If you followed the NBA Finals, you know the Cleveland Cavaliers lost two of their five starters late in the season and in the playoffs. Regardless, the team made it to game six of the finals before giving up the championship to the Golden State Warriors, who have the league’s MVP, Stephen Curry. Maybe the best all-around player is LeBron James, who carried his injured Cavaliers team through the end of the season.
Everyone was cheering for the underdog team from Cleveland in hopes that LeBron could single-handedly win the series for the city. But while everyone was talking about how he’s a one-man wrecking crew, they were also talking about his stamina, or rather lack thereof. One of the greatest athletes in the league, he appeared to be tired and run down in the playoffs. You can’t blame him. He was forced to score more points, grab more rebounds and assist in more baskets than his teammates.
I think the Cavaliers demonstrated why a collaborative team approach is best – in basketball and financial planning. With Kevin Love and Kyrie Irving on the sideline, LeBron was forced to essentially do everything to fill the gap they left. While he made it work during this series, it clearly took a physical toll.
The same would be true for your financial planning practice. Too often, I see planners attempting to be the LeBron James of financial services. They try to do too much. In the end, they get tired, lose focus and makes errors. Their client base grows too large and the personal contact their clients loved quickly evaporates. The solution: Make sure you build a team infrastructure into your planning process. If the primary relationship manager (you) aren’t available, then envelope your clients with the bench strength they deserve (your team).
By building a team with a strong supporting cast, you can build a sustainable, profitable business model that your clients will appreciate. While you might have short-term success (one series) with just one superstar, long-term success (a championship) with a team approach creates value in your business and makes it referable.
Bottom Line: Being the superstar might work in the short run, but having a strong bench adds value to your client relationships, which translate into wins for you.
© 2018 Ash Brokerage LLC.