This is an intense period for the advice industry. New technologies threaten to disrupt the traditional model of service, client expectations are changing and we are on the precipice of a generational transfer of wealth that has the potential to shake up advisor businesses as millennials inherit assets and choose advisors that best suit their needs and wants. It’s a harsh world where lending a hand to a competitor — or even a colleague — is a fool’s errand, right?
The reality couldn’t be further from the truth. While many perceive our industry as one where success can only come at the expense of someone else — what’s know as a scarcity mentality — the most successful advisors I work with understand that operating from a place of abundance is a much more effective way to grow their careers — not to mention a better way to live life.
These advisors consistently ask how they can add value for their clients, colleagues, and community without expecting anything in return. They embrace collaboration, operating on the assumption that one plus one equals more than two.
When you stop worrying about what you can get from others and focus more on what you can give back, it turns out that there’s a lot to gain. Here are the four greatest benefits I’ve observed of an abundance mentality:
1. Build rich networks and relationships.
Successful advisors are great prospectors. They’re out in the marketplace, they’re meeting new people, and they’re acting as connectors. Even if they can’t help a client today, they’re willing to extend a connection to someone in their network who can be useful, whether that’s an estate planning attorney, lender, accountant or another advisor.
Being generous with making connections leads to a rich and varied network that will benefit you over the course of your career in ways you can’t begin to predict. Sure, not every person you share your connections and knowledge with will end up becoming a client or even referring someone else your way, but the ripple effect of operating generously and without expectations will be far more valuable than any single outcome.
2. Get plugged into cutting-edge knowledge, develop better solutions.
In this business, there’s always a lot to learn: new products, new services, new technology, new regulations, tax law changes — the list goes on. Great advisors share information and ideas freely. They understand that learning from others creates better outcomes for clients. It also relieves some of the burden of keeping tabs on every industry development. No one can be an expert on everything! No matter where you stand in your career journey, a collaborative learning process can help you identify better solutions to complex client or practice management challenges.
3. Create avenues for personal growth and joint work.
Mentoring is one of the hallmarks of advisors with an abundance mindset, and we understand more than ever that mentoring relationships are mutually beneficial, and in more ways than one. In a world where technology disruption and social change are driving conversations day in and day out, the concept of reverse mentoring is more of a reality than ever.
Wealth managers now need to not only meet digital expectations but also surpass them, writes Will Bailey.
Additionally, I frequently see that mentoring relationships lead to opportunities to collaborate on joint work. Oftentimes, less experienced advisors turn to a veteran mentor if they feel like they may be in over their head with a complicated client scenario. Advisors shouldn’t go into mentorships expecting joint work opportunities to follow, but the reality is that they can and do.
One added bonus: when you commit to mentoring, you will feel compelled to bring your “A” game and to practice what you preach. This commitment will help you stay sharp and focused.
4. Boost your self-confidence and your client’s outcomes.
It’s not easy to get started in this business. Young advisors often feel endlessly focused on the next client and the next appointment, rather than the client that is right in front of them. By pursuing narrow goals or operating from a place of fear, they constrain their thinking and miss out on bigger opportunities.
How does one break this cycle? It might sound hokey, but the secret to an abundance mindset is trusting that generosity begets generosity. When you invest in relationships, you develop a support structure that helps share the burden of the pressures of this business. This type of support fosters a sense of confidence and self-worth that frees us from worrying about the things we can’t control so we can focus on helping the people right in front of us.
These benefits go far beyond professional success. Deep relationships add richness to the quality of our lives. It’s no surprise that great advisors give their time abundantly both at work and in their communities.
If you want to reap the benefits of an abundance mindset, think about ways that you can share your knowledge, your relationships, or your networks with others. Don’t tally up wins or keep score. Instead, think about who you can help and act on it. You will find that an abundance mindset is contagious not only in your own life but also for the people you serve. The first step is to take action.
