Right now we are at the halfway point of the first quarter of 2020 and I’ve been reflecting on the goals I set for this year. My company, Bauer Wealth Management Inc, had a great year in 2019. We experienced a 44% increase in the assets we manage and built out some great retirement planning features that our clients have been loving. How did this happen?
I could point out many reasons why we experienced such robust growth last year, such as strong market performance and an increase in client referrals, but if I’m being thorough in this reflection it goes much deeper than that. When I sit down to ink out goals for myself personally or professionally, my first inclination is to have an inward focus. This is a mistake.
When I’m riding a bike or out running on a trail, I notice headwinds right away. The actual force of the wind pushing against me triggers my muscles to work harder to propel myself forward and impedes my time goals. It’s hard for me to think about anything else other than this annoying obstacle that is in my way.
But on the flip side, a tailwind that comes along and gives me a boost is indeed noticed, but ever so briefly. I’m quick to discount the tailwind propelling me along, but slow to forget about the headwind hindering my performance.
I’ve often ended a ride or run with the sensation that I was facing headwinds going both directions, both out and back. But of course this is not true. I simply don’t focus on the tailwinds that are propelling me forward. I believe this metaphor is the same for all things in life.
“We have a tendency to focus only on the headwinds that are pushing against us but forget all of the tailwinds that work in our favor every single day.”
So if I keep this in mind when I look back at the reasons for our company growth I now discover many deeper tailwinds that propelled us along the way. Instead of an inward focus, looking at tailwinds expands my perspective outwardly to see how others have contributed in a massive way.
Company Tailwinds
My business partner Dan Bauer started Bauer Wealth Management in 2010. You might remember the financial crisis that preceded 2010 where many investors experienced substantial losses. Many people who thought their portfolios were built with risk management in mind quickly found out that historical correlation assumptions do not hold true during statistical anomaly’s or black swan events. In the midst of this frothy market, Dan took the risk of starting a firm that would manage risk differently, and we have been riding that tailwind ever since.
We have since built a strong team of professionals who are obsessed with serving people. Chuck Schwab is famous for saying, “all you have to do is the right thing for people and success will come.” We believe this is true and use it as our main guiding principle. Chuck gave us a powerful tailwind that helps guide decision making in how we work with clients, colleagues, and anyone else we encounter.
We are a Colorado Springs company and will always serve the people in this city. But I would be remiss to say that serving a city that offers so much in the way of growth and natural beauty has not been a tailwind helping us along. And expanding outward from here, living in a country where individuals can grow and maintain wealth like no other on the planet is certainly something I never want to forget or lose sight of. Without the sacrifice of thousands of soldiers in countless wars (Revolutionary, WWI, WWII, etc…) it’s very likely my life would not have the same freedom it does today.
I could go on for a long time with other tailwinds that propel us every day, but instead I want to end with the most important. One of the things we are most proud of is our client retention rate which is over 99%. Many of these clients we have served for a decade or longer. These relationships are the biggest tailwind of all because these families want to help their friends and loved ones who also have financial needs for us to help with. Our clients reward us every year with introductions to these people they care about, and in so doing help us to serve more people.
A Mindset of Gratitude and Tailwinds
I have found this exercise very helpful both personally and professionally and even created a simple journal to organize my thoughts in this manner. My hope is that others might also find this useful which is why I’m sharing the simple format below. By starting off with a mindset saturated in gratitude and tailwind awareness, daily goals, be they financial or otherwise, are primed for completion.
Daily Journal
If this gets you thinking about setting some financial goals, you can find more information on this here. I believe it’s important to progress forward towards whatever achievement you are seeking, but remembering everything that helped you get to where you are today is of equal importance.
References
Ross, S. (2020, January 29). How is correlation used in modern portfolio theory? Retrieved February 23, 2020, from https://www.investopedia.com/ask/answers/030515/how-correlation-used-modern-portfolio-theory.asp
Chappelow, J. (2020, January 29). Black Swan Definition. Retrieved February 23, 2020, from https://www.investopedia.com/terms/b/blackswan.asp