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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

How to Optimize & Leverage Your Business for Maximum Profits

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What I’m going to do is share with you some new concepts, something that I personally work on with my coaching clients for many, many years, but really don’t talk about it here in a public forum.  

A lot of people, advisers look at me as a sort of the business plan guy, morning ritual guy, I’m the mindset guy (which I love), and those are things that absolutely have to be there as an advisor to really be successful. Along those lines, I have been around a lot of very, very successful advisers in my over 25-year career.  

What I do is, I teach and I learn. It’s truly a symbiotic type relationship. So, one of the things I truly believe in, and it’s very profitable to do is understand as an advisor, the principles of optimization and leverage.  

This not going to be a motivational chat today. This is going to be a dollar and cents chat which, if it motivates you, that’s very cool also. The principles of optimization and leverage basically means this. That in every practice, in every business, in every relationship, there are hidden opportunities, there are hidden points of leverage and let me explain.  

On the optimization side, if you look a client that you have, you have all of their money, is in an advisory, we have a net worth or financial plan, how we handle life insurance long term care, how we handle lending, tax and estate planning, I mean just think about some of the areas that you look at and can you have a column of all your clients on a spreadsheet and then across the top we have everything that we need to do right.  

Everything you could possible either provide yourself or orchestrate with another expert. So, the caveat most advisors have, is that, they think they have to know it all. Well, I don’t know much about long term care or lending. Fine. Go find somebody that does and partner with them.  

When I say “partner”, it might or might not be an economic relationship but the bottom line is, we are “quarterbacking” our client relationships. So, if we did that spreadsheet, and I say the “Okay”, so, how many of these situations can you definitively, not “I think so”, but you know as a statement of fact you’ve accomplished.  

So, client #1, do we all their money and is it in advisory, you absolutely know, you suspect or you don’t know? If you were to methodically build this out, you would find opportunities! Revenue opportunities, opportunities of a certain higher level, now it makes perfect sense. This is Business 101.  

What’s Business 101? Increase profits, increase gross revenue. Expansion. But in our industry, especially if you’ve been around for a while, how have most advisors been taught about expansion?  

Go get more clients.  No such thing as too many households, right? It’s simply not true anymore and I think, most of you know that. But I often run across situations where, I’ll be sitting with a potential new coaching client and I’ll say, ” Hey look, how optimized is your book?”.  

Do you have all your client’s money? Is it this or that? I’ll get these kinds of weird answers, but you really don’t know. And then the best part is, somebody will say, “Well no. I do. I know our clients really well, they’ve been with me for many, many years.  

I said, “You know because you’re assuming? Or you know as a statement of fact?”. And normally when I ask the question that way, it’s like, “Well, it’s a little less than when we updated their financial plan”. 

Either (A), they don’t have one or (B), it hasn’t been updated in years. “Where’s your current balance sheet/net worth statement?” “Oh…”, you know you get into those conversations. And I think a lot of these advisors look into these things as just “work”.  

Why do I want to have a net worth statement and a balance sheet for all my clients? One, it’s best practice. Two, you’ll make a lot of money. But if you’re busy chasing the next “shiny object”, it’s going to be a bit of a challenge.  

So, you’ll want to go do that. So, optimization primarily means, we look at the way it’s done. The way I teach it is, you take one relationship and ask, “What do we know about this person?”. “Do we have an updated financial plan, a net worth statement?”, “Do we know about their insurances? Do we know about their tax situation, who their attorney is?”  

If the answer is “No”, then you have a tremendous problem. I’ve been able to help clients increase their revenue by 50%. And not add 1 new household. In some cases, we do reduce the number of households because, we create an optimized business.  

What do you think about that? This will make you a lot of money depending on how you’re “consuming” this. Think about this.  

If you were to sit down for a day, or on a regular basis, again there’s a lot of different ways we can do this, and you just pull out each client methodically, and say “What DO I know as a statement of fact? What DON’T I know or I ASSUME?”, and you start looking at it and say “Wow! I do have some gaps here”.  

And for a lot of you, you’ll sit there and say, “Well, yeah. I did this person a financial plan 5 years ago. When this person came on, we did a financial plan, we validated it, we’ve done everything”, and I’d say, ” That’s great! Have you gotten back and double checked everything?”, “Well, no.”  

