Coach Joe here and welcome to The Magellan Network Show! Hope everyone is off to a great start in 2019 and today I want to cover your habits, rituals, and behaviors. When you put all three together this is 80% of success in our industry.
What do you do every day to be successful? These are your habits. If you think about it habits really fall into three categories.
- Those that support your mission or your goals.
- Those that are somewhat neutral where they don’t help, but they don’t harm.
- Those where they really suck the life out of you.
Do this exercise with me – look at what you do every day and put those habits into three categories.
What goes into the help category our things such as exercise, going over your goals or business plan, reading a motivational book, mediation etc.
The neutral zone are things that don’t necessairly hurt you, but don’t necessairly harm you. For example, this could be listening to ESPN or NPR on your way to work.
Now what goes in the harmful category? This could be related to nutrition – anytime you order food by phone it probably doesn’t have the best nutritional value and slows you down the rest of the day. Not having a daily written game plan would be another thing that harms your day.
This exercise is more about being cognizant and aware of what you’re doing more than anything else.
What I tell my clients for the month of January is I don’t care about production or revenue. What I focus on is habits, daily game plans, and morning rituals. Because if I can get that wired in January this is going to make me stay consistent throughout the year and have a great year.
Let’s face it December tends to break a lot of things down. There’s holiday parties, we drink and eat more than we usually do. When you think about it when is flu season?
Flu season happens in early January or February. People thinks it’s just because it’s cold out, but really if you think about it we’ve taxed are immune system so bad over the holidays that we’re at a low point and it’s just easier to get ill.
I want you to be aware of all these things, so you can get out to a great start this year.
Now I do think there is a tendency because of the way the markets are going that are brains will go into a survival mode because we may not be in the best market.
Instead you need to think about how you can take advantage.
Here’s the reality – I think most advisors have had it easy the last ten years or so and we’ve lost our muscles on how to deal with adversity when it comes to markets.
However, I also know this – there will be more baby boomers retiring this year than last year, there will be more advisors retiring than last year, and there will be more people in need of help this year.
Good markets hide all sins. Bad markets expose all sins.
What I mean by sins is practice management, communication, and planning. For instance when the market is good and you don’t hear from a client for a while you think that it’s okay. However, when the market takes a turn you go into a panic mode if you haven’t heard from a client for a while.
You need to be aware that it’s actually easier to get new clients and assets when markets are in adversity. I found it to be very true in 2000 and 2008/2009, and really anytime there was any pullback.
It’s all about your mindset, habits, beliefs, and behaviors. Either you’re going to have a scarcity mentality or an abundance mentality. So, where are you?
I want you to believe that you can grow your business this year no matter the economics or all the geo-political things going on in the world. Remember, we have zero control over those things by the way and in spite of all those things you can still accomplish your goals.
Many of my clients will ask what do you expect from me for growth? The answer is you better not show me anything less than 10%. Many of my clients will grow anywhere from 20% – 35% year over year. We’re not talking about start ups here – we’re talking about mature, multi million dollar teams that will have anywhere from $500,000 – $700,000 in revenue each and every year.
That being said who do you need to become in 2019 to accomplish your goals?
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