Welcome to this episode of the Magellan Network Show. As I’m recording this, we’re very, very close to the mid-year of 2019. As a lot of us will get ready to go on our major breaks, celebrate the Fourth of July, I thought this would be a very good topic. Let’s talk about the three different business and life conditions that you will find yourself in, throughout your career as a financial advisor.
You know, in my 25 years of doing what I do, I do a lot of observation, research, and keep my ear to the ground to see what works and what’s not working. I’m blessed that several of my clients have been with me for two plus decades. We’ve watched them go, we’ve had the journey together, right? From startup, to sustainability, to success, and prosperity. The concept today is going to be both a personal and professional conversation. I don’t want you to divorce the two.
Your grand vision is you need to look at your business as you are the business. Now that we’ve got that simple truth out of the way, let’s talk about the various different conditions. These are some of the more prevalent early in your career. Some are definitely prevalent when you kind of hit that five to 15 year and 20 year spot. Quite frankly, some advisors just cycle between the two. They never pivot to the real third one, which we’re going to talk about. First of all, let’s have a conversation about what the three of them are.
The first one is going to be called contraction. The second one is going to be called the status quo. Then, the third one is called expansion.
- Status quo
Take notes on this. I want to see how you would rank yourself on a spectrum. Where are you today in your current conditions? What are some of the elements of contraction? Could you be in contraction after 20 or 30 years of business?
Could you be in contraction after the first year of your business? I hope not, that’s not a good sign. Let’s define what contraction means. Contraction means you always seem to operate in the cycle of lack. You lack economics, you lack resources, you lack time, and you lack prospects. Your whole mindset is purely on scarcity and survival. So when you wake up in the morning, it sounds like this – “I’ve got to make some money today. I’ve got to make some money this month. I’ve got to get some premium written.” You’re consumed mentally, with just trying to make some money.
We all pay that price for the first three to five years. Understand that.
Now if you’re 10 – 15 years in the business, and you’re still in this mode, worrying about being in the red if you lose a client then you’re in the scarcity and survival mode.
It creates a different kind of pressure and stress, survival will create discomfort. If you’re in that scenario, my hope is you end up in a series of solo work. I must make that phone call or I must follow up on that prospect today. If you do not do that, you will fail. You will fail your family and the thought of that is so painful, that you’ll do anything to make sure it doesn’t happen. Unfortunately for many of you, this has been your entire career.
You hit a certain level of success and think I’ve got this game figured out, I don’t need to do a certain task anymore. I don’t need to think like that anymore. I don’t need to behave like that anymore. That’s the biggest lie you ever told yourself.
See, if your goal is to make some money in this business, you’ll do exactly that. The problem with it is you’ll never scale it, you’ll never pivot, you’ll never expand, or you’ll never shift. You’ll have some good months and bad months, but to you, it always feels like a hustle and grind.
Contraction gives us this very uncomfortable feeling. Now, let’s say you’re getting through that a little bit and you say I’m going to break out, screw that. I’m done. Here’s what your next step is.
The status quo.
I’m not pulling numbers on this because $200,000 in New York City vs. $200,000 in Iowa are two different outcomes. Think about where you live and what your checking account looks like when you’re comfortable. Check your business checking account has enough money in it to pay the bills, you have a little cushion, and maybe reserve right? This means you’re sustainable, so it’s not a question of can I make it in this business.
You have systems, processes, and a pipeline. You even have some staff around you, but you’re always looking over your shoulder looking at what you’re not seeing. What are you missing? You feel like you’re always running a race, yet you don’t know where the race ends. So every day you move, this gives you a false sense of abundance.
You think you have the ship figured out because you worked a little harder to commit. Why did you work harder to commit – because you had no choice. You had to take the island or die trying, there was no option. But now we have options – now we’re in the comfort zone.
Everything that you did to break out of that contraction mode into status quo mode, you now will abandon. What does that look like? Maybe you stopped doing goals, you stopped coming up with a daily game plan, you’re sleeping in late, or you stopped going to the gym. All of a sudden, all the power you had, you eviscerate because in your mind you’re good enough and you drop your standards.
There’s a change in our internal dialogue when we hit a comfort zone. The status quo is actually the most dangerous mode to be in as a person and as a financial advisor because it’s a teeter totter. Where you could go or where you could regress. This for a lot of you has been your career. The status quo is not the goal. It is like a rest stop, where we’re not going to stay very long because we must continue our journey.
Let’s talk about the journey.
Let’s get into the third one, expansion. Expansion means you’re always setting new goals, you’re always refining your vision, you’re always raising your standard, you always know there’s a better desert or a better version of yourself inside. The better version of your business is a better version of success. You really commit to this in expansion mode.
