From Plateau to Growth: 5 Changes Financial Advisors Need To Make Now

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In the competitive world of financial advising, staying stagnant can be detrimental to your success. You may find yourself feeling bored or stuck, questioning where your growth has gone. In this post, we will explore five key strategies to ‘blow up’ your business and reinvent it for new success. With over 32 years of experience coaching elite financial advisors, I'll share insights that can help you push past barriers and achieve your revenue goals.

Understanding Your Current Reality

To make impactful changes, you first need to assess where you stand. This involves a candid evaluation of your business’s financial health.

  • **Why This Matters**: Understanding your current position allows you to identify gaps between where you are and where you want to be.
  • **How to Do It**: Start by analyzing your top-line revenue. Ask yourself: "Where am I compared to where I thought I would be?"
  • **Example**: If you expected a 10% growth this year, but your numbers show a decline, it’s time for a serious reevaluation.
  • **Common Mistake**: Avoid blaming external factors like market fluctuations or compliance issues. Instead, focus on what you can control to drive growth.

 

The Importance of Business Development

Once you have your current reality assessed, the next step is to focus on business development.

  • **Why This Matters**: Business development efforts directly contribute to revenue generation and client acquisition.
  • **How to Do It**: Reflect on what you would have prioritized differently in your career. Would you have marketed more aggressively? Invested in networking? Write down your insights and commit to action.
  • **Example**: Many advisors realize they should have spent more time on marketing and less on reactive client management.
  • **Common Mistake**: Neglecting proactive business development can lead to stagnation, so prioritize this area.

Evaluating Your Team and Client Base

 

Your team and clients significantly impact your business’s overall performance. An inventory of both is essential.

  • **Why This Matters**: A team that aligns with your goals and clients who are a good fit can accelerate growth.
  • **How to Do It**: Assess your team members and clients. Ask: "Would I hire my current team members again?" and "Would I choose to work with my current clients?"
  • **Example**: Use a scoring system for clients based on likability, coachability, profitability, and their potential to refer you to others.
  • **Common Mistake**: Holding onto clients who drain your resources and morale can hinder your business growth.

Crafting a Vision for Your Future

Your business needs a clear vision to guide its growth trajectory. Without it, you risk getting lost in day-to-day operations.

  • **Why This Matters**: A well-defined vision keeps you focused and motivated.
  • **How to Do It**: Think about your long-term goals. Where do you see your business in the next five years? Outline actionable steps to get there.
  • **Example**: If your goal is to double your revenue, identify specific strategies to achieve that.
  • **Common Mistake**: Failing to adapt your vision to market changes can leave you unprepared for future challenges.

Reinventing your financial advisory business is not just a theoretical exercise; it requires deliberate action and introspection. By understanding your current reality, focusing on business development, evaluating your team and clients, and crafting a clear vision, you can set the stage for explosive growth. Remember, you have the power to change your business trajectory—embrace it!

Time Stamps

  • 0:00 Intro & Coach Joe's background
  • 0:32 What "blowing up your business" means
  • 1:06 Signs your business has stalled
  • 1:29 The May-June window & blank sheeting
  • 1:53 Step 1: Assess your current revenue reality
  • 2:39 Step 2: Stop the blame game
  • 3:28 What would you do differently?
  • 4:11 Step 3: Evaluate your team
  • 4:31 Step 4: Vet your clients
  • 4:54 The 3+1 client scoring framework
  • 6:16 What "coachable" and "likable" really mean
  • 6:59 Moving away from toxic client relationships
  • 7:33 Step 5: Evaluate your firm/partners
  • 9:25 Story: Client who bet on himself
  • 10:29 80,000+ coaching sessions — there's always a solution
  • 11:19 Why the hypothetical exercise works
  • 11:54 The "million dollar" hypothetical
  • 14:05 What would have to be true to double your business?
  • 15:24 Best practices: Do it outside your office
  • 16:00 No sacred cows
  • 18:39 Follow the money: where did your last 10-20 clients come from?
  • 19:33 Quadruple down on what works

Related: Are Your Employees Engines of Growth or Anchors Holding You Back?