Welcome to this very special episode of The Magellan Network Show! February 1st, 2019 marks my 25th anniversary of being a coach for financial advisors.
I’ve done over 52,000 individual coaching sessions. I’m just going to speak to you from my heart today. It has been my privilege to do this. When I first started I would go to an advisor and say to them give me your top three challenges and I’ll solve them for you.
At that time I was called a peak performance consultant because at that time no one knew what a coach was – they would think of sports. Now days everyone knows what a coach is.
What I have found especially working with advisors for a quarter of a century is if you have the right coach you can double or triple your income in two to five years.
I remember the conversation 20 years ago about discount brokers saying they’re going to get rid of our business. Low and behold our industry started to flourish
Now 5 years ago what started happening? People thought the technology and robots are going to take over. I don’t think that will happen.
The one constant we have is that this is a people business. There’s two people that matter – you and who you’re with (your client, your prospect, or your center of influence)
You can go to any conference and run into people who are making $250,000 a year and feel like a failure in this industry. Imagine if you really harnessed what you really wanted to do.
My unique ability is I can sit down with any financial advisor, fill in the gaps for them and help them get it done. The other thing I’ve learned is you either need to evolve or die.
With evolutions come uncomfortableness.
You have to be uncomfortable in order to evolve. As an advisor you always have to be striving.
There’s two things that hold an advisor back from greatness. Their ego and their arrogance.
Your ego and arrogance will cost you millions of dollars in your career. The question is why? The answer is it’s easier to pretend your successful, but in your mind you wish you had that person as a client
Your checking account is a direct correlation to your mindset and psychology. How much time, money, energy and effort do you put into that?
Or are you chasing the next shiny object whether it be a Facebook ad campaign, thinking you need to be on LinkedIn, or running seminars.
In the end, if you get up in the morning and you look in the mirror and you have doubt there is no amount of marketing that will overcome a poor mindset.
My goal as of right now is to coach another 25 years! I’m just at the half point of my summit. I ask myself when am I going to be at my best?
The answer is every day that goes on. My best day as a coach will be my last day because of experience. You can hire the surgeon who’s done 500 knees or you can hire the surgeon who’s done 5,000 knees which one do you want?
There’s no replacement for experience.
That’s in my world and that’s in your world. You can go get designations, but it’s not going to replace experience.
Being an advisor you get to have two things that most human beings would love to have. Economic abundance and time freedom if you build it right.
What percentage of advisors do you think have a business plan? It’s going to be 10 -15%. Most advisors that come to me say I lost it or I don’t have it.
That means as an industry we still haven’t embraced the fact that we are business owners. In the financial industry we talk about we’re going to get certified, get designations and have all this professionalism. Yet, 80% of the industry runs around like sales people. Yet, we wonder why we’re not held to the same level as CPA’s, doctors and attorneys.
What do I think the future holds? First we are entering the golden age as advisors. We are going to have the biggest wave of baby boomers retiring. We are going to have the biggest wave of advisors retiring. We are going to have the final wave the greatest generation passing on and transferring their wealth to the baby boomer generation.
I believe every coach you’ve hired, thought about hiring, every coach that you’re currently engaged with adds value to you. However, you need to understand what your needs are. Don’t just go into a coaching program because you just want to go into a coaching program. Make sure you resonate with your coach.
I’m the only coach who holds right now a multi-day business planning process and conference. Why? Because how can you build something if you don’t have a blueprint.
I plan to coach until the day I die. If you love what you do, do it and do it at a high level. If you think about it you want your clients for life, just as I want my clients for life. You and I are both in a relationship business and that’s great!
What’s going to happen for me in the next 25 years? I’m going to do another 50,000 coaching sessions – I love what I do! This is me celebrating me today and thanking you.
I care a great deal about this industry and I want to see this industry be at its best.
Here’s what I am going to ask you to do:
1. Declare to make the best version of you. This is a personal development business, so improve what you do.
2. Help others at the deepest level. Add value to every human being and make sure they have a positive experience with you. Put them on the proper path whether it’s with you or not.
3. Always reinvest back into yourself. Go to conferences and surround yourself with great people.
4. Give back. Whether it’s through time or money give back to the world.
5. Find yourself a coach, someone who you really resonate with. Seek them out and see if it make sense. You need another voice because if you’re just listening to yourself you may become egotistical. Do not let your ego write checks that you can’t cash.
I don’t know if there’s such a thing as investing too much money into yourself. I commit 5% of my income to investing in myself. I have clients that commit to investing 5 – 10% of their income to themselves and here’s the question you need to ask yourself – do you believe you’re worth investing in yourself because that is the business we’re truly in.
You make you a better version of you and your family will thrive, your business will thrive, and your clients will thrive, but you need to believe that you’re worth investing in yourself.
Thank you for listening and thank you for watching. I hope to do these for the next 25 years and thank you for giving me the privilege to help you see things in a different light.