Highlights from XYPN Live 2021
This week the Mana team traveled to Denver to attend the XY Planning Network Live Conference. We networked with fellow XYPN members, attended keynote talks, workshops, and participated in educational training. We’re coming home excited to put our newfound inspiration into action. We’ll be implementing lots of the inspiring ideas we learned about so we can continue giving our Mana clients the best service!
For this week’s post, we wanted to highlight three of our favorite workshops, in the hopes that some of the key learnings might provide readers with a new lens to think about life, work and finances:
The Art of Giving and Receiving Feedback
At the Capacity Crossroads
Breaking the Burnout
The Art of Giving and Receiving Feedback
Whether you were a manager or employer, this session showed that learning how to provide feedback in any relationship will allow us to create a more conducive environment to work, live, or generally co-exist in. “Feedback” is used in the workplace, often through some variation of performance reviews or goal check-ins. But feedback can really extend to any relationship you hold: with family, friends, and loved ones. Giving the right feedback can make a huge difference in important issues including resolving family conflicts effectively or losing/retaining talent as a company. This session illuminated how to do this well.
The first step to providing effective feedback is to set clear expectations with the other party. Oftentimes we become frustrated with an outcome because we did not do the work to set expectations for that outcome beforehand. Feedback is a lot more useful when goals are set, intentions are clear, and there is an amicable and fair starting point for each of you to work with. Empathy and the ability to put yourself in the feedback-recipient’s shoes is important here, so you can build realistic parameters and understand what they might take away from the feedback conversation.
Feedback can also carry a negative connotation, but if we create a positive environment for consistent, understandable feedback and growth then we can shift it towards the positive. We need to ensure the other party feels that the situation is an environment where feedback can be received. If we are asking them to grow, change or do differently, we also have to find an effective way of communicating feedback. How is this done?
In terms of the how to, we learned about a simple three step process that can help guide you:
Situation: Start with the situation.
Behavior: Add on the tangible behavior they are doing.
Impact: Explain the impact this behavior had to help them understand the reason behind the frustration you are having or the reason behind the feedback).
Keeping the conversation objective and not accusatory is important. Stick to the facts and don’t make assumptions about the other person’s intentions. Let them tell their side of the story so you can work together to find a better path moving forward.
A good reminder is that feedback can be used as an opportunity to recognize not just criticize. When using feedback to give recognition, the formula is similar: Feelings + Behavior + Impact.
Here are additional things to keep in mind as you are developing a space that will ensure effective feedback.
69% of people said they would work harder if they received recognition for their work.
Keep the vibes positive! Delivering positive feedback at a ratio of five affirmative messages to every one developmental message is most effective.
If you gauge that the conversation is turning emotional, it's important to let the other feel and express their emotions before they can come back to a more objective or behavioral space.
Ask for feedback first, it allows the conversation to feel less threatening to both sides.
After you deliver your feedback, stop talking & listen! Give time and space, allowing the other person to take in your points and ask you questions.
A quote that stuck with us is “People can’t meet your expectations if you never share them.”. Communication is key and expectations set the foundation!
At the Capacity Crossroads
In this session, Michael Kitces (co-founder of XY Planning Network) addressed what many business owners in various growth stages constantly struggle with: capacity.
He explained what this means for your company, depending on the size and type of company you want to create. There are three paths a company can take in terms of growth: solo practice, boutique, or enterprise. He broke down each category of company and the possible stages of growth, emphasizing that none of the options are “wrong” or “right”. He identified that deciding the type of company you hope to build is the first step in creating a company with intention. As a result, depending on the size, this will impact what your weeks, day to day, and time availability looks like.
He brought the conversation back to a very simple but effective definition of success: the accomplishment of an aim or purpose. He proposed to each of the firm owners attending to look inward and define what this looks like for each of their companies, without necessarily using the industry's definition as a benchmark. A good reminder was that if you don’t set it yourself, then it can be set for you by the industry. He encouraged attendees to tie success back to the unique values of a company, and reminded the room about the why of their practice.
A key point for any company’s growth path is that if you are not intentional with your growth then you will be mindlessly building a company that could ultimately lead to unhappiness. Stephen Covey says, “If your ladder is leaning against the wrong wall, every step we take just gets us to the wrong place faster.”. Making sure you clearly define goals and success for your company will enable you to move in a direction that aligns with your purpose.
Breaking the Burnout
In this session, we learned that any passion can eventually overwhelm, causing burnout. Burnout is a result of chronic workplace stress that has not been successfully managed. Contrary to popular belief, self-care is not a quick fix to burnout, meaning you can’t just apply some fancy eye cream or a face mask and expect the burnout feeling to vanish.
The six key causes of burnout are as follows:
Workload
Lack of Control
Reward & Recognition
Social Support
Fairness
Values Conflict
In order to alleviate the feeling of burnout caused by the above, here are some suggestions:
Learn how to say no to obligations and work that don’t support your goals.
Book time for leisure, with a focus on psychological detachment.
Use a scheduling application to effectively manage your calendar, reserving time in the day for you.
Remove notifications from your phone and check emails at specific times.
Set boundaries and reinforce them as needed.
A quote that stuck with us is “Because I love what I do, I do it too much”. Make sure you are taking care of your needs and not validating burnout with these common types of unhealthy but commonly used excuses! Remember, if you set boundaries and take care of yourself, your time, and your efforts, everyone ends up winning.
The XYPN conference gave us a week filled with moments to reflect on this past year - a year in which Mana grew rapidly. We were grateful for this time, but even more so, we were filled with gratitude for the clients that have chosen Mana to be their financial life guides.
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Gloria Stephanie Garcia Cisneros is an Investment Operations Specialist at Mana Financial Life Design (FLD). Mana FLD provides comprehensive financial planning and investment management services to help clients grow and protect their wealth throughout life’s journey. Mana FLD specializes in advising ambitious professionals who seek financial knowledge and want to implement creative budgeting, savings, proactive planning and powerful investment strategies. Allison focuses on the financial planning process, which brings client visions to life through their finances.