In the typical goals and reward model, you set a goal and you meet it, then you get a reward.While this model has a lot of merit and research behind it, there are times when, pulling the trigger and getting the reward now is enough motivation to meet the goals later.When the situation warrants, it can be a better option to get your reward before you meet your goal.
Goals are an important part of any business.They are necessary to aid in planning and often quarterly dashboard statements.Having rewards for hitting goals or meeting numbers in an important tool to help you and your team feel like you have won.When setting goals be sure that they are specific and measurable, with a clear end.I have a whole blog about setting goals.The reward that you receive when your goal is met should be realistic and based on the goal.In other words a revenue based goal is best rewarded with a revenue based reward.
In this scenario, the “jump” part of goal setting for some people is a way of adding a “now I gotta do it” type of goal.One of my previous goals was to get 500 Retainer-based Academy subscribers and then I would get a Tesla.I did not achieve that goal, yet I am now the proud owner of a Tesla.I am not suggesting that you buy something you can’t afford, based on other business, I should not have a problem making the monthly payments and I made a significant down payment on it.But, the biggest reason for me to jump was because it motivates me to dig deep every time I am in the car.
When you reward first, you are honoring all of the hard work it took to get where you are currently.You start to feel as though you met the goal already and that becomes momentum.In this case, a Tesla, is a visual goal, because others see it they assume that I have met my goal, further motivating me to continue to work hard.When you feel successful, you carry yourself differently.You may also be aware of other possibilities, for me a lesser focus on Retainer-based Academy and a greater focus on other business opportunities, since you are not stressing over missing a goal or reward.
As you are setting goals and determining what you will do when you meet the goals, consider rewarding yourself now.Setting goals will improve your business.Rewarding yourself now with a visual reward will help you to focus on your goal and help you build momentum.
It’s so easy to get caught up in the day to day tasks.Perhaps you made a resolution or goal for 2020 to spend more time doing your hobby.But, you haven’t yet because your day to day stuff seems more important.I believe that hobbies are just as important to your business as they are for your self-care.For me and my business and mental health, I smoke cigars, maybe your hobby is racketball or painting, doesn’t matter, just invest some time in your hobby.
Cigar moments for me are moments of clarity.I do some of my best brainstorming when I am smoking a cigar.Over the years I have reworked my practice and my life while smoking a cigar.Just a few years ago I was smoking a cigar and knew that the way my practice was going, with the new regulations, just was not going to be as sustainable as I had hoped.That’s when I came up with the idea for a retainer-based, advice driven practice so that I can attract more entrepreneurs, executives, and retired professionals.I have also reorganized the non-profit that I am on the board of as a result of these moments.Perhaps my favorite strategy that I developed while smoking a cigar, is to only go into my office Tuesday, Wednesday, and Thursday.On Mondays and Fridays I don’t see clients and I don’t do typical work.Instead I smoke cigars, have lunch with my wife, and get all of the bigger tasks done.
Along the way, I’ve started smoking cigars away from my home.It started with a client inviting me to his deck to smoke.This client became a friend and has referred several clients to me because of the relationship that has grown organically out of a mutual hobby.I’ve had the reverse happen as well, I spent time with a friend smoking and then he left his job and needed advice on his rollover.I also enjoy going to cigar events, sometimes with friends and family and sometimes where I know no one.I do all of these things because I enjoy them, but a side effect of going to cigar events, is that I meet people.These people have similar values and interests and so we hit it off.Sometimes these people become friends, clients, or even referral sources, all of which are great to have.
Hobbies are important for us to have because we all live busy lives and we need to take care of our bodies and minds.Perhaps smoking a cigar doesn’t seem like the best act of self care, but for me it works.When I smoke a cigar, I am taking deep breath and have longer periods to contemplate.When I smoke a cigar, I typically have left my phone elsewhere.We all need breaks from our emails, texts, and social media.Also spending time engaged in a hobby creates joy in our lives, it gives us something to look forward to doing, which is the whole point of working hard, right, enjoying our lives?
It’s so easy to get caught up in the day to day tasks.Perhaps you made a resolution or goal for 2020 to spend more time doing your hobby.But, you haven’t yet because your day to day stuff seems more important.I believe that hobbies are just as important to your business as they are for your self-care.For me and my business and mental health, I smoke cigars, maybe your hobby is racquetball or painting, doesn’t matter, just invest some time in your hobby.
