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.

Listen to the Podcast

Do Over List

Here’s the full do over list the advisors shared with me.

  1. 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.
  2. 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!”
  3. Hire smart young people and give them an uncomfortable level of authority.
  4. Hire women advisors since women are major financial decision-makers.
  5. 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!
  6. Start a fee-based business sooner.
  7. Obtain the CFP credential as early as possible.
  8. Formulate a niche market and work with the type of clients I like to spend time with.
  9. Concentrate on making sure the prospective client is the right fit for my business and not deviate, in other words, have a niche.
  10. Immediately hire a professional coach.
  11. Go independent sooner rather than later.
  12. Invest in the best technology for all aspects of the business.
  13. Make my website and social media a top priority.
  14. Offer over-the-top client support at all levels of the client/advisor relationship and make it a true experience for the client.
  15. Set account minimums sooner—-at least at $250,000.
  16. 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.
  17. Pay more attention to the value of the business enterprise sooner so I can have an excellent and profitable succession plan.
  18. 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.
  19. Focus on inter-generational planning sooner, knowing full well that our base of aging clients would transfer wealth to heirs at some point.
  20. 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.
  21. Fire weak performers sooner.
  22. Move faster.
  23. Trust my gut with less delay.
  24. Surround myself earlier with A players and not skimp on compensation for these A players.
  25. Hire a coach or personal confidant, cheerleader earlier in my ventures.
  26. Say thank you more often.
Actionable Intelligence
Identify one item from the list that you will implement over the next 7 days and follow through with it.

The 6 successful advisors are: Jonathan Foster, Eric Bishoff, Dave Purdy, Tommy Williams, Carol Busche, and Gabe Burczyk.

What would you do over? Add your do overs in the comment section below.

Get “On Belay” and Receive My Business Growth Guide

If you have any questions or comments, please leave a comment below or email me. Thanks!

Subscribe to the Podcast

iTunes Between Now and Success

Soundcloud Between Now and Success


The following two tabs change content below.
Steve Sanduski, CFP® is the CEO and co-founder of ROL Advisor, founder of Belay Advisor, host of the Between Now and Success Podcast, a New York Times bestselling author, and an international speaker.

Latest posts by Steve Sanduski, CFP® (see all)