Does anybody else get the push notifications on their phone from The Weather Channel telling them when it’s going to start raining? I’ve been getting them for the last month or so, and it’s made me re-evaluate the way I set my expectations.
The notification will tell me “It is going to start raining at 10:33am in your area.” So now if I look outside at 10:33am, and it’s NOT raining, I doubt the entire Weather Channel even more than most people doubt weather reports. It could start raining at 10:40am, but the notification didn’t say 10:40am, did it?
Now is it The Weather Channel’s fault, or did I have unrealistic expectations as to what these push notifications meant?
This ties back to setting client expectations for advisors. It’s usually a red-flag when we hear people tell us that another advisor told them he could make “8% a year”, or whatever the number is. Tethering yourself to performance numbers is a great way to disappoint your clients. Just like the weather is constantly changing, we don’t know what the market is going to do on a yearly, or even daily basis.
Oh, by the way, I turned the push notifications off for the Weather Channel.
Here’s what I’ve been reading this morning:
‘Animal Spirits: The Worst 401(k) Advice’ – Michael Batnick – The Irrelevant Investor
‘7 Skills that Aren’t About to be Automated’ – Adam J. Gustein & John Sviokla – Harvard Business Review
‘The Asset of Gratitude’ – Scott A. Bell – I Heart Wall Street
‘”How Do You Start a Life These Days?”‘ – Josh Brown – The Reformed Broker
‘Piling On’ – Jonathan Clements – Humble Dollar