Pardon me for being harsh.
Fact is, I’ve met far more poor financial planners than rich, more bad financial advisors than good, and more crybabies than hardworkers. If this hits you where it hurts, I’m not sorry – it’s for your own good.
As I see it, there’s something fundamentally wrong with the way many financial advisors think. Many have some false sense of entitlement; which costs them dearly. This isn’t just true of advisors – rather it’s a problem in all industy. My curse, is that I see it every day. Don’t get me wrong. I do have empathy for those less fortunate.
Being a financial advisor is not for the timid. It’s not for the lazy.
And for lack of a better way of saying it, it’s not for crybabies!
In today’s society it seems theres a prognosis for everything. A ‘magical’ drug that cures every ailment. What ever happened to the advice I learned as a child? I don’t know about other financial advisors – but when I griped to parents, teachers or friends I was told: “Deal With It!”.
So that’s what I’m telling anyone who’s complained about their payout, or products, or management or anything that’s keeping you from having the success you feel you deserve. Deal with it.
How to Deal With It
If the problem is, for example, your broker/dealer:
Fire them. Many advisors forget that your broker/dealer works for you. They are the equivelent of an expensive employee or contractor. What do you do when the painter no shows for a job you’ve hired them to do? You fire them. Maybe you give them a warning first; but at the end of the day – if they can’t do the job: find someone who will.
If the problem is your boss/manager/etc:
Fire them. Go independent. Work for yourself. If you don’t think you can cut it on your own – then quit the business. As I’ve already said: There is no room for wimps as financial advisors. I’ve seen so many times a rep jumping from one bank to another, always in search for a better base salary; a couple of extra points on the production grid; or a new title as Vice President. It’s laughable. And it doesn’t just happen at banks. It’s going on at wirehouses, regionals, and even within the independent channel.
If you find yourself in this very embarrasing situation – take a good look in the mirror and pray for guidance. It’s not good for business and it’s certainly not good for your clients.
If your problem is with a client:
Fire them. If this is starting to sound redundant – it’s because it is. Life is too short and time is too precious to waste it working with clients whom you don’t enjoy. No matter how much money they have and no matter how bad you need the money. Plus, it’s liberating and you’ll feel better when it’s done. When you feel better, work is more enjoyable. When work is enjoyable you become more successful. And no matter what anyone tells you, life is much more enjoyable when your successful.
If your problem is you don’t have enough clients:
Do something about it. Don’t read my articles – do some marketing. If you don’t know how to market – then buy our material. If you don’t have any money – do what I did. When I started my firm I sold everything I owned. Ski’s – gone; nice car – gone; big screen TV – gone. Not only did I sell everything, I invested every nickel I had into my business PLUS rang up $30,000 in credit card debt in the first year. By the end of year two: Every nickel was paid off. Sometimes to get massive results it takes massive action. If you are one who’s always telling yourself:
“I know I can close clients, it’s just I don’t have any money for seminars, and I really need a salary, and if I only had someone to help me…wah, wah, wah”
Get with it. No great business comes easy. If you really have confidence in your abilities you have to put your money (or credit if you’ve got no cash) where your mouth is. People who whine about what they don’t have never end up with anything.
If your problem is you don’t have enough time:
Just quit the business. I’ve wasted enough of my time with people who show up for work late, take way to much time off and have zero self motivation. Lazy people are not successful. I don’t care what the guy who sells insurance in his underpants tells you. Everyone I know who is rich either worked really hard to get it or had worked really hard for many years to get it. If you aren’t interested in making money than don’t be a financial advisor. Do something more useful with your time like working with kids, volunteering or evangelizing in foreign countries.
If your problem is the prospects in your area:
It’s not. The problem is you. Somehow you are doing something wrong and anyone who tells you otherwise is politely lying to you. I don’t say this to hurt feelings. But every problem has a root. You need to find the root – and fix it.
Often times it’s something that happens well before you realize theirs a problem. For example: A financial advisor told me once that he never gets millionaires to his seminars. He claimed that millionaires in his area just don’t respond to seminar marketing. He lives and practices, by the way, in the second wealthiest county in the United States. The problem, we found, is that in order to keep his income up and pay for his marketing, office and staff – he had to primarily sell annuities. So while he was getting good RSVP rates and appointment requests from his seminars; his marketing to message to services match was way out of wack. Wealthy people do NOT like annuities. They want a private money manager, a fee only financial planner and a total wealth management solution. They want high-end estate and tax planning strategies and demand performance. Contrary to the pitch that “ideal clients” don’t care about performance – they do. Big time. That’s one of the many reasons I virtually ‘cherry-pick’ the best clients from each firm in my area. You can too; but first you have to admit there’s a problem, identify the problem and determine the solution.
So there you have it. I know this couldn’t have been a fun read. But if you got to this point than there may be good times on the horizon. By getting to this site, finding this page, and reading through to the bottom – one thing is for certain: You’re not lazy!
Now get to work…no complaining, and never quit!
All the best,