This week was definitely a first for me as I found myself sharing my industry experience to a class of #MBA & #CFA candidates.

I really had no idea what to expect, nonetheless I was excited to share the virtual stage thanks to Dr. Gillian Leithman who teaches organizational behavior at the Goodman Institute of Investment Management – John Molson School of Business.

If you have not heard this before, #Zoom calls at home have not exactly been stress free for me. So when Dr. Gill asked me to participate in a zoom call during the evening, I immediately thought of my youngest son streaking or the time I received several kisses from my oldest son during a 20+ client presentation. I have learned very quickly that anything is possible when you hold a zoom meeting at home and children are involved.

The good news is the #Zagari family came through on Wednesday night. Somehow we successfully contained affection and streaking for an entire 70 minutes resulting in a distraction free environment. All this to say is that 38 students in attendance witnessed a calm environment combined with useful information.

I must admit, Dr. Gill’s class was filled with top tier talent. Judging by some of the analytical questions asked by a few students including how much alpha I generated for my clients, I knew I needed to shift gears and focus my message on the importance of client communication.

“First, never, ever talk industry jargon with clients. Ever.” – I said. This is a relationship business where trust and chemistry rule and alpha, beta and standard deviation takes a backseat. Don’t get me wrong these measurements of risk and return are important but not when you are talking to a client who just asked you what the interest rate on your TFSA is paying.

We all know that each client has a risk profile but I question if advisors pay equal attention to their client’s financial knowledge profile. In my opinion way too many advisors are speaking a language their clients simply do not understand and rather than incorporating a style of communication that focuses on the bigger picture, advisors continue to fall back on using industry jargon as their value add.

What is this week’s takeaway?

Financial planning is a #journey and long one might I add that includes many life #transition moments including marriage, children, divorce, critical illness, inheritances, #retirement and a death of a spouse. No matter how hard advisors try to use facts and figures and performance numbers to address these transitions, sadly it is likely they will come up short.

In my opinion, if the future #generation of advisors avoid industry jargon as a communication tool, they may find themselves ahead of their class.

Have a great weekend everyone!

Talk soon,

Michael Zagari