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The Truth About Getting to the Next Level | The Magellan Network Show with Coach Joe Lukacs
Recently, I did a private webinar for a group of advisors. In the Q and A section, I was asked, what's the key element to being successful long term as an advisor. We're not talking about having a good month or quarter or year. It's really a career-long success. To learn more about how you can level up your career, watch my latest episode!

The Magellan Academy & Network

The rules and tools for success in the financial services industry are about to change radically.

I have spent over 25 years coaching only financial advisors. In that time, I have personally conducted over 50,000 individual coaching sessions. I have built a profound knowledge base of what it takes to achieve lifelong success in business and life. In my career, I have transformed 1,000’s of advisors (below are video and written testimonials by many of them).

Many of you probably paid thousands of dollars to various coaching programs with very mixed results. Most coaching programs are just that. A pre-planned process that is “cookie cutter”. Where they have salespeople having to “sell” you on their program and results. In most cases, it’s about the coach, their ego, and their money. They base their program on “practice management” or “marketing”. They make you more intelligent. What they all fail to do is help you make that “mindset” shift that must happen for you to realize your dreams and vision.

I am going to coach you, teach you, inspire you, and train you all on your mobile device every business day.

You are going to get better at business development, practice management, personal development, and your vision.

Here is what you are going to get from me each month:

 A 5-10 minute morning coach video each business day.

 3 training videos of 20-30 minutes each. This will be a deep dive into four areas I mentioned above.

 A live group coaching session where you and I can interact and work together.

Here is what you can do each month:

 Post a question to me and I will answer it.

 Collaborate and associate with like-minded advisors.

 Invite other great advisors into the network.

Your Bottom Line:
Here is the deal. I am not going to ask you for a credit card. Like I said before, coaching is personality driven. You might not like my style or tactics. So with that in mind here is my offer to you. Complete the short form below. You will receive an email with detailed instructions on how to join the network for the next 30-days. I personally approve each submission so this might take a few hours or a day at the most. I will not ask for compensation of any kind during that 30-days.

If after experiencing my work for 30-days and if you believe that I can help you, here is the deal. To remain in Magellan Network and have access to Magellan Academy, your daily investment in yourself will only be about the price of a Latte these days. One more thing, it’s a month-to-month deal. I’m not going to lock you into anything.

Take action now and complete the short form below and I look forward to welcoming you personally inside the Magellan Network.


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Watch: The PracticePower Podcast

PracticePower Academy Podcast #1126 Why Advisors Fail?
Last week I had the privilege of leading a private 2-day business planning event for a group of advisors in Scottsdale AZ. None of them have ever been through my business planning process. What’s unique about that event is participates can get private time with me to discuss their goals and plan for the new year.

Several had a great year in 2015 but failed to achieve their 2016 goals and most went backward. This brings me to my topic for today. What causes an advisors to go backward (fail)? Sometimes there are legitimate forces (health issues, personal issues, etc), they are in the minority. There are 2 main reasons what advisors stop growing or go backwards. First, they relax their standards. Second they assume their past success will equal future success.

In this podcast lets discuss:

* Why standards are so important to success.
* How to maintain or increase your standards.
* Why assuming success can cost you millions.
* What you see in the mirror every morning matters.

If you have a topic that you would like me to cover in future episodes, or have a questions please email me a

Coach Joe’s Blog

The Truth About Getting to the Next Level

Get Your 30 Days Free to The Magellan Network

Hi! This is Coach Joe Lukacs. Welcome to this episode of the Magellan Network Show.

Recently, I did a private webinar for a group of advisors. In the Q and A section, I was asked, what’s the key element to being successful long term as an advisor. We’re not talking about having a good month or quarter or year. It’s really a career-long success. Let’s talk a little more about that in this episode.

A lot of advisors think that the key to success is doing more stuff. In other words, I need a marketing program, a better website, practice management or I need technology, and those are all true. But what holds an advisor back from long term/ life long greatness are the following.

Number one is your belief set. In other words, what you believe to be true. Your beliefs around life, business, people success, and failure.

For example, you believe it’s hard to get new clients. Guess what? It’s hard to get new clients. If you believe that you can’t drive introductions and referrals, you’re absolutely right. See, the mindset or belief set drives our behavior.

Think about this. If we don’t believe that we’re good at something, how much do you want to do it? If I suck at golf, do I want to play a lot of golf? Right? If I’m not a good writer, do I want to write a book? No!

The first thing you have to do is be honest with yourself. This is where a lot of advisors get into trouble. They lie to themselves. They’re dishonest. They look in the mirror and see what they want to see instead of seeing the truth.

You have to ask yourself. Do I believe I deserve to be successful, or if I can grow or change? In this industry, it’s all about change. It’s all about evolution, right? From technology to compliance, to fees, the marketplace or what’s going on in our industry.

It’s all about adapting. If your brain is like, ‘I don’t like change’, or ‘I don’t believe I like change’, or ‘ I don’t believe I can change’ then you’re screwed. I don’t care if you’ve been five or 50 years in the business. You’re going to have problems, my friend. The belief set matters radically.

The second thing that matters is your value system or what’s important to you. Hear me out on this. Let’s just say, values are emotional states that you want. Let’s say you value freedom. Being free. Free to be with my family, to travel or not having a boss.

A lot of people got into this industry because they didn’t want to be told what to do. They didn’t want to be in an “O.S.S.”. They want to have freedom.

As your practice, business or success grows, what happens if you do not evolve your model so you don’t shift and pivot and change? All of a sudden, there comes a point where every new client is a double-edged sword.

