The key to success

The difference between surviving and thriving in this dynamic industry is a passion for life, learning and embracing change.

Earl Nightingale said: "You can only make a lot of money after you are successful." So what is required to be successful, and why are some companies incredibly successful, while others struggle?

The difference between surviving and thriving is a passion for life, learning and embracing change. The steps are simple: plan and implement. If you fail, re-plan and implement until you reach the tipping point and attain success. Clearly, this strategy will only work if you learn lessons from your failures and make changes to ensure you don't repeat your mistakes.

To be or not to be successful

There are many successful practices managed by outstanding financial advisors in this country. It is often amazing to see the difference in the quality of services offered by these top income earners.

There are also practices whose owners are wondering why every day is a struggle and why they can't earn a decent living. In most cases, these are practices that have not changed the way they operate since the late 1980s and are most likely never to change.

Outstanding service

What leaves a client with the impression of outstanding service? Whether you are staying in a guest house or consulting with a financial advisor, it is the ability of the company and its people to anticipate what you want and their willingness to provide it before you even thought of it. To do this, you need a plan, the willingness to learn and the willingness to change.

I recently met with Paul Leonard who owns a lifestyle financial planning practice called Money Talk. Paul and his partner, John Osmond, took me through their financial planning, problem solving and solution process. I was bowled over they successfully implemented most strategic elements of a business plan a independent financial advisors wrote in October 1994. That plan is in my safe.

Making it work

Why is Money Talk successful? They have a plan and they have implemented it. They are forward thinking, planning and implementing people. Paul and his team are on the move and they are not afraid of change.

For example, they radically changed their approach to their clients by implementing the Moneymax profile system eight years ago. The 28-question profile is now standard for husband and wife before they do business with a family. This means the Money Talk team knows beforehand how a client will react and what they have to do to keep the client happy. They can focus on the strong traits of their clients and help them to acknowledge their weaknesses.

As a result, the Money Talk team has the ability to create solutions in anticipation of their clients' needs. They average 22 interactions with a client per year - way above average, but you have to do the extraordinary if you want to thrive.

Don't do it alone

Independent financial advisors are fiercely independent. This is their strongest attribute as well as their weakest trait. Yet, a passion for learning is a key ingredient for success. A growing number of practices are realising the benefits of coaching. Get yourself a personal coach, you can't do it alone.

Keep learning by surrounding yourself with outstanding people. We need input from diverse people to grow and prosper.