The art of saying yes and no to grow

As business owners, advisors balance many responsibilities beyond their core competency as financial planners.

The delicate balance of priorities can make it difficult to achieve results-driven growth without sacrificing time or quality. However, to remain competitive in the marketplace and embrace or adapt to ever-changing technology, regulation, and more, it is necessary for advisors to keep moving forward.

So how do you grow a business without sacrificing time, quality, or joy? In the latest episode of The Big Picture Advisor podcast, Peter Sheahan discusses self-imposed limitations to advisor growth and how to overcome them.

Determine what growth means to you

Growth does not necessarily mean scale. Whether you define growth through client acquisition or by expanding your loyal network of influencers, to have productive growth you need to determine which direction you would like to take your practice and why.

For some, growth can also mean becoming familiar with emerging technology, moving up the value chain, strengthening existing relationships with clients, or honing the professional craft of financial advice. No matter what, your practice needs to keep moving forward and adapting to the changing needs of your clients and the marketplace if it is to thrive.

Stick to work that only you can do

Delegation can be scary for business owners – relinquishing control as well as hiring staff to manage administrative or operational tasks can be a daunting or risky experience for some. However, delegation is an important part of the growth process. As an independent advisor, you cannot possibly handle all the needs of marketing, business development, operations, and other essential business functions.

To build a business, you need to find trusted partners and partner like you mean it. Pick the right people and trust them to do their jobs. Work through problems together as partners. The pathway to growth is through different work, not more work.

The main consideration when planning your growth trajectory should be centered around what brings you the most joy. Spend time doing the activities that are most likely to do just that. Prospecting for new clients may not necessarily spark joy. Keep an open mind to growing in other ways to benefit your practice that increase efficiency and productivity.

For the complete episode and more tips from Peter Sheahan, listen below.

Episode 3 – From the desk of: Peter Sheahan, Innovative Business Thinker and Thought Leader

The art of saying yes and no to grow

Peter Sheahan discusses self-imposed limitations to advisor growth and how to overcome them.


CRN 2971047-022720