Cigar moments for me are moments of clarity.I do some of my best brainstorming when I am smoking a cigar.Over the years I have reworked my practice and my life while smoking a cigar.Just a few years ago I was smoking a cigar and knew that the way my practice was going, with the new regulations, just was not going to be as sustainable as I had hoped.That’s when I came up with the idea for a retainer-based, advice driven practice so that I can attract more entrepreneurs, executives, and retired professionals.I have also reorganized the non-profit that I am on the board of as a result of these moments.Perhaps my favorite strategy that I developed while smoking a cigar, is to only go into my office Tuesday, Wednesday, and Thursday.On Mondays and Fridays I don’t see clients and I don’t do typical work.Instead I smoke cigars, have lunch with my wife, and get all of the bigger tasks done.
Along the way, I’ve started smoking cigars away from my home.It started with a client inviting me to his deck to smoke.This client became a friend and has referred several clients to me because of the relationship that has grown organically out of a mutual hobby.I’ve had the reverse happen as well, I spent time with a friend smoking and then he left his job and needed advice on his rollover.I also enjoy going to cigar events, sometimes with friends and family and sometimes where I know no one.I do all of these things because I enjoy them, but a side effect of going to cigar events, is that I meet people.These people have similar values and interests and so we hit it off.Sometimes these people become friends, clients, or even referral sources, all of which are great to have.
Hobbies are important for us to have because we all live busy lives and we need to take care of our bodies and minds.Perhaps smoking a cigar doesn’t seem like the best act of self care, but for me it works.When I smoke a cigar, I am taking deep breath and have longer periods to contemplate.When I smoke a cigar, I typically have left my phone elsewhere.We all need breaks from our emails, texts, and social media.Also spending time engaged in a hobby creates joy in our lives, it gives us something to look forward to doing, which is the whole point of working hard, right, enjoying our lives?
We all know that working harder, working more does not guarantee a more successful business. Instead, we must work smarter. Our most valuable and precious resource is time. If we spend time on non-revenue generating clients and activities, our practice will not grow. One way to work smarter is to find the ideal clients, likely those that have a higher net worth than the clients you typically work with. High net worth clients have problems and more money to solve their problems. So, how can you design your practice to attract high net worth clients? What problems are they willing to pay you to solve?
My practice focuses on high net worth retirees, working executives, and business owners. Yours might focus on NFL players, I’ve done that and it was cool, but it did not work for me. But, if that is your deal, go for it! After nearly 20 years in the business, I think I have a good finger on what my ideal client base is looking for in a financial advisor and their practice.
Integration of the advice of their various experts – They want their investment person to talk to their lawyer. They do not want to be the go-between.
Their money in the best places, without being forced to move it to a new advisor and sign a bunch of paperwork.
Retainer-based planning – They want to pay you upfront, be billed quarterly and pay a flat fee for everything that they do. They don’t want free advice and they don’t want to be charged for every tiny transaction.
Advice that is tied to real-world solutions, not products – for your business owner it might make the most financial sense right now for them to invest in infrastructure. They want to trust that you are giving them the most sound advice, not the advice that is going to pay your bills.
Information to make better decisions – they do not want to do research. They want you to provide them with research and guide them to do what is best for their portfolio, family, etc.
Take some time and think about your ideal clients. I’ve created a document that can help you to discover what type of clients are your ideal. Yes, I still have some clients that do not fit into my target profile of, “High net worth retires, working executives, and business owners,” these are considered friends and family. However, the majority of my clients, the majority of my time and my team’s time are spent working on and for our ideal clients. That’s how I have built a successful practice.
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Last week of this decade, 2020 is not only a new year, but some argue that it’s also the start of a new decade. Pretty heavy stuff.It’s an exciting time of year full of celebrations and resolutions.Resolutions fail, some say at a rate of 80 – 92%!I am not in the business of failing, so I do not make resolutions.Instead I make goals.
How I make great business goals:
Specific Outcome, start at the end – You need to be able to answer the questions Who, What, When, Where, and Why it is important.
Measurable – Create criteria for how you will know you are making progress and track your progress
Attainable – Plan your steps, you may need to take a course to develop skills and abilities.Break down the monthly and weekly activities that you will need to meet your goal
Exciting – What is exciting about this outcome to you personally (and you can do this as a team). again be specific. You need an “upside” that will be motivating to you when you encounter setbacks (and there will be setbacks)
Realistic – Think from all perspectives so that your goals are based on reality and not on a dream. Then use that “reality check” to motivate you to attain the goal.Are you willing and able to work to meet this goal?
Here’s an example from Retainer-based Academy:
Specific Outcome – Have 12 financial advisors work through our Retainer-based Academy.
Admit it, we all want to get something for nothing. We live in a world where we shop at Target,
scan an item and see if we can get it for less on Amazon. We want to value going to the local, small business
to purchase a toy for a birthday party, but the reality is we are frustrated
that they need to charge $5 more because the mom and pop shop does not have the
buying power that Target and Amazon do.