“Now why is that?”. Well, it’s because most advisors assume that if there is a change of status with their client, the client will say ” Hey! I’ve inherited money. I sold a piece of property, I won the lottery, whatever it is, and you will magically just get that information.  

It is not true and here’s why. One of my client’s has a very good friend of his who is also a client. So, my client was doing the review with him and I think probably a week before we had a call were I basically kind of berated him a little bit and stuck my thumb in his back probably pretty hard saying “No assumptions”.  

Assumptions in this industry cost you hundreds of thousands of dollars a year of any account. Forget the revenue side. Just income. No assumptions.  

So, he did this review with his client and he says, “I know you’re in my ear Joe” and goes, “Hey, is there anything else I need to be aware of? Are there any changes in your economic status?”, and we list, ” I’ve inherited money, sold any property, sold a business, we randomly talked about somethings that kind of get the mind going. And he says, “Yeah, well, in fact last year, my family had this piece of property, we sold it, I got some of the proceeds, and because we wanted to understand the tax scenario, we met with our accountant and he referred us to the guy down the hall and we put the money with him.”  

And could you imagine, here’s one of your best friends, you hunt things together, and the dude put his money with somebody else and you didn’t even know about it!  Well we fixed that obviously. 

I wish I could tell you that it’s rare in out space but actually, that is more common than you think. And for a lot of you/ most of you, you have similar scenarios but you’re sitting there, kind of chasing everything and not looking at the highest and best use of your time.  

One of the highest and best uses of your time is sitting down on a strategic day, which we will be working on the business and you’ll be pulling out client 1, client 2, client 3 and you’re going to ask the questions. And if you don’t have a definitive, with certainty, get on the witness stand swear an oath that I know this to be a fact answer, then you better go ahead and do a thorough review with no assumptions. That’s how we optimize.  

And as far as the other pieces go, you need to build your team. If you don’t have an expert team like insurance, long term care, or social security or anything else, then go find those experts and put them on your team and be the quarterback.  

And whether you have a revenue of scenario with them, a joint venture economically, that’s your business. I’m just saying that if you’re going to serve your clients, do it at the highest level. 

Optimization does a couple of things. One, it increases gross revenue. It blows the doors off the profits because you’re serving the clients the same way, but you got a revenue increase, that’s called secure profit. It locks out competitors.  

The more business we do, the deeper the relationship and the lesser the chance that they’re going to wander off somewhere else. There’s no need for them to go to a dinner workshop and learn about annuities or anything like that because we have it all handled “In-house”.   

In addition to that, we get an opportunity to build a deeper relationship with the other professionals, the CPA/tax repairer, their attorney, their property or casualty person, maybe their banker, you don’t know where these things are going. That’s the “leverage” part of optimization leverage.  

I can think any business and I like this as a challenge, don’t reach to me and say, “I’ll accept this!”. I may ask for some volunteers and I will do this totally contingent so don’t pay me anything.  

To increase your profits by 20, 30, 40, 50%, by running optimization. Now, you don’t need me to do this and I’m not volunteering in it right now, but that’s how strong I believe in this. Imagine sitting down, and there will some whose advisor will run great businesses (of whom I’ve worked a lot with) and I still find out hidden opportunities and a lot of times, on the leverage side.  

Remember rule number 1, “People’s economic lives are in a constant state of flux” and rule number 2,” Most will not tell you about it”. 

I don’t care how good a relationship you have. But if you’re working on the assumptive scenario, it’s costing you a lot of money. This is again, business 101.  

Improving your revenue, profit and being efficient and effective economically. Those are the things that I want you to think about for today. The last thing I’d want to say is, a lot of advisors have this “hang up” on centers of influence.  

CPAs, attorneys, property and casualty people, business coaches, business consultants, HR consultants depending on your marketplace, I can give you a plethora, sports agents, therapists, I can give you a whole literary of what a COI is, not just a CPA and attorney, and a lot of times, I think advisors get turned off is because it seems like a real pain in the tail.  

