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Why Being Convicted is Great for Business | The Magellan Network Show
Today I want to talk to you about one word - certainty! Why is this word so important? If you think about it from an emotional standpoint, most human beings seek certainty. As an advisor, you have to be certain you deserve the business and will do a great job for somebody. You have to be certain you deserve success. Being certain will make or break you when it comes to doubling your business or income. To find out what you need to do to become certain watch my latest episode.

The Magellan Academy & Network

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

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

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

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

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

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

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

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

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

Here is what you can do each month:

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

 Collaborate and associate with like-minded advisors.

 Invite other great advisors into the network.

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

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

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


► Subscribe to our channel here:





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

Let’s Crush the 2nd Half of 2019

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I am recording this the Sunday after the Fourth of July, getting ready for my second half of 2019. This episode will be a little different than the other ones that I push out for the following reason. You know, I find that a lot of times when you look at advisors and just at human beings in general, it’s halftime.

We have 2019 in the books, and some of us are wondering where the hell it went. Before we know it, the holiday decorations will be up and we’ll be thinking about 2020. You’re in one of three conditions right now.

  • You have had a very good first half of the year both personally and professionally. Now you start to think you have everything figured out and that’s when you let up.
  • Your first half of the year hasn’t been a total washout or failure, but some things could have been better than others. You know there are still things you need to do, but are you willing to do them? Are you willing to fix the gaps in your game?
  • Your first half of the year sucked. You don’t know what happened. You set your goals, you made your New Year’s resolutions, but then February hit and things got busy. Next thing you know, it’s June 30. Now you feel as if you’re so off you don’t know what to do. Truth, you know exactly what you’re going to do, you’re going to go back to survival mode.

Remember, there are three modalities or three conditions that we have, right?

  • Scarcity
  • Abundance
  • Prosperity

They all have their own traps. In scarcity, you talk to yourself about not having resources, and you blame others. In abundance, you think you’re really good at this and you don’t need any help. In prosperity, you can take your eye off the ball because you can take on some new projects, maybe some nonprofit work.

The next thing you know, you’re not minding the garden like you need to.

Now we are in July and you have to make some decisions right now! My current clients just got done going through our major benchmarking and review process. Twice a year I have my clients go through an 18 step process. Why? Because we need to know what we’re good at, so we can continue to be good. We need to know what we need to fix.

This is the conversation you need to have with yourself. What do you need to do in order to elevate? I’ve been coaching for 25 years, I know advisors better than they know themselves, you can’t bullshit me because I’ve been bullshited by the best.

Here’s your bottom line.

If you’re going to sit there and tell yourself that you need a new marketing program or it’s your systems fault or you need to change farms, guess what? That’s not it. In other words, when you look around, you’re not looking in the mirror saying I am the issue and I’m also the solution.

If you’re not willing to tell yourself the truth, then why do you think things will change for yourself?

It has nothing to do with how smart you are everybody’s smart enough to be successful in this business. If you have a CFP, good for you. If you have an MBA wonderful! But, none of these titles will guarantee you success.

The question I have for you is do you even know the questions to ask yourself to make the right change? The truth is you need to focus on your mindset, your rituals, your vision, and your energy. How do you get up in the morning? What do you do every day? How do you define whether or not you had a successful day or not? What do you put in your body? What do you put in your mind? What’s your goal? What’s your goal for today, this week, this month, or this quarter? All my clients operate with our 90 day game plan. We have a playbook we execute each and every day inside of our game.

What’s your one year vision? What’s your five year vision? Paint me a picture of where you want to be both personally and professionally in 16 months, five years. I will tell you nine out of 10 times it is a vague collection of concepts with no tangible or measurable outcomes.

If you operate without a vision, you operate in survival mode, period. You operate trying to make money. You’re the hustler advisor. You think about the next client, ticket, or prospect. Like all of a sudden going to get any one of these things is going to cure you and fill your bank account back up. You’re going to be able to breathe again, I can relax, which quite frankly, is the exact opposite of what you need to do.

You need to double down your efforts when you’ve got good things going on. Let me ask you. What’s your vision? What are your rituals?

Let’s talk about energy. Energy is not just physical energy, but mental as well. Many of you say “Well I don’t work on my body Joe and I sit at a desk all day.” You have to understand sitting is the new cancer. Sitting is like smoking today. Then, you also have mental and emotional energy. You need all three of these energies to be effective. Why is this important?

