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How to Influence Yourself, Your Clients, and Prospects | The Magellan Network Show
Several weeks ago, I hosted my M2 Mastermind meeting in Clearwater. These are handpicked financial advisor clients of mine who come together several times a year to mastermind, strategize, and talk about best practices. I always present a new concept for the group and they get it first. This past meeting, I unveiled “Getting the Yes: How to Influence Yourself, Your Clients and Your Prospects”. To see this excerpt from the mastermind watch my latest video!

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

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’d what 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 a you schedule a 30-minute introductory call thru 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, 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 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 and I’ve got a mess here? 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. 

How to Handle Adversity

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Hi! Coach Joe here and welcome to this episode of The Magellan Network Show. In this episode, what I want to talk about is everybody’s favorite subject. Adversity. Right? 

Obviously, it’s not. But if you live at all and you’re in business in any shape or form, let’s face it adversity is going to show up on your doorstep. It’s not a question of “If” but it’s a question of “When” and “How many times”.  

I want to share with you some strategies that I’ve developed, in my 25+ years of coaching advisors on how to deal with adversity.  

Let’s talk about adversity first and define it. All adversity is not created equal. In my experience, there are two types of adversity. One is internal adversity, which I’ll explain in a moment, and then the second one is external adversity. 

What are the differences? Internal adversity, for the lack of a better word, is self-imposed. It’s something you created on your own. For example, it maybe that you stopped your morning ritual or your daily game plan.  

Or you’re just on survival mode. You’re not going to the gym, your energy level sucks, or your health is not in good shape. Things like that are internally focused.  

External adversityin essence, are things that happen outside of our control. The best example that I can use here is the fall of 2008 and the spring of 2009, we had a lifetime’s worth of external adversities in about six months.  

Things like economic scenarios, market scenarios, geopolitical scenarios or the weather right here in Florida. We have hurricanes, right? That’s external adversity. In California, you have wildfires and droughts. This past winter in Michigan you had ice storms. Again, external adversity. 

There are things that happen that we don’t control. The bottom line is, you need to have strategies in advance. You need to have a game plan to handle these pieces of adversity when they show up.  

Some of you may be saying or thinking, “Wait a second. Isn’t this being negative?” No. It is about preparation. For example, here in Florida. I have a game plan if a Category 5 hurricane comes over Melbourne, FL. and totally destroys my house. I’m going to be in Atlanta, GA within 24-48 hours.  

I’ll be getting a VRBO and I have everything in the cloud if everything is thrashed. Then, I’ll go to BestBuy and get a new computer. I’ll be up and running in 48 hours. I’ll be in Buckhead in Atlanta. Why? Because I’ve done the research and I’m set to go.  

Let me ask you another question. If your office building burned down tonight, do you have a plan that says, “If I cannot access my office, here is how I’m going to move forward”. If you do not have that, you need to create one.  

Again, this is not negative thinking. This is preparation. If adversity shows, what must we do? One thing that we don’t want to do is just pretend that it doesn’t exist and have this psychology that I’m just going to “out effort” it.  

I’m just going to sit there and plow through it. I’m a tough dude or I’m going to make it happen.  

That is to me, the same scenario as, I went for a hike in the forest, I’m lost. I’m going to run now, and run with my head down not caring what direction I’m in.  

If you run with your head down in the forest, you’re going to either run into or run off of something. Nothing good comes of it. Same thing with adversity.  

You cannot just put your head down and work. You’ve got to take a pause and look around and survey options. This is why pre-planning is so important.  

For you on teams. What if a key team member has to take a leave of absence? Maybe they have a phase going on in their life. What’s our plan for that? How do we handle that?  

These are just some scenarios you may want to take a look at. Whether the adversity is internal or external, here are some rules that I’d want to share with you as a part of this episode. Number one, Simplification.  

In other words, what you’ve got to look at is truly what is important, what is the core and what can be temporarily eliminated.  

As an advisor, your core is our “Magellan Core 5”, right? First, we adhere to our morning ritual no matter what. Keep your mind right.  

Second, we need to stay in the communication contact gameright? Third is that we need to make sure we serve our clients, review our clients, update their financial plans.  

Fourth, we still need to talk about introductions, referrals. We still need to be in the “Growth Mode”. Referrals and introductions are the easiest way to grow our business because it doesn’t require a campaign. 

Lastly, we would always need to keep our KPIs. We always need to track how we’re doing. So those are the Core 5.  

In other places, quite frankly, you may simply go, ” You know what? We can’t take on events right now” so we pull them off. Conferences are a no go so we pull them off. You just scrape everything off until you get to your core.  

When you’re in adversity, running a simplified model will get you through it and keep you on track. A lot of times, and I’ve had these happen pretty much every year of my career, one of my client’s key staff member will go on a maternity leave. Depending on the stage, it can be just a couple of months or sometimes maybe even almost half of the year!  

If you know that’s coming in, what happens next? We’re going to bring in a temp in or you’ll say let’s not do this and we just start pulling back some things temporarily and we keep our core moving forward.  