We hope that our clients value our advice, but the reality is they feel
the same way that we do, they want to pay as little as possible.
In a low cost, high-value world, how can you compete? Previously, you charged clients 1-2% to do asset allocation. However, your clients are watching a football game and see you-know-who saying they have no fees and they also want you to have no fees to transfer their assets. Your firm is never going to have the amount of assets under management that Vanguard, Fidelity, and the other guys with commercials during football games do. So, if your clients are asking for low-cost investments, what is your next step?
My wife and I have been together for nearly 15 years, she has seen my business struggle and thrive. She always says that things are best for my business when the economy is not great. When the markets are up, clients happily go invest in these low-cost investments and their portfolios go up. But, when the markets go down, they realize just how important our expertise is.
So, you can’t compete with low-cost investments, especially when the market is thriving. Nevertheless, you enjoy what you do and have great advice. Yet, you need to pay your office staff, bills and eat! Instead of charging fees to move assets or obtain new assets, it’s time to adopt a retainer-based model where you will charge clients an upfront fee (retainer) to give them advice. Yes, they may in time move assets under your management, but for now, you will develop a plan for them and help guide them.
For more information about becoming a retainer-based financial advisor click here.
As a financial advisor you know that clients come to you for a
variety of reasons. They may be getting
close to retiring, have inherited some money, or perhaps they are finally
making enough to think about being strategic with their investments. They likely have something already in their
portfolio, whether it’s a 401K from their job, life insurance, or something
else. But, they’ve decided to seek out a
financial advisor. What is the thing
they want most? ADVICE. They want you to tell them if what they have
is okay and what else they should be doing.
Traditionally, in your role as a financial advisor, you have
given them what they want and need most for free. You offer them some suggestions and hope that
they transfer their assets to your business.
You offer some investments that will pay you. But, what if their money is fine where it is? What if they really do not have enough liquid
assets to make it worth your time to create a plan? What if at the end of hours and hours of
work, remodeling their franchise or adding to their business is the best
investment they can make with their money?
Retainer based advising is where you get paid to give
advice. Your most valuable asset is
leveraged. Because you are a good
person, you probably have already been giving them honest advice, even when it
does not pay your bills. Instead of
creating a plan and hoping that what your client needs is something you can
make money off of, you charge a fee to create the plan. You charge a fee for your clients to ask you
questions. Now your clients feel
comfortable asking questions about all of their assets, not just the ones that
are invested through your firm.
Professionals in other fields have been using a retainer-based model all along. If you seek advice from a lawyer, doctor, or other types of consultant they likely will be willing to have a brief initial meeting with you, but then to get specific advice in their field they will expect to be paid upfront. Think about it, when you visit your doctor for your annual exam, you first pay your co-pay (hopefully insurance covers the rest) and then you talk to them about any concerns, they evaluate your health through bloodwork and exams and then they point you into the direction you need to go. Whether it’s medication, exercise or keep up the good work. You would not go to your annual exam and withhold payment until your doctor has told you to go on blood pressure medication and then the doctor would be paid through the drug store where you pick up the medication!
Retainer based financial advisors receive payment for their most valuable asset. Instead of receiving payment based on what products they sell or how many assets are transferred, retainer-based financial advisors collect a fee and then create a plan for their clients.
Think about the clients in your practice. Make a list of two to three clients that could benefit from your advice more than your products. Think about what advice you can offer that does not benefit your bottom line.
We all have different reasons we became financial advisors. You may be at a point where you want to know how to make more money as a financial advisor. At some level we want to help people and that is a very important element of our job. But helping people can’t be enough. We need to be able to make a living and if done correctly, become financially independent.
If we teach others and advise them on how to manage their money, we need to follow our own advice in our lives. We help people build wealth, and I treat myself the same way I treat my clients.
10,000 Hours
At some point we all started as glorified sales people. Hopefully, through constant learning and “real-life” experiences, we booked our 10,000 hours. In Outliers (a must-read) Malcolm Gladwell explained that it takes that much time to become an expert.
However, being an expert does not make you more money. Frankly, the entire competition is doing the same thing. Plus it’s harder to make money today than ever before.
Why is it harder to Make Money as a Financial Advisor Today?
The reason it’s harder to make money as a financial advisor today is that the best paying solutions we could offer our clients are also the hardest to sell. In some cases, the best paying solutions are also the hardest to find (I’m looking at you alternative investments).
Add to that, clients tend to start meetings with “I hate annuities” before they even get an understanding of what a VA might do for them.
For those of us who manage money for a fee, when the market goes down the service calls go up. So frankly, we get paid less when we work more due to the normal cycle of the stock market.