Because we are in the people business. You need to influence someone to get them to do something that’s in their best interest and not just sell them. The simple truth is that in order to communicate and influence and lead you need physical, mental, and emotional energy at massive levels, period.
I’ve watched clients double their income by losing 50 pounds. We didn’t go get another degree, we didn’t go get another designation, we got a personal trainer, nutritionist and we sweated our ass off to make a better version of you. Your business today is a reflection of who you are as a person. If you look in the mirror, and you don’t like what you see, I can guarantee you it’s reflected in your bank account.

As you get into the second quarter or the second half of 2019, you’ve got to ask yourself this question, what am I going to do different? If your concept is I’ll just try harder, you’re lying to yourself.

Lastly, mindset. This is the big head game that we play.

This is about emotional capital, not intellectual capital. You can go get smarter at IRAs, you can get smarter at wealth management, you can get smarter with financial planning, and these are not unimportant. If you think that you’re going to fix yourself by getting smarter it’s not going to work out. Maybe that’s been the game you’ve played for five years, 10 years, 20 years, or 30 years and it hasn’t worked out for you real well, maybe there’s a reason for that.

Maybe you’re playing by a set of rules that are obsolete and no longer relevant.

The Magellan Core is vision, rituals, mindset, and energy. We build our entire game around these four principles. These core four elements drive the success inside of the game. I want you to just take each one of those for a second and ask yourself, if I had to grade myself on a scale from one to 10 on each one of these where would you be?

Are you excited every morning about getting up and contributing to the value of others. How do you feel two, three o’clock in the afternoon? Are you refreshed and ready to go? Are you engaging with people at the highest level? Are you taking a call and your mind is somewhere else? Or are you sitting in a review with a client and you know you’re there only 80%? 80% versus 100% is not 20%? It’s 500% when it comes to influencing that person. What’s your vision for the next 30 days? The next six months? The next five years? Do you have something that’s bigger than yourself?

Do you have something that’s greater than yourself?

Tell me about your morning. Tell me about your morning ritual. We call it the Magellan Morning Eight. How do you prime and prep for the day? We have our Magellan Daily Five. The five things you have to do every day to be successful in this business. How would you rank your rituals? What are you putting in your body? Where are you in this game?

I put a post on LinkedIn a couple weeks ago. Basically, the title of the post was “All New Advisor Training Sucks.” If you look at all training today, and even training when you first got into this business it was how to get on the phone, handle rejection, and get people to buy stuff.

Now firms are getting a little bit better, right? Now we’re putting mentoring programs together. If you think about it though, it’s all about the mechanics. Here’s how you do X, not why you do it, not the mindset behind it. Right? There’s no protocol and there’s no game. Just a to do list.

I want you to think about your career. What would have happened if from day one, you knew exactly what the rules of success in this game were?

How would your life be different? How would everything be different for you? Now we can’t go back in time, but you can declare as we enter the second half of 2019 that this next six months for you is going to be your best six months in your entire career period. When I say that I do not care how long you’ve been at this game. I was talking to one of my clients the other day who’s been doing this for 35 years and he asked me “do you think I can do what you’re asking everybody to do?” Question is what do you believe?

Here’s what I believe, there’s probably 80% to 90% commonality of what we do. You forget you need to get people to do what’s in their best interest. I’ve got to invest massive amounts of emotional and physical energy into what I do. People hire you because they understand how you roll. They like and trust in you.

The other stuff is secondary. Your firm, your planning process, how you run money, that’s all secondary. Really, it’s all about you.

The question then becomes what do you need to do to make you a better version of you because you think that you’re going to sit here and increase your business by 20% or 50%. In other words, if you think you don’t need to change that is the biggest massive lie you can ever tell yourself.

If you want to double your business, you need to ask yourself who do you need to become?

What are your rituals? What’s your mindset? What’s your vision? What energy do you need to double your business? Those are the questions where you need answers.

You NOW have a decision to make. Many of you are going to say it’s July and I’ll get to it after Labor Day – that’s the same crap you’ve been telling yourself for maybe decades.

Either you’re going to step up and really get what we’re doing or you’re going to dismiss all I’ve just said and say I’m crazy.

I know, though, I’m speaking the truth because I know a lot about myself and my clients.

How about you?

