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As we grow, can the current process sustain the growth we are striving for?

Simon Reilly

Thank you to the MDRT (Million Dollar Round Table), MDRT Speaking Captain Ron Davidson and MDRT Moderator Devang Patel for the blessing to have been chosen from hundreds of coaches for the 2015 New Orleans MDRT Practice Management Secrets Panel.

During the Practice Managements Secrets Panel, managed by MDRT Speaking Captain Ron Davidson and Moderated by Devang Patel, I was asked as series of questions that included the following.

Before we begin, here are a few pictures of friends and highlights from the MDRT.

Simon Reilly and John F Nichols
John F Nichols
Simon Reilly and Ann Baker Ronn
Ann Baker Ronn

As we grow, can the current process sustain the growth we are striving for?

No. Like most processes or systems in this world, they are extinct as soon as they are finished because their beautiful design handles more and more information hence they require an upgrade just like the iPhone 6 operating system required an upgrade as soon as it was introduced. Through continued use, systems experience systems degradation.

Let’s look at the 4 Steps in an Advisor’s Career;

  • Starry eyed enthusiasm – sells to any friend that can fog a mirror.
  • Bloody nose – joins the NFL – no friends left.
  • Complicated statistician – medicates their need to sell with asking interrogatory questions like, Do you have a plan in place to protect your net worth from the IRS? … far too early.
  • Mature sophistication – adds value to their clients by asking consultative questions like, What do you care about? What is important to you?

They say that 90% of success is about WHY and let’s talk about WHY NOT … Why do financial services professional get stuck on Step 3; Complicated Statistician?

Slide1

This graph on the left side of the slide demonstrates the top 6 values of most successful people and defines and benchmarks the top three values of the most successful financial services professionals.

Reading from left to right; Theoretical – knowledge / information, Utilitarian – capitalism / ROI,

Aesthetics – art / design, Social – people, Individualistic – inner strength / personal power and

Traditional – rules / systems.

The most successful financial services professionals score; Utilitarian – capitalism / ROI #1 – the yellow / gold bar, Theoretical – knowledge / information #2 – the burgundy / red bar and

Individualistic – inner strength / personal power #3 – the black bar.

This graph on the right side of the slide demonstrates the values scores of a financial services professional that is stuck at step 3), the Complicated statistician.

The first thing to notice is both the Utilitarian – capitalism / ROI and the Theoretical – knowledge / information have gone up considerably and the Individualistic – inner strength / personal power has dropped down.

What this means is;

The financial services professional’s Utilitarian – capitalism / ROI value is being dominated by an Unmet Need of safety. The Unmet Need of safety is fueling emotions like anxiety and negative beliefs that I don’t have enough money – motivating commission breath.

The financial services professional’s Theoretical – knowledge / information value is being dominated by an Unmet Need of worthiness. The Unmet Need of worthiness is fueling emotions like fear and Negative Beliefs like I am not enough / I don’t know enough – motivating the need to ask interrogatory questions, unwittingly passing their fear onto their client.

The financial services professional’s lower Individualistic – inner strength / personal power speaks for itself.

Considering this notion; We are the vessel through which all communication flows and as we reflect on our latest beloved Smartphone and operating system upgrade … This audience is filled with the latest iPhones, Galaxys and Blackberrys and are upgraded with either the Apple’s iOS 8.3, Android or Blackberrys 10 Operating System.

When was the last time you transformed and upgraded your personal and business operating system?

MDRT 2015 Panel Questions