I love the modern world. I love the computer, transportation, TiVo, and my iPhone.
Perhaps one of the reasons technology is so quickly embraced by us human beings is because we struggle to delay gratification. We spend more than we earn to live a lifestyle we can’t really afford, we get duped into believing we can get rich quick and without risk, we waste billions of dollars a year on fad diets that promise weight loss without effort, and we do the same with fitness equipment and programs that promise to make us fast and strong without breaking a sweat. Most of us joined the Financial Services industry, in part, for the unlimited income and total time freedom.
The “app” is the ultimate promise of instant gratification. Just download the app and you’ve got a way to do something you want done right now. It’s very cool. I love apps! Wouldn’t it be great if there was an app for everything? Need referrals instantly? There’s an app for that! Need to execute a brilliant client interview right now? There’s an app for that! Need to know the right advice to give a client so they achieve their goals for a meeting in 10 minutes? There’s an app for that! Need to hire a great assistant tomorrow? There’s an app for that! Need to know what to say to engage strangers at a social or business networking event so they want to meet you for business tomorrow? There’s an app for that! Need more confidence to build your business? There’s an app for that! Need to know how to get wealthy people to trust you with all of your money? There’s an app for that! And of course they are either free or only 99 cents and there is very little effort involved in using them and the results are guaranteed.
Sorry. I was being tongue in cheek to make a point. Of course, there are no apps for these things because not everything can be taken care of with an app.
What technology can’t change, not even the brilliance of the iPhone or the iPad or the many apps, is the fact that there are universal laws and principals that govern real and lasting success in life and in business. No matter how cool the technology becomes there will never be an app for those things that require mastery.
This is good news and bad news.
The bad news is that there is no app for that.
The good news is that there is no app for that.
There’s no app that will make you a black belt martial artist. Becoming a black belt will require a good instructor, lots of practice time, commitment, implementation in the real world, and dedication over several years.
Scratch golf? Sorry, no app for that.
Triathlete? Sorry, no app for that.
Tennis? Sorry, no app for that.
Guitar? Sorry, no app for that.
Piano? Sorry, no app for that.
Successful business person? Sorry, no app for that.
Good Spouse? Sorry, no app for that.
Good Parent? Sorry, no app for that.
Engineer? Sorry, no app for that.
Doctor? Sorry, no app for that.
Lawyer? Sorry, no app for that.
Mechanic? Sorry, no app for that.
Cop? Sorry, no app for that.
Firefighter? Sorry, no app for that.
Financial Advisor? Ditto. No app. Bummer.
There’s no app for conducting brilliant client interviews, effective implementation and progress meetings, asking for referrals, making follow-up calls, building the administrative and technical expert team to help you serve your clients. It’s all do-able, but there is no shortcut or silver bullet to produce results at the most important things in business and in life.
There’s no app, but there is a formula: a good instructor, lots of practice time, commitment, implementation in the real world, and dedication over several years.
The flip-side is that most Financial Advisors waste years, even decades, seeking and trying to circumvent a truth that cannot be escaped: there’s no app for lasting success. No shortcut. No silver bullet.
How is this good news? If you are one of the few who are actually willing to do the work, over time, to build these skills you have a distinct and substantial advantage over what will no longer even be called the “competition.” Embark on the Master’s journey and you will acquire all the Ideal Clients you need to generate all the business revenue to cover your expenses, pay your taxes, and have all the net income you want for a great present lifestyle, and all the money you need to fund your future goals and financial independence.
What does a Financial Advisor need to master in order to build a successful business? Just 6 things.
1. Client Service Mastery. Help your clients get their entire financial house in perfect order and keep it that way forever. This starts with the implementation meeting, which is the first meeting after you’ve been hired, and cycles through 3 meetings per year to help your clients keep their financial house in perfect order.
2. Client Acquisition Mastery. Master 4 elements: 1. Asking for referrals. 2. Making follow-up calls in a way that is engaging and leads to a reasonable percentage of referrals agreeing to a more in-depth phone appointment about how you can help them. 3. Facilitating this phone appointment in an effective way so a reasonable percentage agrees to a face-to-face initial client interview at your office. 4. Conducting brilliant client interviews so a reasonable percentage hire you.
3. Leadership Mastery. Building and leading a team of best-in-class subject-matter experts; technical and administrative, who help you help your clients get their entire financial house in perfect order and keep it that way forever.
4. Communication & People Skills Mastery. Asking the right questions, being an empathic listener, and when it is your turn to talk giving your advice with conviction in a way that’s all about them so your clients take action and implement.
5. Mindset Mastery. Thinking like a business owner instead of like a practitioner. Focusing on what you can control and not being distracted by events out of your control like the market, or the economy, or world problems and conflicts.
6. Time, Priority, and Calendar Mastery. You running your business instead of it running you. Know your priorities, put them on your calendar as appointments with yourself and others, and develop the habit of honoring your calendar.
These are the important things that are required to tap your true potential as a Financial Advisor. There will never be an app. The sooner you embark on the Master’s journey, the sooner you will enjoy the benefits of Mastery.