11 Mindset Shifts That Lead to Business Growth

2. Old mindset: I'm on a losing streak.

New mindset: Every day is a blank canvas.

Remember cold calling? If you made 10 calls and got 10 hangups you might assume it’s not worth making the 11th call. But like roulette, the outcome of the next call is independent of the outcome of your previous calls. Every spin of the wheel is a separate event. Every day starts off the same. There is no reason to start the day in a bad mood because nothing has happened yet to spoil it. Start each day as if today is going to be the best day of your career.

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3. Old mindset: Who dresses up anymore?

New mindset: Dress for where you want to be.

I think I read this in GQ magazine, back when it was known as Gentleman’s Quarterly. People make judgments about you before you even open your mouth. If you want to build a clientele of wealthy individuals, dress like one yourself. This often means conservative clothing that isn’t flashy. You will find you get better treatment in offices, restaurants and hotels if you dress well.

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4. Old mindset: My yearly target is unattainable.

New mindset: Big goals are made up of smaller goals.

The start of the year can seem daunting. You might have little booked in revenue and your 2023 target goals are bigger than 2022’s. (Fortunately, managed money and asset-based pricing makes this easier.) You might be amazed you managed to hit last year’s goal and think this year’s is unattainable. “I have all my client’s money!” But yearly goals can be broken down into monthly, weekly and daily numbers. Do not forget to set goals in areas that do not lead to immediate business. This can include attending social events, meeting your client’s children and meeting clients and prospects for coffee to catch up.

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5. Old mindset: Wealthy people have it great. They don't need me.

New mindset: Everyone needs help with something.

When you encounter high-net-worth individuals, they may seem like they have it all. They are financially comfortable, own more than one house and take frequent vacations. Their lives seem perfect. Remember the expression: More money, more problems. Get to know them better. Learn about them. Sometimes the need is simple, such as having a hobby or passion and needing someone to talk about it with.

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6. Old mindset: My friends would ask for my help if they needed it.

New mindset: Don’t assume your friends understand what you do.

Your friends might have wanted to do business with you for a long time. The thing they haven’t figured out is why they need you. A New York City advisor shared this with me a long time ago. Your friends might assume a very narrow definition concerning your career. If you are a financial advisor, it’s stocks and bonds. If you sell insurance, they think that’s all you do. Many insurance agents can also help with wealth management. One of the best ways to get this topic into a conversation is to take a sincere interest in what they do.

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7. Old mindset: I don't do business with certain types of people.

New mindset: I help anyone who qualifies to be a client.

It’s difficult to build your business if you focus on who you will not do business with.

This might sound ridiculous, and you might say, “I never do that.” Unfortunately, our society has become polarized. You might make the innocent statement, “I only do business with nice people.” If there is a segment of society you don’t like because of their political views, you might categorize them as “not nice people.”

As a financial advisor, you should be ready to help anyone who qualifies to be a client and needs help. Anyone who has money and made it legitimately should not be taken out of the running.

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8. Old mindset: Wealthy people won't take my calls.

New mindset: Meeting people socially can be easier than getting them on the phone.

You want to build a high-net-worth clientele. The first step is getting in front of them. This often involves becoming part of their world. When you have money, keeping it and making more of it is important to people. They have an interest in learning from people who can help them. If you can build a personal relationship through shared interests, it may be easier to get to the point where you can identify a need and add a business dimension to the social relationship.

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9. Old mindset: The sky is falling!

New mindset: Graceful on the surface, furious padding below.

This can be important, especially when the stock market is volatile. Clients want to see you calm and exhibiting leadership skills. You know why you and they own specific stocks. You know why they are good. You have a vision of what the future might look like and where the stock market is headed in the long term. In private, you might be scared by the stock market and world events, but when talking with clients you should be calm and in control.

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10. Old mindset: Prospecting from the bottom up.

New mindset: Prospecting from the top down.

It can be tough finding prospects who will listen to you. Years ago, when asked who are your ideal clients, they would answer: “Anyone who can fog a mirror” or “anyone with a pulse.” They would find people who would listen, then determine if they had the necessary asset levels to become a client. If they didn’t, the time was wasted and the prospect might not get help after all.

It makes more sense to use a top-down approach. Identify prospects within the wealthiest 2% to 5% of your local market and find ways to get in front of them to tell your story. If they are interested, you know they are prequalified because of the research you did beforehand.

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11. Old mindset: Asking for money is hard.

New mindset: Asking for money is an art.

When you are about to turn a prospect into a client, you need to ask for an amount that is large enough to show what you can do to help them, yet not so large they feel they are taking too great a risk or disrupting current relationships. If they have $65 million invested and you want $500,000, raising the money can be done similar to rebalancing the portfolio. If they have $600,000 and you want $500,000, someone has to get fired. That might not happen.

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