When James Cameron, world famous movie director, was starting the revolutionary AVATAR movie project he had t–shirts made up for his crew:
Hope is not a strategy.
Luck is not a factor.
Fear is not an option.
He was trying to instill a number of things to his team.
You can HOPE that things will get done and everything will work out fine, or you can take control and make things happen and initiate change.
LUCK can never be counted on to be in your favor when you are creating something that’s never really been done before.
FEAR is a debilitating feeling that can flat out stop you dead in your tracks. In creating a new way to look at making movies, the fear of the unknown, potential failure or many other potential fears just couldn’t be an option if they were to succeed.
How did it work out for AVATAR? Read to the end to find out.
All these same things can be said about the dealings with the regulatory changes facing the financial services industry and the DOL fiduciary rule.
HOPE has been the strategy for many insurance companies, distributors, and sales people.
“The new administration will repeal this in 30 days.”
“We’re going to get a delay for 2 years . . 90 days . . .180 days.”
All based on the HOPE that someone else will fix the problem for them. Hope is not a strategy.
LUCK may not have entered into the DOL as a significant contributing factor, other than Trump winning the election!!!!
FEAR . . .now fear has definitely entered into the equation.
What the DOL has proposed has not been done before to the extent its being proposed. (Yes, WAYYY too far reaching in my opinion.)
What I can say with a fair amount of certainty . . . we WILL have some new fiduciary standards and you darn well better set whatever fears you have aside and deal with it.
Yes mistakes are going to be made, but that’s OK and it’s how we learn.
Yes, there will be significant opportunities if you develop a plan to “where the puck is going,” NOT HOPING things will come back to the way they once were.
Here’s to you being able to capture the opportunity that exists during these tumultuous times.
Whether it’s creating a ground breaking movie like AVATAR or changing the financial services industry, the same t–shirt fits.
Oh . . . How did it work out for AVATAR? Pretty well . . . highest grossing movie of all time at $2.8 billion worldwide.