Impact vs. Profit: Understanding the Difference


Hi everyone, and welcome to The Magellan Network Show. In my experience working with advisors, I've noticed that those who neglect client relationships often lack meaning and fulfillment in their work.

When advisors start, making money is essential for survival. However, if you prioritize profits over impact and relationships, you're merely using clients as tools for your economic gain.

In this episode, I will discuss the importance of prioritizing impact and relationships over solely making money and why adopting a mindset focused on service, helping others, and adding value is crucial for all advisors.

I also discussed the following:

(06:40) One question you must ask yourself as an advisor
(07:47) The number one reason why clients leave their advisors
(09:54) Why I started the Magellan Network
(11:02) Why advisors must focus on having the maximum impact on their relationships
(14:56) The basis of an advisor’s practice

Related: Do Financial Advisors Prioritize Information Over Emotion in Persuasion?