There
is one common element that sets top producers
apart from average producers. The belief that
investing in personal development is a crucial
element to their success. Step back from your
business and look at it objectively. Take away
your office, your staff, your technology, and your
services. What do you see? A person-an individual
who is at least 95% responsible for their own
success and failure.
If
you were running another type of business and you
had a system that was 95% responsible for your
profits, how much would you invest to keep that
system running efficiently and effectively? How
much would you invest to update and improve this
system to keep it on the cutting
edge?
In
the financial service industry, you are the
system. What do you do to keep yourself running at
a high level? Investing time and money in personal
and professional development every year is
important. Below are some general guidelines I
recommend.
The
5% Rule:
Allocate 5% of your net income to invest in
yourself. I call this your Personal Development or
"P.D." budget. By using a percent versus a dollar
amount, you can start investing in yourself today.
Also, it will allow you to do fun and unique
things as your income grows (Ex. Going on retreat
with Anthony Robbins to his compound in Fiji.
Investment $15k-$20k). Use this budget for
seminars, books, tapes, or my number-one
recommendation: Retain a personal business coach
to work with you.
The
30-Minute Rule:
Each day allocate 30 minutes to read a
motivational book or listen to a tape or CD. Also,
you may find it valuable to keep a journal where
you write your daily thoughts. If you drive to
your office, make use of your commute. Turn your
car into your "learning library." Also, I have a
number of clients who exercise while listening to
a tape program or reading a book. This is a
great mind-body
multitask!
The
Seminar Rule:
At least twice a year invest in getting away from
your business and attend personal and professional
development workshops and seminars. I believe you
must totally immerse yourself on a regular basis
to grow to the next level. Also, I recommend
going back and re-attending some programs you have
already been to. Most seminars that I have
attended or spoken at contain so much information
that it is almost impossible to retain and
implement all the ideas you discover.
The
Mastermind Alliance Rule: Most
successful people that I know have either an
official or unofficial mastermind alliance. If you
were operating as a typical business, you would
have a board of directors to report to and work
with. In the financial services profession, I also
believe it is important to create your own
personal board of directors or, in other words,
your mastermind alliance. The goal is to select
three to five like-minded individuals and meet on
a regular basis (Ex. Monthly for breakfast or
dinner) and brainstorm ideas on success.
The
Skill Set Rule:
Make a list of all the areas in your life and in
your business where you want to improve certain
skills. For example, are you mired in reading
material with not enough time to get through it
all? Then invest in taking a speed-reading course
and imagine blowing through all the reports and
research on your desk. Review your list and
prioritize which skill, when improved, will give
you the largest return in time saved or economic
return.
Over
the past eight years I've had the privilege of
meeting and coaching financial advisors who have
all the technical ability and credentials anyone
would ever want. Yet they
have never reached the level of success both
economically and professionally that they want and
deserve. It is
important to realize the combination of technical
ability along with investing in yourself is the
only way to guarantee success as a financial
advisor.
Author's
note:
Joseph J. Lukacs, Business Coach, is the founder
of International Performance Group LLC., a
professional business coaching company delivering
customized coaching and training, by
telephone, to financial and insurance
professionals. International Performance Group
LLC. is based in Melbourne, Florida. Joseph can be
reached at 321-255-2889, by e-mail to
joe@ipg-coaching.com, or visit our Web site: http://www.ipg-coaching.com
