Rocket Power or Miracles
Rocket Power or Miracles
The Path to Success for Wealth Advisor
This issue of The Chairman’s Council | Strategy Playbook will be publicly available online at thechairmanscouncil.com. The newsletter is read currently by about 2,000 Advisors and focuses on unconventional AUM and Revenue Growth strategies for elite Wealth Advisors.
Unlike most other professions, many choose the path of becoming a Wealth Advisor with one objective in mind. A singular goal of making lots of money, many are attracted to this industry due to the allure of over the top success, charisma and the magic & glamour of the successful top producing Advisors.
The realities of this business are far from that, and while my objective is to write about unconventional AUM and Revenue strategies for Wealth Advisors, I’ve realized that there are only two paths to success in this business.
ONE MIRACLE OR MORE
This first path, is the most common approach in our industry today. To be blunt, there are few real barriers of entry to our business. Over the years, I’ve met Advisors that have come from a variety of other professions and industries - dentists, doctors, engineers, lawyers, auto sales, architect, institutional and government work, mining, heavy equipment sales, journalism, business owner, musician, pro-athlete, technology marketing etc. Ok so you get the point, look around and you might know of Advisors that were previously from another profession not even listed here as well. Here’s my second point on this, success in many of these professions are quite lucrative on their own, and while these individuals previously invested tremendous amounts of resources to be trained into some of those professions, they somehow convinced themselves that foregoing that investment to become an Advisor is a better decision. While the psychology behind these decisions must be fascinating, the reality is that it's a decision solely based on the singular goal of achieving success and making a lot of money, becoming a millionaire as a top tier producer.
The payoff for this move in reality rarely aligns with the initial intentions, so for many, becoming an Advisor might be a sucker’s bet, and sure Advisors can make a ton of money. But when you look at the statistics of this industry, the probability of success and eventual big payoff are rather low. The large majority of Advisors actually work to achieve a lifestyle that is comparable to the average salaries that are earned in the other notable professions.
You might need a miracle or two or more!
While reading a recent article by Richard Awoyemi, author of The Startup, a writer who focuses on technology & silicon valley startups. It dawned on me that the Wealth Advisory business is a lot like the startup world. A large number of new Advisors enter from a variety of backgrounds due to the low barrier to enter, it takes a real miracle to survive past the first few years and then it takes even more miracles to climb the mountain and thrive to be a highly paid Advisor. I believe that the odds are really stacked against new Advisors, challenging because the training and advise offered to new Advisors has stayed the same for decades. While the industry has evolved and technology and regulations are constantly driving changes, the training programs and professional coaches in the industry continue to use an old playbook. This often drive Advisors to invest large amounts in bespoke Advisor Coaching programs, but these too are flawed, few Advisors have managed to scale their AUM and Revenues solely on the teaching from these programs. Actually, most Advisors have buyers remorse, because while many of these programs offer good materials around practice management and client service, few offer any real solution to become the millionaire producers you want to be. And that is why I write…
But as they say in the industry, if it was easy everyone would be a millionaire, only a few achieve real success because its hard work, and you might need some miracles. To this, I say bull****.
ROCKET POWER
The second path, is what I refer to as having “Rocket Power”, that is, to intentionally seek out and actualize unconventional techniques that thousands of other Advisors never use. Some of these unconventional strategies might include, but are not limited to:
Carve-Out Strategies (see post here,
Switching Platforms (see post here)
Building a Leadership Profile (see post here)
Partnerships (here)
Sub-Branch Models (here)
Hire an Associate (here)
Recruit other older outside Advisors to your Branch / Firm (see here and here)
Strategic Alliances (here)
Building a Moat around their Clients by Writing (see post here)
These techniques can be game changers for most Advisors, my intent is to continue to focused primarily on this type of content, my objective is to build on this, by expanding on these niche strategies and offer substantial & clear roadmaps for Advisors pursuing AUM & Revenue Growth.
Only a limited number of Advisors have a full grasp of the power of these strategies, across the industry the top performing Advisors are pursuing these Rocket Power approaches to garner top spots and be propelled to being the highest earners in the industry. These techniques and the other profitable anomalies here, are not typically shared in traditional Advisor training or coaching programs.
Conclusion
This article is not meant to discourage new Advisors, there are definitely ways to find success and that’s why I write, because I know it can be done, but have realized that there aren’t many resources that clearly outline the unconventional strategies that work or share insights on the large rotation of money in the industry, that’s what I do.
I believe that the way to success in this business is to have a true understanding of the landscape and have a bulletproof plan from the onset. In our post - $1 million Annual Revenue Roadmap, we outlined a pathway, which is a great starting point to building a profitable practice with commitment and some hard work.
One last thought to share -
You might be a time billionaire!
“The difference between billionaires and a millionaire - a million seconds is about 11 days, a billion seconds is just over 31 years."
Think about this concept carefully, this was flagged in the article Time Billionaire, a post by Anthony Pompliano. Here’s an excerpt from the article:
Having a billion dollars is great, but having a billion seconds is priceless. There is no amount of money in the world that can purchase immortality. Every human eventually runs out of time. So what would it look like if young investors started to think of themselves as wealthier than their older, historically richer, investing colleagues?
This idea of being a time billionaire immediately creates an opportunity to lean into your greatest resource — time. The time billionaire can have a time horizon that is counted in decades. The time billionaire can afford to be patient. The time billionaire can slowly compound money over time. There is no rush. There is no compressed timeline that clouds the judgement of a time billionaire. The time billionaire has a significant advantage when it comes to controlling their emotional state.
They have so much abundance of their resource — time — that they can recover from almost any mistake. The time billionaire is unshakeable in a sense.
Move closer to a top 5% of Advisors in the new year
If your objective is to move closer to a top 5% of Advisors in the new year, you’ll need some Rocket Power, for this, the Chairman’s Council newsletter will be an invaluable resource. I’m very excited about the Case Studies, and multi part series and big idea Playbook post planned for the New Year. For the full experience, get a paid subscription, here.
*The miracle illustration was done by Richard Awoyemi, author of The Startup newsletter.
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