How to Earn More Income as a Financial Advisor
So what’s the answer then? Well, one way is to run a more efficient practice so that less money goes to overhead. Another way is to create a value proposition to the client that also creates value for you as a financial advisor. Lastly, having a client profile that you will “go deep” in will help you compete against other “generalist” type of advisors.
What could this look like? For us, we decided that since we are in Vanguard’s backyard we were not going to compete on fees for traditional asset management. Years ago we become specialists in alternative asset classes, things that Vanguard would never have a mutual fund containing. And then 4 years ago, I evolved my practice one more level.
We decided going forward that we would be a flat retainer based planning practice. We would not allow products or assets to be purchased from us for the first 6 months. All families who hire us get assigned a CFP (not me) that helps move them through a preset “workflow” I developed with my team. We have three workflows. Executive, retirement and business owner. Each customized for the issues they would need to be addressed in their “financial life”. Clients want to know you have a plan. We show them the plan before they ever spend a dollar with us.
Value of Retainer Planning for the Client
Retainer based planning has several big value propositions for your clients.
They value the advice, since they paid for it. If you have kids and they “hear” what another adult says even when you were saying it first. That is the same “behavior” in this type of engagement. Because they are paying for the advice, they tend to hear you better. Especially if your advice is not self serving (ie a product or solution you sell).
they actually spend the time updating the portal and getting us the documents we require. Clients want their money’s worth. We tell them our advice is limited by the information they give us. Guess what? They give us more information and we have better solutions for them.
They want their money’s worth, so they send us things that they need us to work on. We have a saying we share with clients. “If you have a sentence with a dollar sign and question mark, send it to us”
This way of working with clients attracts much higher net worth. Our minimum retainer is $5K. Someone would not be in a position to find value in that, unless they knew (and had) problems that are worth solving for $5K.
The higher the net worth, the bigger the opportunities
This new relationship of a high networth family, allows our time to be valued and valuable. We look at all elements of the clients financial life and see how they can improve it. Whether the answer is something we can provide, or something they can get somewhere else, we show the client all the options.
Getting Clients to Listen
It is paradoxical. But charging clients for advice is the best way for them to actually listen to you, which also allows YOUR solutions to be considered in a fair and non-salesy way.
The hardest part about working with clients is getting them to listen. Clients sometimes think they know best and decide to make changes to their accounts. You may advise them not to, but they do it anyway. The best thing about retainer based advice is that clients are more likely to listen to you when you tell them to just “trust the process.” When they pay for you to tell them what to do, they listen more! I call it the retainer-miracle.
We get deeper in the clients financial life and therefore uncover real problems and then give the client the option to solve the problems without an agenda of “buy my product”.
Doing it this way attracts the right clients (those who have problems and want to pay you to solve them) and that is how you make more money.
Make More Money as a Financial Advisor
If you want to make more money as a financial advisor, implement the retainer based model.
Your practice will run more efficiently. That helps increase profitability. More profit means more money in your pocket.
Your clients will listen to you. That means you can get them the returns they are looking for. It also means that you can help them find options they may not have considered before.
Your income will be stable because your retainers are paid on a regular schedule. Commissions vary year to year and product to product, eliminate the variables.
You become more referable. IE our COI’s all understand we do not handle clients assets for the first 6 months of a retainer based engagement. That means our cpa/lawyer referral partners are more likely to refer us. Traditionally, they had the risk of referring to a FA and then the week of the asset transfer a black swan event happens (brexit for example). The assets go down under the new advisor and the cpa or lawyer gets the phone call “That guy you referred lost me money”. By being retainer based and not handling any assets for 6 months, a relationship built on planning and advice is well established and there is no “blow back” risk to the referring partner. Win/Win.
If you have questions about implementing the model, send us a message and we’ll be happy to answer!
Financial advisors need tools to be extraordinary. Tools include knowledge, skills, resources, and physical instruments. When I made the move to retainer-based, I questioned everything.
I found tools along the way to help me run a better practice. I think they can help you, too. Whether you are on commission, AUM, or retainer, all financial advisors have the same basic needs.
I could say I came up with all of it on my own, but the truth is I did, and still do, use different tools to help me in various ways. Some of these you may think of, others may surprise you. Some were tools that helped me focus while others helped me further my ideas to become more concrete.
I hope they help!
Books for Financial Advisors
I believe books are the best tools for financial advisors because they help us to quickly grow our number one asset – our minds!
The entrepreneurial operating system is a framework for you to take your practice to the next level. I never hired an EOS coach, but I got what I needed from this excellent book.
Do you have a grip on your business, or does your business have a grip on you?
