I mentor around 10 advisors a day and I find one of the biggest hurdles they have to overcome is recognizing the difference between…
ACTIVITY vs. PRODUCTIVITY
Most of the advisors I talk to are hardworking and really put a lot of effort into their practices… but when we actually walk through their 8-hour day or 40-hour work week we find that very little time was spent on productive efforts.
Instead, most of their time is spent doing things they “think” they need to get done, instead of what they “need” to get done, if they want to be more successful. Here are the things I think you NEED to get done on a daily basis:
- Improve your skill level – if you just get 2% better at what you do every week… you will double your income by the end of the year.
- I’m not talking about trying to find a better investment or improving your investment analytical skills… those things don’t make you money.
- You should be improving your communication skills! Listen to tapes of your meetings… would you work with you? How can you communicate more effectively? If you have something people want… and you aren’t selling 100% of people… then your communication skills can still use some work. Make sense?
- Specialize – figure out what makes you different… and then become the best, most expert person on the planet, about that thing.
- Develop your clientele – you should be working at duplicating your best clients on a daily basis.
- How do you get your clients to refer to you… WITHOUT ASKING THEM! I talked about how to do this with the Royal/Loyal system a couple of months back.
- Are you sending handwritten birthday cards to your best clients? Are you hosting at least one monthly birthday lunch for your best clients?
- Be developing more profitable plans and techniques for YOU and your Clients – what can you do to make your practice more profitable? What new technique do you have that your clients haven’t heard about… that they should hear about?
- Getting face-to-face with people – take people out for breakfast and lunch. Belong to service organizations. And above all… figure out better, more effective ways to get yourself in front of people. Sitting in your office waiting for referrals “ain’t gonna cut it,” if you want to be successful. My best guys are in front of people constantly. There are absolutely ways to do this effectively, if you are willing to put in the effort.
Are these things more difficult than reading the paper… looking for the magic pill investment… shuffling paperwork… taking long lunches… running errands for your household? Yep, but as always…
Successful People Do… What Unsuccessful People Refuse To Do