How I Make My Clients Rich Against Their Will

Success was not supposed to fill this way. You're building a valuable financial advisory practice. You're hitting the numbers, so why do you feel like the business owns you? It didn't become a financial advisor to be stressed? You wanted more money, more impact and more freedom. Welcome to Deca Millionaire Decoded. This show for financial advisors ready to dynamically scale their practice past $10 million in enterprise value. The strategies we decode work in one of the most regulated industries on the planet, so for those of you who are not a financial advisor, you can apply these strategies directly to your business as well. Hi, I'm Justin Goodbred, best-selling author, Keto Speaker, and relentless coach. If you're ready to build a business that works for you, not because of you, you're in the right place. Let's decode the paths of Deca Millionaire status together. Most financial advisors will never cross a million dollars in revenue. I make mine, my coaching clients, rich against their will. You see, the vast majority of financial advisors will never reach a million dollars in revenue. Let that sink in. The vast majority will never reach a million dollars in revenue. That means good love become a Deca Millionaire. It's not going to happen. And it's not because you're not smart. It's not because you can't. It's because you get comfortable long before you get rich. And comfortable does not feel like an emergency. Perhaps you've done this. You've finished a year up, you look at last year's revenue, look at last year's wins, you had some 10%, 20% growth, whatever I'd be. And you're like, man, this is the year. This is the year I'm going to finally eclipse whatever that number is. It was probably that way last year. I'm going to probably that way this year. Yeah, you've got some growth. But if you're really digging to the data points, it's mostly because of market performance. You don't have clients providing you consistent referrals. You're not winning clients consistently. You're mediocre. That's not the way our clients are coming to us. They come to us and they say, man, how do I get rich? But then what do I have to do? The number has not moved. Have you ever found yourself in this situation? One of our clients, he's in our club deck program. That's the advisory treatment, a million and three million dollars. And he said, Justin, for the last five years, you can look at my PNL. It's like I bounce up and I fall and I bounce up and I fall and I try something different. I fall in my revenue bounces. But I can't ever seem to eclipse this data point. We are been there. I know I've been there my whole life when I was running some things. The reality is is that we already know what to do. We're just not doing it. There's this concept that I was talking to my mom about called the sand castle effect. No doubt you played this at some point in your life. Every summer, we grew up in South Georgia on the ocean and we take our kiddos and they're really small to the beach. That's probably like you to end. And I make some cool sand castles. We would make a drip castle. The type of sand we had in South Georgia. You could put it in a bucket of water and kind of let this watery sand fall beneath your fingers and it drips on top of each other. It makes these hard, really cool looking castles and we make these monumental castles. But like most of us, I always built it too close to the water because I didn't want to walk down to the water and bring the buckets back up. And my kids didn't want to do that either. So I built it too close to the water and then you know, the tide shifted and the waves came in and then I'm now trying to protect the castle. So I dig a mode around the castle and the waves keep coming. I dig a deeper mode. The waves keep coming eventually my sand castle is gone. A few minutes later, you look back and there was never like a sand castle there. That's the way many of us feel in our practices. We feel this way because we don't know how to shift the castle from the water. You know, give me an example. I do a lot of public speaking, a ton of public speaking. I talk at conferences all over the place to bring some of the best material, helping advisors radically scale their companies. And almost inevitably, I would say almost every single time an advisor stands on an online, they ask me the exact same question every single time without a hitch. Justin, how do I make more money? Justin, how do I build the enterprise value of my practice? Justin, I feel like I'm just working with tire kickers. How do I move up line? How do I get to the clients who have $5 million, $10 million, $20 million of AUM that I can manage for them? And for years, I've been hearing this, I used to think it was a tactics problem, like maybe on the wrong marketing, maybe on the wrong clothes, maybe it's the wrong offer. So I would hand them the tactics and they would nod and they'd like, you this is makes amazing sense. But it never worked for them. So I've now started following up with a question before I ever answered their questions. So it goes like this now, Hey, Justin, how in the world do I make more money as a client? And I'll say, that's a great question. What have you already tried? You know, it's to my surprise is that we as advisors, we try a lot of things. They would give me a list of things. For example, they may say, how do I move up line for clients? How do I get better clients? How do I win more clients? And I can shake a stick at one of your stings, Justin, I was like, great, what have you already tried? Well, I've done social media posts. I've done liquor plate