It becomes a situation where all of a sudden you’re working harder and longer and it’s now starting to affect your freedom. What most human beings do when their value system is about to get compromised, they sabotage. They procrastinate.

They stop doing the things that got them to a certain point because all of a sudden now, it’s not just a pure win. It’s a win and a loss because it compromised your freedom.

That’s why it’s so important that you always look at your practice and look at how busy you are, how many slots you have and everything. If your brain doesn’t say, ” I’ve got to pivot or adapt or evolve’, then you just can’t work it.

The first couple of years of your career is all about effort, energy, commitment, desire and getting it all done. At some point, it’s all got to pivot off of that.

Some of you just don’t know how to do it. You’ve never thought about that before and you’re just staying more or less the same. Rinse and repeat. It’s really about that.

If you’re creating a business model that violates your value system or what’s important to you, your subconscious will sabotage it as a protection mechanism. So, the question then becomes ‘if I still want to grow my income’.

I’m not saying it’s all about the money but, let’s say it is. You’re kind of tapped out on what you’re doing and this is why you’re frustrated. You’re sitting here, desiring more success, a greater level of economic abundance and to elevate but you can’t because you don’t have the model for it.

It’s about the model so much as your belief set on making that change. You have to look and say, ‘What’s holding me back?’.

Getting back to this whole concept of what holds advisors back from greatness. Practice management, marketing, podcasts, videocasts, and social ads are all important so I’m not dismissing them. But they are not the key differential to elevate.

I want you all to hear this because it’s important. Your current bank account is representative of your past mindset/psychology. Your future bank account will be determined by your current mindset/psychology.

Where you are today is a result of how you thought and acted in the past. Where you want to be tomorrow and beyond is all about your thought processes, belief sets, value sets, and psychology today.

Good news bad news on this. Unlike marketing, practice management, technology and some of the other stuff, you can stroke a check to the right person and get resources fixed.

A lot of consultants and coaches thrive on that concept. Stroke a check fix a problem. The mindset/psychology one is not a check stroking issue.

While you have to engage a person, it’s not that simple. This is where my work starts. You have to be willing to, first of all, look in the mirror and say that your thinking or mindset must evolve to increase your income.

The question is, how to evolve it into what. That’s where I come in because that’s my specialty. It’s creating THAT plan or process. There is a way to take that mindset from A to Z. It’s work.

Unfortunately, it’s not just about stroking a check. You have to be willing to identify, do your morning ritual, wrap it, get a different set of distinctions, change your habits or behaviors and beliefs. Again, it’s not as easy as stroking a check.

Ultimately, that’s what’s holding you back. Intellectually, that makes little sense. To some of you, just by listening or watching this, it’s an epiphany.

Why won’t an advisor take action on it once they have identified the problem? It’s because their ego, fear, and arrogance get in the way. Ego- I don’t need any help or I’m good.

The funny part about my work for the past 25 years is that the advisors who desperately need my help rarely will hire me. I talked to somebody a couple of weeks ago who was 67 years old and wanted to see about hiring a coach.

For those who know me, I’m pretty blunt. So, I talked to him and after 30 minutes (which has always been my promise here), I came to the conclusion that he was not savable.

It was because I never heard him once say, ‘I screwed up’ or ‘I didn’t evolve’ when I asked him, ‘Why do you think that after 35 years, you are where you are?’. It was everybody else’s fault.

I told him I loved him to death and appreciate and respect him but I can’t help him because he was never willing to take responsibility. Ego gets in the way. Big time.

Arrogance means you think that you know all the answers. The funny part when I work with a client is that everything I talk about is just common sense.

Is there something earth shattering here? No. Then how come you haven’t done it? You know what you have to do. The problem is, you haven’t figured out how to do it.

Again, that’s where I come in. Let’s figure out how to do this. There’s not one way of doing things. It’s as unique as the individual.

That’s why when you go to training or a conference and you hear the people up on stage pontificate all their stuff half the time. You sit there and try to internalize how to make it work but you can’t or forget about it and you just rinse and repeat. We default back to zero. Arrogance and ego.

The third one, fear. Fear of change. When I look at my career, I don’t really think it’s that. It’s more of if I go down on this path and I fail. Where am I then?

People put that in their minds and say, ‘I don’t know what that looks like but I know what this looks like. It’s still sucky but I know it’. Familiarity. I’m familiar with what I’ve got and I’m comfortable with it.

Being happy and being comfortable are two different things. I’m not happy with what I’ve got but I’m comfortable with it. It’s easier to stay than to move forward.

You have to ask yourself, ‘What’s going on here?’. Again let’s just talk about the money for a second. For some of you, you may need to work harder. Some of you need to shift and pivot.

Only you know the truth. That’s where we get back to the conversation of ‘the man or the woman in the mirror’. Now, I respect that you can’t take responsibility for everything as there are things that may be situational.

If you sit there and lie to yourself and say that it doesn’t matter or that you can’t fix it or blame others and victimize the whole thing, hey look. Nobody said life is fair.

The ones that win understand that it’s not fair but they figure out their own rules and go after it. They don’t wallow in it.

That’s my challenge for you. In these podcasts/videocasts that I do, my goal is to speak from the heart. I have no scripts or no bullet points. I just pick a theme and I go.

I just go and whatever comes out, comes out. Quite frankly, I may be a minute ahead in my mind of what comes out of my mouth! Sometimes that may be a good thing and at times maybe not so good. But I will always go shoot straight with you.

You may not like it or dismiss it but that’s okay. I can’t help everybody anyway. If this makes sense with you and if you think I hit upon a nerve, come check me out.

