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Feel like your career is floundering around? Last week a financial advisor asked me for advice. I discovered three things on my own career journey that immediately popped into my head. Here’s what I said.
1. The decisions become easier and the direction becomes obvious once your vision is clear. That vision needs to be crystal clear. Not fuzzy, not out of focus. You have to be able to touch it in your mind even though it isn’t real yet.
When that picture comes into focus everything else starts happening. While you are figuring that part out; it’s ok to flounder and explore.
I floundered for a long time. I worked with anyone. I wanted to build something but I wasn’t sure what. Like laying a foundation in sand; it felt like everything was always shifting around. How many clients did I want? What type of client? Did I want employees?
I didn’t have answers - and so no consistent progress was made in any one direction - because I didn’t have a direction.
Then one day I knew I wanted to build a firm. Not just any firm but a brand. I knew we would be exceptional at helping people transition into retirement. The whole industry was focused on investing and accumulation.
But I could see upcoming retirees struggling with the other side - how they draw money out. This was a problem I knew I could solve. And I was passionate about it. Even more important - I knew my personal why.
2. Your why is the second piece you must figure out. You want a lifestyle practice and no employees so you can focus on family? Awesome! That’s a clear why. For me, I wanted a challenge. Growing a firm is the hardest thing I’ve ever done.
Every week there are fresh problems to solve. Hiring, leadership, training, creating systems and processes. One year, it was so hard, I wanted to quit. But...
When you’re the boss and you own it, you can’t quit. Literally - it’s a bigger commitment than marriage. In 2015 I had to hire three people and they constantly asked me questions. We had no written firm processes yet.
It was like 3 baby birds, mouths wide open, beaks constantly flapping saying “Me, me, me.” I was exhausted. But I kept remembering my WHY. I wanted a challenge. Be careful what you ask for - the universe will deliver. And boy did it hand me a challenge.
Without my why, I would have given up. As hard as it was, I KNEW it was exactly what I had asked for.
Fast forward to today and those baby birds have trained baby birds of their own. It’s incredible. Now we have process that help us update our processes in a routine and consistent manner. Everyone knows what to do and how to do it. Training is 100x easier now.
And of course, new challenges are appearing. As you grow, you must evolve. And that brings me to number three.
3. Know thyself. My mantra is “What got you here won’t get you there.” I love evolving. I’m in love with the journey. Also, I don’t have children and I’m not married. Investing my time, energy, and capital into building something from the ground up was an easy choice for me.
When I talk to other advisors I have the “My baby, your baby” conversation. You need to decide, are you going to align with an existing business and help raise that baby, or go have your own baby? Each takes a different skill set and exposes you to different risks.
Most of the team members that joined our firm came knocking. Something about what we were doing resonated with them and they knew they wanted to be a part of it. They were also clear they wanted to be part of a team.
When you have a clear vision people who want to be a part of it will show up - like a magnet it will attract the right people. So if you’re out their floundering and see something you feel drawn to - pursue it.
Then, trust your instincts. Is it something you want to be a part of, or are you ready to go birth your own baby? Both are great but vastly different paths. When you have your vision and know your why, the right path will light up.
So there it is. 1. Explore until you develop a crystal clear vision. 2. Know your why. 3. Know thyself. What got you here won’t get you there. Decide what’s next on your journey - which path has the most light for you?