If this message resonated at all with you there’s a 15 minute video I have for you. Don’t say you don’t have time to watch it because you have plenty of time. Come see how we play the game. Visit

Remember, the best day, the most powerful day that you’ll ever have in this business is the very last day you’ll ever be in this business. There is no such thing as the other side of the mountain. There’s no such thing as my best years are behind me. Your best days are right in front of you, but you have to understand the new game and play!

Three Business and Life Conditions of a Financial Advisor

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Welcome to this episode of the Magellan Network Show. As I’m recording this, we’re very, very close to the mid-year of 2019. As a lot of us will get ready to go on our major breaks, celebrate the Fourth of July, I thought this would be a very good topic. Let’s talk about the three different business and life conditions that you will find yourself in, throughout your career as a financial advisor.

You know, in my 25 years of doing what I do, I do a lot of observation, research, and keep my ear to the ground to see what works and what’s not working. I’m blessed that several of my clients have been with me for two plus decades. We’ve watched them go, we’ve had the journey together, right? From startup, to sustainability, to success, and prosperity. The concept today is going to be both a personal and professional conversation. I don’t want you to divorce the two.

Your grand vision is you need to look at your business as you are the business. Now that we’ve got that simple truth out of the way, let’s talk about the various different conditions. These are some of the more prevalent early in your career. Some are definitely prevalent when you kind of hit that five to 15 year and 20 year spot. Quite frankly, some advisors just cycle between the two. They never pivot to the real third one, which we’re going to talk about. First of all, let’s have a conversation about what the three of them are.

The first one is going to be called contraction. The second one is going to be called the status quo. Then, the third one is called expansion.

  • Contraction
  • Status quo
  • Expansion

Take notes on this. I want to see how you would rank yourself on a spectrum. Where are you today in your current conditions? What are some of the elements of contraction? Could you be in contraction after 20 or 30 years of business?

Could you be in contraction after the first year of your business? I hope not, that’s not a good sign. Let’s define what contraction means. Contraction means you always seem to operate in the cycle of lack. You lack economics, you lack resources, you lack time, and you lack prospects. Your whole mindset is purely on scarcity and survival. So when you wake up in the morning, it sounds like this – “I’ve got to make some money today. I’ve got to make some money this month. I’ve got to get some premium written.” You’re consumed mentally, with just trying to make some money.

We all pay that price for the first three to five years. Understand that.

Now if you’re 10 – 15 years in the business, and you’re still in this mode, worrying about being in the red if you lose a client then you’re in the scarcity and survival mode.

It creates a different kind of pressure and stress, survival will create discomfort. If you’re in that scenario, my hope is you end up in a series of solo work. I must make that phone call or I must follow up on that prospect today. If you do not do that, you will fail. You will fail your family and the thought of that is so painful, that you’ll do anything to make sure it doesn’t happen. Unfortunately for many of you, this has been your entire career.

You hit a certain level of success and think I’ve got this game figured out, I don’t need to do a certain task anymore. I don’t need to think like that anymore. I don’t need to behave like that anymore. That’s the biggest lie you ever told yourself.

See, if your goal is to make some money in this business, you’ll do exactly that. The problem with it is you’ll never scale it, you’ll never pivot, you’ll never expand, or you’ll never shift. You’ll have some good months and bad months, but to you, it always feels like a hustle and grind.

Contraction gives us this very uncomfortable feeling. Now, let’s say you’re getting through that a little bit and you say I’m going to break out, screw that. I’m done. Here’s what your next step is.

The status quo.

I’m not pulling numbers on this because $200,000 in New York City vs. $200,000 in Iowa are two different outcomes. Think about where you live and what your checking account looks like when you’re comfortable. Check your business checking account has enough money in it to pay the bills, you have a little cushion, and maybe reserve right? This means you’re sustainable, so it’s not a question of can I make it in this business.

You have systems, processes, and a pipeline. You even have some staff around you, but you’re always looking over your shoulder looking at what you’re not seeing. What are you missing? You feel like you’re always running a race, yet you don’t know where the race ends. So every day you move, this gives you a false sense of abundance.

You think you have the ship figured out because you worked a little harder to commit. Why did you work harder to commit – because you had no choice. You had to take the island or die trying, there was no option. But now we have options – now we’re in the comfort zone.

Everything that you did to break out of that contraction mode into status quo mode, you now will abandon. What does that look like? Maybe you stopped doing goals, you stopped coming up with a daily game plan, you’re sleeping in late, or you stopped going to the gym. All of a sudden, all the power you had, you eviscerate because in your mind you’re good enough and you drop your standards.