I offer 30-minutes of my time. Magellan Network, whatever you think is appropriate to you. You’ll know whether or not you and I should hook up.

Thanks for listening. Thanks for watching this episode of the Magellan Network Show.

The Most Important Investment An Advisor Needs to Make

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Hi! This is Coach Joe Lukacs. Welcome to this episode of The Magellan Network Show. Today’s episode, ‘What is the MOST important investment an advisor could make?’. It’s not a trick question but, is an answer that most advisors don’t think of.

When they think of an investment, most advisors think of education, marketing or the practice. While all those things are accurate, the difference is between a person who succeeds at a high level and someone who just does okay.

It’s not they are failing. It’s just that they leave success at the table. Why? The key component is, how much are you willing to reinvest back in yourself each and every year in terms of personal and professional development.

What I do with my clients is, I mandate anywhere from 5 to 10 percent of gross revenue in a line item budget to reinvest back in yourself. The key differential between people that succeed at a high level and those that don’t is the key element of reinvestment.

The funny and sad part is this. I had a 20-year veteran advisor reach out to me after watching all the social media that we do here. My process is very simple.

Every advisor can have 30-minutes of my time. No questions asked. If there’s something that we resonate with and you have a deep interest in improving yourself and willing to reinvest in yourself, then we can go forward to the evaluation and figure out what we’re going to do together.

We get on the call, he fills up the forms and does everything there. In the last eight or nine years, he has been with one of the largest independent IDBs out there.

I asked him why he was there and what was frustrating him. His answer was the same as all my other clients, albeit worded differently, ‘I am not as successful as I want to be’.

He’s doing about 350-400 gross and probably W2-ing around 200-225. By all accounts, having a take-home of a quarter of a million dollars means you’re doing really well. But in our space, not so much. I asked him to paint me a vision.

Like a lot of people in our space, his answer was, ‘I want at least a million dollars in revenue’. Everybody still has this ‘million dollar producer’ in their heads especially for those who have been around for a while.

I told him that I didn’t need to know right now why that was important to him but what I needed to know was that, after 23 years, why has he not yet achieved his goal? It was a very important question wherein I usually hear the language of blaming others.

I’ve never heard anyone say, ‘It was because of me’. Until a person makes the statement, “I know that I am both the problem and the solution”, there’s nothing that you could do.

So, I kind of wandered all through his reasons until I asked him, ‘Where do you fit in all this?’. You’re the one who hired the crappy assistant. If compliance said ‘No’, there’s always plans B, C, and D. You just don’t waste your day away.

Then I asked him about the training he’s done in the last 23 years for him to get better at what he does. Other than some mandatory broker-dealer training, he did pretty much nothing within the last eight years.

He does the mandatory annual IBD training but he never had any breakouts. There are some crappy ones but you always get some ‘nuggets’ out of something. Then I asked him how he spends the first 60 minutes of his business day.

I get the basic answer. ‘I get up, get on my phone, check my emails, the market, read the news’. ‘I get up, get breakfast and put some more news on and be in the office by 7:30’.

There’s no rationale and so we just go round and round and he’s basically created his own prison. Both his mindset, habits, and behaviors aren’t right and he’s highly frustrated.

In the end, I said ‘We’re not a good fit’. Why? It’s because he never took responsibility. I asked him how much money a year does he set aside for a personal, professional development budget.

He goes, ‘I don’t have one’. I told him that whether he’s going to be working with me or not, I need him to set aside $50,000. It’s not all for me. I needed him to reinvest in himself to figure out where the gaps are and to become better.

If you need a personal trainer to get yourself in shape, then that’s what we do. Need to stop ordering from the menu? Get a nutritionist. I can coordinate that. If you need someone like me to help you find your blindspots, I’ll be happy to help you – if it makes sense.

You have to be willing to reinvest at least 10% of your revenue back in you because you are the product! It is not your portfolios, business planning and definitely not all the other goodies that you have.

At the end of the day, a person hires YOU first. Then they listen to what you have for them. His answer was, ‘I can’t do that’. If I told you that if you pay me $50,000 I can get X-amount of business for you every year, will you do it?

He said he probably would find a way to do that. ‘Shiny object’ right? Here’s the solution to all my problems. Just write a check or take my Amex out. If you’ve watched all my other episodes, I’m sure you’ll know what I mean.

This guy would be all in if I show him a shiny object where he does not need to change. You know why? Because it’s safe. This is the message for everybody for today.  There’s a reason why you are a quarter of a million, half a million or a million dollar kind of guy or gal.

If you’re looking to elevate and for whatever reason you’re stuck, don’t sit down a say it’s because you didn’t have enough resources and stuff. You’re just not willing to change. You don’t lack resources. You lack resource-FULNESS.

You need to go out there and make things happen. In this business, the differential between a quarter-million and a million dollar kind of person is not because the other guy is smarter.

It’s just that the other guy has three times the mindset. You could sit there and tell yourself that you’re good but let me tell you that you’re not. If you’re good, you wouldn’t be frustrated or be wondering what’s going on or how to make the last 5-10 years of your career your best years ever.

You’re okay? Tell your bank account that. I’m not advocating for me as I’ve made clear that I’m not right for everybody. My style is very unique.

I’ve been doing a survey with my clients and the common things I hear is that, I don’t take BS from anybody, I say it like it is. You can fire me and I wouldn’t care.

It’s because that’s how I’ve created my business. But that’s why I care so much. I can speak the truth. If you’re going to sit there and think that all you need is another ‘shiny object’ and it will fix your world, then you’re just deluding yourself.

