‘Uncategorized’ Archive

Why You Are Lucky

My wife, Anne, recently returned home from a vacation in Morocco with her Mom. Several times during her trip, local merchants commented on how lucky she was to have been born in America. To which, of course, she agreed.

Have you ever noticed how easy it can be to take for granted some of the better things in our lives?

This may be the perfect time to reflect on how great the financial services business is. Think about how lucky you are to be in this business and consider how to maximize the intrinsic value that exists in your own business and life.

This is a great business and it is a great time to be a financial advisor.

The reason I was attracted to this business when I was a young man beginning my career is because it meets what I call the “Big 3″ criteria:

1. Money.

2. Time freedom.

3. Helping people.

Let’s consider these one at a time:

Money.  Within a few years, you can organize your business to have the right number of clients who pay you the right amount of money so your business generates all the revenue necessary to cover your business expenses, pay for your personal lifestyle, get your entire financial house in order, and provide enough money to save and invest to fund your future goals and lifestyle. Not all businesses or careers give you this degree of financial opportunity.

Time freedom. Within a few years of being a financial advisor, you can have the right number of clients, the right kind of clients, and the support team that allows you to deliver a very high-quality experience for your clients. You should be able to accomplish these things working 30 hours per week or less and taking eight to ten weeks of real vacation per year. Not all business or careers afford this level of time freedom.

Helping people. Even at the most elemental level, financial advisors help people with basic financial planning, goal setting, investment management and insurance. At a higher level, a financial advisor can choose to do more comprehensive planning, assist with tax planning, estate planning and comprehensive insurance planning.

At an even deeper level, a financial advisor can choose to help people consolidate all of their financial affairs. These clients delegate this oversight to their financial advisor, who coordinates and simplifies everything so they are free from having to think about their money.

At every level, financial advisors help people make better choices so they have a higher probability of achieving their goals and fulfilling their values, thus making their lives better especially during times like the past couple of years.

How many businesses or careers provide all the money you need and want, plus time freedom, and make a difference in the lives of others?

The benefits described above are the intrinsic rewards this business offers. Unfortunately, many of our financial advisor brothers and sisters are not enjoying all of these rewards. They work too many hours trying to serve too many of the wrong clients for too little money, and all without having an impact on their clients. This has become so prevalent that many advisors are surprised when they hear from an advisor who is capitalizing on his value and reaping the intrinsic rewards available to all advisors.

One advisor we work with, Peter Oldziey, described how incredulous advisors are when he shared his experience about his business. To paraphrase Peter, “All of my clients are ideal clients who pay us exactly what I ask, follow my advice 100% of the time, and adore us. When I tell other advisors this who don’t know how much money I make and how much time off I take it almost seems like they either don’t believe me or assume I must have some unique powers not available to everyone in this business.” Peter is a great guy and a great financial advisor, but he does not possess super powers.

This level of success will not happen by accident, but it does happen for many, many financial advisors. And you can make it happen for yourself.

To turn this article into an action that will make a difference, consider the question, “What has to happen for me to actualize the intrinsic value this business has to offer in my professional and personal life?”

Or put another way, “What am I not doing now that I could be doing that will help me capitalize on all the benefits available to me in this business?”

Break this down further into a few sub-questions:

“What changes or refinements do I need to make in order for my business to have the right number of clients who pay the right amount of money so my business generates all the money I need to cover my business expenses, pay for my personal lifestyle, get my entire financial house in order, and provide enough money to fund my future lifestyle?”

“What changes or refinements do I need to make so my clients get the stellar service they deserve with my personal time involvement being 30 hours per week or less?”

“How can I improve my client value delivery so I make the largest difference possible in my clients’ lives?” This is a great business.

Make this the year that you capitalize on all it has to offer.

©2013 by Bill Bachrach, Bachrach & Associates, Inc.  All rights reserved.

Bill Bachrach is the author of several books, including the best-selling Values-Based Financial Planning. He has delivered approximately 2,000 keynote speeches and presentations teaching financial professionals to build high-trust client relationships. For 25 years he and his team have trained successful advisors and planners to dramatically improve their client loyalty, build their business by referral only, and live a very high quality of life.

www.billbachrach.com

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Only 27 available spots left in September!!! Schedule your free one-hour consultation today with Bachrach & Associates, Inc. and learn how we can help you achieve your Ideal Business and your Ideal Life. Sign up here: www.billbachrach.com

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