Measuring Success by Feelings or Results?
Have you noticed that some of the things that are good for you aren’t necessarily pleasant? Not everyone loves to exercise. Many people would prefer to not eat well. (It might surprise you to discover my 3 favorite food groups are In-N-Out burgers, pizza, and Taco Bell.) I don’t have personal experience raising children, but I’m going to go out on a limb and guess that it would be easier to be your kids’ buddy than to be a good parent. Some of things you have to do in order to earn the living you want may not be pleasant either.
It might be one of the most challenging things for humans to deal with and, certainly, one of the comments that I hear on a regular basis from the advisors we train and coach. “I’m failing in ___________ area because it’s just not comfortable or not something I enjoy.”
What do you say to a client when something their goals require is unpleasant or uncomfortable? “I just don’t find writing those insurance premium checks much fun.” “Do we really have to save that much every month? It would be more fun to spend it all now.” Can you just skip these things and get the same results? What do you say to a child about eating their vegetables or doing their homework when they don’t feel like it? Can you just skip vegetables and homework and have your life turn out just fine? What do you say to a friend or family member about exercising, eating well, and generally taking good care of their health? What if it’s just not fun or comfortable or enjoyable or pleasant?
You’ve heard the saying you are only as strong as your weakest link. That’s definitely true for running a business. You are the CEO of your Financial Planning business and not everything that makes your business successful will be pleasant.
In Dr. Scott Peck’s landmark book, The Road Less Traveled, he begins the first chapter with this, “Life is difficult. This is a great truth, one of the greatest truths. It is a great truth because once we truly see this truth, we transcend it. Once we truly know that life is difficult – once we truly understand and accept it – then life is no longer difficult. Because once it is accepted, the fact that life is difficult no longer matters.”
Read that paragraph as many times as you need to until you really get it.
Where do most businesses break down? That’s right, client acquisition. Why? Lack of a good system? Inconsistent execution? Weak people skills? All three?
What is the best method for acquiring new Ideal Clients? According to those people you would like to acquire, it’s by referral. Yet most advisors manage to get through their entire careers knowing this to be true, but never approaching mastery of this basic skill. Why? Back to square one: it’s not comfortable or enjoyable. Vegetables? Exercise? Homework? Insurance premiums? Saving? Bummer.
Life is difficult. And once you accept that…
Asking for referrals, making follow-up calls, conducting phone conversations, and scheduling appointments may be difficult for you. Once you accept this truth it no longer matters. It becomes something you just do. And if you’re not willing to do what is difficult in your life then how do you earn the right to advise others to do what’s difficult in their lives? Let your integrity be your inspiration for doing the things in your life that you find difficult so you earn the right to give advice to others to do the things they need to do that might be difficult for them. This is what it means to be a Trusted Advisor.
“Too many people see change as what other people need to do” – David Zach
“Daddy or Mommy, if you don’t ask for referrals and make your calls, do I have to eat my vegetables and do my homework?” Seems silly from this point of view, doesn’t it?
The bottom line is that you have to let go of the fantasy that every element of running your business is going to be enjoyable. If comfort is your goal then success in business is not in your future. There is no silver bullet. Some aspects of being a business owner just suck. Deal with it. Some things are just not fun and the time and effort spent worrying about is unproductive. Put on your big boy or big girl pants and get on with the work your goals require to achieve them. Getting results is fun.
It’s become a popular idea in recent years that you should focus on your strengths and delegate your weaknesses. And this is a great idea, where it’s possible. And what’s possible is defined by your goals, not by your likes and dislikes. When building your Ideal Client Community you simply can’t delegate the relationship-building and relationship-management part. Asking for referrals and following-up with the people to whom you are referred is your job.
If you were single and a friend referred you to someone for a date, you wouldn’t have your secretary call to make the date, would you? If you would, this could explain why you’re single. There are certain calls YOU have to make. Following up on referrals is one of them.
Over 21 years of coaching and training Financial Advisors, there is another interesting dynamic I witness. I call it the consensus-versus-wisdom phenomenon. This is well-illustrated by the group of fat people who get together and decide that exercise is bullshit and agree that a trip to the all-you-can-eat buffet is a better use of time. While they all may agree, creating consensus. Their choice clearly isn’t wise, presuming being healthy matters to them. Obviously silly when I put it that way, but what about when a group of financial advisors have a “meeting of the minds” and decide the method must be flawed because they aren’t doing the work required to be successful? Don’t blame the method for poor execution.
The bottom line is that the most client-centered, cost-effective, time-efficient, and results-producing way to build an Ideal Client Community is by referral. No matter how uncomfortable you find it to be or how many other advisors you can find who are equally inept at building their business by referral, the fact remains: the most client-centered, cost-effective, time-efficient, and results-producing way to build an Ideal Client Community is by referral.
My advice: suck it up, make a REAL commitment to build your Ideal Client Community by referral only, get good at it, and keep doing it until you’re done. The positive feelings from the results will far outweigh any unpleasantness along the path.
It’s a great time to be a Financial Advisor!