dinners. I've done seminars. I've done this. I've done that. I've hired this coach. I tried this one. I hired this referral coach to my risk of talking. It didn't work for me. I tried this person. So the reality is, most of us have a list, like a real list, things that should have worked. Then it clicked on my head. We're not short on tactics. You as an advisor, you have plenty. You're stuck somewhere between the tactics and what you can't see. And that's where the vast majority of financial advisors are. They get to a number and they stop the same castle kicks in. They call it a slow year, a tough market, a tough season. Friends, it's not the market. You're in a zone. I want to show you what this looks like. But before I do, are you frustrated? Are you frustrated about for the last two, three, four, five years, you're getting 8%, 10%, 20% returns? Are you frustrated? Because that would frustrate me. You realize that mostly that's market returns. In fact, a lot of the studies that came out for Schwab and Fidelity and various companies show that the vast majority of financial advisors, we grow, but we grow because of market performance. We don't grow because of referrals. In fact, less than 5% of our client base gives us referrals. So you talk about referrals to your blue and the face, but that's statistically what's happening. We definitely don't grow because of organic marketing because we don't know how to do that as a species. Revenue looks the same almost year to year if we normalize it for market performance. He's getting frustrated yet, man, I got so stinking frustrated that I got to the point was like, dude, it's time for me to do something different. So I hired a coach years ago and he showed me something that I want to show you. If you currently are under $1 million in revenue in your practice, $1 million or less. So we know that from zero to 360, that's the hustle's own. That is where you're just trying to break through, but from $360 to $1 million is where 80% of financial advisors are. And friends, if you're at $1 million or less in revenue, you only have one word for this. You're in the panic zone. Yeah, you lose one client. It's painful. The client does something and they say you have to change something and regs do something. You have to repaid for documents, dude. I was one year we had to repaid for stuff like two times in a year is ridiculous because of regulations. That's panic zone. See, in the panic zone for most of you right now, you're reacting. You're scrambling. Your fear runs you more than you run the fear. The fear runs the calendar. Most advisors live in the panic zone. Most of us do. Now a few of us as advisors, we break out of the panic zone between $1 million to $3 million. If you find yourself here right now, there's only one word for this and it's called the complacent zone. See, when you're in the complacent zone, you are making more money than ever. You have good income. And it's kind of easy. But your board or you're dealing with junior advisors who are constantly walking out and you're about to pull your head out because they're not producing at the same rate you're producing. However, your admin team doesn't understand what to do. So therefore, you're hiring subcontractors and now you're managing people external and internal. But it's a complacent zone. I'll tell you what we want to be. It's financial advisory practice is we want to be in the freedom zones. And that's $3 million in revenue plus. See, if you're in the panic zone here in the very bottom, this down here is all about revenue. Your focus is on revenue. So you're trying to find more clients. You're trying to shortcut cost as GNA is trying to reduce it, et cetera. So that's the revenue zone. Whenever you're in the complacent zone, it's all about structure. You've got to build structure so that you can move yourself from the epicent of your business. And as you get to the freedom zone, man, this is all about scale. Scaling is so fun. Scaling a business is fascinating to me. But the vast majority of financial advisors will never, ever, ever move from the revenue zone, which caused your constant panic, killing the sand castle. You see the ocean coming in. And if you lose a client, dude, you're toast. How in the world can I go out and hire this individual? Don't you realize that's going to cut my personal comp way down? As you start moving from the panic zone, then you can move into complacency. That's where the income works really well. Hey, friends, the single question that I received more than any other question across all platforms in front of thousands of advisors per year is this good bread. Dude, how in the world did you launch an R.A. on December 17, 2017 and eclipse an eight figure valuation less than 49 months? I'll tell you, it came through a lot of adversity. It came through a lot of trial and error. And it came from a dynamic coach who gave me the exact roadmap. Oh, good. Here he goes with coaching again. Hey, look, I realize I'm not for everybody, but just maybe there's something that you can glean from us that can help you in your own practice. Because of this question, we've launched our workshop series. Every single month, we have a new workshop highlighting a specific framework. One out of the 300 frameworks we teach in our coaching program, we highlight that one specific framework and over a two-hour period of time live on a call. I walk you to the framework and you walk away with actionable steps that you can apply in your practice right away. Here's my caution. If you're interested in this, you better take action because these workshops, they sell out stupid fast. We actually