It’s just a giant numbers game and it’s all about the leverage. If I were to save you, in your book of business, if we were to have a census of all your clients, your CPA/tax repairers, attorneys, property/casualty agents, bankers, any of the professionals in their COI, if you’re a business owner, there’s going to be a lot of opportunity in there.  

If you were to sit down and list, you would probably have hundreds of opportunities to leverage and what would happen if you were to methodically, say, for the next two years, have 1-2 meetings every week with people on this list, reach out daily to 1 or 2 of them via email, invite them to connect to me via LinkedIn, all of these people.  

How much success do you really need? How many CPAs do you really need to drink your Kool-Aid for it to be meaningful? Think about that.  

This is what most advisors won’t go and do; they won’t go through the pain of rejection and failure to find the nuggets. I‘ve always found that if you meet 20 CPAs, you’ll find 1 or 2 that will be meaningful enough, that are in alignment enough, that have the right belief set where there’s really strong potential to do business together.  

But if your mindset is like “I’ve met with 3 CPAs and they were weird and just didn’t get it and didn’t want any conflicts, therefore, I go to a sample size of 3, CPAs don’t work.  

The only way I’ll accept that is if you’ve met with a hundred. If you say in your career, I’ve met with a hundred CPAs face to face, broke bread with them, chatted with them and I established no relationships, I want to hear from you.  

I want to interview you because that’ll be a first in my career. And I’ve yet to see that happen. Again, if we’re busy chasing everything, we get nothing and this is why, again if you think about it, that you when I look into building a business with an advisor, someone who’s been in the business for a bit, I’m going to look at 2 core elements. 

I’m going to look at it through optimization and leverage, as an area we’re going to really explore, and then we’re going to look at introductions and referrals from our clients as an area we would want to explore.  

These are high leverage, high-profit opportunities. You don’t need to go running around chasing everything else. If most of you will only get excellent in these two areas, you can increase your income by 30, 40, 50, 70 even 100% in the next 12-36 months.  

If you’re busy chasing everything and not become an expert in anything, you’ll make some money and it’ll feel uncomfortable because you’re all over the place. But, imagine if you got things tight. I’d just want you to think about that.  

Again, if I can help you in any way, shape or form, I’d like to do that. Keep me in mind, and thank you. 

How to Deal With Uncertainty

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Let’s face it. In your career as an advisor, you’re going to run across, hopefully, lots of situations where you’re waiting on a client or a prospect to give you the “thumbs up”. Most of the time, these tend to be big or lucrative scenarios.  

A lot of advisors are really challenged in managing their emotional states while this is going on because of the “Let me think about it”, or the “Let me get back to you” sort of thing. Recently, a couple of my clients, we had situations where they had an economically large scenario which was not their norm.  

Anytime that you get outside of your norm, the comfort level or the sensitivity can increase. Bottomline is, if you’re doing things and growing and dealing with people, remember that there is a golden rule. That is “Expect the best, but be prepared for the worst”.  

Now, this is not negative thinking and not just going into an influence situation where you’re going to give it you’re all. But you’re also going to be conscious with yourself and say, “If I don’t get this deal, if I don’t get the ‘Yes’ right now, what does that mean to me?”.  

Hopefully, there’s never going to be a life or death situation for you. Your career or situation should never put you in a position where one deal matters to your viability. You won’t be in the business that long if that’s the case.  

So, let’s talk about how to manage this. First, there’s your timeline. Then your client’s timeline and sometimes, they don’t mesh. Even though you want something done because you have a target, remember, it’s usually rare in our industry or profession that somebody is going to be compelled to do something on a deadline (unless it’s tax related, or a buy-out going on or an offer).  

I would say upwards of 80-90% of the cases you’re going to deal with of the time are open timelines. There are no “Musts” here. You have to recognize that and put yourself in their shoes. Remember, your timeline is not their timeline. 

You have to be careful on this next one. How many of you in your career, when you’ve got a deal on your board, tried to figure out how much money you’re going to make? And when it doesn’t happen in your timeline or gets delayed, you think that they stole the money from you?  

If you do this, you’ve got to do yourself a favor and stop it. You’ll get compensated, don’t sit there and don’t be cocky because it’ll make the situation worse because you will think that you already have the money when you really don’t.  

