De-Evolving ::: Back to Basics

While some of the ideas introduced to the financial advisory world (thru this blog even) may be more advanced, a few of my recent conversations have drawn light back to the basics. After hanging up the phone today with a very successful financial advisor, something hit me in the hard: Very few people are as advanced as they think they are. And that’s not a bad thing! Actually a lot of times, it’s a great thing! But when someone makes this business needlessly complex, cumbersome and ineffective, they’re in a bad place; headed down the wrong path. I don’t want you to be that person.

You see all the ideas floating around our industry, don’t you? Here’s a couple things I saw in my email just today:

  • “$471k Sole Practionioner, working part time, finally reveals the TRUTH about marketing secrets.”
  • “How Tom makes $400-500k a year, working 25-30 hours a week, with only one part-time employee!”
  • “The ridiculously cheap tool that gets your current clients AND outside professionals (particularly CPAs and attorneys) to give  you referrals WITHOUT you asking (begging) them to give you names!”

Basic? No. Sexy? Yes. And I’ll leave it up to you to determine the probability of success. Please do the future of your business a favor and swear off all marketing hype and get-successful-quick plans today. Every second you spend looking at them is a second you’ll never devote to real work. Because the most complex theories in our business revolve around simplicity. The truth is I’ve seen amazingly successful advisors who are drastically inept in certain basic selling situations, or unable to get into those situation in the first place. What makes them successful is their ability to take basic training, basic direction and act on it. Nothing more, nothing less. Simple idea, simple action plan, do it.

  • I’ve consulted multi-million dollar safe money advisors who close 90%+ of their appointments, but couldn’t market to save their lives.
  • Others can effectively market for prospects five or six ways consistently, but close less 50% of their appointments.
  • Another example is an advisor I consult who doesn’t market or sell. He runs the office, the franchise, and quarterbacks all the operations. But he’ll hire in the marketing coordinator, salespeople and administrative help. If you left it up to him to get prospects into the office or close them, he’d be out of business next month.

My point is million dollar commission earners can’t be all things to all people! And they certainly can’t be chasing the next silver bullet every month or they’d get away from the basics of what makes them successful! Successful advisors take simple action and do it well repeatedly.

“Sexy” might sell, but the truth is most advisors don’t need it. If the marketing partners they worked with (IMOs especially) put more thought into their regressions than their progressions, they’d get better results, and appreciate the “how” and “why” of the success process better. Today’s advisory world focuses on fast-tracking too much, sparkle too much, and preparing too little, and most business partners are too coward to tell the truth. Instead financial advisors are filled with hot air about how great they are (and the advisor can justify it due to high margins).

They de-evolved, and the correction – both financially and psychologically – needs to take place now.

Work simple, smart, and hard; then advise with passion.



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