Put 10% of your gross revenue back to yourself. If you can’t do it, then there’s a clue on why you must. There are so many people in this industry who are literally just 90-days away from being zeroed out. It’s because they have the ‘hustler’ identity.

They never made the correct identity. They just make money. The problem with that identity is, that’s all you’ll ever do. You won’t be sustainable nor leave a legacy.

I’ve run across people who are in their 60’s who should have already made empires but are trying to make the budget. After 30-35 years, they’re trying to stay afloat. I would ask them, why would I give you my money? You’re poor to start with your own. Right?

The reason why I’m saying this today is not because of that meeting I had with that gentleman. He just couldn’t get it. I’m not in the business of pounding it into people. I was not the nicest I could be. But I cared and I told him the truth.

Nothing’s going to change for him until the day that he looks in the mirror and see that he’s messed up. He needs to fix and invest in himself. Until that happens, nothing changes. Period.

In our industry, while our ego protects us a lot, it’s also detrimental because it does not allow us to grow. It’s because, in our mind, we say that we don’t need any help, resources or a different distinction. We’re good.

Ego and arrogance are getting in the way of your success. A lot of times, ego and arrogance will allow you to listen to people and still forge ahead and make it because you made it happen.

Somewhere between year one and year five is the point of inflection where you validate that you are there. After that, you’ll still need that ego because that’s what protects you but the arrogance won’t let you be a leader.

If still carry around that same ego and arrogance and you don’t pivot that and ask what you’re missing or what you need, then you’ll be in trouble. A lot of people I work with are already successful and yet trying to be more successful.

They’re going from being good to great. It’s because they get it. The advisors that need you the most are the ones that are struggling. They can really use a differential.

Those are the ones that will not buy into coaching or personal development. They don’t believe in it and they struggle. That is very sad.

What I need you to do for yourself. Ten percent. Take it off the top. Line item it. If you think you’re “too skinny” for that, then pick a number. You are the most important investment you could ever make.

If I was given the choice between funding my SEP IRA or my success, I’ll choose my success. You have to go ahead and reinvest in yourself.

If that doesn’t resonate with you, that’s the reason why you’re in the situation you’re in. Period. There is no such thing as spending too much money or a limit to how much you can put.

A client of mine met this person who puts 50% of their income to a PD budget. Think about that. Try to envision this. You’ve got a W2 of 250 and you’re going to line item 125 to yourself. That’s unique and an extreme example but that person has doubled their income in the last three or four years since they started doing it. Interesting. Right?

In closing, what I’m asking you to do is, don’t be an arrogant idiot and delude yourself that you just need to work harder or you have it figured it out and you don’t need any help.

You’re lying to yourself. That’s you’re ego talking. Your bank account can’t cash that check. Wake up in the morning and make a change. Be honest with yourself.

If you know that time is ticking away in your career and over the last 10 years you’ve been telling yourself to get your act together and it still hasn’t then there’s a clue in that. You’re not capable of doing it yourself. Look in the mirror and just face that fact. Get some help.

Thank’s for listening. thanks for Watching this episode of The Magellan Network Show and remember. If you want to spend a month with me, 30 days –

Thanks and I’ll see you in the next episode.

5 Words that Will Cost You Millions

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Hi, This is Coach Joe Lukacs and welcome to this episode of the Magellan Network Show.  I’m going to share with you today four keywords or phrases that cause advisors millions of dollars in their career.

First I want to make sure that you’ll look at my special offer. I want to give you full access for 30 days to my new Magellan Network Coaching Program and Mastermind.

Make sure you check that out in the link or just go to One word. Put your application in. Let me help you in the next 30 days.

With that being said, let’s talk about words and languaging and why it’s so important that we get our arms around this. Not just as advisors, but as human beings also.

Our internal dialogue, or self-talk, has a lot of impact and influence on our behaviors. As an advisor, the challenge here is that we are really not aware of this. The reason why I say that is when I’m doing an introductory call with a potential client, or in the evaluation process, I listen intently to how they’re communicating.

What words or phraseology they’re using. If they communicate to me that way then that means that’s how they communicate with themselves.

I hear things like. ‘Well Joe, I’d really like to make more money…’, or ‘I’d really like to get more organized…’, or ‘I’d really like to get it to the next level.

The phrase ‘Like to’ does not commit to anything. We have to realize that in our society today, remember. Our subconscious is a thousand times more powerful than our conscious.

What happens is that with all these inputs, your subconscious filters them. What it looks for are things that you deem important. If you’re phrasing things as ‘I’d like to lose weight or I’d like to go to the gym more often, your brain goes, ‘That’s not important! That’s not a commitment. That’s not a must!’.

So, we back burner it. Like to’s never happen. For some of you, when you do your goals, business planning or just framing what you want to do, it doesn’t happen.

In essence, you’re not committing to it internally. The next term is ‘TRY’. I’m going to TRY to lose weight. I’m going to TRY to ask for more referrals, I’m going to TRY to get up earlier. Try, try, try.

Remember what Yoda says? ‘Do or do not. there is no try’. It’s funny in one regard but it’s also true. It’s because you must use the language of commitment. It’s a four-letter word that can make you millions of dollars a year in your business, career life or just give you so much more power.

That’s the word MUST. If you start phrasing things like, ‘I must get up by 5:30, or I must get to the gym every day, I must ask for one referral a day. Your brain goes, ‘Oh! Priority!’. And subconsciously you’re more cognizant and aware of it.

Try’s and like to’s, we must eliminate it. There’s probably another one which is ‘Should’ so maybe there’s five. Again, the same problem.

Your brain will say it’s not a priority but an option. Remember that the brain looks for things that have to happen and the things that are optional or unimportant. We always have to be in the ‘have to happen’ box with our business.

