Paul Kingsman

In 1990, Keith Bell wrote a book for competitive swimmers with a great title.

While the title, “Winning Isn’t Normal” is easy to say, it’s a lot tougher to do but definitely worth thinking about.

Obviously we could write and speak all day about what constitutes winning. It is subjective so let’s keep it simple and define it as succeeding at what you want to achieve.

The reality is that most people will not achieve their deepest desires before they die; winning and succeeding is indeed unusual.

People who succeed in life, who achieve their objectives and who truly triumph, do stuff that the majority of people won’t.

Whether it’s in business, sport, personal relationships, fitness -whatever the instance, people who set objectives and targets typically get what they want because they’ll push harder, strive longer, contend further than most. That’s usually all that separates them.

So why won’t more people do this?

Over the next several weeks, amongst other business-building ideas, we’ll look at this.

The first reason that so many people have dreams, New Year’s resolutions and desires, yet fail to reach them, is that they don’t count the initial cost after they have the vision of what it is they wish to achieve.

For instance, if you wish to get fit and lose weight, there is initial losses on several fronts.

To begin eating more correctly,maybe you’ll need to change some eating habits. You’ll need to plan meals better, drink more water and structure your day so your maximizing the effectiveness of your metabolism.

If you wish to get fit, you’ll need to do exercise. Therefore, you’ll need the correct gear, maybe a gym membership, and you’ll come away with sore muscles. It’ll cost you money, time, and effort.

You’ll be tired for the first few weeks as your body adjusts to your new routine. You’ll need to go to bed earlier, meaning that schedules will need to be altered.

While getting fitter, losing weight, getting healthier and living better has clear advantages, the reality is that the first step after the goal has been set is loss.

It’s the same with building a great practice. You might want 40 clients with the correct amount of assets and right attitude, but finsing them will take time, perseverance and sometimes frustration.

Moving from generating money transactionally, and embracing a fee-based model will take time and explaining to your clients. Some won’t get it. There maybe financial loss…initially.

Maybe to reach your objectives, you’re going to have to bring on some part-time admin help. This will take time to do the numbers to make sure fiscally it is a prudent move. You’ll have to spend time trying to find the person then train them in your system, explaining to them why and how you do what you do.

To move forward, there is a cost. Often people overlook this or underestimate it. Once you’ve set your pathway for what you intend to reach, anticipate the cost or sense of loss that may come about. Then, keeping your objectives front and center, continue taking those incremental steps toward your final destination.

-Paul

While advisers are provided with a load of information about the importance of focusing on relationships, the most important thing is to know the ‘X’ number of perfect relationships you need based upon the assets you need to manage to enjoy the lifestyle you want – it’s that simple.

It sounds great to talk about deep relationships, but you can have 5 awesome relationships and chances are, unless one of them is Warren Buffet or someone of his bank balance ilk, you’re going to starve to death. You have to know the ‘X’ number of people you need at that particular asset value, then go relentlessly hunting, find them and bag them.

There’s nothing wrong with getting clinical. In fact, by getting clinical about exactly what you need, you’ll more quickly set up strategies to then find the people you wish to work with.

If you intend to charge 1% on AUM, and are on an 85% payout structure, you’ll gross (without office, admin. and other operating costs being removed) $8,500 for every $1mm client you find – $4,250 for every $500K client.
If you want to make $85K annually, you’ll need to find 10 of these people if you average $1mm each time – 20 of these people if you average $500K.

If you want to be generating $340K in 4 years, you’ll need to find 40 people who have $1mm, or 80 people who have $500K.
You could find 10 or 20 per year for the next 4 years straight and there’s your $340K!!

Not bad.

Whether you need 40 or 80 clients, who gives a rip – once you’ve got them, there’s you’re $340k. That’s pretty good and I say worth shooting for.

Yes, first you must know why you want what you want. But after that, once you have your dream TARGET goal locked in your mind, go and get it.

It’s that easy…well actually, the next steps take some effort, but they’re worth it.

Stay tuned to learn them.

Having qualified in the morning for my Olympic final, I now had the opportunity I’d dreamed of for 13 years – to compete for and win an Olympic medal.

I remember trying to rest on my bed that day 4 hours before I was due to swim the final. I couldn’t help but think of all the weights I’d done, the thousands of miles I’d swum and how ready I was for this day. I had a feeling of excitement that continued to build but then somehow mysteriously began morphing into fear!

The thought of having 13 years wrapped up in this pursuit, along with the hundreds of thousands of dollars my parents had paid over the years, not to mention all the time my family and coach had invested in me, suddenly seemed daunting, bordering on frightening. All of a sudden, there seemed a lot to lose. Not to mention the fact that I’d be swimming against the fastest guy in the world, and six other swimmers who were also just as intent on taking home only 3 medals between us. Talk about nerves!

Those feelings come along when it does appear like there is a lot to lose. But there’s only a lot to lose because there’s a lot to gain.

Several weeks ago I was speaking with an adviser I coach who has been working extremely hard. Through his diligence, he now had 7 clients and prospects that he was looking to close big deals with and he was feeling a little vulnerable. There was a lot of potential and what if he missed?

Those feelings are normal. Don’t let them stop you and make you shrink back. True, the pressure is not always fun and there’s no way to guarantee you’ll land every deal. That’s why the focus is on generating the opportunities where you’ve earned the right to expect success every time you have an “at bat.” While you might not hit it all the time, the more you line up to swing, the greater your chances of reaching success faster become.

He went on to do great and you will too if you keep focused on the potential ‘upside’ and learn to take the ‘downside’ in stride.

Keep going!
Paul