There’s a change in our internal dialogue when we hit a comfort zone. The status quo is actually the most dangerous mode to be in as a person and as a financial advisor because it’s a teeter totter. Where you could go or where you could regress. This for a lot of you has been your career. The status quo is not the goal. It is like a rest stop, where we’re not going to stay very long because we must continue our journey.

Let’s talk about the journey.

Let’s get into the third one, expansion. Expansion means you’re always setting new goals, you’re always refining your vision, you’re always raising your standard, you always know there’s a better desert or a better version of yourself inside. The better version of your business is a better version of success. You really commit to this in expansion mode.

With that commitment you must accept when you are going to expand, you are going to be uncomfortable. What’s interesting is contraction is uncomfortable because you’re in survival mode and expansion is uncomfortable because you have to hold yourself and redefine your standards. In contraction, you don’t have a pot to piss in. In expansion, you can do anything you want.

Because all you gotta do is decide what you want to go for and get after it.

But they’re both uncomfortable.

One of the core values of the Magellan Network is everybody has to stay uncomfortable. That’s why every day I give them challenges. When it’s go-day we’re in the business. Go-day means we’re dealing with clients, prospects, and just doing the things we need to do. You have to have a code and standard that day to bring your A-game.

That standard is uncomfortable. Getting up at 5:15 every day is uncomfortable. Some days I want to sleep in. I’m recording this on a Sunday at about 5:15 this morning.

Do you not think I don’t want to sleep in right now? But I’ve got to get things done because I’m traveling this week. I will get uncomfortable to do what it takes. Why? Because of my standards. That’s how you lead. And for some of you who run teams, the reason why your team sucks, is because you suck as a leader. Why do you suck as a leader? You have no standards and escape out of your comfort zone.

When we talk about a spectrum, it is not a static spectrum. Every day we’re moving one way or the other way. We’re either moving towards expansion or sliding back into contraction.

When you’re in expansion mode, you tend to be more mission oriented. You have a bigger why.

At the beginning of your career you just wanted to make enough to survive and hopefully help people, but mostly just make money. I’m all about expansion. My standard has always been expansion mode. My goal and my standard for my clients is to put them in expansion mode. As a leader inside Magellan Network, that’s my goal.

Push, push, push. The status quo is deadly. You don’t want to be there.

So what does it take to pull this off? How does one make the journey from contraction to status quo to expansion? First of all, lesson number one was today, understand where you are now as I’ve defined it for you.

Ask yourself, where are you on the contraction to expansion spectrum? Get a journal or notebook and write contraction, expansion, and put the status quo in the middle

Where are you right now?

Because again, we’re almost at the halfway point in 2019. How do you feel about your journey? Where are you? Do you feel like you’re moving faster towards expansion? Or do you feel like you’re sliding more into contraction?

I talk a lot about this with my personal clients, and I typically hear how they are really stressed out for various reasons. Stress is not always bad because it shows you’re elevating. Now we have a different conversation. Here’s what I will guarantee has happened to many of you.

You get going and I’ll use the typical example that everyone in society does. January 1st comes. You’re going to make it your year this year! You make commitments or in layman’s terms are called resolutions.

For a period of time, you temporarily raise your standard, you go into expansion mode and it is freaking hard. It is highly uncomfortable.

You don’t know whether or not you can sustain this because in your mind, you’re looking for a destination and there is no destination. The game is played until you’re dead, period. I hope that’s a long time from now for everyone, but the game is played until you’re dead.

See, there is no destination.

There is no magical resort at the end of a road that I can have my feet up. Saying that I have arrived and I am now successful enough to do another damn thing for the next 30 years.

Not the way it works.

So maybe instead of trying to hit a destination, because how many times have you said this to yourself when you started in the business, right? – “If I can just make $10,000 a month, I’d be good. Right? Then you’re there. Then you have this other conversation with yourself. Now it’s $20,000 a month and then you have another conversation with yourself and you’re just never comfortable. You’re never there. Reality is you can never have enough money. It’s not a bad thing. I used to have that conversation in my coaching practice. The funny thing is I stopped that now.

When you’re in expansion mode, when you’re in prosperity mode, you stop thinking about that. Your brain goes a different route. How can I add more value to people? How can I make an impact on the industry in a massive way?

That’s why we have Magellan Network. That’s why we have the game we play. We have our ecosystem, we have our rules, and our protocols. We have like-minded men and women in the game every day playing because they are committed to expansion. Not just good enough.

