for their efforts, they will find themselves in a better world.  

Beliefs and Values.  I was raised in faith yet I wasn't really encouraged to get deep into the bible.  Once I started - something special happened.  What once was unknown to me and honestly daunting - had become a daily ritual.  I was soon introduced to the Gospel, to myself and my purpose.  I soon embraced my beliefs and values and walk the path that I believe that God would have me to do.

As a youngster I’d cut corners on every task and try to make life easier in that moment.  It never paid off.  Once I stopped doing things for myself and started doing them for God’s glory, the desire for excellence became more natural.  I used to complain about mowing my lawn, now I mow it to honor Him (neighbors may disagree).  I once had to force my work and loved the snooze button on the alarm clock.  Now, as I honor Him in my work, it comes easy and brings joy.  I still struggle, but behind my beliefs, there is more capacity than the world has ever known, and I am invited to tap into that as I work for something bigger than myself.

What is your passion?  Imagine two musicians in front of a crowded room. The first is a violinist while the second plays a saxophone.  We ask them to trade rolls.  The sax player picks up the violin and makes a noise like nails on a chalk board, breaks a few strings and nervously sets the violin down.  The violinist knows nothing about a saxophone and honks away for a while.  The crowd doesn’t know whether to laugh or cry.  

Now we place the proper instruments in the hands of the professional.  The sound is so pleasing that the entire room is energized, especially after the frightful performance at the beginning.  

When a person is in the wrong role you can tell, can’t you?  You also take notice of a person in just the right role.  When a person matches all of their capacity with their passion, something special happens.

Linear Change vs. Exponential Change  When somebody realizes their capacity and puts it to good use, it makes their life better. They are able to do more and they feel better about their work.  

But isn’t there more to it than just that? 

Just like the previous example, when there is a fit, it’s not just the individual that does better and feels better.  There is a positive energy around that person.  The folks around them are better off.  Their family, friends, clients and community are better off.  They are Win-Win people, and for some reason these folks breed positivity.  Instead of just a slight positive gain in their own personal satisfaction, they produce and reproduce good vibes.  As they use what they have effectively, we don’t just see a smile on their face more often. We see a contagious joy spreading.  That is exponential growth.  

Unpack your bags and get to work building a platform.  Now it’s up to you.  What capacity do you have?  Life can certainly be lived in a mentality of scarcity, but a life that is full and amazing--that takes a mentality of abundance.

“Do what you can, with what you have, where you are.”

– Teddy Roosevelt

Moving Closer to Contentment

But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it.But if we have food and clothing, we will be content with that. Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.

                                     1 Timothy 6: 6-10 (NIV)

I love this quote by Benjamin Franklin,” It is easier to suppress the first desire than to satisfy all that follow it."
Contentment… I’m going to be really honest; this is not an area in which I specialize.  Often I’ll let myself get excited about a new toy and I’ll head on over to the store to take a look at it. I’ll read reviews and research and find just the right item to meet my needs. Even though I don’t buy with credit and I don’t go into debt, I still allow the purchase to consume me. Something that I hadn’t even thought of, just days or weeks before, now seems like a necessity; all because I cracked that catalog open. Picture me like the character from The Lord of the Rings saying, “My Precious, MY PRECIOUS.”
I love this quote by Benjamin Franklin,” It is easier to suppress the first desire than to satisfy all that follow it.”
Check out this great article on the blog Christian PersonalFinance. Joe Plemon writes a compelling article, Why You Should Be Happy With What You Have. Joe also writes at Personal Finance by The Book and is a financial coach, helping folks around the country plan for financial peace. You can catch up with him here.
My wife was shocked the other day when I came home to a new sporting goods catalog and said, “I think I have all the outdoors equipment I currently need.” It could mean that I have spent way too much time and effort acquiring "stuff" but hopefully it also means that I am inching closer to contentment.
A good friend of mine growing up shared that we all have a God shaped hole in our heart. We try and fill it with toys or relationships or money but it never seems full. Outdoors equipment won’t ever fill the hole in my heart, only the love of Christ will do.
What earthly things are you trying to fill the God shaped hole in your heart with?
Is there one desire that you could suppress that would put an end to all that follow?

The Worry Challenge

²⁵ “Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more than food, and the body more than clothes? ²⁶ Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they? ²⁷Can any one of you by worrying add a single hour to your life?  ²⁸ “And why do you worry about clothes? See how the flowers of the field grow. They do not labor or spin. ²⁹ Yet I tell you that not even Solomon in all his splendor was dressed like one of these. ³⁰ If that is how God clothes the grass of the field, which is here today and tomorrow is thrown into the fire, will he not much more clothe you—you of little faith? ³¹ So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ ³² For the pagans run after all these things, and your heavenly Father knows that you need them. ³³ But seek first his kingdom and his righteousness, and all these things will be given to you as well. ³⁴ Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.  Matthew 6: 25-34 (NIV)

My little girl and I read this today and I asked her, “What are you worried about? I could have filled a page with things that were pressing on my mind. My seven year old couldn’t think of a single thing they she was worried about. She said she knew that her mother and I were taking care of things. If only I had the faith of a child...I'm certainly getting there.

- What does this passage say about your finances, about retirement, a nest egg and financial security?

- Does the world’s formula for prudent financial management jive with God’s formula?

A Challenge:

What worries, concerns or stresses do you have about tomorrow, next year and the economy? Imagine the things that you could put on this list. Here is a challenge. Write out a list of all these things.  If you are headed to church in the next week, take this list with you and stick it in the offering plate. Give these concerns to the Lord. If you aren’t headed to church, take the list, and file it away under "In God's Hands "and give your concerns to God. Pray that he would take these concerns away. Take each temptation to worry and turn it into a reminder to chase after the Lord.

If your mind is cluttered with worry - what benefits does it offer?  On the contrary, it often clouds decision making, affects our health and relationships.  For the stuff you can't control, ask for wisdom, discernment, and peace.  If your worldview is Biblical and eternal...how much does your unpaid bill, dented fender or investment returns matter?

"Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God." Philippians 4:6 (NIV)