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Your True North and Building a Legacy Practice · The Perfect RIA

• 0:38
  Hello, TPR Nation. This is Amber Kuhn, thank you for joining me
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  on today's Follow up Friday, where I'll be recapping this
• 0:45
  week's episode highlights and action items. On Monday, Matt
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  was joined by Dr Andy Garrett, a licensed clinical psychologist
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  who started working with successful individuals who had
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  all the external markers of success, but who he said
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  internally were bankrupt. So he helped these individuals
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  reestablish their identity and find their core values, leading
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  them to perform better at work and at home. He's built a course
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  that focuses on solving for identity, and this launched in
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  March 2020, and the people who stayed in that program, who
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  started at that time ended up thriving during such an
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  uncertain time. Matt and Dr Andy spent some time talking about
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  successful people who reached whatever dollar amount they
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  thought was the top of the mountain and expected everything
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  they needed would be at that point, only to find out that it
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  wasn't. Dr Andy talked about the term true north, which helps you
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  to find your purpose and remain stable. This is different from
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  how most people live their lives, where they're constantly
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  reacting. Dr Andy said there's a resilience piece, which is a
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  part of finding your true north. You have to accept that there
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  are going to be struggles and obstacles, but that it's the
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  emotional reaction that will get you in the biggest trouble. He
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  talked about how there's this space where your capacity for
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  growth and freedom exists, but that normally people just give
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  this space away because of their emotions. So if you have
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  resilience strategies in place when certain emotions are
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  triggered, you can recognize what's happening and use certain
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  tools to find ways to pivot out of what you're feeling and into
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  that growth response. Dr Andy talked about how issues like
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  authenticity, autonomy and better leadership are great
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  predictors of success. They have a lot to do with their
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  character, and when you get clear on that, you can remain
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  consistent with your guiding principles, and this ultimately
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  helps you need to make fewer decisions which that can really
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  drain a lot of your emotional energy. You can have criteria
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  with your core values to help with this, and when you make
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  decisions that consistently align with your core values, you
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  become a powerful decision maker. He talked about how the
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  strongest state you can be in is authenticity when you're
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  demonstrating or saying things that you know to be true and are
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  fueled by belief and conviction. That is power. If you don't
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  believe things, you can't just think it into existence, and
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  people know when you're lying. An example he had not talked
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  about was fee increases. If you don't believe that you're worth
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  the value you provide, clients will feel that Dr Andy
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  recommends creating value boards, affirmations and vision
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  boards around your core values and guiding principles, which he
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  said our powers in guiding you to greater success. Dr Andy and
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  Matt talked about some examples of affirmations and how
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  sometimes just simple changes in the words you use or how you use
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  them, or making them an action statement can strengthen your
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  conviction for guiding principles. He recommends people
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  do these in a form of a question, but when it comes to a
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  team, provide them with four or five questions they can ask that
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  will enable them to consistently make great decisions and operate
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  with a high level of ethical integrity. They'll perform near
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  the highest of their potential. Dr Andy said that trusting
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  yourself is the basis for getting into flow state on a
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  consistent basis and feeling secure within yourself. Having
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  that insecurity can lead to bad decisions, both in the workplace
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  and at home as well. Let's get into action items operating
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  authentically, developing resilient strategies and being
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  agile and being resilient are the most important high level
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  skills to maximize your success over the next 10 years. To find
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  an assessment to help you examine your values, use up
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  relationships that are getting better and better every day. And
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  if it weren't easy, everyone would do it, and nobody would
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  get paid. AEG slash thrive.com to learn more about Dr Andy his
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  assessments, courses and training for individuals,
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  corporations and even teams. On Thursday, Jamie was diving into
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  the third stage of advisors career the last couple of weeks,
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  Jamie talked about the third stage, where you are earning the
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  revenue you want and you don't have the number of clients that
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  you want, you should be completely focused on growth.
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  You should be focused on marketing development,
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  introducing yourself to new leads and prospects and richly
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  enhancing your client delivery. Jamie talked more about the
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  importance of creating an incredible client experience,
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  because that leads to referrals, and even with those referrals,
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  if it turns out that someone isn't the right fit for you, for
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  whatever reason, you still want to deliver massive value to
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  them. You want anyone you meet with to lead as a raving fan of
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  your professionalism. Once you have the number of clients you
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  want and the revenue you want, you'll still continue to grow.
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  You'll then reach that freedom stage you have to be committed
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  to the discipline and climate gets you to the place where you
• 5:00
  can take time off. At this stage, you need to be focused on
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  systems, policies and processes. You need to be able to document
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  the things that you do and the things you've learned. Going
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  from freedom to enterprise means building a practice that's going
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  to be sustainable beyond your existence. So as you build out
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  an enterprise office, you may have more clients than you have
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  time to work with. So you're going to need to bring someone
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  in. It becomes your choice whether you want to transition
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  some of those clients to them in Jamie's office, one of the good
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  things they do with their protege or junior advisors is
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  constantly feeding them leave, because when someone joins, they
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  just don't know how to do this themselves. But they try to
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  impart the discipline and lessons to the advisors on how
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  to develop marketing, why content matters and why
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  delivering massive value is important, even if the person
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  you're meeting with isn't an ideal client. So at the
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  enterprise level, you're bringing on more advisors and
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  team members, and it's tricky, because you need to decentralize
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  command and make yourself replaceable after you've spent
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  so many years making yourself irreplaceable, you need to
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  empower others and how remember that during your freedom stage,
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  you're focused on documenting processes in an enterprise.
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  You're putting more knowledge and training into your learning
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  management system, and the better you make your team, the
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  less important it is to have one single person running the
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  organization. So with that enterprise stage, your core
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  focus is to decentralize command and impact as many heartbeats as
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  possible. That wraps up this week's recap so TPR Nation, if
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  you're looking for more resources, or if you have a
• 6:26
  question, be sure to email us at lifestyle@theperfectia.com.
• 6:29
  Thank you for joining me, and please share this or any of our
• 6:32
  episodes with another advisor or team member who you think might
• 6:36
  benefit from listening. And be sure to subscribe to The Perfect
• 6:39
  RIA podcast so you don't miss an episode until next time. Happy planning.