Hello,
Several years ago, I was given a gift of a 23andMe test. It was fun to see my roots and understand where I came from.
I regularly get updates from 23andMe about my genetic predisposition for things like how tasty I am to mosquitoes, my ability to match musical pitch or even how tasty I find the flavor of cilantro.
I don’t need a lab test to know that I’m a mosquito magnet, l’ll never compete on The Voice and I’ll continue to cook with lots of cilantro.
Then a report caught my eye. 23andMe made a prediction about my fear of public speaking based on my genes.
Imagine a day in which 23andMe issues reports about an individual’s biologic propensity to make choices that impact their financial health.
We know, for example, that the tendency to be a “born spender” or “born saver” is wired in the brain just like handedness. Genes that code for the tendency to take risks have been identified.
How do you use this biologic information as you help your clients build wealth?
Here’s the most important point. We are not victims of our biology.
Biology is not destiny.
Even when talking about medical conditions that have a strong genetic component, like heart disease, lifestyle choices can override a genetic predisposition to develop this disease. As cardiologists say, "Your genes are like bullets loaded in a gun; your day-to-day choices pull the trigger."
Yes, when I began speaking I had fear, just like my test predicted. That didn’t keep me from speaking. I learned to manage the fear. Mentors, for example, advised that I interpret the sensations in my body differently. Instead of saying, “I’m scared” I say, “I’m excited.”
Self-knowledge is empowering. Being able to explain why people make the choices they do leads to more self-compassion. It also changes the way they explain the things they observe.
Let’s say I invited people over for dinner. (After years of COVID, yeah!!!) Maybe I cooked a fish dish heavy spiced with cilantro. I notice a guest didn’t touch it. I could say, “I must be a bad cook. My guest didn’t touch the fish.”
This guest might love fish, and he thinks I’m a great cook; he just doesn’t like the taste of cilantro.
The understanding that different people have different opinions about cilantro would lead me to check with my guests about their preferences about cilantro or anchovies or gluten before planning the menu.
However, the real value and power of this kind of biologic self-knowledge is this: it offers clues about how to overcome biology, make better choices and get better outcomes.
Let’s say, for example, that one of your clients is a “born spender.” Further his spending is retarding his plans to retire early.
Your client could say, “I know I should be saving more. I spend. That’s just who I am. My genes made me do it!”
This is like a tennis player saying, “My serve pulls to the right. That’s just the way it is.”
If a tennis player knows her natural serve pulls to the right, she can make adjustments so the ball winds up where she wants it.
Similarly, your clients can say, “I understand that when I’m stressed I will want to spend money. Here are things I will do instead.”
As a financial advisor, you can replace judgments about financial behaviors— like spending— with information. “This is why you do it. Here are the consequences of following your biology. Here’s what we can do to help you get to where you want to go.”
Your prospects and clients are endlessly curious about themselves. Who are they? Why do they make the choices they do?
In many cases, it comes down to their financial roots—the lessons about what money means and how money is managed that date back to childhood.
More importantly, you can offer ideas about how your clients can manage themselves so they can manage their money more effectively and achieve their financial goals. This is a true gift!
As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can enjoy many rewards when you help doctors make their dreams come true.
I'm here to support you if you do!
My best,
Dr. Vicki
Several years ago, I was given a gift of a 23andMe test. It was fun to see my roots and understand where I came from.
I regularly get updates from 23andMe about my genetic predisposition for things like how tasty I am to mosquitoes, my ability to match musical pitch or even how tasty I find the flavor of cilantro.
I don’t need a lab test to know that I’m a mosquito magnet, l’ll never compete on The Voice and I’ll continue to cook with lots of cilantro.
Then a report caught my eye. 23andMe made a prediction about my fear of public speaking based on my genes.
Imagine a day in which 23andMe issues reports about an individual’s biologic propensity to make choices that impact their financial health.
We know, for example, that the tendency to be a “born spender” or “born saver” is wired in the brain just like handedness. Genes that code for the tendency to take risks have been identified.
How do you use this biologic information as you help your clients build wealth?
Here’s the most important point. We are not victims of our biology.
Biology is not destiny.
Even when talking about medical conditions that have a strong genetic component, like heart disease, lifestyle choices can override a genetic predisposition to develop this disease. As cardiologists say, "Your genes are like bullets loaded in a gun; your day-to-day choices pull the trigger."
Yes, when I began speaking I had fear, just like my test predicted. That didn’t keep me from speaking. I learned to manage the fear. Mentors, for example, advised that I interpret the sensations in my body differently. Instead of saying, “I’m scared” I say, “I’m excited.”
Self-knowledge is empowering. Being able to explain why people make the choices they do leads to more self-compassion. It also changes the way they explain the things they observe.
Let’s say I invited people over for dinner. (After years of COVID, yeah!!!) Maybe I cooked a fish dish heavy spiced with cilantro. I notice a guest didn’t touch it. I could say, “I must be a bad cook. My guest didn’t touch the fish.”
This guest might love fish, and he thinks I’m a great cook; he just doesn’t like the taste of cilantro.
The understanding that different people have different opinions about cilantro would lead me to check with my guests about their preferences about cilantro or anchovies or gluten before planning the menu.
However, the real value and power of this kind of biologic self-knowledge is this: it offers clues about how to overcome biology, make better choices and get better outcomes.
Let’s say, for example, that one of your clients is a “born spender.” Further his spending is retarding his plans to retire early.
Your client could say, “I know I should be saving more. I spend. That’s just who I am. My genes made me do it!”
This is like a tennis player saying, “My serve pulls to the right. That’s just the way it is.”
If a tennis player knows her natural serve pulls to the right, she can make adjustments so the ball winds up where she wants it.
Similarly, your clients can say, “I understand that when I’m stressed I will want to spend money. Here are things I will do instead.”
As a financial advisor, you can replace judgments about financial behaviors— like spending— with information. “This is why you do it. Here are the consequences of following your biology. Here’s what we can do to help you get to where you want to go.”
Your prospects and clients are endlessly curious about themselves. Who are they? Why do they make the choices they do?
In many cases, it comes down to their financial roots—the lessons about what money means and how money is managed that date back to childhood.
More importantly, you can offer ideas about how your clients can manage themselves so they can manage their money more effectively and achieve their financial goals. This is a true gift!
As a financial services professional, you have a chance to help physicians take control of their financial destiny. You can enjoy many rewards when you help doctors make their dreams come true.
I'm here to support you if you do!
My best,
Dr. Vicki