I recently attended a practice management seminar.  It was one of the most outstanding presentations I have heard in many years.  However the presenter was not from the Financial Planning Association.  He was not a well known financial services business development guru.  In fact it was not a seminar about improving our business.  I was "Back to School" attending the orientation for new students (and their tuition playing parents) at Miami University.  What could a Miami University Professor say to incoming freshmen that could possibly be relevant to my business?

One of the first comments he made is that the illiterate of the 21st century will not be those who cannot read or write but will be those who cannot learn, unlearn and re-learn.  Ask yourself:  "What do I need to unlearn in my business?"  As a financial planner, we make a commitment to life-long learning.  To be successful we also have to realize there are habits and processes that may no longer be relevant to our business.  "Unlearning" may involve the way we communicate with our clients, the way we generate new business or the type of clients with whom we will work.  Perhaps the traditional methods of communication with paper or e-mail newsletters or finding new clients with seminars may have to be unlearned in favor of methods that meet people in new ways.  While I'm not expecting to appear as a character in World of Warcraft, it shouldn't be surprising that Harvard Business Review has reported on studies of identifying leadership traits through online game simulations.  Solutions to today's challenges may be found in non-traditional places.  Another comment was that the knowledge of how to go about solving a problem is more important than knowing the answer to it.  The point I think is that the ability to be a critical thinker will help us address issues which have not yet been created.  Thus, once we have unlearned old styles, "re-learning" will require us to adapt to changing needs of our clients and our staff.

Finally, the professor asked the students:  "What are you passionate about?"  Although his comments suggested the benefits of a liberal arts education in preparation for the "real world" (he is a business professor), I found his question appropriate for us and our clients.  What aspect of our life and our business could we do all day and it would seem like we didn't work at all?  What drives our clients in the same way?

While most people think of summer as a time for vacation and relaxation, going "Back To School" for our business and personal lives will yield some valuable lessons as we prepare to be the 21st century planners.