Who Do You Need to Become in 2019?

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Welcome to the first episode of The Magellan Network Show for 2019! What we're going to focus on for the next few episodes is how to get off to a great start in the New Year.

This episode let's focus on checklists. What do you really need to do to have a great 2019 and accomplish your goals?
The first step is to have a plan. A lot of people will say "well I have my goals they're in my head or on a sheet of a paper or on a spreadsheet." Here is the reality - if you don't have your goals written down or a system in place you will default to survival.
Your brain will then default to what you need. For instance, if you say you need $20,000 a month to survive then your brain will say how do we earn $20,000 a month? That's the habit you're in. There's nothing wrong with it from an economic standpoint. The median family income for the U.S. is $56,000 a year. So many of you are doing much more.
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Setting Your Minimum Goals and Uncomfortable Goals for 2019

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Welcome to our last show of 2018! Thank you for listening to me, watching me and sharing me with your colleagues and giving me the opportunity to add value to you. 

With that being said let's get into our final topic of 2018, which is really 2019! Here is my number one question for you what are your goals for the New Year?
Let's talk business first. What is your revenue goals? Now what many of my advisors do is they'll get linear with their goal planning and what I mean by that is they'll pick one number.
They'll say I want to do $1 million or $5 million dollars in 2019. I find this to be a very dangerous concept because there are so many variables in our industry, there are market variables and there's the size of a new client, so you could have nearly a 10x to 100x swing with one client.
What I want are ranges. I want a minimum acceptable amount to what the brass ring would...
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The Three States - Scarcity, Abundance, and Prosperity & Four Identities - Hustler, Advisor, Business Owner, and Entrepreneur

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Happy Holidays! We're just a few short days away from wrapping up 2018. 

Today, I thought we would just have a conversation about the different states of an advisor and the different identities of an advisor.
When I advise my clients I always talk about the three conditions that advisors have. The three conditions advisors have are scarcity, abundance, and prosperity. When we first start out advising we start out in the scarcity role and your whole goal is to make money to survive.
What it sounds like in your mind is "If I could just make $40,000 a year, then I could..." Scarcity is bills plus or minus 20% and you're 90 days away from being in bad shape.
The goal for most people is to get out of scarcity and get into abundance. The problem is once you get into abundance than all that hard work, discipline, and focus you think you don't need to do that anymore because you...
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How to Set Yourself Up for Your Best Year Yet in 2019

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As we get towards the end of 2018 there are a few things you need to think about. You have probably exited 2018 in one of three different conditions. Number one you had a great year, number two it's been an okay year, or number three it's been a year to forget.
Here is why this is important:
If you had a great year in 2018 you need to be careful when you get into 2019 because your brain is going to think "how am I going to do this again?" Before you forget you need to find out how you managed and memorialize the fact that you pulled this off.
What I want you to focus on is the behaviors, the habits, the mindset, and the approach you had to pull this off in 2018.
Now if you're in the second category where it was just an okay year, where it wasn't a failure, but it wasn't an exciting year for you, there are two things you need to focus on.
1. What didn't happen for you?...
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What Business Are You Really In? The Answer is Not What You Think...

Uncategorized Dec 06, 2018

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I have a question for you today, what business are you in? It's not a trick question - it's a question I ask many advisors that come to me seeking my counsel on their success. A lot of the time the answer I'm looking for is not the answer I get.

What I want to hear is I'm in the people business, the helping business, the results business, right?

That's what I really want to hear and instead 8 out of 10 times I usually hear we're in the financial guidance business or we're in the financial planning business or I'm in the wealth management business or I help people make money.

Today I want to talk to you about the business that you are truly in or the business that you need to be in. A lot of people got into our industry because they loved the stock market, the portfolio market, stock picking, or financial planning, which is great.

However, at the end of everything what is it you're looking to truly accomplish?

What you're...