All entrepreneurs and business leaders face similar frustrations—personnel conflict, profit woes, and inadequate growth. Decisions never seem to get made, or, once made, fail to be properly implemented. But there is a solution. It’s not complicated or theoretical. Based on years of real-world implementation in more than 100 companies, the Entrepreneurial Operating System® is a practical method for achieving the business success you have always envisioned.
In Traction, you’ll learn the secrets of strengthening the six key components of your business. You’ll discover simple yet powerful ways to run your company that will give you and your leadership team more focus, more growth, and more enjoyment. Successful companies are applying Traction every day to run profitable, frustration-free businesses—and you can too.
People think multitasking and having multiple projects is the key to success. That could not be further from the truth.
Focus wins. Always.
Ask Apple. Ask any winning team. Ask any billionaire. They focus on something and then move to the next thing. This book shows you how to do that.
The ONE Thing has made more than 350 appearances on national bestseller lists, including #1 Wall Street Journal, NewYork Times, and USA Today. It won 12 book awards, has been translated into 27 languages, chosen as one of the Top 5 Business Books of 2013 by Hudson’s Booksellers and one of Top 30 Business Books of 2013 by Executive Book Summaries. Voted one of Top 100 Business Books of All Time on Goodreads.
People are using this simple, powerful concept to focus on what matters most in their personal and work lives.
Companies are helping their employees be more productive with study groups, training, and coaching. Sales teams are boosting sales. Churches are conducting classes and recommending for their members. By focusing their energy on one thing at a time people are living more rewarding lives by building their careers, strengthening their finances, losing weight and getting in shape, deepening their faith, and nurturing stronger marriages and personal relationships.
Kolbe provides insight into one’s natural instincts and strengths. Conative Connection, written by Kathy Kolbe, gives you methods to take your Kolbe results and turn them into action to better not only your work, but also you yourself.
We use kolbe to make sure we are all in the right seat on the bus. Everyone who works for my wealth management firm has a kolbe and before they are hired, they take a kolbe to ensure that there is a fit. I won’t hire another associate with a Kolbe report that compliments the team. In the Retainer Based Academy course, we provide a free Kolbe to any person who takes the course.
Sitting behind a desk all day can be tiring, especially if you’re working more than eight hours a day with little to no movement. I became tired of sitting for eight plus hours five days a week only to get in a car, go home, and sit more at home. After doing some research, I discovered standing desks.
Now I know there are various standing desks; there are some are full desks that would replace your existing one and there are ones that turn your current desk into a standing desk.
I decided to go for one that converts my current desk and absolutely love it. Since I converted I find myself more focused and moving more than I did before; and no I don’t count refilling my coffee cup as movement. While it may not seem like it, moving to a standing desk can change how you’re currently working for the better.
I use this all day, everyday. It is always by my side. I’ll do a future blog on how I use Apple Notes but suffice it to say, I would never give up my iPad. The neat thing is instead of bringing home a briefcase, I just need to carry my iPad.
I got the version with the Apple pencil so even if I feel like “writing something out” I can still use my iPad. All my books are purchased on Kindle or iBooks and are in my library, anytime, anywhere. I use the ipad as my “digital repository” so I always kind find whatever I need.
One side effect of using the ipad vs. a laptop or desktop is that while on the iPad it doesn’t feel like work. For some reason, checking and writing emails (or blogs) on the iPad seems less like work than doing the same thing in the office.
For my in-office videos (and client virtual meetings) I use the Yeti blue microphone. Easy to set up, portable and just works. It can be focused on where I’m speaking or pick up the entire room if you are in a group conference.
Enjoy the Tools for Financial Advisors
There you have it, the most important “tech” I use to manage my retainer based firm (ccwmg.com), my coaching business (retainerbasedacademy.com), and 5 non-profit boards.
Hope these tools help you as much as they have helped me.
We compiled a list of music to inspire you to be productive.
As an entrepreneur things get tough. Add to that if you are trying something new and it’s hard at first. It can be hard getting in the right mindset to knock out hours of work at times when there’s a lot on your plate.
Below are the top motivation songs I’ve procured to get and keep me in the zone. I’d love to hear what yours are, so leave them in the comments!
The takeaway, it’s NOW or never. We all have limited time. Goals are met with the decisions we make daily.
Work on yourself…daily. Work on your team…daily. Work on your goals…daily.
After a while, you will be much further along than if you only worked on these things quarterly, or when you look at your business plan in September and say to yourself “Oh S#IT”.
Okay, last song from this awesome soundtrack. The take away I get from this song is “you be you and I’ll be me”. Only after you are owning who you genuinely are, will you feel complete. For most of my 10 years as an NFLPA Financial Advisor, you could find me by organically (I didn’t pay for it) searching for best NFL Financial Advisor.
