Let’s start with a basic definition of expert:
a person who has a comprehensive and authoritative knowledge of or skill in a particular area.
Okay so are you an expert? If you’re like me, you’d be hesitant to answer with a confident “yes”. I’m hyper-aware of the existence of all the things I don’t know yet, and with a legal background, I’m practically allergic to the concept of 100% positivity. Compounding that is a healthy dose of imposter syndrome, this annoyingly prevalent and pervasive idea that years of hard work in my career and my accomplishments can be diminished to being “just lucky” or “well, I had a lot of help along the way.” Because I cannot trust myself to put on the label of expert, I look to external markers to bolster credibility. One such example is 1031 like-kind exchanges. Last fall, I applied for and passed the exam to earn the label of Certified Exchange Specialist. This designation has been issued by the Federation of Exchange Accommodators since 2003 and there are only 153 CES individuals in the country, and I’m one of only two in the state of Michigan. The purpose of the designation is:
To provide a designation that will give the public confidence that they are dealing with an individual who has demonstrated knowledge of the intricacies of a like-kind exchange. The Certified Exchange Specialist® (CES®) designation demonstrates to a taxpayer considering a 1031 exchange that their chosen professional possesses a certain level of experience and knowledge.
https://fea.memberclicks.net/about-ces
This week I received an email asking for advice regarding a 1031 exchange, and at the end of the message, they wrote: “As we have been advised that you are an expert on 1031 exchanges, we look forward to hearing from you.” I didn’t put any stock in their use of the word “expert”. I provided my opinion on their transaction based on my expertise, offered my services, hit send, and went about my day. I went back and forth with the clients a few more times this week, and ended up on a call with them yesterday. 1031 exchanges are complicated. That’s why it was important to me to receive the CES designation so I could give my clients peace of mind that I am highly qualified to handle these transactions. So I write out a lot of explanation and detail. I get on calls with accountants, tax attorneys, whomever I need to provide a thorough explanation. I don’t hide any of my work, tell clients “just trust me”; I provide them e v e r y t h i n g possible to make them understand the concept because no one fully trusts something they can’t understand.
This phone call I receive from the client started like this, “Hey listen, I really like what you’re telling us, but I’m receiving a lot of different opinions that negate yours.” I calmly explain that the sources of the differing opinions are individuals working in organizations that routinely hire me to educate them on 1031 exchanges. The client still wants me to consider, and provide an answer for, why they think it won’t work but I think it will. Again, “they” are the ones that referred the clients to me in the first place, as an “expert” in 1031 exchanges.
I shared this experience with my husband, only to find out this is not a unique situation. Routinely patients walk in his clinic, get treated by him, experience a positive result from treatment, then go see their other doctor. The next time they come in to see my husband, they’re questioning what he did based on what the other doctor told them. Wait, what? This feels oddly reminiscent to another article I posted about the power of learning how to Stay In Your Lane.
Let’s say you’re the expert in something. You don’t need to know EVERYTHING because that’s impossible. But you have the comprehensive and authoritative knowledge in that particular area. Someone approaches you to help them, because of the knowledge that you possess. Then you’re told by that person that they’ve spoken with someone else, who has less knowledge than you, who disagrees with your opinion.
What you shouldn’t do: defend yourself and your position. There’s a HUGE difference between creating a conversation around a topic and trying to better understand it by referencing prior information that you’ve received from someone else and directly challenging someone’s knowledge. That was the lesson I learned yesterday. I didn’t approach these clients. I didn’t promise them I could solve all their 1031 problems. They sought me out, asked for my advice, and even though it was exactly what they were hoping to hear, they wanted to challenge it.
What you should do: stay curious, willing to learn new situations/scenarios, but not at the expense of diminishing what you already know. Keep your goal at educating & informing on the topic. Any challenges to your knowledge that are based in less experience really are none of your business. My final response to that client was, “The only opinion I’m interested in is that of your tax professional, who will have to work with me to structure this exchange and then file it with your taxes. If she is in agreement with my assessment, then we can move forward.”
I didn’t like being challenged, no one does. And I took it personally because I always take my business personally (read this post for more on that). But maybe I also didn’t like it because despite my imposter syndrome, I actually believe I am the expert! And that was exciting – because I don’t think I would have been unhappy with being challenged if I didn’t think I was the most qualified to advise on the situation.
So are you the expert? If you are – that’s amazing, good for you. You worked hard for that label and you should freely use it. Your knowledge and expertise should also come at a cost to those wanting your counsel – don’t shy away from that.
If you’re not an expert – why not? What’s stopping you? Is it possible that you are considered an expert and the only obstacle is yourself? Is it just time, you need more experience and time in your industry? Are there certifications or designations that you can apply for to help you realize your expert status? I think being an expert is a very achievable and worthwhile goal, especially in industries where specialized knowledge is becoming far more valuable than general knowledge.
