What makes the best be the best? Dedication? Determination?
A little bit of good luck?
For the last few weeks, I’ve been traveling – seeking out
industry experts to help me learn and grow. My travels brought me to Coronado,
California, to attend the Society of Financial Service Professionals (SFSP)
In addition to a famous hotel and some incredibly good
Mexican food, Coronado is also home to the Navy base where they train the Navy
Seals. My meeting was literally footsteps away, and I couldn’t help but see the
commonality between our two worlds. The individuals training to be Seals are in
excellent physical shape. Even though they are the best the Navy has, they are
determined to continue to improve. Nothing but perfection will satisfy them.
At the Institute, I saw professionals with the same dedication
and determination. They were spending significant time and energy sharpening
the saw — getting better at their craft and understanding all the changes
happening in the retirement income planning space. They were continuing their
education and learning about the massive demographic shifts in the United
States. These shifts shouldn’t be a surprise, although the size of them is
According to LIMRA, today we have about 71 retired baby
boomers for each active financial planner. By 2025, it will be 163 per planner.
Did you follow that? In five short years, if every boomer had a financial
planner, the ratio of clients to planners would be double. That’s a lot of
people who need your advice!
So, how do you prepare to serve the market? Dedication.
Determination. We need to be in peak condition to be able to serve our market.
We must figure out how to increase efficiency and effectiveness. The challenge
will be to maintain our customized focus within a much larger client base.
With more and more Americans needing our help, we must be
able to focus on our advice and expertise and let automation and technology
work for us to make our client relationships more efficient. In a recent post,
I talked about the need for automation in marketing. That need is going to be
ever more present in the years to come. If you haven’t researched technology
vendors and platforms yet, there’s no time like the present. It’s the best chance
we have of becoming more repetitive in a scalable business model.
Prepare now for the shift of the future. Establish a practice of repetitive goals, while maintaining a customized relationship with each client.
Recognize the opportunity to transform your business by taking our free course.