So I’m going to ask you a question.

Where are you on the spectrum, from contraction to expansion? What would it take for you to really commit to expansion?

What would that mean to you?

Close your eyes for a second pre-frame this in your mind. Take your income and double it, then triple it. What would that mean for you and your family?

What would it mean to you from your psychology standpoint, how you feel by yourself, your self worth, and doing the things you want to do? Because that’s a decision that you have to make.

I’ve been at this a long time. I know you better than you know you since I’ve been at this for 25 years now with 10s of thousands of coaching sessions.

From the person who’s running the $10 million business to the $1.8 billion massive business to the people working at home having a great life making $250,000 a year. They’re all very successful. I never define a person’s success on their bank account. But here’s where I do define it. Are you in expansion mode or not? That’s the definition.

Here’s what I want you to do. I want you to really think about where you are. Are you committed to expansion? Come inside and play my game. Go to and see how we work to get you into expansion mode. The first 30 days are on me. You have nothing to lose and everything to gain.

How to Pick the Right Coach

How to Pick the Right Coach

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Coach Joe Lukacs here and welcome to this episode of The Magellan Network Show. What I want to do today is dissect my world, the coaching world. I’ll give you all the reasons why you need to hire the right coach or fire the wrong coach.

Let’s face it. In our industry today, there is a plethora of coaches. When I started back in 1993, I could think of maybe four or five of us who pioneered this industry.

Now, there are probably up to 500 to a thousand business coaches that specialize with advisors. Now, why is that? I think it’s for two reasons.

Number one, you all make a lot of money. Number two, you’re all insecure in your own way. I think maybe the third reason is that the bigger firms downsized their training programs.

So, a lot of people out there in the corporate world are very linear in thinking and they come out hanging their shield and that’s cool. Initially, when people came into my world to retain me, I was by far, the first coach they ever worked with.

They had no experience to draw upon. They may have gotten other training programs or conferences, but they never really had a one on one in-depth relationship.

Today what I found is that, they’re searching. Why I spend time with this person or this program. Just for the context of this episode, I’m not going to get into names as that’s not the relevant part here.

The point being, I get people that tell me why they got into this or that program or why they hired this person. I always ask them how’d it go or what they liked or didn’t like.

There will always be some part of things that you’ll pull away from. But the bottom line is if they were really satisfied, they would still be with that person. See, my clients were with me for an average of 12-13 years.

It doesn’t mean that everybody’s like that. Again that’s an average. In fact, some clients have been with me for 23-24 years.

Some stay from 6 months to a year to get some things done. The funny part about that is, I would say about 2/3 of that, at some point later in time, they come back. They want more because they couldn’t find what I offer.

So, let’s talk about the different kinds of coaches. I’ll put them into three areas perhaps and tell you why each one is important to a certain degree.

There are all sorts of practice management people. They get you organized, book segmentation, workflow all that stuff. Maybe they’d even give you an employee manual.

Which is great. You need it. Is it important for you to have structure, systems, and functionality around your business. No question about it. Absolutely!

The question is, can you find the right one who sees you for what you are? So, here’s the one thing I will say. You’ve got to connect and resonate with the person.

It’s their voice. Their psychology, belief system and methodology. If you can’t buy into the coach, don’t do the program. Now, how does that work in other areas?

A lot of big coaching companies will have their leader or figurehead who does the talking, the speaking or webinars. But you don’t get along with that person but you get along with the one under that person. Then the one under that person is the one that matters.

Not the first person because they’re not working with you. But this next person is. So, you better be able to ask some hard questions whenever they give you sub-coaches or level two coaches. You’d better be able to build rapport.

It’s like a duality. You have to trust the program AND the person. So, the first kind of coach is practice-management people.

A lot of big companies are built on practice management because they can coach around the systems. You’re not achieving results? Oh, we have a system for that. What I do is coach around that person. Difference right?

Somebody asked me what my system is and I told them I don’t yet know because I don’t know you. It’s because my system is predicated upon what you tell me that you’re missing or lacking.

I refer clients to practice management people because I don’t do detailed workflows or employee manuals. Not a problem for me.

The next kind of coach you’re going to find is your marketing people. Some are better than others and some promise a lot if you deliver. I have a couple of that too. So if you want to find out, reach out and I’ll be happy to make that recommendation to you.

Here’s the thing. If you think you’re going to stroke a check and fix your stuff, you’re sorely mistaken, my friend. It does not work that way. It just does not.

