Apr 22, 2010
"The Marshmallow Problem" An Exercise In Planning
Tom Wujec talks about a simple exercise called "The Marshmallow Problem". He discusses how poor approaches to planning lead to poor results. We see the same thing happening far too often in finances. Investors and even their investment professionals get far to excited about creating the exact right plan that they do not allow themselves to be dynamic enough to deal with the unexpected.
The best results to "The Marshmallow Problem" came from kindergarteners because they were willing to try over and over and to attempt new things without jockeying for position or rank; nobody fought to be the CEO.
We see the best of the best ideas come out for clients when they gather their trusted advisors together to consult with them frequently. As accountants, attorneys, financial planners and other trusted advisors meet on a regular basis to re-address a client's finances and adjust according to current needs, the client comes out ahead.