I have a t-shirt from a financial planning organization I belong to with the statement “My red cape is at the cleaners – #realfinancialplanning” emblazoned across the back. I’ve never worn it. Frankly, as much as I like the organization, I couldn’t disagree with the messaging more. When it comes to cape wearing, I am solidly of the same opinion as Edna Mode. “No capes!” Seriously though, Incredibles reference aside, the distinction between financial advisors acting as guides rather than heroes is an important one.

Heroes

Unfortunately, the archaic framework that places financial advisor in the hero role is widespread. Financial advisor “heroes” often sell quick fix “solutions” to financial problems. “You have an investment need? I’ve got a mutual fund for that. Insurance? I’ve got just the policy for you. Need investments and insurance? Even better. Here’s a Whole Life Policy that combines the two… kind of.” Much like fictional superheroes,  these advisors swoop in, save the day, and disappear as quickly as they came.

Thinking about the distinction between how a “hero” and a “guide” operate, brought to mind a fly-fishing trip I took a couple of years ago with a buddy. We were headed to an out-of-state stream we had never fished before and decided to hire a guide in hopes of making the trip more productive. Although the guide was providing all the equipment we needed, I stopped in at a fly-fishing shop anyway to pick up a few things in an effort to appear like the seasoned pro I was not. Within moments, the resident “gear guy” hero pounced. He had the solutions to problems I didn’t know I had, and I left the shop having proven once again that lures do indeed catch more fisherman than fish.

Guides

My attempt to at least look the part quickly disintegrated early the next morning when we met our guide. Jimmy gave me a quick once over, and noticing my forgotten polarized sunglasses and headlamp, dryly remarked, “You might as well have stayed in bed this morning.” “Well, this will be a fun day,” I thought. Sure I had forgotten a few essentials, but just wait until I pulled out that “gear guy’s” magic fly. We set out in the dark; sloshing through ice cold water, ducking under low hanging branches and slipping along wet banks until we got to Jimmy’s spot.  

Wet, cold and slightly winded, the benefits of using a guide were already evident. We would not have found this spot on our own, let alone have confidence that it was a good one, on an unfamiliar stream in the pitch-dark. Jimmy, on the other hand, knew the area well. It was his job to consider variables we couldn’t control like water depth and temperature, currents and weather to settle on an ideal spot. He then matched the location with variables we could control like rod size, line and rigging to give us the best possible chance at success.

To be sure, there were moments I doubted the process. If I was fishing for tree branches, that morning would have been a great success. Other than snagging my line, I came up empty the first several hours of the day except for a ridiculously small 4-inch trout. My buddy had already landed several nice fish. Thoughts started to swirl. Should I switch locations… maybe cast my line into a different part of the stream? Surely it was time to pull out that magic fly, right? But every time I pulled in my empty line, Jimmy would re-rig and offer his particular brand of sarcastic encouragement.

Sarcasm aside, having a guide did make the experience less frustrating and offered much needed reassurance. While Jimmy couldn’t catch the fish for me, he used his expertise to tell me where I should invest time and effort. “Gear guy,” on the other hand, was nowhere to be found as I stood thigh deep in freezing water with an empty line. To him, I was already a distant memory – his energy focused on selling his solutions to the next fisherman who walked through his door.

The Catch

Finally, perseverance and listening to my guide paid off, and I hooked the brown trout in the picture above. It’s an important picture not only because it rewarded hours of work, but also because of who it puts in focus. Jimmy is nowhere to be seen (unless, of course, you count the dangling finger I had to crop out – keep your day job Jimmy!). Can you imagine if he had jumped in, grabbed the fish and asked me to take a picture of him? That would be ridiculous. Just as ridiculous as a financial advisor trying to be the hero of your financial story. A true guide recognizes the client is the hero.

Like Jimmy, advisors who serve as guides use their expertise to work in the best interest of their clients. They face a host of variables that lie frustratingly outside of their control. Yet, when conditions get the toughest, they’re also the ones standing beside you offering reassurance. What guides can control is who wears the cape. With Evenkiehl, that will always be the client.

Jonathan is the founder of Evenkiehl, LLC, an independent, fee-only Registered Investment Advisor located in Lancaster, PA serving clients locally and across the US.