The other thing you’re going to do is figure out how to deploy that money. So, at the moment, you’ll be going down an imaginary trail. What you would want to do is, come back, work with the situation, and don’t get caught up in it. 

You need to practice this consciously.  When you’re waiting on a decision, what is that? Let’s talk about that for a second. If you’re in front of the biggest client or prospect you’ve ever worked with, or an insurance case and it looks good, it doesn’t die early.   

It goes through the process and you’re in that “are they going to do it or not” zone we all know about. What you have be very aware of is the trigger for most human beings. Emotion. There are 2 types of emotions.  

If you’ve been following me you know about these. First are things that we want to experience, success, love, connection, excitement, freedom, enthusiasm. And then there are the emotions we don’t want to feel like rejection, failure, scarcity, and uncertainty. 

When you have a deal and it’s not yet done, and depending on how you’re wired, you’re going to have uncertainty. For most people, it can really shut you down. I just had this recently with a client who had the biggest insurance deal of his career. A 6-figure compensation. 

He went through the scenario game and he became stuck. He wasn’t able to focus on anything. As soon as that happens, your morning ritual, daily game plan and effectiveness is gone.  And when the phone rings, you won’t know what to think and your heart jumps.  

Think about all that emotional volatility you’re going through. When this happens, how effective or focused are you? Chances are, you’re not. This happened to me when I was just starting and I realized later on that I couldn’t be effective if I was worrying about yes’ and no’s.  

Stoicism. It’s an art or science wherein you’re taking your emotions and you’re compressing them down to a level where you’re eliminating all that emotional volatility (not to the point where you become a robot). When you become stoic, you stay in a “resourceful state”.  

By staying in that state, you’ll be able to make your calls, ask for referrals, basically you can do the business. When you’re un-resourceful, you’ll be all over the place. You won’t be in the game.  

Think of it this way. What happens when you don’t get the deal? You get super depressed and you go down the bunker. On the surface, in one scenario, it may not seem like a big deal. But if you extrapolate that in your 20, 30, or 40-year career, you’ll be thinking how much that opportunity cost you.  

Remember that there’s the lost opportunity of “No, not right now”. But then, what happens? I’ve seen clients that, when they lose the deal, they’re literally in the mental tank for a week. You might as well have gone to Tahiti, sink your feet in the ocean and have a cocktail because that’s how effective and productive you are.  

I need you to determine it in advance, so here are the questions. Whenever you’re in an exciting situation, ask yourself. What’s the worst thing that could possibly happen? I consciously ask myself that question when I deal with a new potential client, a corporate situation or anything that has to do with success or failure.  

If they say “No”, it means, the timing’s not right and that it may happen in the future so, let’s not burn the bridge. It also means I just don’t get the opportunity. Hopefully it’s not a make or break thing for a lot of you because I don’t help you exist in that way.  

You can create the scenario and I’d like you to focus on the negative situations because it’s all in the consequences. As long as it doesn’t really change your world, remember that it’s not life or death and all it means is that you just didn’t get the opportunity this time.  

In my 25-year career, I’ve always told myself that I’ll never be in a scenario that will make or break my coaching career. I’ve been in cool, enjoyable, and lucrative scenarios but they’ll never make or break me because I will never allow them to.  

If your business model is like feast or famine, I would strongly ask you to reconsider your approach because that it’s not good for anybody. Just remember that. So, how do we reduce uncertainty? Talk to yourself. Stay conscious. Have conversations. And like I said, remember that your timeline is not their timeline. That’s super important. 

Now, let’s say you do get the “Yes”. There’ll be a window between getting the “Yes” and getting the money depending on what the deal is. And then they call, or worse, just get an email that says, “Hey, we need to talk.”. At that point, where do most human brains go?  

It goes right – negative and say, “Oh my God they’re going to say no” or “They’re going to back out”. You get this pit in your stomach because now, when is it really done?  

Not because you get a positive (and as a profession we know this), people don’t always pull out until the 11th hour and in some cases, even if you’ve got the policy delivered, they can still rescind the policy.  

A lot of things can go wrong. Again, this is not negative thinking but managing your emotional state. You must do that to be effective as a professional.   

