The Getting Results Inc Podcast. Get your slight edge!
In this episode of the Getting Results Inc podcast we discuss the 4 Stages of a Financial Advisor’s Business?
Through life, we experience several graduations. My daughter recently graduated from Preschool (there was a party). Then kids graduate from elementary school, junior high, then the first of two large celebrations: High School Graduation and College Graduation.
After that, what is there? We do have a party to celebrate marriage or the birth of our first child – those are clearly marked transitions, but then what? How do we know it’s time to transition to other phases in life, recognize the emotions, actions and requirements of those phases? Additionally, if you remember back, when you graduated from one level to the next (say high school to college) when you stepped into the next phase, you also walked into a new building, new teachers, new friends, etc. Everything signaled that the game had changed. Yet, when you graduate from one phase to the next, nothing really signals that change. You walk into the same office with the same staff and the same clients just as you had the day before, so how does your mind make the necessary adjustments to succeed at the next level?
Worse yet, in business, how often do you celebrate graduating from one phase to the next. Do you even recognize what phases there are in a business?
After coaching financial advisors for over 20 years, we’ve come to clearly recognize and delineate four distinct phases in a financial advisor’s business. You see, many of the advisor’s that start working with us are frustrated or bored by their businesses. These two emotions are the top two killers of an advisor’s business. When a financial advisors is bored by their business, they are not driven by the next challenge – they start to look to retirement or worse, unconsciously create challenges to solve (read: problems in life/business). When they are frustrated by their business, they begin to lose their motivation and excitement and start looking for a way out of the business.
We noticed patterns to individuals at various phases in the business and sought to distinguish what was different about each phase. By distinguishing these phases, we can signal to the advisor a graduation to the next phase. With a distinct graduation, we can determine what to expect and what they will need in the next phase which essentially accelerates their success with less frustration and virtually no boredom.
Without knowing what phase you are in, you cannot effectively understand what your business needs, what you need or what to do to achieve success at the new level.
As I researched this topic, I found virtually nothing written or taught about it. The only thing I found was levels determined by production numbers. There was nothing in the way of what to expect when you moved from one production level to another. It was no wonder that there has never been a shortage of bored or frustrated financial advisors.
So, below I summarize the phases in a financial advisor’s business:
Stage I – Survival
Stage II – Thrival
Stage III – Mastery
Stage IV – Purpose
Tune in to learn more about each phase and how they may apply to you and your business.
