The Magic Pill that will keep growing your business every year.
In November 2019, an IFA from Bengaluru came to meet me. I could make it from his questions that he was looking out for some magic pill or secret sauce. After all, he was an engineer like me, had worked in the US like me and he thought I had some magical thing that he could quickly learn and implement in his office. I understood his model and shared insights that would have been super helpful for him. I had no doubt about the utility of these insights, and I could bet my life that it would work for him and you just like it worked for me. Did it work for him?
It did not. “Why” may you ask if my thing was so good? The answer is simple – He did not do it. Though he did not tell me, I figured he did not believe it. He had thought the magic formula would be very complex. The thing I had proposed was simple and the only requirement was you had to be committed and consistent. This is the problem with intelligent people (who end up in mediocrity) in every industry and profession. I can tell you this problem is rampant in our industry. They go to someone who has a solution to their problem, and they tell the solution provider to change the solution. Common responses I hear “I want it this way. I have always done it like this. I do not think this works. I do not believe it. It sounds good but I am not sure”. This is not a rant (ok it is a rant) but I am like “Dude, this has not only worked for me but for many others of all AUM sizes”. You can see the Proof and I challenge you that this works for investors of all sizes including HNIs and UHNIs. Despite this I know many will not do it. Some are simply lazy; some will think it is hard, but most folks will think it’s too easy and ignore it.
So why did it work for me? First, I decided that I am going to do what the best have done. Tony Robbins said, “If you want to Achieve Success, all you need to do is find a Way to Model Those who have Already Succeeded”. I am not going to change and put my own steps in between to change things. Yes, I might give it my unique style, but I will follow the steps just like it should be. If you got to bake a cake, you got to have the ingredients and follow the exact process. The critical part here is WHO DO YOU MODEL? Someone who has sizable assets, but his/her value proposition remains the same that was 20 years back or someone who is constantly learning, reflecting, practicing, and implementing not just best practices but next best practices. I have written about this in my book “The HappyRich Advisor”. Second, I completely believed in it myself and thus I went through a financial planning experience myself. Third. I said I am going to be the best in what I do. Fourth, I just did it. I practiced and practiced (Refer to the 3 Types of Practice), got better and over a period and mastered it.
Did everyone I met signed up with me? No not at all (plus I said no to some), but over a period, my ratio of success in the first meeting went up significantly even though 2005-2007 was a very different time to do this business. My advantage was I did not have a Curse of Expertise like many of you who have been doing it a certain way have. People who have a certain way of doing things find it very difficult to change (or to acquire new skills); so, like I have said earlier, you must be a Chief Change Officer first (and that is going to be your key role even going forward). I say “Curse of Expertise” because it is a habit that has been formed by past successful practices that are counterproductive today. The thing that has worked for you in the past will not necessarily work in the future. Many of you are already feeling the leakage (though many cannot spot it yet or put a finger on it) in your overall personal, professional, and business growth but you are unable to free yourself from the Curse of Expertise. Think about it.
On the other hand, I have seen many who do the above 4 things and most importantly take 3 additional critical decisions – I am going to do this with full commitment even if I do not understand it fully yet. Second, I am going to be consistent even if I do not see results initially. I am going to do this every day till I master this and even after I have mastered this. Third, I am going to invest in my business even though I do not know what the outcome can be (but you can de risk the third point by seeing whether it has worked magically for the person who is telling you this).
Coming back to the Magic Pill, there is no Magic Pill and there will never be one. We have built something as close to a magic pill as possible. Well, the magic will work only if you do what is needed to be done. The Engine of a Successful and World Class offering is ready for you. The key issue is whether you can break that Spell of the all-pervasive “Curse of Expertise”.
P.S. There is a ton of value in the book that I have written for you. It is ready on Amazon for Deliveries. To Order your Copy Now, click here.