The Wisdom Capture Project

Bob VeresI’ve recently engaged in an interesting dialogue with industry consultant and ghost writer Matthew Jackson of Dialektic (his current venture is writing books in collaboration with advisors who are looking to colonize a niche market with demonstrated expertise) about the evolution of the profession. Both of us have been eager to include younger voices in our writings and efforts to serve the advisory profession, because, you know, we value fresh perspectives as an antidote to stagnating service and business models.

I still believe that the profession is not evolving as rapidly as the landscape around us, in part because many founding advisors are aging in place and slowing down the adaptations that their next generation wants to implement. But Jackson turned the conversation around and noted the value of accumulated wisdom possessed by those founding advisors is not being passed on.

Many advisors are on the verge of retirement, he said, and it is possible that the profession may, at this moment, be at a point of “peak wisdom.” Those retiring advisors will take with them valuable accumulated knowledge that could be lost forever if it is not passed on to the next generation.

So (he asked) how would we, as practitioners, encode and capture and preserve this wisdom on behalf of the profession as it goes forward? How do we prevent a drop in the profession’s aggregate level of wisdom?

What kind of wisdom are we talking about? How to create a business? How to guide a business from startup to sustainability? How to identify the team members that are needed to provide client service?