The other thing that you must do when you face adversity is to determine what’s important. Let’s talk about concentric circles for a second. You must take care of yourself first.  

Taking care of yourself is the first priority and I’ll explain in a bit. The second thing will be the people you care about, both personally and professionally. Then the others.  

As an example, when the airplane is ready to take off, remember what they say about the oxygen mask? “Put on YOURS first. Then help others”. That’s self-care.  

In adversity, the same rule applies. You must make sure you have a plan to take care of yourself. Be it your morning ritual, your nutrition or your exercise program.  

At some levels it may seem counterintuitive because our brains will be in crisis mode and we’ll just go ahead and attack the problem. The issue with that is you lose your edge once the adrenaline wears off.  

Once you lose your edge, you then start creating a series of bad habits and patterns that makes you less and less effective. If that happens, then you’ll really just go into survival mode.  

My strategy is designed to keep you out of survival mode. It may not be in high thrive mode but, realistically speaking, in a place where you can say, “I can handle this”.  

Again, this is not negative thinking but about preparation. So, the next time you have your team meeting or if you’re a “solo-preneur”, ask yourself and your team, “What would happen if we were unable to access our building. How would we set up shop? Think about that.  

Think about what would happen if you were unable to perform your duties as an advisor for 90 days. How would you handle that? Again, this is about thinking like a business owner. You need to recognize that. Adversity will come your way regardless of your age. 

Always have a plan B, C and D. If you’re self-aware and break your patterns down you’ll see the time where “the bill comes due”.  

At some point in your life you’re “going to pay the piper” and you don’t want to do that. Life is too precious.  

Just be honest with yourself. Am I creating some sort of potential adversity down the road for me by the way I’m living my life? Recognize those preventable or solvable problems and always have plans in place.   

That being said, thank you for listening and thank you for watching this episode of The Magellan Network Show. Love to see you. Subscribe to my YouTube channel, podcast, and  

Come check me out and let me help you.  Have a great day! 

How Dysfunctional Client Relationships Lead to a Dysfunctional Business

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Hi, this is Coach Joe Lukacs and welcome to The Magellan Network Show!

In this episode I‘m going to cover why client relational insecurities and a scarcity mentality will wreck most advisors’ careers.

What am I talking about here? Basically, I mean this. If you’re an advisor and you basically allow your clients to run your schedule, every time they call, you pick it up. Every time there’s an email, you’ve got to answer in the next 5 or 10 minutes.

You’re so afraid that you’ll get fired by a client that you operate in this fear scarcity mode.

You can never scale your business. Let me explain why. You can go ahead and make a decent/good living operating your business this way but really, what we’re talking about here is operating your mind that way.

Why do most advisors do that? I think in my work, what I have found is that there has to be a point that you pivot somewhere in your career and probably within the first three to five years in your mind you say, ” Okay. I know now how to do this business. I’m viable, I will now be profitable in where I need to go, what I need to evolve into.”

Unfortunately for a lot of advisors, they never get to have that conversation with themselves and they operate as if they were really three to four-year rookies and it’s almost always fear. Now, how do we get there?

I think a lot of it has to do with your own mindset. An advisor’s mind set. This is not about being arrogant, or cocky or anything like that. It really boils down to just being confident. See, if you’re not sure of the value it brings to the table, if you’re not sure on building those deep relationships, you’re always going to sit there and wonder about that next client phone call.

If you think about it, we all must lose clients. I as a coach, have some small turnovers every year. They die, the kids go into the business, they just want changes, or they just want to chase their own “shiny object”.

If your goal is to sit there and say to yourself, “I never want to lose a client”, it is a very bad call. In business plans that I do with my clients, we talk about a 5% attrition rate based on number of households.

Very rarely do we see it but, we would want to have that inner psychology in our thought process so when it does happen, we’re not “Oh my gosh!”, right?

And thinking about this, most advisors (especially if you’ve been around for a bit) when you got into the business, what did you do? You were making the calls, you were making the knocks, the emails and one day you said to yourself. “There’ll be a day in my career where everybody’s going to call me”.

When that starts to happen, we get all excited. We get to a point where we say “Ah! This is really cool! People needing me, I feel valuable. The problem is, you can never get your arms around your business. This doesn’t mean you can’t make a good living.

I look at the clients I have that have been with me for quite a while and have been very successful. Their approach to a client relationship is really one of partnership. It’s not that they have this multi-billion dollar business and I’m just lucky to have them so I’m just subservient to them. They don’t have that idea.

They have a partnership and while we love to retain them, there will be boundaries. For a lot of my clients, it’s about how they treat your staff, how they treat or need you, how needy or demanding they are. What we do as advisors is important but very rarely urgent.

In my world, urgent would be the death of the client or a close family member. That would mean “All hands-on deck” and let’s make things happen”. That’s where you’re going to approach us. If you do not, what you’ll end up doing is probably doing a daily game plan or a to-do-list and as soon as you get to your office, the phone is ringing, outlook is “dinging” and you’re sitting there not getting things done.