Today, what I really want you to focus on is, to manage your state, your expectations, understand that human beings are creatures of habit but yet unpredictable. Just make sure that you’ll have enough opportunity in your pipeline where there’s not one of them that will cause you a “make or break” scenario. You’d want to have stuff going on so that it doesn’t happen.  

In your career, you’re always going to have an economical scenario that will be outside your bubble regardless of your tenure. There are comfortable opportunities for growth but there are also the uncomfortable ones. I can’t tell you how many times in my career that I’ve had these scenarios come up with my clients.  

They ask me “What do I need to do” and I tell them, treat them the same way you do with everybody. Just because they have some extra zeroes at the end of their account balance doesn’t mean anything. I think that’s what we need to be also aware of as a profession.  

We focus on the person and the wealth is secondary.Unfortunately, some advisors invert that where they see the portfolio balance or the net worth statement and think this person is different. As soon as that goes into your mind, you’ll be off your game.  

And how many of you have bent your own internal rules because you treated a big deal differently? You allowed them to run the meetings a little bit more and didn’t ask the questions because you didn’t want to potentially offend them.  

This is all about getting control of your mindset and recognizing that you have to do things exactly the same way each and every time. Protocols. You need to have your own protocols no matter who you’re dealing with. 

Last thing to fix this uncertainty piece is your morning ritual or your mental diet. Understanding how you’re wired is super important. Be consciously aware of how you approach things.  

You still have options even if they say “No”. You can either take the rest of the day off, go to a bar or whatever. Take time to process it. Just put a deadline on it so that it won’t leak into your other days. 

Declare your strategies in advance. Go on an automatic “gratitude mode”. Be grateful. You have a great family, a great life, a great house, and remember all the great things that you’ve done.  

My secret strategy is that after I’ve done my “me” time after a deal gone wrong, I come back and go into “marketing mode”. I busy myself and contact prospects, ping my pipeline and fill that funnel back. That’s a real good strategy. 

Remember that line from the “Rocky” franchise? “It’s not how hard you hit. It how hard you can be hit, fall down and get back up and keep moving forward”. I never forgot that.  

That’s a great metaphor for life. You’re going to have great adversity. Things aren’t always going to go your way. It’s all about getting off your butt, keep playing the game and moving forward. 

How to Stop Being an Impostor and Claim Your Greatness

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Recently one of my long term clients who has a very unique practice and lifestyle was featured in an industry leading podcast and he mentioned me and how instrumental I was to his business.

My philosophy is, any advisor can have 30 minutes of my time just to chat and figure out what works best for them. In those conversations, I ask a  few questions. For instance, one of the questions I ask is, paint me a picture of where you want to be in five years.

What I get back in all cases is a concept of I want to make more money and I want to take more time off. These are all just more betters. There is no clear articulation really of what they want.

We’re not talking about people that are failing. They’re very successful but they’re just wandering through their career.

I’m passionate about financial advisors and planning because I can’t think of a better profession to be in where you can make a good living. Show me another industry where you can be dysfunctional and still make six figures.

My own daughter will be going into this industry because she wants to do something where she helps people make a lot of money, but they don’t have to work hard. It’s a beautiful industry. Yet a lot of times we don’t honor it because we don’t hold ourselves to a high standard.

Let’s talk about the basics! Every advisor needs a business plan. If you’re in business you need a vision. Here’s the secret sauce, you need a life plan that has a big business component to it. 

Nothing is created by accident we all have a plan. We all work 90-day windows with a two-page game plan. That is being a pro and honoring the profession.

We have such an opportunistic window with all the baby boomers retiring, let’s just get organized and go get it. The problem is if you don’t know why you want to go get it, then why go get it? A lot of people would like to take 20 weeks off a year, but they think they can’t do it and they don’t come up with a plan to actually accomplish that.

The second question I ask is, how do you operate? I also ask do you have a financial plan and when did you last update it? Less than 20% have updated their plan as an advisor and here we are asking other people to create a plan to follow.

As an example, this is like if you said you need to get fit and you go get a personal trainer. Let’s say the personal trainer is overweight and 400 lbs. Are you going to go to that person and trust that person to get you in shape? 

