I never made more than $50,000 a year for the first 7 years as an advisor. Why? Was it because I wasn’t getting in front of enough people? Maybe… so the 8th year I figured out how to get in front of people and here are my numbers:
- Got in front of 301 people
- Did 101 Portfolio Reviews
- Those portfolios had more than $34 million in investable assets
So I became fabulously successful that year, right?
Wrong. I quit the business for two days in December until my wife and best client convinced me to stay in the business. So, why did I quit? I only closed 8 of those cases for a total of $800,000 in new money and made… you guessed it, $50,000 yet again.
You have to hit bottom before you make any real changes, don’t you? Well I hit bottom and I made two important changes… and a little over two years later I made $967,000. From $50,000/yr. to almost a million a year in just over two years.
What were the two changes?
- Accountability—Instead of blaming everyone else for my failures… I admitted the buck stopped with me.
- Recording and reviewing each of my appointments.
Let’s talk about how these two things increased my business almost 20 times in just a couple of years.
Do you have something people want? I sure hope so! If you don’t, you better find something in a hurry! But if you do have something that people want… what’s the only thing standing between what the people want… and the people? You.
If you have something people want and they don’t buy it from you… then YOU are the problem. For eight years I blamed the economy… interest rates… my competition… the products… and even the prospects! I blamed everybody, except the only person standing between my prospects and the thing they wanted. How lame is that?
When I finally accepted that I was the problem, it was liberating! You see, I can control me! I can’t control any of those other things can I? So finally, I could start changing my results by changing the thing I could change. Me!
So how did I change me? That’s the second part of the equation. I didn’t know why I was so lame… so I didn’t know what to change. Solution. Tape myself so I could see what needed to be changed!
Record and review
I began to record all of my client meetings. Holy cow! I sucked. No, I worse than sucked. I couldn’t believe anybody bought from me. I was constantly showing how smart I was… I was over-talking them… missing what they said… it was all about me, me, me.
So I created a habit of spending my first 15 minutes every day listening to a recording and just trying to fix one thing… just ONE thing each day.
Think about this… for the first eight years in business… how much better was I at the end of the eighth year… than the end of the first year? No better. I was the same. I hadn’t improved at all.
Now the first week I listened to myself and fixed one thing on Monday… another on Tuesday… on through to Friday. How much more improvement had I made in those five days, than the previous eight years? Now take it a step farther… by the end of the year I had done this:
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