Most advisors are so desperate for an answer that they’ll literally try anything. That’s the reason why marketing people get your money.

Let me give you an analogy. It may not be the best one but that’s what’s on my mind right now. It’s almost like you have a loved one who’s ill and there’s no cure.

You go online and you hear this weird stuff that goes on in some third world country and you’re tempted to get that person there because you’re so desperate for a solution. See, a lot of the marketing companies play on that.

If you’re not doing that but your competitor is, then you’re losing. Here’s the problem with that. And by the way, some programs are really good.

If you want to talk to me about a seminar system, direct mail program, an internet program or lead program, I have clients that have done every one of them successfully. Podcast, videocasts. I’ve got clients who are rockstars at that and I’m going to tell why they are in a moment.

The marketing people have this thing. They sell it to you and you got one. Do you think that’s going to solve your problem? Not true.

The practice management and marketing people add value but they don’t solve your problem. They’re important but they don’t solve your problem. Now, why is that?

Here’s the real work, coaching or evolution. You. There was this person who went to this $20-25K “We’re going to teach you how to work with centers of influence” program.

What’s nice about my world is, I get briefed on what’s going on. I don’t view these people as my competitors. I view them as colleagues and some are just better than others. It’s a great system so I endorsed it.

When I asked about their morning ritual, their business plan, daily gameplan, 5-year vision, psychology, fears, concerns, issues or their strengths and weaknesses, it just got real.

See here’s the reality. Now here’s a good analogy. The practice management and the marketing people work on a “car”. We have a race team here.

Doesn’t matter if your thinking F1, NASCAR, Kart, INDY or even BMX. There are two components to success. The vehicle, which is part of the deal and “The Driver”.

Here’s what the practice management and marketing people do. They work on the car. The chassis, the systems. I watch F1 and I love it because it’s the most expensive and elite motorsport in the world.

I’m telling you right know that if you have a great car but a reckless driver, you’re guaranteed to fail. A great driver can overcome a mediocre car in all cases.

What a lot of you are trying to do is work on your car because it’s a “safe place”. I don’t need to own up on my flaws, bad habits or laziness. People complain about their team.

Now, this is a true story. I’m teaching this leadership course this July 2019. I’ve done it before and affirmed that it is the elite leadership program in the industry. It’s because there aren’t too many leadership programs in this industry.

I’ve had a couple of clients who want to bring their team and I asked them why. The answer I get is they want me to work on their team because they’re not getting “IT”.

Here’s exactly what I told them, “You want me to be you? Instead of you stepping up and leading your team, in which by the way, I will not be there every day but you will be. You seriously want to abdicate that responsibility to a third party because you don’t want to deal with it? Then why the hell are you in business?“.

I’m not like any other coach. I don’t have time for shenanigans. If I see it, I’m going to call you on it. You have to decide and be honest with yourself. It’s a formula.

Yes, you’ve got to have a great car. But if you ignore the driver, you’re making a fatal error. My work is driver-oriented. I teach clients how to do their morning ritual which I call the Magellan Morning 8. There’s also the Magellan Morning 5.

I have a system or protocol to make people better people. To make advisors better advisors. Then you could actually operate the “car”.

You have to take advantage of all that practice management and marketing stuff. I’ve got plenty of clients wherein I do one thing in their world and another coach for other things. I’m totally cool with that because I’m all about the client. I know what I’m great at.

There’s no one better than what I do than me. Do I know how to practice management? No. Do I know how to put up an employee manual? Like I said before, hell no.

So you want to find that in other places. Do you want technology integrations? I’m good with the iPhone. But if you want to tie your systems together and connect to XYZ, that isn’t me.

But I’ll get you motivated, inspired, and organized to get the right person. That’s what I’m saying. You want a coach. But what kind of coach do you want?

This is what you need clear with yourself. What’s your true challenge? What should be first? In my experience, it’s the driver first car second.

If you put the car first, you’re just going to get frustrated because you’ve invested all this money but you’re not getting the maximum ROI because you haven’t realized the maximum you. That’s what it really is all about.

It’s easy to stroke a check and then look at something outside of the mirror. The bottom line is, it’s all about the mirror.

I’ve built two coaching companies. 10 years ago I hired a bunch of coaches. I had a partner wherein he did the marketing while we did the coaching. I hated it.

