I must admit I am not good at staying inside the box. I have tended to always ask the very important question “Why?” I find this industry tends to make advisors myopic in their view. Now I do know some very good visionaries, advisors who think outside the box, who ask the question “why”? What are your true dreams and visions for yourself and your business. Have you written them down? Now I know some of you might say; “Joe I can’t think about my dreams and visions because right now all I am trying to do is survive.” I can appreciate that BUT what you focus on is the reality that you create for yourself. Think survival you get survival. Think optimal practice and life and that is what you will get ultimately– as long as you take action. This is what Adviser 2015 is all about. Listen to my audio comments for more details.
The Decease of “Someday”
One of the main tenants of Advisor 2015 is to stop thinking like most other advisors. If you think like the masses then you can never rise above them. How many times have you said to yourself “someday when I (grow my revenue, go independent, get caught-up, etc)”. That is the decease of “someday”! The New Advisor (NA) thinks in terms of concrete action plans and thinks for themselves–not being afraid of trying new ideas or strategies. Let me ask you a very important question. If you had the opportunity to build your business from scratch, what would you do different? Let me share some insights with you with my audio comments.
Welcome to the Advisor 2015 Philosophy
One of the fundamental shifts that I have made in my coaching work is to bring my Advisor 2015 model to my clients. In a nutshell, Advisor 2015 is an alternative advisor practice model. Where instead of trying to keep your business and life separate, you in essence merge the two into one congruent lifestyle. Those clients of mine who have gone through the series of the website and in the conferences all agree it is some of the most powerful and thought provoking information and strategies they listen to. Please listen to my audio comments for an introduction to the Advisor 2015 philosophy.
Your Assistant–An Engine or Anchor
Most advisers get into our business because they love planning, investing, helping people, etc. Usually, it is much latter they realize they also need to run a business and manage other people–their assistant. I cannot count how many times over my years of coaching work I find a highly dysfunctional assistant relationship that an adviser is tolerating. It doesn’t matter if you are a independent, wire-house, or bank adviser. Full-time, part-time, or shared with many others. You must get on the same page with that person. Please listen to my audio remarks for some very simple best practices when it comes to optimizing your assistant.
Client Profitability
One of my “pet peeves” about most advisers is they really don’t run there business as a business. Show me a business that serves clients and customers at a loss (most airlines) and I will show you a business model that is unsustainable. Do you know what is cost you to serve a typical “C” client well? I am speaking of an annual review, four touch-base calls per year, newsletters and mailings, and let’s not forget the risk factor of getting a written complaint in our new environment. Add that all up, and at the bare minimum your carry cost before you make a profit is $1000 gross revenue –not including “Uncle Sams cut (40%) that leaves you about $600 and then take your BD fees into account. Listen to my audio remarks for more information and ideas.
The Real Value of Your Business
Most adviser believe that the way to measure the success of their business is either how much revenue it producers, or how much money they have under management or both. My belief is the true measurement of the success of your business is the depth and quality of the personal relationships that you have with your clients. We must remember that none of you have a lifetime contract to be one’s financial adviser. Remember, portfolios have no loyalties–people do! Listen to my audio remarks for more information and ideas.
The Real Business You Are In
When I evaluate a new client, I always ask them about how they approach each and every business day. Even after 17-plus years of coaching financial advisors, a vast majority of them still operate in the “portfolio-stock market-news” paradigm. They focus their day on these three areas and forget they are really in the solving programs-enhancing lives business. Remember what you focus on will determine your actions and behaviors. If you focus on people you will want to reach-out and connect with more of them. Listen to my audio remarks for more information and ideas.
You Are What You Eat & You Act How You Think
The old saying that what you eat directly affects your health can also be said about what you digest each day mentally. Starting your day off with news and technical information (CNBC, News, E-mail, etc) is the same as saying a candy bar makes a great breakfast! Just as breakfast is the most important meal of the day, what you digest mentally in the first hour of your day sets the tone for the entire day. Listen to my audio remarks for more information and ideas.
Check Your Habits & Behaviors
The end of the week is a great time to pullout your weekly game plan and take a look at how well you executed on what your plan was for the week. Pay close attention to your habits both good and bad. The key point for early in the year is to make sure you have the proper habits and behaviors. Your success in 2010 will largely be determined by these habits and behaviors. Listen to my audio remarks for more information and ideas.
Morning Success Ritual = Excellent Business Days
If you struggle with executing your Daily Game Plan then the first thing you want to evaluate is your Morning Success Ritual. In reviewing my client’s business plans I have found it is absolute that in order to have an excellent day, you must begin each day in a positive and powerful manner. Listen to my audio remarks for more information and ideas.
