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From BHAGs to Bad Hires: The Hard Truths About Goals, Processes, and Intuition · The Perfect RIA

• 0:42
  Amber Kuhn: Hello TPR nation. This is Amber Kuhn with your
• 0:45
  Follow up Friday, where I'll be recapping this week's episode
• 0:48
  highlights and action items. On Monday, Matt and Micah were
• 0:50
  talking about two groups of advisors, those who have huge
• 0:53
  goals, those big, hairy, audacious goals, and end up
• 0:56
  destroying them, and those who, after setting their big goal,
• 0:59
  just end up stuck in the same spot. They pointed out that when
• 1:02
  it comes to starting these goals, both such advisors are
• 1:04
  excited and ready to get things done, but ultimately it comes
• 1:07
  down to work and being willing to do the hard things that most
• 1:10
  other people aren't. And for those who are successful, it
• 1:13
  does end up impacting your social circle in peer groups,
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  you're constantly changing that group in order to find people to
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  bring you up to a new level. The guys wanted to talk about the
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  difference between a big, legitimate goal and pure
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  fantasy. A fantasy is just something you dream about. A
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  goal is something that every week, you're doing the
• 1:29
  uncomfortable work and making progress towards it. They said
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  that the common theme of successful advisors is that they
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  have integrity and honesty in what they're missing. They know
• 1:38
  what their weaknesses are and are willing to do the work to
• 1:40
  fix it if they don't hit their goal. They're learning from that
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  to see what they can do to improve. Matt and Micah spent
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  some time talking about processes and how you can't
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  think that an external factor is going to change your situation.
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  You need a process you can follow, stick to it and do the
• 1:54
  work. An example they shared with us is going through your
• 1:57
  prospect tracker weekly with your team. It doesn't mean the
• 2:00
  meeting for this is fine. Micah said this is a place where
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  advisors may try to avoid things, because it can just be a
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  reminder of where you're failing, but you can't just
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  ignore it. Well, you can, but that's not going to make you
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  successful. You have to be willing to do the uncomfortable
• 2:13
  work and remember head trash isn't an excuse for not doing
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  the activity required to be successful. Another thing that
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  the guys talked about that distinguishes a fantasy versus a
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  goal is that there's time blocked out in your calendar
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  every week to make something a reality. And they reminded
• 2:27
  listeners about Dan Sullivan's quote that you can never find
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  time. You can only make time. The guys recommended that you go
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  through to see where you're deficient, and they define that
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  as when you're not on track to meet your business plan, because
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  all of those things need to be measurable and trackable. So if
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  you have your plan and are tracking it, and you realize
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  you're not attracting your goal, then you're deficient, and you
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  need to have someone look and see what's wrong or what you're
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  missing. Matt And Micah wrapped up by talking about how the
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  advisors they see that are making more money and delivering
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  more value to clients are the ones doing the hard work that no
• 2:59
  one else wants to do. In addition, when it comes to free
• 3:02
  time, they said, consider where you're spending it, and they
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  don't mean the time that you have your family or working out,
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  but the extra hours you have in the morning or evening. Are you
• 3:11
  taking that time to better yourself lending to action item
• 3:13
  was to take action. And for those of you who are ready to
• 3:16
  win one of our memberships, you can reach out to us at
• 3:19
  lifestyle@theperfectria.com. Also, you need to be doing the
• 3:21
  work in your practice, and it needs to be uncomfortable,
• 3:24
  because that's a little pushy towards success. On Thursday,
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  Jamie was talking about intuition and how it plays into
• 3:30
  the decisions that you make as a business owner with your team
• 3:33
  members. She kicked off our episode by talking about the two
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  different types of intuition and methods of reasoning when it
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  comes to logic, deductive and inductive. Deductive means you
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  start with a general idea and move to a specific conclusion.
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  It's based on two supportive statements that turn your
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  thoughts into fact. Inductive reasoning is based on your
• 3:49
  ability to evaluate a situation with your intuition. Jeanne said
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  it's about your inductive reasoning, and she pointed out
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  that when she listens to her intuition, she's almost never
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  wrong in her assumption. But she said often people don't listen
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  to their intuition when they should with inductive reasoning.
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  A lot of times you'll look at your past experiences, and what
• 4:07
  Jamie's found is that a lot of owners and leaders stop
• 4:09
  listening to their inductive reasoning. They allow people to
• 4:12
  continue to work in their organization and just shouldn't
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  be there things like that. For a lot of managers, they've got
• 4:18
  someone on their team that isn't going to cut it because their
• 4:21
  skill set doesn't match their pay. The hiring process is
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  incredibly difficult and lengthy, and because it takes so
• 4:26
  much time and energy, it's easier to keep someone you know
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  isn't the right fit or can't handle the task they've been
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  assigned. So what people end up doing is embedding jobs someone
• 4:35
  can do just because they like them as a person, not because
• 4:38
  they're qualified to do the job. Jamie then talked about the
• 4:40
  people who are toxic or troublesome in your
• 4:43
  organization. She said that these people, part of them you
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  like, and the other part you can't stand. They're probably
• 4:48
  really good with prospects, clients or vendors, but you
• 4:51
  don't like working with them day to day. This person can also be
• 4:54
  manipulative, and you tend to pick up all the things during
• 4:57
  your interaction with that person, where things just don't
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  feel right, and if they've offended you, and you're not
• 5:02
  easily offended, and they owe you an apology, but don't offer
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  one. That's one filter that they're manipulating you.
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  Another filter for this is that person makes everything your
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  fault. It makes you question everything. Also, if someone is
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  self centered and only thinking of themselves, not helping the
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  team. So if you have an employee that isn't someone you'd like to
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  socialize with, or something just feels off, they're not the
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  right employee, and you're waiting for them to be a problem
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  before you take action. Let them go, but when you're holding on
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  to the wrong person, it's cool to them, your clients and the
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  rest of the team. Jamie wrapped up by talking about how to make
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  the hiring process better and replacing that toxic person,
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  first look at whether you actually need that position.
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  Jamie pointed out that advisors have a habit of growing human
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  capital at a process problem. Hiring an unskilled person to
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  come into your practice isn't going to magically solve your
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  problems. It'll complicate things. So you want to look at
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  what is the role you're looking for and the task someone needs
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  to do. You need a really good job description and what you
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  would be excited to pay someone and think you got a great deal,
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  then you need to develop an onboarding process that includes
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  who's doing the interviewing and are you running background
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  checks? Pro tip from Jamie, she said, to make sure you're
• 6:08
  running one. Jamie also recommends that you run either a
• 6:10
  disc or Colby assessment and then make sure you've outlined
• 6:13
  what the first 3060, and 90 days look like. First landscape
• 6:16
  associates. There's a lot of tutorials and videos that helps
• 6:19
  them do their job. These are broken up based upon what's for
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  everyone, no matter what role they're prepared for, and then
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  it goes through the different paths in their office, initial
• 6:28
  advisor, relationship manager and operations. This really
• 6:30
  takes some of the burden off of the person already in the firm
• 6:33
  who has to do the training. TPR Nation that wraps up this week's
• 6:36
  recap. So if you're looking for more resources, or if you have a
• 6:39
  question, be sure to email us at lifestyle@theperfectria.com
• 6:42
  thank you for joining me, and please share this or any of our
• 6:45
  episodes with another advisor or a team member who you think
• 6:48
  might benefit from listening. And be sure to subscribe to The
• 6:51
  Perfect RIA Podcast so you don't miss an episode until next time.
• 6:54
  Happy planning.