A constraint is often seen as a limitation. However, true innovators see a constraint as an opportunity for improvement and creativity. It’s an opportunity to not only overcome obstacles, but also to improve upon the processes and solutions we use when problems arise.
Constraints come in many forms. In the financial services industry, our constraints include:
Regardless of your perceived limitations, you have the opportunity to produce creative solutions for your clients and the industry.
Mario is an iconic video game character, but the story of his creation isn’t as well known. Have you ever wondered why Mario wears his hat, gloves, overalls and huge mustache? All of those features helped his developers overcome constraints.
They didn’t have enough pixels to make Mario’s hair flop or bounce as he moved through the game, so they gave him a hat. They also didn’t have enough time or resources to design a mouth, so they gave him a bushy mustache. Finally, limited ability prevented them from creating a shirt, buttons or belt buckle, so – you guessed it – they gave Mario overalls.
As you can see, great successes can emerge from great constraints. As increasing regulations, changing interest rates or volatile markets seem to place undue constraints on your business, use them as an opportunity to separate yourself from the competition, be creative and provide a unique solution for your clients.
Use constraints as an opportunity to differentiate yourself in the marketplace, make unique solutions and improve processes.
Mike McGlothlin is the Executive Vice President of Annuities at Ash Brokerage. His strength is helping advisors become more efficient and effective in their businesses. He and his team provide income-planning solutions focused on longevity and tax efficiency, and they also assist advisors with entering defined-benefit termination planning and structured settlement markets.
© 2018 Ash Brokerage LLC.