We lead the charge as impostors. I’m not trying to indict our space, but I would like us to hold ourselves to higher standards. This is an incongruency. Our industry will sit here and say we want to create more professionalism, so we go get more designations. 

At the end of the day though you need to walk the talk. Have an investment plan, have a financial plan, and have a business plan. We want to be seen as professionals and yet we act like salespeople. This is the problem when you sound and behave like a salesperson.

Imagine a world where you’re organized, you have a vision, you have a plan, you’re excited for the future and you’re not just trying to survive. You’re really there to do good work and are compensated for helping others. Total win-win right? That’s what this is about.

Yet we go around life and we think only about ourselves about how much more money we need to make or how we need to become more successful. This is not going to get you up the morning. You need to find out the why behind what you’re after otherwise it’s not going to compel you to talk to your clients and do your morning rituals. This will not help your business just like it hasn’t been for the last 10 -15 years. 

Your best day as an advisor will be the last day you’re an advisor. If you do not believe that then why are we here? Your best day as an advisor or planner is well off into the future. I have clients in their 70s and they’re rockstars. They’re having fun and contributions are happening now that weren’t in their 40s or 50s. Why? Because why not?

I’ve been at this game a long time and sometimes I feel like I’m screaming into the forest and no one hears me. That’s okay because I’m going to be truthful to myself and I know what I believe.

So, why not be great? Being average in this industry does not require a lot. Get a license, talk to some people, and do the right thing. But, why not just be excellent? The difference between being okay and excellent is just changing your mindset. 

If you believe you don’t deserve it and you don’t like what you see in the mirror it won’t matter what program you buy or do. Excellence comes from your mind.  

I have many clients that don’t need more money and they can walk away from this business today in their 40s or 50s. So we find out what their passionate about and come up with a plan to give back or create a foundation. This is what gets me up in the morning is making things happen for people to better society.

What’s your calling? That’s what being an advisor is all about – contribution. Yes, it’s a business and a career, but if that’s all it is to you, you’re not getting this. 

Back to my story with my client that was interviewed on the podcast. I told him your goals are not big enough. He’s been at $600,000 – $700,000 the last 15 years. The problem he has is he’s afraid to go big and think big. He’s uncomfortable and afraid to rock the boat, he’s treating his business like a job and it gets boring. 

Humans are happiest when they’re on a quest for greatness or great contributions.

So let’s get started! I have some free resources for you and there are no catches to any of these.

If you visit my website you can get a business plan and your daily game plans started. 

If you would like to spend a little more time around me or with me visit Let me come work with you in a group environment. Once again, no catches here, no credit card or anything like that required.

I’ve been doing this for the last 25 years and I’ve seen a lot. Nothing surprises me anymore. For now, what I want you to do before the years get away from us because we’re going to be in March pretty soon, claim your destiny and make decisions. 

Let’s do something!

What to Do to Get Your Clients & Prospects to Say Yes to You

What to Do to Get Your Clients & Prospects to Say Yes to You

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In this episode, I have a very important question for you. Are we as an industry losing the capability to have conversations with clients and prospects?

What I mean by that is with all these wonderful tools are we becoming an industry where it’s data in, crunch it out, and put it up on a nice screen in a conference room.

I find this as a big concern. What I find is there is nothing more frustrating for people then when you’re in front of somebody and they have a need, they want the help, you want to help them, but you just can’t get the job done because you can’t overcome the elephant in the room, which is fear change.

What we need to remember as an industry is fear – False Evidence Appearing Real. Another pie chart, another look through their risk score or another look at logic through their issue will not get that person to say yes. 

I’m afraid as I watch the industry evolve we’re using the software as a crutch to not ask them real questions. Imagine how powerful you would be if you not only had these tools, but you had a track, mindset, and strategies to reach any human being.

The reason I’m talking about this is we’re about to deploy in the next 6 – 12 months Sales and Influence Mastery for Advisors talking about these very issues on how things get done.

The one thing to never forget when you’re sitting with a prospect or client that you need to make new recommendations for is there are two sides. There’s going to be you the advisor and the prospect. 

Are you persuading the client or prospect on why they must change or is the prospect or clients persuading you on why they can’t right now make those changes?