If you’re thinking, talking or writing down things that way and you’re wondering why you’re not moving your needle, it’s because you’re using the wrong gasoline in your tank. Then you wonder why your car doesn’t go?

I just want you to be very cognizant with that. I “kick” my clients all the time. Hey, what’s going on today? Tell me about your last couple of weeks and they start to answer, ‘Well, I try…’ I tell them to talk to me right.

I know some of you are doing the audio and that’s cool but, I ask all my clients to do a two-page quarterly game plan. What we do is when I review it with my personal client, I’m looking at the language.

Do we have the language of commitment or complacency? Those are two different things. Look for those three elements.

Then we look into the other two. ‘More’ and ‘Better.’ What’s the problem with those? Well, they’re not discernable, measurable or clear. Let me give you a scenario.

I ask an advisor to give me some of their goals and I get, “Well, I’d like to get more money”. That would never happen. With ‘Like to’ and ‘more’ in the same sentence, you might as well not have said anything.

Until you’ve heard me firmly speak today about this, you’ve been thinking subconsciously, ‘I’d never thought of that’. I want you all to just be aware of your ‘internal dialogue’ or your ‘ID’. It’s a part of your operating system.

For some of you, it’s a major part. It’s so powerful and like what I’ve always said, we’re in the personal development, mindset business. The difference between somebody that does ten million dollars of revenue and a hundred thousand dollars of revenue is their mindset and not their education.

If you’re not aware of it, then how can you change it? A human being can not take action if they are not clear of the objective. So here’s how your brain works and I’d like you to listen up. If you say, ” I want to get more referrals’.

Your brain goes, ‘Okay’. But it can’t formulate how to get that done because there’s no specific target. In essence, you’re confusing yourself.

Just like what we talked about prospects, a confused prospect can neither say “Yes” or buy, a confused adviser cannot take action. What happens is that you can’t pull it off because your brain doesn’t have all the elements of the formula.

If you say, ‘I want to drive four referrals a month’ or one a week’. No longer the word ‘more’. Your brain goes, ‘Okay, how will you pull that off? Maybe once or twice a day’. Right?

Now I’ve got a formula which I could take action on because it’s tangible versus ‘more’ wherein I can’t equate that. The same thing with ‘better’. It’s the same scenario.

How do we quantify ‘better’? Is it 100th or 1 Millionth of 1%? I want to have a better bank account. So here’s a dollar. Go get them. I mean what are we looking to do here? How specifically better do you mean?

The word ‘specifically’ i’s powerful because it forces you to get all this stuff and get it down to tangible scenarios. I want you to say, ‘I want to drive, one referral a week’. What must I do specifically? I must ask for referrals. How many times specifically is the standard?

Now you’re working it at a much higher level to formulate a game plan. That’s where a lot of you is interesting in my career.

I’ve seen a lot of bright people who are good at what they do and care deeply about their clients. They’re ethical and honest but they’re frustrated because they fell into that hole and cannot get out.

Most of the time, it’s because of the language holding them down. If you’re not aware of it, and this is where the frustration comes, you won’t know what to fix because you don’t know what to look for.

It’s like putting your hands up because you can’t figure out why your car won’t run. From there, you have to bring it to a mechanic who then plugs it to a computer and all things that are wrong then appears! It’s diagnosed. Now we can go fix it.

You have to diagnose what’s holding you back. If you’ve followed me for any length of time you’d know that I spend a lot of time talking about mindset. Not in a superlative way but a tactical way.

Our elements, beliefs, the rules, self-image or the man/woman in the mirror, which will be another topic for one of these, our Internal Dialogue or ID and the fifth element which is, how you define failure.

Today, we’re spending time in the ID or internal dialogue box. If you’re not conscious or cognizant of your self-talk, it will cost you, depending on how long you’ve been in the business, probably millions of dollars.

I made this statement the other day to somebody who has been in the business 20-25 years. ‘How long do you think you’ve been kind of wired the way you’ve been like the like to, try, should, more, better?’.

He says probably since rookie training. That’s okay because he’s a guy that cares deeply and just to be clear, he’s not failing. This is the only profession I’m aware of where somebody could make a hundred to two hundred grand a year net and still feel like a failure. I know it’s a weird dynamic which is a topic for another time.

I asked him, how much it cost him business-wise in the last 20 years. It was like an epiphany for him. Then he saw the problem. Some of you will definitely understand this.

What’s the first goal when you get into this business? Survival. Making it thru the crucible. Depending on how old you are, it could look one way or the other but it’s still the same thing.

It may take you a couple of years to make it thru. Then you get to a place wherein you’d think you can make it now. You’ve somewhat validated you’re existence.

If you relax when you get to a certain level of income or success, then you’re entering a very dangerous place. The comfort zone. When you’re in the comfort zone, everything becomes a ‘should’, ‘better’ or ‘more’.

When I talk to my clients who are ‘chargers’, meaning they go out there and make 20-25% a year and building empires, their language is, ‘I have to get this done’ or I must have this happen or I must figure this out. There’s is no ambiguity in their language.

They understand that they have to stay uncomfortable. It’s fine if your goal in life is to live a comfortable one. I’m not knocking that. But then be at peace with it. Don’t go, ‘I want a peaceful life but I want to double, triple my business’. It will never happen. It just won’t.

Every successful person understands the rule of being uncomfortable. This is the terminology that I’ve been using for myself in my 25-year career. I’ll 55 this year and made a declaration to my clients back in February that I’ll be here for another 25 years and that’s if God’s willing.

