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Nature Always Wins |
This maxim always applies whether we're talking about the physical environment or the financial environment. As financial advisors, the requirements are usually invisible, but unavoidable.
Work in Partnership
A "Partnership Approach" to financial advising -when we conduct ourselves in a manner which is respectful of the needs of our clients and prospects - works best in the long run. When our concerns have to do with the client, and not simply with making the sale, we become more attractive to our clients and find our practice less stressful. We call this a win-win system. The difficulty lies in knowing just what it means to operate with a win-win attitude. If you click on this link, Green Light - Red Light - Yellow Light, you'll be able to read the article and determine for yourself why and how the "Partnership Approach" is in your best interest.
Specialize
Next, a niche market, or a specialty, always works better in the long run. As you specialize, you become more knowledgeable and more valuable to your clients. If, however, you don't have a niche or specialty, you'll lose the benefit of being an expert. Having a specialty does have two requirements. First, you need to deternine what your specialty is. Secondly, it takes good planning to maintain production while you develop a specialty or niche. If you click here you can download a package at the bottom of the page entitled Invisible Market Matrix. This is a tool which will help you identify those people who have chosen to do business with you. These people are the core of your target market.
Plan Effectively
Finally, the idea of having emotional and financial reserves, and a long-term plan is the most effective way to build a practice which provides long-term sustainable financial security. By clicking on the One Page Business Plan, you'll see how an effective planning process can be very beneficial for your practice and your own well being.
Where We Stand Today
Some closing comments about the current global financial crisis: First, I have no special insight as to when the world will right itself. I do believe that the entire planet has been on a spending binge. Promises of eternal growth and ever-increasing wealth seem to have been universal goals. As stated above, nature always wins. Rules of gravity have not been repealed. In the long run we cannot spend more than we earn. Even though we can't predict the future, each of us needs to develop our own personal and business plan to reflect long-term sustainable behavior, which in turn will result in a positive long-term financial outcome.
What You Should Do
Continue to build your business. Act on the belief that things are fine. Continue to develop your practice based on these three sound principles:
- Develop and use a solid business plan.
- Maintain a positive attitude.
- Build and maintain adequate financial reserves.
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Nick is available to answer any of your coaching concerns, and as always, will provide a complimentary coaching session to anyone interested in pursuing a coaching program. Please call Nick at (510) 898-3245 or
email him to set up a session.
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Newsletter
Issue No. 12
December 2008 |
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Nature always wins.
I was intrigued when I saw this slogan on a bumper sticker. If we truly understood its impact, how would we conduct ourselves as citizens, and as financial advisors?
To me, this slogan means that Nature is more powerful than any institution, law or system that humankind can imagine or establish. It behooves us to understand and respect the world we inhabit. Global warming, damage from Katrina, and other environmental problems exist because we humans have failed to follow earth's natural laws; and it is humanity which ultimately pays the price for this failure.
Next, we should mimic nature: specialize - find a niche. Every species on the planet has its own domain, and we humans need to do the same if we are to survive. We can't do anything we want to, nor can we have any size population we wish, if our survival is to be assured. We must live within the carrying capacity of the planet.
Finally, we need to mimic nature by living in a way where we maintain abundant reserves. Every species that survives and prospers lives within its means. Human, financial and environmental well-being depends on setting aside reserves and living conservatively.
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