Ambition is Not Enough!
The Wealth Advisory business offers huge upside for those who win at it, but it takes hard work and real commitment. This business has never been easy, but the payoffs can be substantial.
Being negative about changes in your business or the industry is not helpful to our mission as a Wealth Advisors.
The changes you witness everyday is probably the greatest opportunity of our time, with change comes opportunity.
We are all here because we have a common mission.
We must fight to be better, the folks that are failing, often fail because although they may have ambition, they lack the drive to stay in and win. We have to focus our energy on improving what we do everyday, make our work bullet proof, if we are the best, the investors we prospect will notice this, and they will be curious, success often breads more success.
We cannot be depressed by change or distracted from what we are trying to accomplish.
I am a huge fan of the work we do in this industry, every day I come to the office with the mission of sharing my incredible story, to be great for the people who entrust me to help them accomplish their dreams. It’s not always an easy task, there are huge transitional changes occurring in our industry and tons of noise. The noise can be a big distraction and may even cause anxiety sometimes.
But knowing you can win at this, even though you have to work harder than others, you can win. Look around there are super Advisors with giant practices around you, you can definitely win too.
Believe in what you do, there’s definitely a place for good Wealth professionals, knowing that you simply have to filter a lot of people to find the few who will embrace and appreciate your approach, those few clients will eventually become big fans and they will tell others like themselves. The people who find value in what you do are the ones you’ll want to work with anyway. But first you need to get our message to those few.
This industry is always in transition. When fixed commissions ended in 1975, the brokerage business was ending, we are still here. The move to online Discount Brokers in the late 90’s was going to kill the business, it did not. The transition from floor based to electronic trading in the early 2000’s was going to kill the business, the best found ways to use the change to their advantage. Keep in mind up until in the early 1970’s, investing was very expensive and only accessible to few, those few held very concentrated portfolios, because there were no index funds, not etfs, few mutual funds. It was expensive to trade and expensive to invest. Now your audience has become so much larger.
Change presents opportunities, you can do this if you look at the opportunities, forget about the negatively.
Every one of the transformational changes that has have impacted our industry since the 70’s, has allowed more people to invest, many of the change we see today are simply allowing more people to participate in investing. What we are seeing is a disruption in our industry by technology, it’s not the end of the industry. Thats a good thing for us.
Some firms and people may not survive this transition, you don’t have to be that. They are the ones sitting idle and hoping that they will survive and they won’t.
Everyday you have to work on your mission, you need to refine what you do and make it better “everyday”. If we all take a bit of time each day to try to find ways to make “us” better, we will win.
If you think that the industry as a whole it is coming to an end. Then start thinking of how to transition to win! Where are the opportunities for you, embrace it, those who wait and watch will crumble!
Don’t be afraid of change, embrace change.
Think about this, What’s the worst case scenario, what’s the best case scenario, how to do you position yourself to get the best case scenario!
In an environment of maximum pessimism, there are opportunities. Some of these things we simply cannot control, we need to stay focused on what we can control.
Ambition is not enough!