Truth is, I was not happy dealing with agents who always wanted “something” in return or players who always wanted 25% returns with no risk. So when I retired in 2018, I felt more like myself. I didn’t want to be known as the “football guy” when I wasn’t happy in that arena. This is probably the only blog I get to also add “Eagles rule”.
If you have a win and this song doesn’t make you feel even better, then you have a problem on your hands. I love the way this song makes me feel. It also helps that it is all that played in the Hubler household after the Eagles won the Superbowl, for probably longer than I’d like to admit.
Most people have something they don’t like about themselves. It might be how you sound or your body type. This song recognizes that and says “do it anyway”. As Mr. Mayer says:
Someday I’ll fly Someday I’ll soar Someday I’ll be So damn much more ‘Cause I’m bigger than my body Gives me credit for
The music video to this is also motivating. It shows a shy girl who is in a plane crash and she becomes the king or “queen” of the jungle. Again, a very happy song that is filled with inspiration.
No way a list of motivational songs could be compiled without this song from the Chairman of the board. Frank had a lot “spunk” and didn’t take crap from anyone. This song is a great anthem, especially if you are doing things in a way that is not what others are doing. I already told my wife, I want this played at my funeral. You are invited 🙂
Tonight’s gonna be a good night. Celebrate your wins. See the success before you even start working on it. Champions are made ahead of time, with the work they put in that you’ll never see. Champions are not made when they get the medal.
If you have a family (or basically anyone you care for) this song recharges the battery of wanting more for them (and yourself). I find this to be a great song if you need some deep-rooted inspiration.
We are on a journey. With a beginning, middle and end. This song reminds me of that. If you have kids, it will also make you feel honored to be able to help them in their journey.
Being successful as a business owner can be a battle. Sometimes there are things you need to address that are ugly, hard and frustrating. Well, this song is for those times. We take the good with the bad, so get through the bad and own it once you see yourself succeeding.
Some of us (and I’m guilty) have “shiny object syndrome”; we like to try new things. Sometimes we are on the right track but don’t spend the time to see any true success. When I left corporate America to become a financial advisor, I knew it would be hard. Did I think I’d get divorced, lose my Corvette or home? Nope. But I promised myself I would “hang in” and this song motivates me to do just that. Plus I am the biggest Phil Collins fan in the world and could have filled this entire blog with his and Genesis’ songs, but that would not relate to the non-fanboy’s out there.
If this song does not motivate you then you probably need medication. It’s a great way to get in the zone if you’re not feeling particularly productive on a given day. The song does its job.
I think all NFL players have used this at one point or another in their pre-game “amp up“ routine. Why? It works. For me, if I need to get in the moment of kicking ass, this is the song. Once the drum fill comes in, get out of my way, or you might get hurt.
I know there are a lot of NFL related songs. Deal with it; these songs are motivating and sports is one of the few places where you get instant knowledge of if you are good enough. If you don’t see yourself as a champion, get off the field. The same concept goes with business; if you see yourself succeeding, there is a much better chance that you will reach your goals. Doubt yourself, and there’s a good chance you will fail.
S#it happens and you have a responsibility to your client, to your team, to your family, and to yourself. Put your big boy (or girl) pants on and get the job done. This song was sadly one of Freddy Mercury’s last and he knew he was dying when he wrote/sang it. Makes the song sadly better.
If you haven’t seen the Greatest showman, stop right now. I’m not a big “musical” guy, but as an entrepreneur, you can’t help but see yourself as PT Barnum. Especially if you do any sales. A very motivating song that reminds you why are you doing this in the first place.
Motivation is easy when things are good. It’s easy to be motivated when things are going well. This song helps me when things suck. Get back up and put on a brave face. As long as you’re “Still Standing”, what could go wrong?
This is the newest one on my list. I love the words, the energy of the music, and the references to your parents believing in you before you did.
Mama said Fulfill the prophecy Be something greater Go make a legacy Manifest destiny Back in the days We wanted everything, wanted everything Mama said Burn your biographies Rewrite your history Light up your wildest dreams Museum victories, everyday We wanted everything, wanted everything
I get knocked down, but I get up again You are never gonna keep me down I get knocked down, but I get up again You are never gonna keep me down I get knocked down, but I get up again You are never gonna keep me down I get knocked down, but I get up again You are never gonna keep me down
I bet you are singing it in your head now, aren’t you? 🙂
Kelly has lots of “get out of my way, I got this” type of songs and this one is my favorite. As we all know, you only get stronger when you push yourself to the limits. That works with working out and with your business dreams. There is a lesson in everything, especially the failures. But you must listen.
