Derek Hagen, CFA, CFP®, FBS®, CFT™

“It’s not the note you play that’s the wrong note – it’s the note you play afterwards that makes it right or wrong.”

-Miles Davis

Financial planners can experience unplanned moments in their work. Recently, I was on my way to Alpine Valley, a well-known venue in Wisconsin, to see Phish. Phish is famous for their improvisational style: they start with a known song but then let the moment guide them, playing what they feel in real time. On that night, they played an epic 40-minute version of their song “Simple.” To pull this off, each band member had to pay careful attention to the others, reacting and building upon what had already been played.

This spirit of improvisation reminds me of jazz legend Miles Davis. When mistakes happen on stage, Miles didn’t judge them; he accepted them and adjusted his playing accordingly. Legendary pianist Herbie Hancock once admitted that he couldn’t understand how Miles transformed a “mistake” into part of the performance—until he realized that, while Herbie judged the mistake, Miles accepted it—and that made all the difference.

Similarly, improv comedians live by the rule of “yes…and.” When an actor hears, “I lost my leg in my sleep,” the right response isn’t to correct them but to build on that premise—perhaps by saying, “I wondered why you were hopping along.” This approach keeps the scene moving and creates a richer, shared experience.

In our client conversations, we often prepare a detailed plan. Yet, despite our best efforts, meetings can take unexpected turns. The “yes…and” philosophy means accepting what your client brings to the table—and then building upon it. It’s about listening without judgment, and then responding in a way that moves the conversation forward.

The Unpredictability of the Future

How many times have created a plan for a client, only to see external events upend your plan? Whether it’s market volatility, personal challenges, or unforeseen life changes, the future is rarely predictable. A plan is important, but the process of planning—adapting to what unfolds—is what truly matters.

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Acceptance and Moving Forward

There’s an old saying: don’t cry over spilled milk. Once the milk is spilled, you can’t unspill it—you can only clean it up and move on. In financial planning, dwelling on what went wrong only delays progress. Instead, by saying “yes” to what has happened and “and” to what we can do next, we empower our clients to move forward.

When a meeting doesn’t go as planned, it’s easy to feel frustrated. But embracing acceptance means we can integrate new information and recalibrate our strategies, just as Miles Davis turned mistakes into beauty.

drawing of acceptance being the balance between uncertainty and yes...and

The future is uncertain, but that uncertainty doesn’t have to be paralyzing. By adopting a “yes…and” mindset, we acknowledge the present reality and use it as a foundation for creative, responsive planning. Accept what your clients bring to the table, listen deeply, and then build on that insight to craft strategies that truly serve their evolving needs. In our field, it’s not the missteps that define us—it’s how we respond to them that makes all the difference.

Want to Learn More?

Money Quotient trains financial professionals in the True Wealth process and helps them implement the concepts into their practices. The first step is to learn about the Fundamentals of True Wealth Planning.