Do you have your own independent advisor business? Are you pulling back right now because you’re uncertain what the future will bring? Though times of chaos like this can be stressful, it’s actually the best time to launch and grow a business. While others are circling the wagons and sticking their heads in the sand, you can invest in your future and get ahead of the pack.
Now more than ever, people need a reliable financial advisor who can help them get all their money in one place and make smart decisions that are not influenced by either the chaos in the world or the financial advisor’s own gain. In a nutshell, people need calm fiduciaries instead of volatile salespeople. Do you fit the bill? Then now is the time to grow. Here’s how.
Figure out what’s working for you
All business owners have strengths and weaknesses. The mistake most of them make is focusing on the weaknesses and trying to strengthen those instead of doing the opposite. Listen, you can always outsource tasks you aren’t that good at or you can hire someone to handle parts of your business that simply aren’t in your wheelhouse. There’s certainly no shame in getting help. In fact, it’s necessary if you want to grow.
What you need to focus on is where you’re thriving. Think back over the past year or two. What did you get the most compliments on from your clients? From your colleagues? What parts of your business did you feel came easy to you? What activities did you do that left you feeling fulfilled and talented?
For some, customer service and meeting face to face with clients is their main strength. For others, it’s research and putting together strategies. Still others really shine when they’re involved in networking groups or giving educational talks or seminars. Jot down the top one or two areas you feel are your strongest areas and concentrate on those.
Invest 3% of your income in your strengths
I advise all the advisors I work with to invest in accelerating their growth. In fact, I get pretty specific with my advice. I tell them to set aside 3% of their income and reinvest that in the improving the skills they are already working for them. This could mean spending it on private coaching to help you get even better at customer service, books that will help take your networking skills to the next level, or conferences where you can rub elbows with more professionals who will help you uncover speaking opportunities.
It might seem counterintuitive to spend more money on what you’re already doing well but trust me, it works. When you shine a light on what you’re naturally good at, you’ll be able to rise above your competition and be well on your way to building a lucrative business.
Feeling lost or uncertain?
The advice I just gave is easy to follow for those who can quickly identify what areas of their business in which they excel. But what if you don’t? What if you go back through the past couple of years and find that pretty much everything you did made you feel the same way or garnered the same type of results? Don’t worry. If you’re in this situation, you can still do the 3% rule. You just need a little help first.
Working with a coach who is also a financial advisor is your best bet to get from where you are to where you want to be. When your coach has been in the business, he or she can help you work through your thoughts, dig more deeply into your business strategies, and help you uncover your greatest strengths. As mentioned before, you don’t have to do this alone.
Are you ready to get ahead of your competition by investing in yourself? If you need a little help along the way, please reach out. I’ve helped hundreds of advisors grow their business in a way that works for them and I’d love to help you as well.