Okay, I said no more songs from TGS, I lied. This is great because the song begins with a young PT Barnum and then the adult (Wolverine) version comes in. If you are an entrepreneur you probably thought about being one since you were young. Own it.
The first verse is all you need to get a little more “steele” in your spine. Remember, people treat you the way you let them.
Well, I won’t back down No, I won’t back down You can stand me up at the gates of hell But I won’t back down No, I’ll stand my ground Won’t be turned around And I’ll keep this world from draggin’ me down Gonna stand my ground And I won’t back down
Music to Inspire YOU!
I hope these songs motivate and inspire you as much as they motivate me. I would love to know what songs motivate you that I didn’t capture.
Let me know in the comments and we’ll jam out together!
If you go on a vacation and take your clients with you (in the form of emails, texts, etc.) then that’s not really a vacation. A vacation for a Financial Advisor should be more than that.
The Dream Vacation for a Financial Advisor
I get it, customer service is one of the “levers” we can pull to be competitive and add value to our clients. I am not saying that you should ignore your clients when you are “off” but I am suggesting you put together a process and a team of people so that the answer doesn’t have to come from you.
Then go on your dream vacation and feel great about it.
Now that I have the business model that I do, I can honestly say I have never come back from a trip regretting it. My team will tell me if anything went wrong, how they handled it, and if I need to follow up in any way. Most times, emergencies aren’t REALLY emergencies and the world keeps spinning without you there.
What Makes for a Great Vacation for a Financial Advisor?
Incredible vacations all include the same core elements.
Planning the perfect Financial Advisor Vacation
Countless articles say that the most enjoyable part of the vacation happens before it even started! That tells me that you need to plan with a purpose. Visualize yourself on vacation, you don’t have to tell your spouse what you’re imagining. 🙂
Pick a date that’s a few months out and think about it for a few minutes every day. (I am not opposed to spontaneous vacations, for the record.)
There are two things to think about on vacation, and there’s one thing you should NOT think about.
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Budget For Your Vacation
Think about your budget. What do you want to spend?
I have a savings account set up that’s dedicated for vacation savings. Every week, I put two and a half percent of my take-home pay into this account. It’s a small percentage, so it doesn’t cut into my grocery bills (even though my wife insists on shopping at Whole Foods), but it adds up nicely over time.
We go on a vacation once a quarter with a larger one planned for once a year. Each vacation is budgeted for a year ahead of time.
This way, I know whether my vacation savings account is on track. When I get unexpected income, I put half of it towards fun stuff like vacations. The rest goes into my retirement account where it accrues interest so that I can keep doing fun stuff when I’m retired.
The Vacation Mood
Think about what mood you want to be in on vacation. If you’re going to relax, then go somewhere relaxing. If you want to be inspired, go somewhere inspiring.
Whatever you want to accomplish on this next vacation, write it down. Then, plan accordingly.
When my wife and I celebrate our anniversary together, that’s one mood. I plan that vacation very differently from the others. Once a year we do vacation for the kids, something like a Disney trip. When I plan that vacation, I make sure we spend a lot of time in Epcot because even though I love my kids, I like having fun too.
There are other vacations when I need to just relax and rejuvenate from work projects or non-profit volunteering (saving the world is stressful sometimes, okay?!) For me, that’s when I go to a beach or getaway to my house in the Poconos.
Do not think about other people
Alright, your jerk of a neighbor just got back from Tahiti with his mistress.
Vacation is not about comparing yourself to him. Vacation is about experiencing life to its fullest. And Chad doesn’t know how to do that, so you shouldn’t be comparing yourself to him.
So many people I know plan their vacation around what other people will think, and then they come home disappointed.
Let’s be clear about something. Your next vacation is for you. Go where you want, do what you want, with whomever you want. Make it about you and don’t worry about what other people think.
You have nothing to prove to anyone. If you want to take your wife/husband to the local bed and breakfast for an overnight, then do that.
You have Mr. Retainer’s permission to not care what other people think.
Vacation with the Right People
When you leave for vacation, remember to pack everything, particularly the people you want to be with. Think back to the mood you want to set.
This year I did a weekend getaway with my father-in-law and some friends. We went to CigarFest for a few days. It was short but fun. We shared stories, laughs, and some good cigars.
A month before, I went to the Bahamas with my wife and kids. It was totally different but just as memorable. We spend each day baking in the sun on the beach, laughing, and splashing in the waves.
This year, I’m taking my wife on a fun getaway (if you tell her, I swear…) That vacation is going to be filled with romantic nights, good food, and even better wine.
Last of all, once in a while, I’ll take a trip by myself. These trips are usually mixed with business, but not always. When I go alone it’s usually to be introspective.
