Mythbusters Registered Investment Advisor Edition: I’m Doing All I Can [Video]

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Welcome to MythBusters Registered Investment Advisor Edition. Here we tackle the tall tales of
industry folklore MythBusters, registered Investment Advisor edition. Remember to share and subscribe for more financial services marketing insights, and drop your questions in the comments below.

Welcome back. Hopefully you saw the first two videos of the two of the biggest nets in financial services marketing that we are debunking.

Today is myth number three, which is advisors tell me I’m doing all I can. This is a clock, and they tell me I’m already working too much. I’m already working too hard. I am missing dinner, I am missing football games, I’m missing soccer practices, dance recitals, et cetera. I’m already working too many hours. I’m doing all I can. I can’t work any harder. Now, that is completely not true, and I’m not telling you you need to go from working 50 hours a week to 70. I’m telling you there’s a different way that works better in less time.

Let’s think about it. 2020, I used to go somewhere. I used to fly and speak every single month. I would be at a conference. I did seminars all the time. I did webinar. I traveled a lot, and I was doing a lot of events. But 2022 height of Covid was our best year up until that point. So I couldn’t travel anymore. I couldn’t do in-person seminars. And in all honesty, we didn’t switch to constant webinars all the time. Like so many advisors tried to, and there was a bunch of vendors that used to sell seminars that all of a sudden popped up and new ones that popped up that said, we can fill your webinar and we could do a whole video series on why you can’t take your existing seminar in-person presentation, PowerPoint, do that online and get the same results. But that’s a whole different conversation. So if we couldn’t do all of those in-person things and we didn’t go do 50 webinars, how can we make 2022 such a good year? How can you take lessons learned from that and work less but make more money?

There is a principle I’m sure you’ve all heard of. It’s called the Pareto principle. It’s the 80 20 rule. If you apply it, your top 20% of your clients drive 80% of your revenue. Your bottom 20% of your clients cause 80% of your customer service headaches, they’re the highest maintenance, so to speak. 80% of top 20% of your activity drives 80% of your results.

Have you thought about 80 20 when it comes to your time, what do you do all day? Have you actually tracked every minute, every hour?

Hypothetical example: your spouse develops a life-threatening illness and you now have to cut your hours by 80%.

If you were working 50 hours a week, you now have to work 10 and you have to make the same amount of money.
If you were cutting 40 hours from your work week, what would you cut?
With those 10 hours, how could you generate the same results that you’re generating now if you had to, if her life, his life depended on it, I guarantee you’d find a way.

Would your revenue dip a little bit? It might, but you also might find that when you only focus on the most important activities, it actually went up and you made more while working less.

That’s all about leverage and what you use those hours for to make the maximum use of them and generate the greatest results in the shortest possible period of time.

That’s what we’re going to talk about in the next video.

Then we’ll get into the actual two formulas for financial, the mathematical formulas for financial services success, where you can plug your own numbers in and find out how to work backwards and what exactly you need to do with that top 20% of your time to get to the a UM level and production level that you’re looking for. So stay tuned. We’ll see you in the next video.

Thanks for watching Mythbuster’s Registered Investment Advisor edition. Seth Greene is the nation’s foremost authority on direct response marketing for registered investment advisors. He’s a nine time bestselling author, A three-time. Dan Kennedy, magnetic Marketing marketer of the year nominee. Seth Co-hosts the Shark Preneur podcast with Shark Tank’s, Kevin Harrington. He is the CEO of a Inc 5,000 financial services marketing company and has been written about in registered Rep Insurance News Net, Forbes, Inc. And many more. Thanks for watching Mythbuster’s Registered Investment Advisor edition. Remember to share and subscribe for more financial services marketing insights, and drop your questions in the comments.