have a waiting list of your interested in coming to one of our dynamic workshops, two hours of intense city that will move the needle in your practice. Friends, click the link below in the show notes. I hope to see you there. So how do we move our clients through each of those zones? It's simple. We know that in 18 to 36 month timeframes, I'm going to say three years, in 18 to 36 month timeframe, you should be able to double the value of your company. Yeah, let that one sink in just and there's no way. Actually, it's a biblical principle. This is where this came from. There's a parable in the scripture that talks about the good master who leaves talents And he goes away in the journey, that's typically about 36 months is about what the journey was and when he comes back In fact, his faithful servants doubled their investment, his wicked servant did not think about that. So in a three year timeframe, we know we should double it. That means that we're going to break this down from three years into three one year sprints. And then we're going to break that three one year sprints down into 90 day sprints. And we're going to break those 90 day sprints down into 30 day sprints, et cetera. So how do we move ourself to where we can double our company in three years? We break it down. You realize that every single week you should have a cadence, every single week. Monday should be your CEO day, Tuesday, Wednesday, Thursday, your technician day, if you're under a million dollars, if you're under $3 million, maybe one day or two days, if you're under $3 million, under a million is probably three days a week. And then your Friday should be your CFO, CEO, CMO day, CEO Monday, all year the C-sweet on Friday. That's the cadence. Don't work Saturday and Sunday. And I've never done that. I had to work Saturday and Sunday. Well, then you're dealing with a sandcastle effect. Once we have a weekly basis, then what we're going to do is we're going to break it down to 90 day sprints. This is not my language or my strategy, but it's worked for me over the years. There are several different structures out there. You know, with the book traction, we talked about the employer or entrepreneurship operating systems, what it's called, the EOS, Vern Harnish has done some great things scaling up. There's a lot of different concepts out there. The problem that I experienced many times with some of these macro concepts is they're often work really well for middle markets or divisional or manufacturing style companies. They are a little limiting for a smaller service-based micro companies. So for me, what I have to do that works for my company is I have to bring in three words at to bring in accountability, responsibility, and authority. And I have to disseminate that throughout my team. The best way I've learned how to shift authority, accountability, and responsibility to my team is as follows. I am going to list three objectives for 90 days. One of them and only one of them can be financial. So let's say number one is our financial objective. The other two have to be structural in nature. So if we're looking at eight areas of the wheel of the business, you have planning and leadership, sales and marketing, people, operations, and legal has to comprise these two things. Only one can be financial. So we have three objectives. What is an objective? The objective is what specifically are we going to do by win 30 days, 60 days, 90 days? It cannot extend past the 90 days. So what specifically are we going to do by win? That is an objective. Now, under each objective, there are three tactics. What is a tactic? How? How are we going to do what by win? So let's say that our objective is to institute KPIs for our financial metrics. Then the how may be, we're going to identify all the KPIs that we want to track and what do they mean? And how do we interpret them and how we're going to track them, etc., that may be the how. So you're going to have three objectives. For each objective, you're going to have three tactics. The objective is what are we going to do by win? The tactic is how are we going to do it by win? And then for each tactic, you're going to have three actions. Actions are where it meets the road. This is what often falls apart. So what is an action? An action is who specifically is going to do what specifically by win specifically? So this is where I'm going to disseminate action items amongst my entire team myself, my subcontractors, my family, my friends, whatever it may be. This is where the rubber meets the road. So if I follow this ride, you end up with three objectives going up with nine tactics and 27 action items, 27 is the magic number that we're going for. What's fascinating about the action items is that whenever you look at your company, we measure 286 metrics within our coaching program for our clients. I have a system that can take an assessment of their company every nine days and figure out what's the week is that we need to pour the fuel on because something's always going to give it a take. As soon as you shrink or something, if you let it alone, it's going to go into atrophy. That's Newton's second law of thermodynamics. It's just going to go into atrophy. So we got to constantly increase them. But the key to this 27 action items is that whenever we build the action items, they built upon a calorie during effect. So over a nine day time period, we can look at all 27 items and says, oh my goodness, our objective one, tactic A, action three, should be number 17. But objective three, tactic two, action one, should be our first objective, should be our first calendaring event. So now I can show