Although 2020 seems like the year that just won’t quit, somehow, we are already staring the fourth quarter in the eyes. It’s almost here. And, if you’re like so many other advisors, you’re probably wondering where the year went. And you’re thinking of how you can be more efficient to hit some of those goals you set at the beginning of the year. Dec. 31 is still a few months away, and there’s still time to improve your performance — both now and in 2021 as well.
The big fight for most of us is against time. Have you ever thought of all the different things you’d be able to do with just two extra hours each day? Would those two hours be enough time to push your business to the next level?
But the reality is we only have a certain amount of time in a day, a week or a month. So, the goal is to maximize that time and to get incrementally better every day.
So, as you’re heading into the fourth quarter, there are two important things to think about.
When I was a student basketball manager at Indiana under the legendary coach Bob Knight, I learned how to maximize my time. Coach Knight broke every practice down into segments of five, 10 and 15 minutes. And he maximized those blocks of time. We worked on things that we did poorly the previous day and, by doing that, we got better. We went back and watched film to figure out where we needed to improve. And, again, we got better. Everything we did was with a focus on where we wanted to up our game. We didn’t waste time but used every minute effectively.
You can do the same thing in your business. Think about where you’d like to do better. Consider obstacles that got in the way of your success in 2020 and how to turn them into opportunities in 2021. And then break that down into specific activities that will allow you to grow your business.
If you’re not sure where to start, or what to change, the first step is to enroll in our course. We’re dedicated to helping you take your business to the next level, and we’re ready to help you start. Log on for more information today.
Maximizing your time, and focusing on improving each day, are the first steps to transforming your business to High Performing Practice.
I learned a lot as a student basketball manager under the legendary coach Bob Knight. And one lesson that I really took to heart came from a sign posted in the locker room. It was straightforward and simple, and something we can all benefit from.
The sign was hung right where the players would see it as they left the locker room to head out to the court. Below a picture of an athlete in a defensive stance position were the words “Victory favors the team making the fewest mistakes.”
Even after finishing school, I’ve thought about that those words a lot. It was the perfect reminder for athletes taking the floor for a big game. And it’s a perfect reminder for advisors working to grow your business to a High Performing Practice.
And nowhere is that message more important than in retirement income planning. We often talk about how to generate income. We use REITs. We use alternative investments. We manage asset allocation for the length of our client’s retirement. But unfortunately, we don’t know how far that length of retirement might expand due to longevity issues. And that’s exactly what makes removing potential mistakes so important. It’s up to us to help our clients have victory during retirement.
One of the ways to achieve that is through guaranteed income. And the guaranteed income approach that we’re seeing a lot of success with is the Income Alpha approach that I’ve talked about in the last few blogs.
Income Alpha allows you to take care of what we refer to as mug expenses—mortgage, utilities and groceries—and then allowing fewer assets needed for income generation, leaving you with more to set aside for liquidity inside the portfolio.
And it allows for planning around long-term concerns such as longevity, long-term care and legacy issues. It’s also a great way to manage your assets under management and grow your business. Consider giving the Income Alpha Strategy a try. In the next couple of years, you’ll have built a High Performing Practice.
Avoid mistakes and claim retirement victory with an Alpha Income strategy. We can help you get started today.
Changing your behavior is much more possible when you change your mind.
Are you ready to do more in your career? I’ve you’ve wondered what you can do differently to grow your business and help your clients secure a better retirement, it starts with a willingness to change. It’s one thing to want to do more, and another thing entirely to make the changes necessary to make a change that sticks. It starts with changing your mindset.
Any big change, either personal or professional, requires determination. In this issue of High Performing Practice, I want to share a major life change I made, and how I was able to change my mind, and therefore my behavior, for an outcome I didn’t think possible.
About 5 years I earned a promotion from a large company. With that promotion came an increase in pay. And, like any good planner, I decided to up my disability income protection. It was through that underwriting process I discovered that I was a diabetic. So, for the last 20 years, I’ve been managing my diabetes with medication with exercise and for the most part, I’ve maintained a manageable a1c number.
But over the last five years, as I’ve gotten older, my metabolism changed. One of my doctors presented an alternative way to treat my diabetes, a new program to try. But to be part of this program, I had to go watch about 22 videos and be interviewed by a couple of medical practitioners. During one of those interviews, they asked me what my goal was. And I talked about how I wanted to get back to having a good lifestyle while controlling my diabetes.
And that’s when they stopped me dead in my tracks. They aren’t interested in controlling my diabetes. They are interested in reversing it. That was the first time that any medical practitioner had even talked to me about reversing diabetes because for the longest time diabetes was thought of as irreversible. But I’m now in the process of reversing my diabetes, not just controlling it.
For me to embark on their rigid program required a complete mind shift.
When it comes to your business, a similar mind shift can deliver unimagined success.
To change my behavior and start reverse in my diabetes versus just controlling required me to change how I think about the condition, and to believe in possibilities I didn’t know existed. The same applies when helping our clients. Until now, when we work in our clients’ best interests, we’ve been focused on building up assets and then spending those assets down and managing that risk through asset allocation.
What we’re finding through research, though, is that that can still have a significant amount of risk because of the sequence of returns. We don’t know how long each client will live. We’re misusing Social Security. And we’ve lost guaranteed income hand-over-fist in the form of corporate pensions.
We need a mind shift when it comes to how we generate retirement income. Income Alpha can facilitate a new way of thinking. If you’re ready to change your thinking, contact us on your next retirement income case.
Shifting your mindset to a new way of income planning can improve your clients’ outcome while turning your business into a High Performing Practice.
© 2018 Ash Brokerage LLC.