Financial advisors looking to improve their businesses have a wide range of “Best Practices” research to tap for new ideas, from industry benchmarking studies to specialized white papers. And of course, this Nerd’s Eye View blog. For those seeking methods to run their advisory business more efficiently and profitably, there are a lot of relatively simple tactics to try.
In fact, as highlighted in this guest post from Stephanie Bogan and Matthew Jarvis, arguably the greatest challenge in improving a financial advisor’s business is not actually figuring out the Best Practices methods at all… and instead is almost entirely about changing the mindset of the advisory firm owner. Because most business improvements to an advisory firm are fairly straightforward – from standardizing service offerings, to eliminating fee schedule exceptions. The blocking point is in our heads. Literally.
Because as Bogan and Jarvis discuss, the real reason that most advisors struggle to take their businesses to the next level is the limiting beliefs that we impose on ourselves as financial advisors and business owners. The idea that certain aspects of the business “must” be done a certain way, or the business will fail. When in reality, it’s simply that we don’t want to go through the awkwardness of change and the discomfort of feeling threatened and worried that a client might push back… even though at worst, making changes will probably just threaten to cause a few clients to leave (and usually it’s those clients who weren’t even the best fit in the first place!).
In other words, the key to financial advisor success isn’t really about implementing the right methods – the business tactics and best practices – but more about having the right mindset that makes it easier to implement those methods in the first place. Because once as advisors we have clarity and focus in the business, a confidence in our own worth and the value we provide, a focus on leveraging our time and relationships, and an abundance mentality that the money and business success will come by doing the right things… it becomes remarkably easy to make the changes necessary for that success to actually happen!
source https://www.kitces.com/blog/mindset-freedoms-limitless-adviser-methods-business-success-stephanie-bogan-matthew-jarvis-financial/?utm_source=rss&utm_medium=rss&utm_campaign=mindset-freedoms-limitless-adviser-methods-business-success-stephanie-bogan-matthew-jarvis-financial
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