1. “I should have focused on a niche sooner.”
When you’re the expert in your niche, people come to you.
2. “I should have prospected more.”
Call shyness is one of the number one killers of young advisors’ careers. Anytime you speak with an advisor who survived his or her first five years in the business, you’re already dealing with survivorship bias: They survived five years because they prospected enough to make it that long.
But even then, nobody told us they prospected too much. They may have wished they prospected smarter. But nobody said they should have prospected less!
So, pick up the phone, or knock on those doors, and collect a few hundred rejections this month. You won’t regret it. And you’ll meet a lot of people. Feed that pipeline.
3. “This isn’t the ‘money’ business. It’s a people business!
4. “I should have embraced technology.”
Smart advisors are investing aggressively in a good website with great client interaction, in first-class contact management software that saves precious time, and in best-in-class practice management software.
This is another way of saying you need to work on your business, rather than in it. Technology will help you create processes that will help you serve more people – and bring in more revenue doing it.
5. “I should have spent more time with my family.”
Take a 4-day weekend once every quarter, and just do family stuff. Take your spouse for a dinner after a success. Your clients will understand. You’ll be a better advisor for it. And you’ll get more business.