In business and in life, I think one of the worst things you can do is to not listen. As you all know, I’m highly opinionated and I always think that one of the worst things that people can do is not listen when someone is giving them honest feedback.
When I hosted that first That 401(k) Conference at Citi Field, I listened to the feedback I got. There were too many presentations and there wasn’t enough networking time. I could have just not listened, but I think when you don’t bother to listen to the feedback, you’re just giving a subtle hint that you really don’t care.
Constructive criticism and advice should be listened to, but they don’t have to be followed. When I’ve done something, I’ve heard some advice and there are times when that advice isn’t very good. However, I listened to it. Nothing wrong with people giving you ideas. If the ideas are terrible, at least you listened.
One of the worst traits a retirement plan provider can have is arrogance and to me, not listening is a form of arrogance.