The worst part is that when somebody wants to come in. They would want to meet with you and your staff goes, “well, when can you make it.” “We’ll see you tomorrow.” No rules. So here are some you need to establish to get your control back.

1. I’d like you to create an email autoresponder that basically says something like this:

“Hey, thanks for emailing/ contacting me. I check emails once or twice a day, I will reply to this within the next 24-36 hours. If it is urgent, CALL MY OFFICE.”

A lot of people will sit there and say, “Isn’t it bad client service because you’re not handling it right there? They’ve got to call. We want them to elevate it and like what most advisors do, everything is important.

It’s because we have this insecurity around relationships. That is the first thing that I’d like you to do is to take control of your inbox and I want you to do those 2 things. The autoresponder, and most importantly, close your outlook/email.

Only open it when you need to open it like checking emails, (which we’ve done no more than 2-3 times a day). Or to send an email, which is going to be batched 2-3 times a day.

It drives me nuts when you’re sitting there and we’re having our coaching work and I hear email notifications in the background, it drives me nuts.

You’re spending top dollar here. Take note my fees aren’t that cheap. Again, the reason for this is that we’re afraid that we’re going to miss something important. There’s that fear, that scarcity, and psychology showing up.

2. When clients are due for reviews do not ask your client, “When are you available?” It needs to be that you’re in his/her slots. Reviews are just reviews.

This is not 911 stuff. 911 is a whole different animal. 98% of what you deal with is not 9-1-1.

Have review slots, and have them done within 7 to 10 days from now. That way, you’ll have time to prep, review, be orderly, and you need your calendar organized with very specific slots of how many reviews per day, what days you want to do them and what the flow is. MORE IS NOT BETTER in a lot of cases. That’s the 2nd thing I’d like you to do.

3. I’d like you to eliminate other distractions. Again, shut your browsers down. Get some block time. Do some things to get control of your day. Your team needs to take and filter the calls. They need to be trained and instructed. If you’re sitting there and you’re paying your staff and you’re dealing with stuff like your the helpdesk, that’s a problem.

Going back to the psychology of this fear, insecurity, and scarcity. If you’re driving your client relationships based on those 3 emotions, you will never have a good night’s sleep. You will always feel like you’re just one bad phone call away from losing a client. How many times have you mentally set yourself that the person is not staying with you and that you don’t feel good about the relationship?

You’ve got all these insecurities. Yet the client stays and it almost shocks you sometimes. The reality of the matter is, they are viewing the relationship in a different way and we want to have those boundaries.

Some of you would say, “Joe, if we’re not responsive, that’s not good client service.” Well, define the word responsive to me.

What are the rules around responsive? Because if I’m one of your clients and I’m coming in tomorrow for my review and instead of “prepping” for me you’re off doing this and that. You’re patching together my review and my agenda and you’re heads not in it because you’re just all over the place.

Tell me how that is good client service. Tell me how that makes me feel. Remember. What we think is important, it is very rarely urgent. We are not a trauma center.

For a lot of you, you just need to make a decision to take control back of your business. So many advisors are literally running this thing like a high paying job, but a job nevertheless thinking “Oh it’s a good day today! 15 inbound calls and we were able to do this, but I’m still wearing this as a badge of honor.”

That is a business you can’t scale. The only way you scale it, is to work harder and longer and less vacation, less renewal time and that is not what we are after here. In my mind as a profession, nor should you be as part of this industry.

Here’s a couple of things I’d like you to think about. If you have needy clients, that literally need to talk to you every day, or every other day, and stuff like that, it would probably not be good to sit there and tell somebody, that, hey, for the last 10 years I’ve talked to you every day, for 30-45 minutes (which goes on a lot more in this industry).

It becomes where you’ve got to take that call or you get on that phone and say, “Hey, thanks for calling or I’ve got 5 or 8 minutes, lets cover a couple of things because I’ve got to jump on another call or meeting.”

If you’re too accessible, it does two things. First, it sends the wrong message to our clients that we must not be that successful because we always seem to be available to just chit chat.

Second, we don’t have any rules around the client communication, relationship and it’s just literally an absolute free for all that does not serve anybody well. Can you change this?

YES! But this is all on you.

The problem is in the mirror and so is the solution as we say. You need to do this.

Scalability, sustainability is critical. We talk about the industry about how we want to be seen in the same plane as doctors and lawyers, but we don’t act like it.

We act like people who are so afraid of losing a client or a deal that we basically make ourselves appear like salespeople. How congruent is that Think about it as you go through your day.

Think about how much control you really have over your schedule. Remember you have 100% control over your calendar. If you don’t want to see people on Friday, then don’t see them. If you want to take a week off, do it! It’s your business so it’s you rules.

Top 5 Elements of a Great Daily Game Plan (Magellan Core Five)

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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 Spend some time with me and let me know how I can help you!

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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