The visual I used was, I was climbing a mountain. What most people think is that, if you’ll be in the business for 50 years now you’re in the halfway point.

You’re now on the peak and going down the backside of your career. I tell them, I’m only halfway up the mountain. My best day or the day that I’ll be ‘looking over the peak and everything’ is the last day that I will coach.

When I say that this is it. This will be my last day as a coach. That means it will be my last day as a coach. I need all of you to adopt that same psychology.

I don’t care if you’re 25 or 75 years old. You have 100% of your career left. Your best day as an advisor, being who you are in this, is your last day.

Your age has nothing to do if I will work with you or what not. All I care about is your mindset and what you want to accomplish. I’ve got to be excited for you because if I’m not, it’s going to be boring. And who wants that?

Your best day is your last day. Take that and watch your internal dialogue and you can have great things happen for yourself.

Don’t forget! If you like this, I’ll give you lots more. Come and check it out. Give me 30 days to transform what you’re doing and who you are. Thanks for listening. thanks for watching. I’ll see you again on the next episode of our Magellan Network Show.

Put Your Amex Away and Do the Job

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Hi! This is Coach Joe Lukacs and welcome to this episode of The Magellan Network Show. In this episode, what I want to talk to you about is how advisor’s really mess up their marketing by trying too many different things and here’s what I mean.

Recently, I had an advisor come to me seeking whether or not we could work together. Part of my process is to have you schedule a 30-minute introductory call through my website no strings attached. If there’s something there that makes sense then we’ll do a deeper dive in the evaluation process.  

In this evaluation process, I always ask about what your stresses are and what’s frustrating you. To give you a little flavor here, this is a person who has been in business for 25 years and has a little over half a million dollars of revenue so by normal standards is successful.  

But they’re always chasing something. No matter how successful or how good a win is, it’s never enough. It’s like, “Yeah, but…”. Then you go to conferences or you go on the web and you hear or see other advisors doing other things and you go, ‘If I don’t do that, I’m going to miss out’. Then we have this fear of the scarcity piece.  

I think what a lot of advisors do is they really get themselves twisted because they see what everybody else does and they try to mirror or mimic that. At the end, they all end up collecting these “shiny marketing objects”.  

When you really think about it, the easiest thing to do in our business is to go ‘whip out’ your credit card, hand it over to somebody else and they will magically fix your problems because we now have some marketing problems.  

They’ll go, ‘ Here’s my Amex. Cure me’. Right? How many times in your career did you try that? Only to learn at the end that it didn’t cure anything. All it did was increase your balance.  

A lot of times, it’s not the fault of the creators. I mean, I create a lot of programs too. In my mind it’s a partnership. I create content, system, framework, but then I need the advisor to execute the framework.  

But what happens is, we get smart. You have to remember that when you buy a system, it is designed to work exactly as how it is built.  

So, when you start hacking it or messing with it, then why did you buy it? All bets are off on anything you purchase when you start changing it. It’s because it has been tested and vetted that way and not in the way that you would want to go do it.  

What we have to realize is basic. You get bored because everything is working. Let’s be very clear in our space.  

We are not trauma surgeons or firefighters. We are not first responders. We don’t run into burning buildings. What we do is basically boring.  

It’s meaningful work because it solves people’s problems and gives them a sense of certainty. That’s never going to diminish.  

It’s not supposed to be exciting unless, you get your thrills from thinking, ‘We can retire now’. When we get bored, we start ‘monkeying’ with stuff. We start playing with things that are working.  

An old saying in our space goes, “It works so well I stopped doing it”. There’s an example right there of what we do. Your business is supposed to be boring.  

Your marketing should be ‘rinse and repeat’. So, let’s get back to that piece for a second. Stop trying everything and dabbling with it all and executing it poorly.  

What I did was, I asked him to rate himself about his referrals, COI relationships, and a couple of hundred clients. One, being totally dysfunctional and 10 being he could teach me.   

So, what I got was a level three to four on the referral gathering, optimizer and on COI relations. Now he wanted to do this big online campaign, social media push, seminars, radio show; all these things would be about $50,000 worth.  

So, I said, ‘Let’s back up for a second’. What’s your endgame when you look at your marketing and your business model? Stephen Covey said, “Begin with the end in mind”.

The end in mind is how many new relationships per year. That’s what’s going to matter most. Most advisors would think of getting about 12 to 18 new clients. If you get 24, that’s fine!  

You don’t really get 30 to 50 unless you’re in a big team with lots of moving parts. A totally different animal. But if you’re a ‘solopreneur’ or on ensemble practice, you’re going to be somewhere between 12-24 to be safe.  

So, if I’ve already got a couple of hundred clients from the last 20 -25 years and I don’t do anything proactively then, I need to get some strategies in there.  

I’m not saying to beat people up or anything crazy like that. But if we strategize there, we’re going to get that seven or eight rating! What do you think that’ll do for your business?  

Well, that probably will get double the number of referrals. For optimization, let’s say you’ve got 200 clients. What percentage of those households are optimized?  

We have a balance sheet or financial plan, insurance, lending, we know where all the assets are, if they’re with us or not (but they better be with us); the whole gambit. So, you have a four rating so probably around 20 to 30%.  

For COIs, if you have 200 households, do you know everybody’s tax repairer or legal representative? Do you have that somewhere? Some ‘Yes’, some ‘No’.

Then we’ll spend $50,000 on a vanity project to get us on the air, which creates a mess. I’m unoptimized! For those with MBAs out there, what business case is that?!

This is what advisors will do which I see over and over; and this is shocking to me even after 25 years.  We don’t operate a sound business practice. I always say that I’m not the right coach for everybody because of the way I talk.  

