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In our previous episode, we discussed how mindset and vision play a huge part in an advisor’s capacity to grow. However, another crucial component impacts an advisor’s growth – the ability to handle profits.
Most of you are probably familiar with the advisor economic syndrome—earning more and spending just as much. Then the cycle continues as you aim higher and your lifestyle keeps pace with your economic progress.
In this episode, I talked about money, cash profits, and why this is a massive blind spot for most advisors.
I also talked about the following:
- (07:37) Why you should treat yourself as a business
- (10:25) How much should you spend on your relational capital strategy
- (11:52) Why I prefer ratios vs. hard dollars when it comes to allocating resources
- (13:45) Why you should avoid pushing your finances to the limit
- (16:32) What younger advisors should stay away from
Related: Why Financial Advisors Fail To Grow