Sacred Cows: Slaughtering the Barriers to Growth and Profit in Financial Services

As a 30-year coach and consultant for successful financial advisors, I've seen firsthand how certain "sacred cows" can hold us back from reaching our full potential. Let's discuss three major roadblocks that might hamper your growth and enjoyment in this business.

Legacy Clients: The Silent Profit Killers

We've all got 'em - those clients we've held onto since the early days. But here's the hard truth: they're probably costing you more than you realize.

The Real Cost of Loyalty

• You're likely losing less than 10% of revenue by cutting the bottom third of your client base.

• Keeping unprofitable clients slows your journey to higher payouts.

• It limits your growth potential and compromises your service quality.

The Solution

• Remember, there are no lifetime contracts in this business.

• Update your pricing structure to ease the transition.

• Focus on your ideal clients - it'll sharpen your skills and value proposition.

Employees: The Make-or-Break Factor

I can't tell you how many times I've heard, "We can't change our staff!" But here's the deal:

The Staffing Dilemma

• You're either dealing with underperformers or overworked stars.

• Average employees lead to average results.

The Game-Changer

• Don't settle for average - hire exceptional people.

• Yes, it might cost more upfront, but it's an investment in your growth.

• One or two new ideal clients can cover that extra 20-40k in salary.

Your Fees: Time to Value Yourself

If you're not charging planning fees, or if they're too low, you're leaving money on the table.

The Fee Reality

• My top clients charge $30k+ annually for planning fees.

• Why? Because they're worth it, and their clients see the value.

The Path Forward

• Start by doubling your current planning fees.

• This shift forces you to up your game and deliver exceptional value.

The Bottom Line

You're awesome at what you do. It's time to treat yourself and your business accordingly. Build a practice with ideal clients, exceptional staff, and a fee structure that reflects your true worth.

Remember, these changes aren't just about profit - they're about creating a business you love and that serves your clients at the highest level. So, are you ready to say goodbye to those sacred cows?