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The New 3-Legged Stool for Success

After more than two years of dealing with the global pandemic, very few need to be reminded that on fundamental grounds, our priorities have changed. Take a few moments and reflect on it.

Increasing quality time with family and socializing with friends is a priority. Having a healthy and comfortable home environment has become even more important now (including a well-appointed home office). Flexibility in work is essential. I could go on, but I’m sure you get the idea.

This does not mean that we have put our careers on the backburner. hardly! This is why it can be helpful to redefine what a successful career as a financial advisor is. Our research has been able to uncover specific advisors and wealth management teams and has provided an excellent model for advisors to emulate.

back in 2006 when i wrote becoming a rainmaker (which is still worth a read), a rainmaker’s 3-legged stool was introduced. Legs were mindset, activities and skills. With a little adjustment, these qualities are alive and well.

But many of today’s most successful advisors have changed priorities, hence the new 3-legged stool. Legs are now becoming passion, discipline and emotional attachment. Incidentally, this stool can represent success in any profession.

Passion – You must love what you do. Duration! It should go without saying, but many people really don’t like their jobs. These people often become cynical and stop learning. There is little or no professional development, a lack of curiosity and ultimately they are just going through the motions. You’ve heard that a person “has been in business for 25 years with only 2 years of experience.” This is sad, but true in many respects.

This foot of the stool is a must if you want to retain the breadth and depth of industry knowledge. This is an important task and an ongoing responsibility in today’s complex and fluid world. that’s why passion So critical. Loving what you do makes you more likely to find information.

Disciplined – What is discipline? It’s actually constantly doing what you need it to do, even when you’re doing something else. Watch people for a few days and you can write your thesis on the topic. My observation is that many people are not very disciplined.

Think of exercise as an example. Talk to anyone who exercises regularly and they will tell you about the days when they have to force themselves to go to the gym, take a walk, etc. But they’ll also tell you that once they start they’re into it and feel great afterwards. the fact that they are likely to be healthy is a result of this discipline,

The same is true for a financial advisor with discipline. There are many occasions when they do what is necessary, even if for whatever reason, they are doing something else. their discipline prevail and they engross themselves in doing what needs to be done. And yes, just like with exercise, they feel great afterward.

Discipline is what makes a financial advisor trustworthy, which is essential for developing loyal clients. This is essential if you want a reputation as someone who can always count,

emotional connection – If we are not careful, we assume that we are connecting with everyone important to us. Sadly that isn’t true. Our research continues to uncover the perception gap between affluent clients and financial advisors in this area. There is a difference of 50 percentage points in perception; 75% of consultants think they have an emotional connection with their affluent clients, while 25% of clients feel the same way. It’s a huge disconnect and important even beyond loyalty-building. Having an emotional connection generates 3x more unwanted referrals than all business relationships.

Today’s mentors who are passionate, disciplined, and have mastered the art of emotional engagement, have loyal clients and team members who can always be depended on, and are receiving unwanted referrals with positive verbal influence. Huh. therefore! New Three legged stool for success.

Matt Ochsley is the author of Building a successful 21st century financial practice: Attracting, serving and retaining affluent customers.

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