So, here’s what I said to him, ‘Look. If you want to go blow that money to make yourself feel good because you’re on the radio, you’ve got a podcast now and all that; but at the end of all that, we still don’t know how to make our clients aware that we’re open for business and we’re here to help you or people you know, i.e. referrals?’

If you don’t have a process to get, at a minimum, a balance sheet if not a full blown financial plan; then we have an issue there. How many CPA/attorney/COIs does one really need to be hyper effective?

Less than a hand. The thing is, until you’ve met with all hundred, as an example, two-thirds of them aren’t going to be worth anything to us.  We’re not going to resonate. They’re going to be competitors. I get all that.

But let’s say it was one out of ten. So, for every 10 COIs, nine of them were a bust, but only one ‘drank your Kool-Aid’. One. And you have a hundred to visit with. 90% absolute failure rate, right?

This is what we all think is right. It’s because it’s easier to get seduced with a shiny object. It’s easier to go ahead and hand over your Amex card and try to solve your problems.  

You know what? They’ll work. But it works rarely. Here’s the last metaphor I’ll give you and we’ll wrap this up for today.  

If you’re racing and all you do is invest in your car, change this, add that, improve on this, tune this up, fork over that Amex card; but you suck as a driver. Are you going to be any more successful? Yes or No?  

Of course, the answer is ‘No’. Great car, crappy driver. Bad results. Average car, great driver – great results! That’s been proven over and over! You can drive to a win.  

So, here’s my thought for the day. Instead of forking over your Amex card to solve a challenge that you don’t think is in the mirror, maybe it’s time to look in the mirror.  

It’s time to say, ‘You know what? I do suck at referrals. I got to get better at that’ or ‘You know what? I’ve got no clue on what I’ve got on my business books. I’ve been absent. I’ve let my responsibility lax’.  

You need to fix that. You’ve got a hundred other professionals that you can go visit with or at least reach out to just for your client base.  

You don’t need to buy some CPA list. I’ve got people telling me that they’ll be buying a CPA list and then ask me about what I think. I ask them how many clients they have and if they know who their CPAs are.

If they say ‘No’, then I say, ‘Why the hell are we buying a list?’. You don’t need to be a stranger. If you meet with them, you can have at least some commonality. A common client. Let’s think people! It’s not that complicated.  

Stop forking over your Amex card. Let’s go do the work, have an honest assessment of where you’re at with your business and stop screwing around. Okay?

Hope you enjoyed this. Have a great day and see you next episode.

Getting the ‘Yes’: How to Influence Yourself, Your Clients, and Prospects

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Hi this is Coach Joe and welcome to this very special episode of the Magellan Network Show.  

Several weeks ago, I hosted my M2 Mastermind meeting in Clearwater Fl. These are handpicked financial advisor clients of mine who come together several times a year in a study group to mastermind, strategize, and to really talk about best practices and what’s working. 

Typically, when we have these multi day retreats, I always present a new training, a new concept to the group and they get it first. This past meeting, I unveiled “Getting the ‘Yes’. How to influence yourself, your clients and your prospects”.  

What I want to do today is share with you a short excerpt of that meeting and what I’d like you to do is watch or listen to it (if you’re listening to the podcast), take some notes. I hope you find it valuable. 

Here’s what I’m finding. This has been true in my entire 25-year career. Very few advisors have any kind of formal sales training and if you’ve had informal training, where it’s very generic and not built around our industry.  

If you’ve learned anything around people, it’s going to be product driven. Here’s how you talk to somebody about annuity, here’s one for life insurance, this is how you sell this and that.  

While you might be good in that one area, it doesn’t give you the depth of the relationship that we all need to have. Couple that with the following that as an industry, we really and truly operate and explain things logically. We’re logic based.  

Things like planning software, financial DNA, investor behavioral stuff, and behavioral finance tools are tools that double and triple down on our logic. How many of you guys run Riskalyze? You get a number and you tell your clients to round that number and it’s a logical process because it’s software driven.  

As an industry, we’re losing the skill set if we haven’t even had the heart of the conversation with people. If I were to build a human like robot advisor, they’re going to have incredible communication and influence skills. I won’t make them the smartest one in the room because that will give them a bias. But I will make them like a person who can connect with anyone.  

This background of mine came from Cialdini, Jay Abraham, and Tony Robbins’ work through NLP and neuro-socio groups. I melded all those together when I built my program 12 years ago. So, what’s changed in 12 years? Well, Technology.  

A lot of times now we’re not even sitting face to face with our clients or prospects. We’re either doing it over the phone or through Zoom. Now there’s a whole other river here that we have to get through to connect to people.  

If your brain tends to be analytically based, you’re going to communicate in your natural style. That would be great if you’re dealing with somebody like you. There are people that you just connect with and you don’t know why you like them so much, but there’s just that natural level of rapport. 

There’s no issue with those. It’s when you have that one that you want to help but you’re not like them. They’re not going to come to you. You’ve got to go to them to be in a position of influence. That’s the skill set that we’ve forgotten. Likability is a foundation of everything. If your prospect doesn’t like you, it is highly unlikely that they’re going to be a client in our space. 

Other professionals who are transitionally oriented, likability is nice to have but not a must have. For example, you may need surgery and may get referred to a surgeon that’s at the top of their field. The number one in the area.  

You meet them and they’re an ass and you don’t like them but, they’ll get the job done. You’ll hire them to do the surgery even if you wouldn’t want to have dinner with the person right? Same thing with criminal defense attorneys. I need somebody who’s going to solve a problem for me. I do not have to like them.  

