The worst person to run a financial advising business is a financial advisor.
Does this statement seem odd to you? Shouldn’t the only person to run a financial advising business be a financial advisor? Here’s my point. The principles to running a business are universal. The most successful businesses are run by exceptional entrepreneurs because entrepreneurs understand business.
The financial advisor that wants to be successful needs to take their financial advisor hat off and put on their business hat. They need to think about branding and marketing. You can be the best financial advisor in the world but if no one knows you exist, then your business will not excel.
I’ve always said, you can take an average product or service with exceptional marketing and you will have exceptional results. Take a superior product with average marketing and you will likely get average results. Don’t you see some of this in the financial industry. Do you know financial advisors who are not the best advisors technically but they get results because they are good at networking or really good with people or just great marketers? Do you know advisors who are really smart and technically strong but fail to succeed because they have no one to talk to?
The best person to run a business of any kind is a business person so put on your business hat and figure out how you are going to grow that business.