Over the last decade, I’ve helped educate tens of thousands of advisors. Despite the different companies, countries, experience levels and ages of advisors, many share common problems and are looking for similar solutions.
Advisors want to grow. They want to build a business that better serves their clients and simultaneously feel satisfied in their work-life balance.
What holds them back from achieving their professional and personal goals? In some cases, advisors are simply in the wrong business line; others are at the wrong company or lack the needed education or experience. More often than not, what holds an advisor back from reaching success is lack of command — they let their business run them instead of running their business.
Even the best advisors who have a clear vision for their firm get caught in the weeds of administrative duties, leaving little time or energy dedicated to growth. To compete today and stay on a path moving forward, advisors need to continue to innovate, learn and adapt.
One of my favorite sayings is that great businesses don’t fail because they do the wrong things — they fail because they keep doing what worked 10 years ago. This will be true for advisors as technology, fee compression and the client experience influence the financial advice industry, forcing it to evolve at incredible speeds.
How does an advisor stay ahead of this curve? Think about some of the best athletes in the world. Similar names pop up: Michael Jordan, Michael Phelps, Serena Williams to name a few. How did these athletes go from good to great and stay great? They committed to their craft at a young age. They developed skills, learned the game and surrounded themselves with the best players and coaches in the sport to excel.