Watch out for the word “yes.” Saying “yes” too often can lead you to spend too much money, grow too fast or take too many financial risks. It can even ensnare you in unethical or illegal business practices that get you thrown out of the business — or worse.
But it’s easy to see why so many advisors become yes-men and yes-women. Our culture encourages it. It promotes wanting more than we have and saying yes to stuff we can’t afford. It hypes super-sized food portions and big SUVs, even though our stomachs, budgets and environment are crying “no.”
Well, it’s time to say “no” to “yes,” and in so doing, rediscover the best in ourselves. By just saying “no,” you force yourself to focus on only those activities that drive your business forward. By just saying “no,” you eliminate distractions and become more efficient. Finally, by just saying “no,” you avoid ethical lapses that can ruin your reputation and prevent you from becoming an advisor others seek to emulate.
OK, saying “no” is all well and good … but “no” to what, exactly? Here are three specific examples.