Knowing what you know now, what would you do over if you could restart your business today?
I posed this question to 6 successful advisors and their answers were insightful. And here’s the funny thing, you can implement these ideas now and benefit from their hard-fought mistakes. Listen to the podcast and you’ll also hear my color commentary on each do over.
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Do Over List
Here’s the full do over list the advisors shared with me.
- Focus on what I am good at and outsource the rest to people/organizations that are better. Don’t let my ego get in the way of offering best practices to clients.
- Learn to say “No” to client requests so I can have a leverageable business model. Additionally, a fast “No” is better than a slow “Maybe!”
- Hire smart young people and give them an uncomfortable level of authority.
- Hire women advisors since women are major financial decision-makers.
- Focus on new business and make sure my daily calendar contains at least two meetings or calls per day that could develop into a referral or a client. That’s 10 per week, and 500 per year!
- Start a fee-based business sooner.
- Obtain the CFP credential as early as possible.
- Formulate a niche market and work with the type of clients I like to spend time with.
- Concentrate on making sure the prospective client is the right fit for my business and not deviate, in other words, have a niche.
- Immediately hire a professional coach.
- Go independent sooner rather than later.
- Invest in the best technology for all aspects of the business.
- Make my website and social media a top priority.
- Offer over-the-top client support at all levels of the client/advisor relationship and make it a true experience for the client.
- Set account minimums sooner—-at least at $250,000.
- Clarify my optimum target market sooner (clients with 1-10 million in investable assets) and not waste time pursuing the higher wealth group who have long standing personal generational relationships.
- Pay more attention to the value of the business enterprise sooner so I can have an excellent and profitable succession plan.
- Systematize the pursuit of referrals sooner—ensuring that we were truly referable rather than focusing on some of the traditional methods of marketing like seminars for as long as we did.
- Focus on inter-generational planning sooner, knowing full well that our base of aging clients would transfer wealth to heirs at some point.
- Train new advisors in the business by partnering with a veteran advisor who is willing to train, mentor and eventually sell their practice to them.
Fire weak performers sooner.
Trust my gut with less delay.
Surround myself earlier with A players and not skimp on compensation for these A players.
Hire a coach or personal confidant, cheerleader earlier in my ventures.
Say thank you more often.
What would you do over? Add your do overs in the comment section below.
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