Here’s a potentially difficult question…
What’s your passion? Do you have one?
I had an advisor call me recently from the east coast; he’s got a successful practice but he is losing his passion.
Have you lost your passion? If so, how can we recreate our passion?
In my opinion, I think one of the ways to recreate passion is by trying to find new goals for ourselves. If you have lost passion in your practice, it will suffer, people will notice and we will start losing clients and the value of our practice drops. If we are unable to manufacture passion back into our business, it might be an opportunity for us to think about selling or creating a succession plan.
The advisor on the east coast whom I spoke too wanted to buy a practice on the west coast -I thought this would be a disaster. So as we talked, I tried to help him think it through and I encouraged him that he could spend more time in his current passion, which is coaching his kid soccer team.
One of my life principles is, if you want something done, just give it to a busy person and they’ll get it done. My thoughts and advice for the advisor were because he got busier in his passion, it could help bring more passion to his work.
So my challenge to you and me is to identify or create a passion for ourselves. Sometimes we need to manufacture it. I’m training right now for my 23rd Ironman in Hawaii and because I’ve got a passion to do well I will often get up at 4:30 in the morning and put in a 3-hour bike ride before a 9 o’clock meeting. Please believe me when I tell you this, it helps me in my passion towards my work.
Whether it’s going out and walking a mile or training your dog, try to create passion for yourself and just take small steps with it. Small steps towards something you have passion for might be the recipe for you to recreate the passion you once had in your work which allows us to be more effective and efficient with our clients.
If we don’t, and you’re not passionate about your work – it’s probably a good sign your business is going to decline. That might actually be an opportunity for you to potentially create your succession plan.
All the best,
Ps: If you need help starting your succession plan, selling your practice, or transitioning to a new Broker Dealer, reach out to me. My passion is helping advisors. Reach out by email and I promise you’ll get a real answer from a real person – me.