THE MAJORITY OF our top advisors started out with a simple vision: Survive first and, in the process, build a successful practice. As their businesses grew they all had to balance their own financial goals between the short and long term. A “product of the day” approach— where you focus on the sale of a particular product rather than an investment process—may help business in the short term, but it didn’t always result in good performance for the client in the long term. Over time, our advisors were all able to transition to a long-term, comprehensive wealth-management approach, which will be described in Chapter 11.
First, however, this chapter covers the mindset that is needed to follow a long-term orientation ...