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Three Things You Need to Focus on to Be More Successful

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What I've found from coaching financial advisors for 25 years is that time is not really relevant to success. Nobody wins - nobody ever gives away the award for the financial advisor who spends the most time in the office. No such award right?

We get caught up in having to be in the office and the reason why I'm bringing this up is I received an unsolicited email from an advisor saying "Joe, my branch manager wants me in here at 7:30am and wants me to leave at 7:00pm, etc."

Here is the thing about that - it's a false positive. I can put you in your office, but if you're not productive or have any output then it's irrelevant.

Instead what I like to do with my clients is execute our daily game plan. By that I mean we reach out to 10 - 15 contacts, we set up two meetings, and we have three - five referral conversations.

Three things you need to follow - make your contacts, set up meetings, and touch base with your referrals.

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Steps You Need to Take Today or Expect Your Business to Die

Today I want to talk to about everyone's favorite word: CHANGE! The reason I'm bringing this up today is because a few weeks ago I was introduced to a father and son advisory team at a firm. 

I remember talking to them on a conference call and the dad is about 57 years old,  so he has a good 20 years left of the industry if he wanted to.
Anyways, we were on a conference call and he was telling me how he wishes things could go back to the way they were - back to trading stocks and bonds. I told him you're going to have to change or die - change or become obsolete.
I really hit him in between the ears with that one.
If you don't want to evolve, what are you going to do?
He went into the business in the 80s and I asked him did you have a website back then? And of course, he said no. Did you have an email then? And, he said no. What I am getting at here is now he has all these things, so he had already changed and adapted, he just...
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From Scarcity to Prosperity with The Perfect RIA

Uncategorized Oct 26, 2018

I wanted to share my latest podcast episode with you where I was interviewed by Matthew Jarvis and Micah Shilanski of The Perfect RIA about how you can go from scarcity to prosperity in the financial advising world.

During this interview we cover:

  • The very real dangers of boredom in the financial advising world
  • How to stray from your comfort zone
  • Solutions to combat complacency
  • Joining or forming a mastermind group sooner than later
  • Reinvesting 5%-10% of your overall revenue in your own personal development
  • Establish a morning success ritual to frame your day the right way

Listen to 'From Scarcity to Prosperity' now to learn from Matthew Jarvis and Micah Shilanski of The Perfect RIA, and myself on how you can take your financial business to the next level.

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How You Can Create Your Ultimate Competitive Advantage

Today I want to talk with you about how you can create your ultimate competitive advantage.  

In an industry and profession where we are compliant based, meaning we can't have websites with multiple guarantees and we can't have client testimonials on our websites etc, so the question is what are we left with? 
We are left with a competitive advantage of a client experience and the client value proposition. Think about that for a moment, how do you treat your clients? How do you communicate with them? How do you celebrate them (birthdays, anniversaries etc.)? What do you do? 
If you've listened to or watched any of these podcasts and shows you realize that we are in the relationship based business. I want you to think what would be the ultimate way you could serve clients? What would be the ultimate value proposition? What would be the ultimate service model? 
What would be something so powerful, so not only would they not leave me,...
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How to Stay Motivated Near the End of the Year to Have a Productive 2019

Uncategorized Oct 08, 2018

You're in one of three places right now in 2018. You've either had a great year and exceeded your goals, you haven't had the best year, or you maybe just wandered along through the year. Now that we're nearing the end of the year many people slow down, but I'm here to tell you to avoid that to have a productive 2019!
Our industry is very dynamic and you need to recognize that you need to keep working and grinding. Be relentless in your pursuit.
Maybe you haven't had such a great year, maybe you just wander into the year or got off track. There is a strategy that I recommend.
Think of this as pre-season training, now is the time to get things happening. Think of this as a 15 month year. We almost give up and wait for January to happen, but now it's time to break that habit.
Be very clear about what you want to accomplish. Pull out your business plans and goals and see what you need to accomplish.
If you take your foot off...
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