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Recently I was asked what are the most important things an advisor needs to do? If you had to put some core principles on the table what would they be?


In this video, I’m going to cover our Magellan Core Five.


If you really think about any successful business you will find patterns and systems that are repeatable across the board. 


The first one out of the Magellan Core Five is you have to have the right morning success ritual. This does not mean to get up search through emails, social media, or watch the news. This will overload you with information and will not help you accomplish your goals. 


A proper morning ritual consists of reviewing your goals, reviewing your game plan, visualizing your success, having a conversation with yourself through journaling or exercising. 


Take the first hour of your day and get your mind right. I would personally not do this in your office, but somewhere where there are not a lot of distractions.


If you can commit to the first hour of winning your day, you’ll win the day.

I ask my advisors what they currently do in the morning when they get up and I get the same answer over and over again. “Well, Joe I check my emails, I see what’s going on in the markets, etc.” It’s like rinse and repeat over and over again.


This is why in the last 25 years you have plateaued. You can’t be doing the same thing that you’ve been doing over the last 25 years. 


If you’re looking for a breakthrough in your business you need to ask the right questions to yourself and that is:


What do I need to change about me?

What daily habits do I need to change?

What do I need to do for my daily approach to success?


That’s truly what’s most important.


Success in our world decades ago was measured by how many tickets you dropped or how much commission you made that day. You would know if you had a very successful day or not through those numbers. You would either celebrate or beat yourself up.


Times have changed and now you need to create your own game. Second, you need to see how many contacts or people you spoke with each day. This could be through emails, meetings, or calls. You need to figure out how many contacts you need to make each day. 


Typically I would recommend 10 or 15 contacts a day.


Third, is you need to get people in front of you, whether that’s at your office or through video conferencing. I recommend doing 2 – 5 of these days each day. You need to set up those meetings on your calendar each day. 


The fourth element is you need to have referral conversations. I’m not a fan of putting your clients on the spot and asking for names, by saying “Hey, do you know 3 – 5 people that need my service?”


That is not what we’re going to do. Instead, we’re going to remind our clients as we talk to them over the phone and when we have meetings with them just say “Hey, keep me in mind if there’s anyone you know we could help, just let them know.”


There are no magical referral words that exist. What really matters is you stay consistent with that.


Lastly, you need to be tracking your KPI’s (Key Performance Indicators). Assets under management, number of clients, premium, or revenue per household. You do have KPI’s, you just haven’t looked at them that way. 
What you need to do every day is to see how many contacts you made, how many meetings did you set, and how many introductory or referral conversations did you have?

These are the Magellan Core Five Principles:

  1. Morning Ritual
  2. Contacts
  3. Meetings
  4. Intros
  5. Tracking

Now think about this for a second, what would happen to your business if for five days a week you did this?


Do you think it would move the needle?

Do you think you would get more clients in the door?

I think as an industry we tend to overcomplicate things. If you’re sitting there trying to figure out workflows and technology it’s never going to give you the breakthrough you need.

The breakthrough consists of the Magellan Core Five. Until you get these five elements in place you’re never going have that breakthrough.


Why is the morning ritual so important? Because your mindset and psychology are 80% of your success. For instance, I could give you access to the highest class of marketing consultants and business consultants, but if you as the leader are not right, none of it matters. 

I was talking to a pretty successful advisor the other day and his goal was that he wants to double his business in the next 3 -5 years and bring his son into the business.

He asked me do you think it’s possible for me to double my business in the next 3 -5 years?

I told him you’re a seven-digit advisor, so you already know what to do, but the problem is you can’t do double what you’re doing. What a lot of advisors don’t realize is you can’t go from ‘x’ to ‘y’ by doubling your effort. You have to pivot your model and shift your model.

I asked him what do you think it takes to scale your business? He started getting into the more and better game. I need more of this or I need to be better at this.

Here are the three things which all business need in order to scale.

  1. Systems – You need your practice management people to come in to build your workflows out, your contact manager out, how you’re going to do reviews etc. You need that practice manual. Right
  2. People/Talent – You need the right talent in the right roles. Some of my clients are not the greatest at the HR game. They want to hire everybody and they’ll hire from the heart, so they’re not good at it. You are not an HR professional, so do not be in that place. 
  3. Mindset and Psychology of the Leader – This permeates the entire organization. It’s shocking to me on how many advisors make that an afterthought.

If you want to double your business in 3 – 5 years you need to ask the question who do I need to evolve into to become better?


Some of you have been trying to make the breakthrough the last 5 – 10 years, but your business can’t make that breakthrough for you. You need to make the breakthrough first. 


This is the greatest industry in the world, you can have complete freedom over your business and life, but you need to build it first and honor that.


Come check me out on YouTube, my website, or magellannetwork.net. Spend some time with me and let me know how I can help you!