You know why? Because there’s nobody who could do what I could do. Nobody can dig in like I can dig in. Standards.

After a year and a half with them, I blew it all up. I woke up one day because I’ve become a manager of coaches. They’ve become whiny and needy. I don’t have time for that.

Four years ago, I tried to have another “bite at the apple”. I did it again and hire another batch of coaches. Trained them and did it for a year and a half.

Again, I hated it. Why? It’s because I had to market it. I had to get people into my funnel to “feed” my coaches and had less time to do what I love and which I was born to do. Coaching.

So I blew it all off and fired them and told them to bring all their clients with them. They were very pissed at me. But it had to be done.

You have to know what you’re excellent at and what your calling is. So, when you’re hiring a coach, do they talk about their systems or themselves.

Do you resonate with that person? Because when done properly, you’re just not making an economic or time investment but most importantly an emotional investment.

You don’t want to get it wrong. So, here are a few key things to take a look at. Number one, how do they onboard you.

Do they sell you on signing up and pressure you on takeaways and you have to do this or that by this date and stuff like that? If they sell you on saying “Yes” and they have a dedicated sales people “twist your arm” to say yes to something, does that really make a lot of sense?

The second thing is, how much time do they give you to decide? What’s their process? I’m going to use myself as a comparison because I know how I want to be treated.

I only take down a client after 30-days of evaluation. There are steps. you have to qualify. You have to apply personally to work with me.

Magellan Network, my group game, my movement? You get 30-days in there. We just ask for your name and email address and you’re in the game.

If you want to stay, you can stay. If you don’t, no harm no foul. Best of luck to you. It’s because I know that I’m not right for everybody.

If there’s a coach that tells you they can work with anybody, then that’s a load of snake oil. They’ll take everybody’s money but it doesn’t mean that they’ll be successful.

Next, how long is the engagement? After the onboarding salesmanship, do they have mandatory timelines? A year, six months? Do they ask you to pay upfront? No matter what? Or is it pay as you go? It matters.

Some of you will say that it’s all about the commitment. The thing is, it’s not. They can walk away. If money commits somebody then they’re committing for the wrong reason.

They’re committed because they don’t want to lose money and not because they want to change. One last thing and I’ll let you off to do your thing today. This is really important.

You should, under no circumstances, ever hire a coach who does not have a long history in this business. I’ve seen it over and over again and more recently.

I’ve got advisors in my space where they met some dude at their local chamber of commerce. They’re an executive coach or a leadership coach and they don’t know one thing about our business. They don’t understand what compliance means or what an ADV is.

They don’t know our space. What you’re doing is pay them to learn on you. You do not have the time for that. It doesn’t matter to me who you hire.

Just make sure that they understand so you better interview them back. How many advisors have they been working with? How long they have they been working with them?

What percentage of their client base are advisors? Mine is 100%. I do nothing but advisors and have done so for nearly 25 years. I’ve done it for 25 plus years but honed it after a year or two.

I know this space inside and out. I evolved with it. Just make sure you have someone like that. Next is, don’t be cheap.

I’m saying this respectfully. You may say, “Well, this dude only wants 300 bucks a month but this one wants 1000. I’m going to do the cheaper one”. Think about this.

You need your head cut open. One doctor is one year out of medical school and they’ve got a $20,000 rate for the surgery. Then, there’s this person who’s 25 years out of medical school and had done 5000 different craniotomies but they’re $100,000.

Forget the insurance scenario. Which one would you want operating on your head? The cheap one or the one that’s been there, done that countless times?

Experience of the coach matters. It’s because coaching is all about transference of experience. Just make sure that when you’re picking a coach, you vet them well. You vet them over time. You ask questions.

I love it when people ask me questions about how many clients I have or how long I’ve been doing this or what does the situation look like. What’s my average length of engagement?

When I say about 13 years they go, “What!?”. I want questions because I can answer them. Don’t get seduced in some speaker with a program and sign up because it’ll leave a bad look.

I literally started this industry and this space. Do not sit and make the wrong choice. It will give you a bad experience and makes our profession look bad. I want that to stop.

Thanks for listening and watching this episode of the Magellan Network Show. Love to get comments and reviews on iTunes. We’re a little bit of a startup here as far as podcasts and video blogs go.

You could go to iTunes and if you’re listening there, give us five stars and some comments. We’d love to get them and we’ll see you in the next episode!

The Truth About Getting to the Next Level

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Most Important Investment An Advisor Needs to Make

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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