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One of the tragedies of the financial services business is that we continue to duplicate our mistakes. Here are three mistakes made on the street that you can change right now.

1. We know that the old-fashioned method of cold calling that worked in the 70s, 80s, and 90s is dead. And yet, many firms rely on that antiquated practice to grow their business.
2. We now know that opening every account that comes in the door is neither profitable nor a helpful way to grow our business or benefit our clients. And yet many firms still rely on the number, rather than the quality, of accounts opened to recognize performance.
3. We know that not all investments are suitable for every investor. Yet, at times, we offer an investment as if it were suitable for everyone and are disappointed when not all participate in each offering. A planning-based investment process indicates that not every investment is for everyone.

Supernova challenges each investment advisor and each team to continue to innovate.

Supernova calls for daily, weekly, quarterly meetings for everyone to discuss what is working, what is not working and what new approaches are being tried with success.

In Supernova we use a Gameboard  not to measure results but to measure effort. It is in itself an innovation. It is an example of thinking inside the box. It allows every team and financial advisor to list what is most important to the practice and allows for individual creativity and innovation. (See more about the Gameboard in the Leadership course.)

Financial advisors  know what they are good at. But sometimes “the good is often the enemy of our best,” Stephen Shapiro, Best Practices Are Stupid. 

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