the entire organization, all my employees, myself, everybody, the rationale to what is going to be done every single week. So remember those three words I mentioned earlier, authority, responsibility and accountability? Whenever I can break this down into 27 action items, I now are in a position to where I can make sure that my team has the authority to carry out the things within the organization that they need to carry out for that week. So it can help the next action item on the list. They also have the responsibility to raise their hand. I need help, Justin. Hey, Sally over here. I need help. Hey, Tyrone, I need help over here with this action item. You can have the authority to bring in other people, you can have the responsibility and only one person. Do you know what I said? Who? Not what team, not what division? Who? Who is the person responsible for this? Friends, whenever you take your goals, your aspirations, everything that we've been talking about in terms of how to shift from the panic zone to the complacent zone, from the complacent zone to the freedom zone, and you bring in breaking it down into weekly actionable items that your entire team can rally around, it's going to do a couple of things. Number one, you go to the charge. You and I are not going to go chasing shiny objects for 90 days. Because in that 90 period, there's nothing else I can come on the role. I don't care if the world's falling apart. Well, Justin, I would never do that. That's right, which is why you're stuck in the panic zone or why you're still in the complacent zone. You're chasing shiny object and your team's back there with an arms crossed sand. Don't worry. He heard this at a conference. He'll get past this soon. We'll be back to normal. And they love being complacent because that's what we are humans. We love being complacent. We don't like rocking the boat. This is going to rock the boat tactically in nature. So number one, it's going to cause you the advisor to stay focused on what you're trying to accomplish with your particular business. Number two, it's going to give buy-in from the team. If your team understands how this fits in with the bigger picture, then it's going to bring buy-in. If I know how action number one in this 90's sprint plays into my three year doubling of my company, then don't you think that I as a business owner would make sure that it's done? The problem is, is your passing out action items and you don't know how it fits into the bigger picture. And either is your team. If you can show your team how action number two, three, fits into the one-year plan to which they can take their cop and get a 25-30% cop increase, their friends, they're going to lean into it. They're not going to scoff. They're not going to figure out how to let the ball drop. They're going to take authority, basically ownership over that particular action item. The reality is that most of us are passing out items on a 90 position that we don't understand how it fits into a one-year, much less three-year position. And therefore, we never double our value of our company. Hello, there's one preacher sick and I get a witness, right, a little help in here. Yeah, that's the reality of it. So the way in which I make my clients rich beyond their wildest dreams is we take what their aspirations are. We take all the tactics and they've been making a list over. We thrown to the side and we then begin breaking it down to where now they have a framework that shows every single week's action items is moving the value of their company to double it in 36 months. So here's your takeaway, what's your one-year number? You probably are going to double your practice in one year. It's going to be more like a J curve, but what's your one-year number? What's the goal that you have? Whatever it is, it's going to start with next week. What are you going to do next week? What is your team specifically going to do next week to move it toward that one-year number? And how does it do it? Can you quantify it? If we understand why it's important, I gave this example one time and I was on a stage and I made a lot of sense in the audience called what I was trying to teach. Just yesterday I went and had dinner in my daughter. She's about an hour and 15 minutes from us at college, East Tennessee where I live. And so we drove down and had dinner with her and her boyfriend when not today. It was a great time. If I received a phone call right this very second, heaven forbid this happens, heaven forbid. If I received a phone call right now and said, "Hey, Justin, your daughter Savannah has been in a life-threatening car accident. If you want to see your daughter again, now you need to be in the hospital within 30 minutes." She's about an hour and 15 minutes away. Let me tell you something. There is nothing on this world that is going to prevent this daddy from reaching that little girl within 30 minutes because I understand the gravity of the situation. I understand that my actions matter for eternity. I am going to move heaven and earth. I don't care. I'm going to move it. That is the actions, the execution that we want to have. So if you can bring in the fact that, "Hey, take your team members. Hey, Stephanie, one of our emergency clients office manager, hey, Stephanie, do you realize if we can accomplish this or the next year, your compensation can move up 40%. You think we can get this? Here's how we're going to do it. You get their buy-in, friends, you're going to blow your mind on what you can accomplish in a short period of time." I made a statement earlier. I said, "We teach our clients how to double or triple their enterprise value