I’ll look at my dream journal, revisit where I was, take a look at where I am, and envision where I want to go. These trips are perfect for planning life in quiet solitude.
Vacationing with the different people creates a different mood, so choose accordingly.
Have the Right Vacation Attitude
When you go on vacation, think of a bar of soap (unless that brings back bad memories). If you try too hard to have fun on vacation, you won’t.
Vacation should have just the right amount of adventurousness. Every vacation I go on, I force myself to try something new. Once it was sushi, another time it was skydiving.
Face a fear. Try a new food. Talk to someone you wouldn’t normally say hi to.
You’ll also need to be flexible. Rental cars get switched, plans get canceled, restaurants close. When you go on vacation, expect that things won’t go exactly as planned. Be at peace with it and greet every challenge or unexpected answer with a smile.
End Strong
Studies prove that the best way to enjoy anything is to ensure the ending is pleasant. When you go on vacation, make sure your last activity before you leave is fun.
Don’t end with a hangover, tempting as that may be. End with the best dinner, the most fun activity, some one-on-one time with your spouse or best friend.
Just make sure the ending doesn’t suck.
If for some reason it does, then go back to setting your expectations and being flexible and focus on the good! (Hey, this is supposed to be a fun article.
Unplug on Your Vacation
Unplugging is now a buzzword. However, there’s a very good reason for that. Most people think they’re connected, but in reality, they’re just distracted. Unplugging allows you to recharge, to relax, and to enjoy life.
I say it’s time for financial advisors to enjoy life a little more. It’s time for a Vacation for a Financial Advisor, and that means you.
Rules for Vacation
Create rules for your next vacation. Think about the things that annoy you when you go away. Either readjust the way you think about those things or set a parameter to not allow those things to go on vacation with you.
Rule 1. No checking email while on vacation.
Rule 2. No checking business texts while on vacation.
Rule 3. No answering work calls while on vacation.
Rule 4. Any time spent thinking about work on vacation will be limited to Strategy and Big Picture Vision.
Rule 5. Vacation is for Fun.
Rule 6. I follow all the vacation rules.
Prepare for Vacation
Let your team know you are leaving. If you have clients you talk to on a weekly or regular basis, let them know, too.
If either your staff or your clients resent you for taking time off, be prepared to part ways with them. You don’t need that kind of negativity in your life.
Trust Your Team
The biggest problem I see with financial advisors and business owners is that they worry too damn much.
When you leave for vacation, trust that your team will look out for you. If they don’t, then you didn’t hire the right people. Adjust accordingly. You may just have a classic example of the wrong people in the wrong seats.
Trust Your Processes
If your team tried but didn’t come through, there could be a couple of issues. The first is that you likely didn’t leave them with the right processes for success. The second we already addressed above.
Take a Few Days When You Get Back
When you get back from vacation, spend an extra day or two at home with the day off. This will help you to adjust to being home.
It will also give you some time to revisit the memories you just made.
Lastly, and most importantly, it gets your team used to operate without you. This is what you want so that you can scale your advisory.
Top Locations for Vacations for Financial Advisors
The Classic Beach Trip
Most vacations for financial advisors consist of trips to the Jersey Shore or Laguna. There’s a good reason for this. For millennia, people vacation at the shore.
The ocean is calming, relaxing, rejuvenating.
The beach is my go-to vacation when I am feeling tired or wiped out.
Vegas or the Nearest Casino
Some financial advisors work in the industry because they’re addicted to money. If that’s you, then the casino is the place to be.
Europe
The European vacation is a classic. Big Ben, Parliament.
There’s so much to see in Europe, I suggest you go to a travel blog and let them guide you through the process. I am hardly qualified.
The Staycation
There are probably a lot of great places within a short driving distance of your practice or your home.
I find the local restaurants and hotels to have some of the hidden treasures of fun. Hop on TripAdvisor and look for the best-rated places in your area. Do a short weekend getaway and have fun!
Exotic
The last style I can think of is an exotic vacation. These are the crazy vacation where people go away for a month. Like Chad in Tahiti.
My top spots include Fiji, Nepal, and Newark.
My Challenge to You: Plan Your Next Vacation
Email me where you are going and when you’re leaving. Plan it today for within the next year. I don’t care if it’s a weekend road trip to a winery with your wife. The Vacation for a Financial Advisor starts now.
Do it.
Reward yourself for your hard work and implement some of our advice to make the next vacation one that’s unplugged.
If you send that in, you’ll get a free 15-minute coaching call with me, and you’ll be entered to win a 3-month coaching package at no cost to you. Just send a note to concierge@retainerbasedacademy.com and we’ll make it happen.