Advisors follow a totally different set of rules. You have to be liked in order for people to engage an advisor. Likability is high enough on their board when they make decisions.  

If you don’t resonate with that prospect, it doesn’t matter what you show them or how impressed they will be with your reporting. They will never say “Yes” to you because they’re not connecting to you.  

Our industry has a different set of rules. That’s why you just can’t be good at what you do. As for a lot of this people in our space that have all this intellectual capital: MBAs, JDs, Masters in Financial Planning, etc. but, they can barely make ends meet in their business.  

Why? It’s because they think it’s all about, ‘Well, everybody else is smart I should get hired because I’m smart’. But the client or prospect doesn’t like you because your attitude is bad.  

No amount of education is going to overcome that in our business. The other thing is this, ‘Influence is a battle of congruence’. The person who is the most congruent wins the deal. 

This is why the morning ritual is so important. I’m going to make a better business case for the morning ritual today than I did in business planning.  

Clients, prospects or team members, when you need them to do something, you have to influence them to do it. When you sit with a client and you have to give them a new set of recommendations, you’re selling them on ‘why they need to do it’ and they’re selling you on ‘why they don’t want to do it’.  

You’re sitting with a prospect. You’re going to influence them to say “Yes” to you and they’re going to try to influence you on, ‘well, let me think about it’ or ‘I can only make certain changes right now’. Whoever is more solid in their conviction is going to win that battle 9 out of 10 times.  

Some of you may have or may know somebody who has experienced this. People that first got in the business don’t know a thing. But they are excited. While they’re intellectually deficient, emotionally they are bundled with enthusiasm and excitement which is contagious.  

They didn’t get somebody to say “yes” to them purely out of their own beliefs. Then they get smart and lose their “power”.  My point is, bring them both together in this room. Have them both if you’re capable of having both.  

Being an influencer is a skill set. This is a learned skill. I’m an introvert but yet I influence every one of you to do the right thing for yourself. I stand up in front of this room and I’m teaching today, but I’m an introvert.  

One of my belief set, which I’ve had for 30 years is I can build rapport with anybody. How many of you here are similar to the person next to you? There’s a lot of difference, right?  

But why am I able to be effective with all of you? It’s because I go to where you are. If you were to record all my coaching calls, you’ll see that I talk differently to each one of you.  

It’s because if I don’t “go to where you are”, you won’t “hear” me. That’s true power. It all starts with likability.  

What’s the foundation of likability? It’s rapport. Physical Rapport. Match and mirror. If they talk soft, you talk soft. If you’re doing a video conference with a client or prospect, notice the tilt of their heads, or their shoulders.  

You’d want to match that. When you do, go and build a “communication bridge”. That’s power. They don’t know why they like you but they will. It’s all because of mirroring.  

They’ll see that you’re just like them. If anybody has done any neuro-linguistics, you’ll know that matching and mirroring is one of the most powerful tools of influence.  

These are the core principles of the program. We need three things. One is ‘Yourself’. If you don’t know why you’re with that person, then you have a problem that you cannot overcome.  

If you don’t know if you’re qualified to help them or how you can help them and all that “head trash” rolling around, then you’re already defeated. You better hope they’re motivated by themselves to say “yes” to you because you’re going to mess it up. How do we do that? 

The answer is good old “Morning Ritual”. If I were to sit with a prospect, I would ask myself, ‘Why am I sitting down with them? What is my goal? What is the outcome I seek?’

Let’s talk about prospects for a second. What percentage of time do you literally say: ‘I’m going to match and mirror, I’m going to build massive rapport’, and ‘I’m going to do whatever it takes to help them. I’m going to commit to that process’ and say it consciously to yourself. Not ‘I show up and I hope that it works’. 

When you start dictating outcomes in advance to yourself and you’re buying what you’re selling, your congruency level goes up and that is the battle we face. All of you have lost opportunities for new clients because somebody was better at selling you on why they couldn’t do something than you were better at selling them why they needed to.  

You bailed because you were not solid on yourself. Your own mental foundation was weak and you caved. You didn’t dig in. In every influence situation there’s a moment and how you treat that moment, determines the outcome. Sometimes it’s early in the process and sometimes it’s in the latter part.  

There will be something in that person’s mind that will make them go, ‘Do I really want to do this?’ You will then need to articulate why it’s in their best interest. The only way you’re going to know that is if you have enough rapport to them that they will open up to you.  

All of you have had a meeting, so have I, where you get in front of somebody and you just can’t get them. They won’t talk or answer any questions. They just want to be pitched.  

How many times do you get that person as a client? The answer is none. What happened? They were so guarded that you didn’t spend enough time breaking them down, building enough rapport with them, matching and mirroring with them to build a communication bridge so they trust you. That all happens here in the foundation. 

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Joe is not only a great source of information but he is a great inspiration as well more.
—Douglas Chapman
Senior Financial Strategist, Phoenix Life Insurance
Joe's guidance, knowledge, and support has helped me radically change my professional and personal life. I would not be where I am today without him more.
—Brooks Cory
Joe’s advice and creativity has been a crucial component of my success in the financial services business. He understands what it takes to succeed more.
—Fredrik Borstad

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Joe is not only a great source of information but he is a great inspiration as well.

— Douglas Chapman
Senior Financial Strategist, Phoenix Life Insurance

Joe’s guidance, knowledge, and support has helped me radically change my professional and personal life. I would not be where I am today without him.

— Brooks Cory

Joe’s advice and creativity has been a crucial component of my success in the financial services business. He understands what it takes to succeed.

—Fredrik Borstad