and as little as 18 to 36 months and as little as 18 to 36 months." Does that mean that everybody's going to do 18 to 36 months or they're practically going to magically double like Justin has this magical wand over here, can we ever, no. Because not everybody wants to execute with relentlessness to accomplish that goal. But I can tell you this, the testimonies that we have, we share them often, the testimonies that we have say that when you break it down to micro-slivers and you apply the framework and the structured framework that the cost of a coaching program, when you understand the reward of what you can accomplish in a short period of time with the right framework, then it's so dwarfs any type of investment that's required. That's why I don't have a book. problem paying $5,000, $10,000, $20,000 a month for a coach because if I can grab their data and grab their mindset and grab their stuff and allow them to pour my life and challenge my brain thinking for a year, for two, for three, for five, whatever it may take, then friends, I'm going to reach my goal. My coach, I paid $10,000 a month for one-on-one coaching for four years straight and took my practice and was starting up to a deck of millionaire. Four years straight. That's crazy. I would never do that. You're right. You would never do it and you would not have the results. Whenever you look at a coaching program and so they're going to charge you a couple thousand dollars a month, maybe four thousand dollars a month and you get all these benefits. What we try to do is how do we limit our expenses? How do we get their data and how do we now get out of as fast as possible? That's not the way people who are doubling their revenue does. They said, how do I get involved? How do I take their frameworks and get me breakeven? This is the way I would challenge you. You need to have a coach in your life. I don't care if it's just or not. I can say before I don't need your money, I want to help people who truly want to be helped. I want to help people who are relentless, not who are pacifists, not people who just want to tiptoe around. I want people who want to charge hell with a water pistol. That's my personal. That's my tribe. That's our coaching clients and they are these cats, man, these guys and gals. They are relentless and they're moving places and they are having unbelievable results. So I don't need to be your coach, but you do need to hire a coach. May I challenge you? Your job should be is how can I get some quick wins so that whenever I prefer financial vise or if they charge you let's say like our club decker programs like three thousand dollars a month to my 36 thousand a year. How do I go get three million dollars in AUM, get a new client and let that client as long as they're here pay for that coach. That's a different way of thinking. See, whenever you go with that mindset that's like, dude, there's no reason why I couldn't take somebody's been in the industry, take their information, apply it and go out and win 18,000 dollars in a new business, $1.5 million in a business in a quarter and a half. There's no reason why I couldn't do that. And at that point, as long as that client's here, that client is what I use to pay my coach with. The other sad part about us, I've been guilty of this is we got into our coach, we work with them for a year. Oh, it didn't work. Well, probably because you didn't apply the framework like everybody lines up on me. They don't apply the frameworks relentlessly. But what we think is we can go in for a year and just get their best stuff. If you think you can work with a coach who's been in business for 30 plus years and you're going to get all their knowledge in years time. But you got to know they come and we have several clients who've been with us in the very beginning and they have doubled their business. And I brought out a conversation the other day and I'm like, where did that come from? We never heard you say on any podcast like, dude, I ain't going to scratch the service. You couldn't handle it. Now you can. Friends, do you want to work with somebody that makes your clients rich against the will? And they have a framework that's proven? If you do, check out this video. I don't know sales calls. Not a purpose. My purpose is to give you my best stuff on the YouTube channel. And whenever the time is right, you're like, good, bread, I need some help. Watch the video, follow the instructions. Herein, if you're the right fit for us. It's an application. We only bring in five clients per month and the last few months we maxed out. So we have a waiting list right now. You want to hop on the waiting list, come through. Maybe somebody can drop off like we had this last month and we were able to shift somebody else on there. If you want to know how to get rich against your will, time is now. Don't let another year go past you. Don't be the person the line that shows up and has the same redundant question that the speakers heard multiple times. And it's all about the execution, not about the tactic. Hope this helps you. The question is now, are you going to get rich? Now it's time. Hey, friends, if you found this concept today amazing and helpful directly impacting your pride is do something very easy. Take your finger and go over and hit that little five star right now. Yeah, you see it. Yeah, the five stars hit that force. It helps us and it helps us help you. Our mission is to bring the most relevant content so that you can apply it to your particular practice and radically breakthrough resistance and achieve deck of million or status. Thank you so much, friends. And we'll see you next time.