With that commitment you must accept when you are going to expand, you are going to be uncomfortable. What’s interesting is contraction is uncomfortable because you’re in survival mode and expansion is uncomfortable because you have to hold yourself and redefine your standards. In contraction, you don’t have a pot to piss in. In expansion, you can do anything you want.
Because all you gotta do is decide what you want to go for and get after it.
But they’re both uncomfortable.
One of the core values of the Magellan Network is everybody has to stay uncomfortable. That’s why every day I give them challenges. When it’s go-day we’re in the business. Go-day means we’re dealing with clients, prospects, and just doing the things we need to do. You have to have a code and standard that day to bring your A-game.
That standard is uncomfortable. Getting up at 5:15 every day is uncomfortable. Some days I want to sleep in. I’m recording this on a Sunday at about 5:15 this morning.
Do you not think I don’t want to sleep in right now? But I’ve got to get things done because I’m traveling this week. I will get uncomfortable to do what it takes. Why? Because of my standards. That’s how you lead. And for some of you who run teams, the reason why your team sucks, is because you suck as a leader. Why do you suck as a leader? You have no standards and escape out of your comfort zone.
When we talk about a spectrum, it is not a static spectrum. Every day we’re moving one way or the other way. We’re either moving towards expansion or sliding back into contraction.
When you’re in expansion mode, you tend to be more mission oriented. You have a bigger why.
At the beginning of your career you just wanted to make enough to survive and hopefully help people, but mostly just make money. I’m all about expansion. My standard has always been expansion mode. My goal and my standard for my clients is to put them in expansion mode. As a leader inside Magellan Network, that’s my goal.
Push, push, push. The status quo is deadly. You don’t want to be there.
So what does it take to pull this off? How does one make the journey from contraction to status quo to expansion? First of all, lesson number one was today, understand where you are now as I’ve defined it for you.
Ask yourself, where are you on the contraction to expansion spectrum? Get a journal or notebook and write contraction, expansion, and put the status quo in the middle
Where are you right now?
Because again, we’re almost at the halfway point in 2019. How do you feel about your journey? Where are you? Do you feel like you’re moving faster towards expansion? Or do you feel like you’re sliding more into contraction?
I talk a lot about this with my personal clients, and I typically hear how they are really stressed out for various reasons. Stress is not always bad because it shows you’re elevating. Now we have a different conversation. Here’s what I will guarantee has happened to many of you.
You get going and I’ll use the typical example that everyone in society does. January 1st comes. You’re going to make it your year this year! You make commitments or in layman’s terms are called resolutions.
For a period of time, you temporarily raise your standard, you go into expansion mode and it is freaking hard. It is highly uncomfortable.
You don’t know whether or not you can sustain this because in your mind, you’re looking for a destination and there is no destination. The game is played until you’re dead, period. I hope that’s a long time from now for everyone, but the game is played until you’re dead.
See, there is no destination.
There is no magical resort at the end of a road that I can have my feet up. Saying that I have arrived and I am now successful enough to do another damn thing for the next 30 years.
Not the way it works.
So maybe instead of trying to hit a destination, because how many times have you said this to yourself when you started in the business, right? – “If I can just make $10,000 a month, I’d be good. Right? Then you’re there. Then you have this other conversation with yourself. Now it’s $20,000 a month and then you have another conversation with yourself and you’re just never comfortable. You’re never there. Reality is you can never have enough money. It’s not a bad thing. I used to have that conversation in my coaching practice. The funny thing is I stopped that now.
When you’re in expansion mode, when you’re in prosperity mode, you stop thinking about that. Your brain goes a different route. How can I add more value to people? How can I make an impact on the industry in a massive way?
That’s why we have Magellan Network. That’s why we have the game we play. We have our ecosystem, we have our rules, and our protocols. We have like-minded men and women in the game every day playing because they are committed to expansion. Not just good enough.
So I’m going to ask you a question.
Where are you on the spectrum, from contraction to expansion? What would it take for you to really commit to expansion?
What would that mean to you?
Close your eyes for a second pre-frame this in your mind. Take your income and double it, then triple it. What would that mean for you and your family?
What would it mean to you from your psychology standpoint, how you feel by yourself, your self worth, and doing the things you want to do? Because that’s a decision that you have to make.
I’ve been at this a long time. I know you better than you know you since I’ve been at this for 25 years now with 10s of thousands of coaching sessions.
From the person who’s running the $10 million business to the $1.8 billion massive business to the people working at home having a great life making $250,000 a year. They’re all very successful. I never define a person’s success on their bank account. But here’s where I do define it. Are you in expansion mode or not? That’s the definition.
Here’s what I want you to do. I want you to really think about where you are. Are you committed to expansion? Come inside and play my game. Go to MagellanNetwork.net and see how we work to get you into expansion mode. The first 30 days are on me. You have nothing to lose and everything to gain.