Five Lessons Financial Advisors Can Learn from a T-Shirt Company
At Orion’s June Ascent conference, Bert Jacobs, CEO of Life is Good, shared five key lessons for financial advisors—redefining their business as helping clients achieve dreams rather than just managing assets, actively listening to client needs to tailor services, and letting core guiding principles shape all decisions—emphasizing optimism and a human-centered approach to thrive amid change.
Last week during Orion’s virtual June Ascent conference, Bert Jacobs, CEO of Life is Good, gave the keynote address: Harnessing the Power of Optimism to Innovate and Thrive in Times of Change.
As our world undergoes significant changes, there are important lessons to learn. The approach of Jacobs’ “rational optimism” transcends industry and can be applied to both life and business.
When considering these five lessons, think about them first as a human, then as a financial professional.
1. Re-examine the way you think about your business
Although Life is Good is often called a t-shirt company, Jacobs and his co-founder see it as a positive lifestyle brand, with t-shirts as their vehicle for communication.
As a financial advisor, you may deal in plans, stocks, ETFs, and portfolios, but those are just your vehicles. You’re in the business of dreams—helping clients achieve their biggest goals, such as buying a house, starting a family, or retiring early. Changing your perspective on your role can strengthen relationships and improve client loyalty.
2. Listen to your clients
The iconic character Jake on Life is Good t-shirts was brought to life by customer feedback. For example, a retailer requested Jake eating ice cream, and the company responded, leading to increased sales and further customization.
Listening to clients is essential. Take time to truly understand what they need from you, whether it’s reassurance during volatile markets or guidance on spending. Listen to absorb and understand, then respond.
3. Let your principles guide every business decision you make
Life is Good is based on three founding principles:
- Optimism is a pragmatic strategy for living a happy, fulfilling life
- Business is the most powerful tool we have for solving problems in this world
- Art unites and inspires people better than any other tool we have
Identify your own guiding principles and use them as a measuring stick for your decisions, especially the difficult ones.
4. End your day with something good
Jacobs shared a family ritual where each member would share something good that happened that day. This practice shifted the family’s focus to the positive, even during turmoil.
Consider adopting a similar ritual for yourself or your business. Focusing on the positive can help keep you and your team motivated and inspired to serve clients.
5. Be thoughtful about responding to challenges
Life is Good’s optimism was tested during events like 9/11. Instead of pushing the same products, the company pivoted, creating a t-shirt with an American Flag and donating all profits to those affected. This response increased brand loyalty and made a significant impact.
When facing challenges, use your principles to guide your actions, listen to your clients, re-evaluate what your business delivers, and focus on what’s good.
Interested in hearing more speakers like Bert Jacobs? Join us in person for Ascent 2021, being held August 30 - September 2 in Scottsdale, AZ.
If you’d like to find out more about how Orion’s technology can help your firm, contact us today.