Who’s buying? The more congruent party wins that battle. You are not going to get your congruency from a pie chart or score. This comes from you internally where you know in your heart of hearts that you know you have this person’s best interests and you commit to doing what it takes to get the yes.

How do we get there?

First, a lot of you are not prepped mentally because you are trying to just get your head in the game at that moment. In order to influence others at the highest levels, you need to influence yourself first.

What do I mean by that? I mean why are you here? What is your mission? Are you there for yourself or are you there for others? What is your approach?

If you’re making this all about you and your goals you’ll sabotage it.
Step one are you here for the right reasons? Because if you’re not here for the right reasons to help them then that will tell in the communication and interaction.

The easiest thing to do is to agree with them about waiting to make the move when it’s the right time. You punt instead of going for it because it’s safe and also easy. It’s the path of least resistance.

What I’m asking you to do is to prepare for each meeting, which requires a massive amount of mental, physical, and emotional energy. If you’re burnt out you’ll go throught the motions in the meeting.

You rationalize it in your head over time and say to the client that we’ll do it next time. Do that for a year, five years, or ten years and there are a ton of missed opportunities.

What I’m talking about today you have total control over. Nobody determines your mindset, your control, or how you approach a meeting other than you. If you know what to do and you don’t do it then that’s just laziness. 

Number one you need to influence yourself. 

The second thing you need is to build a massive amount of rapport.
Physical, emotional, language, and communication rapport.

We all talk about gaining trust in our industry, but how do you get there? That comes from building rapport. Let me put this in layman’s terms.

Have you ever just met somebody and you know that you just instantly liked them. There’s something special about that person for some reason. Then there are other people you meet where it’s just not there and that is all about rapport.

You can learn how to get rapport with any human being and it is necessary in this industry. I want to build rapport, so I can have a communication and trust bridge otherwise you’re just talking to people. 

The easiest thing to do is present and the hardest thing to do is inetrview, but that is the most important.

The third thing we need to do is to understand the person. You need to know how they decide, how do they like their information, are they internal or external, what are their needs around their investments and relationships, and what do they want?

What you’re really selling here is an outcome and relationship. On a lot of levels, it is intangible. 

You also need to identify not only their needs and wants but their wounds. What are their fears? Once we have all this information then we need to present it in their style.

I want you to think about all your recommendations and linking them to a need, a want, or a wound. When you have a situation and you can’t get them over the hump you’re missing something in the process and no this isn’t about closing.

Here’s what I want you to do right now. Be conscious right now. When you go into a meeting take 3 – 5 minutes before the meeting happens. Don’t rush into the meeting, keep them waiting and be the best you can be for that meeting. Clear your mind, visualize how this is going to happen, and make sure you’re congruent.

I want you to be in a powerful empowered state. You’ll win because you are prepared to win.

This is where you’ll win that battle of congruency because you’re prepared to win. How many times in your career have you walked out of a meeting with a client or prospect but knew you blew it because you left stuff on the table.

Based on the value of a client, longevity it’s a very expensive learning curve. I want to inspire you and challenge you to be a better version of yourself and to really prepare for the meetings. You can’t just show up and expect greatness. 

Check out let me help you for a couple weeks, nothing is required, no credit card, nothing. I just want to help and see if this makes sense for you.

Why Advisors Don’t Ask for Referrals

What is the best way for you to get a new client as a financial advisor? If you’re thinking of cold calling and seminars you’re missing what I’m saying here. There are two main ways that my clients like to grow their business.

One way is through introductions and referrals, but the number one way my clients get introductions is through very happy, satisfied clients.

How many of you believe that a qualified referral from happy clients is the best way to get a new client? 99 out of 100 advisors will raise their hands. There’s always a few people that still believe in cold calling.

If you agree with my statement that getting introduced from a happy client is the best way to grow your business than I have a question for you. How much time, energy, and effort do you put towards that?

If you believe that, then why aren’t you putting more energy and effort into making your clients happy?

In my experiences, while getting new clients introduced to me from previous clients, it’s 5% strategy and 95% psychology. It’s not in that 80/20 rule. There’s no magical letter to send out that will get you these clients.

