Growing Your Advisory Is Similar to Growing a Flourishing Garden

These [tiny seeds] don’t look like much, but given time and the right conditions, this what they turn into.

A month ago my wife planted some vegetables and flowers in our planter boxes, and it’s been interesting watching the process. We’ve seen some new shoots coming through. I’ve seen her thin what’s growing in here because certain seeds aren’t growing and blossoming, and, above all, I’ve seen her be very patient and wait for things to come through so we can see some results.It’s very similar to building a financial services practice. When you’re beginning to build your practice, you’re trying different activities to see what really works well for you. You’re also thinning out what’s not bearing any fruit so you can devote more energy and focus to what really is helping. You also have a very clear picture of what it is you’re looking to achieve.Related: Doubt Kills More Dreams Than Failure Ever WillI’m working with an advisor who is having phenomenal success with this particular referral program. He is averaging new clients of well over $600,000 a client, which is above what he’s looking for. (His ideal client starts at $500,000.) He’s having tremendous success, yet I’ve read on bulletin boards how some advisors are bagging this particular program. For him, it works. For those advisors, it’s obviously not working; they need to look at something else without so much criticizing that program. Look, things in [this planter box] will grow fine in South Carolina, but trying to grow some of these things in California just isn’t going to work.So,
  • Be very selective about what it is you’re going to try to grow within your business.
  • Be realistic about the time frame. We don’t put seeds into a planter box and then stand over them the next morning wondering why we’re not seeing anything. We also don’t just plant one seed; we plant multiple seeds of vegetables and flowers. We expect growth, but we don’t get impatient.
  • On any seed packet you’re going to have a nice bright shiny picture of those massive tomatoes, pumpkins [or whatever] that are supposedly going to grow in your planter box. If you looked at that little black seed to start with, you’d be pretty dejected. That’s why you have a picture of what the ideal will look like.
  • So, be patient, tend to what’s really working well, and have clear picture about what it is you’re really developing in your business.