A wonderfully supportive friend of mine sent me a book because she said it reminded her of how I do business. Let me just say that that was quite a compliment! In this edition of The Intentional Advisor vlog, I'd like to talk about the "5 Laws of Stratospheric Success" in this remarkable book: The Go-Giver.
1.The law of Value
Your true worth is determined by how much more you give in value than you take in payment.
Do you think this is true? (Hint…I do!)
This is why our initial meeting, the Discovery EXPERIENCE, ends with a true “gift to the world” summary email that the prospect can implement regardless of whether they hire you or not. I think if you give value to your clients and those they care about (ie their referrals), only good can come from that and eventually financial success follows it.
This is also why I am dedicated to encouraging you to give advice on things that don’t make you any money, such as budgeting, P&C, det management, etc. Give so much value that your clients feel the required payment is minimal compared to what they get from you!
2. The Law of Compensation
Your income is determined by how many people you serve and how well you serve them.
Do we agree with this law? Yep, we do!
In our world, we sometimes have to choose serving clients well versus serving many clients. But serving them incredibly well leads to fair and ample compensation that you can build on.
And processes, efficacies - like the ones I try to share with you - will hopefully help you both serve your clients better and serve more clients through a streamlined process. I believe those things can’t help but lead to increased compensation!
3. The Law of Influence
Your influence is determined by how abundantly you place other people’s interests first.
Wait, doesn’t this sound familiar? Sounds like working as a fiduciary!
It doesn’t matter if you are legally considered a fiduciary in any transaction, we are striving to create a world where clients can trust us to put their interests first.
You don’t need the DOL or anyone else forcing you with punitive rules. If you are following The Intentional Advisor, I think you are the type of advisor that operates this way naturally.
4. The law of Authenticity
The most valuable gift you have to offer is yourself.
When I was coming up with a name for The Intentional Advisor, one of the word that kept coming up was "authentic."
I want to help you build a practice that reflects both who you really are and who you want to serve. I want to encourage you to take off the mask of the mahogany desk and the business suit and sit across the table from your client as a human being. That is The EXPERIENCE that clients are craving.
5. The Law of Receptivity
The key to effective giving is staying open to receiving.
I have experienced in my own practice that when you give from your heart and try to truly serve and care for your clients, they can’t help but want to help you in return.
I have not had to ask for referrals in years. We receive a steady stream of introductions to friends and family, because it is natural for those that we help to want to both help us as a business and help those they care about have a better chance of financial success.
This is also one thing that I have seen many of my female advisor friends and clients struggle with. They are willing to give and give, but anytime something comes their way…ie compensation, they resist it. Receiving is a natural byproduct of giving, it can’t just be one-sided.
Can you imagine if the whole world of business operated by these laws? Maybe that is too idealistic…what if it was the norm just in our industry.
Do you think we would rank just above used car salesmen in trustworthiness if we all lived by these laws? I don’t think so.
I would love to hear what you think about the Go-Giver. Let me know if you read it! As always email me at firstname.lastname@example.org with any questions or feedback.
If you found this valuable, please forward it on to your advisor friends and encourage them to join the newsletter!
Remember that we are still doing the referral contest. If you refer 5 advisor friends to the newsletter, I will mail you a hard copy business journal for free! Just email me with the first name and last initial of your referrals, your mailing address and your preference of gray or purple.
I hope you enjoyed this and remember…at The Intentional Advisor, we help you build your practice with PURPOSE!