What do you need to get a qualified referral? I’m going to give you the formula real quick. You need to be aware and get your head around your own psychology. You need to let your clients know that you are here to help and here to serve. Timing – We do not control the third piece here, but we control the first and second piece.

There are advisors in this industry saying you don’t need to go for referrals. We’re professionals. Doctors and surgeons don’t do that. Well, yes they do if you’ve ever seen a sign in the doctor’s office saying we’re accepting new patients that’s them letting people know they’re open for business.

I’ll give you the 5% strategy breakdown first. As you speak to your clients and if it’s a positive conversation let them know you appreciate them and by the way, if you run across someone we can help we would love that opportunity. There’s no magic verbiage, you just need to have them keep you in mind and say that to them.

Then you have your reviews – is there anything else we can do for you? If you get a positive response let them know to please keep you in mind. We’re not going to demand names and say who do you know? We don’t do that, it’s unprofessional.

A lot of you think that you need to ask for names. No, you just need to create awareness. 

What would happen to your business 3 – 5 times a day if you happen to just mention this and then you have a tagline at the bottom and invite clients to events? You’re creating a giant awareness campaign.

My experience has always been if you would just blindly follow that process for 12 months you would be a very happy camper. It’s not an instant gratification game. After five days advisors will say “Well, Joe I haven’t received any names yet.” You won’t, but after year 1, year 2, and year 3 it will start to escalate. 

That 5% that’s your strategy. I just saved you $5,000 – $10,000. You don’t need to go to the advisory bootcamps or anything. You just need to remind your clients 3 – 5 times a day that you’re open for business.

When a client or friend asks you how’s business if you say busy, many times they’re thinking well they’re busy, so I don’t want to give any names out or they already have enough on their plate, so I’m not going to go to them with my retirement account. 

The older you get and the more experience you have in the industry it’s almost like their business development side shuts down because they’re ready to retire soon.

Shifting to the 95% mindset. The earlier in your career you get the psychology and mindset the better you’ll do. Fear and limiting beliefs will prevent you from creating awareness with clients and make you believe you don’t deserve this success.

A lot of advisors think they feel lucky to have clients, to begin with, and how could I ever impose on them or I don’t want to piss them off.

What it really boils down is your value proposition. These beliefs are what’s costing you millions of dollars a year. Referral gathering and introductions is about you getting uncomfortable to do new things.

Many advisors after they realize they’re not doing these things they say well I’m going to do five a day.

No, you’re not, just start with asking your good friend or best clients because you haven’t done any introductions in five years. How are you going to scale up that quickly and do five a day?

The first 10 of them are going to be really uncomfortable because it’s a new behavior. I’ve set this up where you’re not going to fail. We’re just saying keep us in mind, not asking for names.

It’s all about failure and rejection proofing the process. If you can not stomach the statement I’ll keep you in mind then you’re going to struggle in this business for a long time. If you can’t stomach that as a failure in rejection then we need to have a whole different conversation.

Don’t say “Hey we’re looking to grow our business” in these statements either. That makes the statement about you and doesn’t that sound selfish? I want this to be about service, helping people, and getting the word out.
Now I have clients who have done this and they’ll get 50 or 80 names a year from this and no they’re not always qualified. Then, you tell the story of I don’t want little clients, so I’m not going to do this. That’s an excuse.

If in the introductory call you find out they have no money here’s what you say “Based on your current economic situation my fees would eat into your retirement and as a fiduciary, I can not do that, so I’m going to recommend you to ‘x’.” X can be a discount broker, a bank or wherever.

You’re going to give every human being that comes in at least 20 – 30 minutes of your time and you’ll diagnose them. Half will not be qualified either non-economically or non-emotionally. Then, just move on, that’s the worst case scenario.

Do not make this more complicated than it is. Don’t buy into because I’m a professional, that’s a narrative you tell yourself. 

Think about how long you’ve been in business and think about getting 3 – 5 new clients a year, how much revenue is that taking away from you and your family each year?

I want you to write that number down on a piece of paper and then imagine that number in your bank account. 

With that being said I welcome your comments! Check out and my personal site, schedule a call with me, and I’ll see you next time!

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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