In the financial advisor sector, it seems like everyone has popped up to offer advice. How do you tell fact from fiction? Value from fraud? Unfortunately, in financial advising and wealth management, most of the successful people are spending their time growing their staff, their multiple businesses, and their net profit, but not sharing their secrets with you. I am different from most of those practice owners, sharing information in a variety of ways that are important to you and will help you dramatically grow your business and your income.
Many of the “gurus” in our financial consulting world fall into one of the following categories:
1. Never been there — never done that.
There are a lot of people trying to sell you advice who have never sat where you sit and dealt with the problems and opportunities you face every day in running
your practice. Often, they are excellent speakers and persuasive purveyors of their products, services or subscriptions, but they’ve never done it themselves. Their ideas are unproven, and their perspective is limited to that of an outsider.
2. Not even a business owner.
Believe it or not, there are ‘experts’ in financial services who don’t own any businesses. They don’t understand the training, mindset, and love for the community we share — then they dare to tell people who own a business, how to run a business ‘the right way’.
3. They have only run a business in their memory.
Some of those who consult or give expert opinions only run their business or financial practice in their memory — in some cases that’s a distant memory. Some of those recollections seem more like a distant dream (or, in some cases vivid nightmare), and so they aren’t giving reliable advice.
4. Never ran a successful business.
The advice-givers who do own a business, or have run one in the past, typically haven’t run a particularly successful operation. Many people began offering advice about running a financial practice only because they couldn’t figure out how to make a living running a business in the first place.
5. “Flash in the Pan”
Often this comes in the guise of “Gee, I just started figuring this stuff out and had a great year last year. How about you pay me to tell you about my short-term successes? I did $ (pick a number $100,000 net, $400,000 gross, etc.) I will do more this year and would love to show you how I did it.” Enough said.
6. Personality driven: not duplicate-able.
I think we’d both be able to draw upon a few examples of ‘magnetic personalities’ whose personal success is exciting, but not something that could ever be replicated in your operation.
7. Have lost touch with what works in the 21st century.
Unfortunately, financial practices and businesses are full of dinosaurs and leaders of the past, whose time has long since passed, but their friends and associates are unwilling to say: “The emperor has no clothes.” Systems that may have been revolutionary in 1970 or 1980 (even 1990 and beyond) may be out of date or just plain insufficient in the present day.
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