The Growth Mindset

Chapter 20Change Is Difficult

“If the rate of change on the outside exceeds the rate of change on the inside, then the end is near.”

—Jack Welch

We know today the rate of change in the wealth management industry is eclipsing most organizations and they are struggling to keep up. In Good to Great: Why Some Companies Make the Leap … and Others Don't, author Jim Collins said, “Good is the enemy of great.” It takes a tremendous amount of courage and maturity to change the status quo, especially when the status quo is pretty good. However, if you're not moving forward in this business, you will soon find yourself overtaken at best and hurtling backward at worst. There is no room in the wealth management industry for being static or passive. The universe of financial products and services continues to expand, which makes keeping up with technology and product innovation an absolute necessity.

Defy Complacency

Advisors who have experienced relatively good production and performance and are satisfied with their current income tend to stop prospecting and, as a result, their business plateaus after about eight years. The asset growth of most advisors is flat‐to‐negative year after year because they get comfortable and start to coast. Defying complacency requires you to constantly redefine your business, goals, and who your most profitable clients are. You may have to create a new ...