Weight and see James Clear, master of all things habit, wrote a fantastic piece late last year called This is the Greatest Weightlifting Lesson I’ve Learned. If you are training for anything there is some great advice here. However, I think there are some principles that apply to your business for 2019 as well. Lesson 1: The difference between progress and achievement James says, “I think embracing slow and easy gains is one of the most important lessons I’ve learned. Here’s the … [Read more...] about Business Lessons from the Gym
Under pressure Every so often the industry conversation returns to the threat of margin compression; fancy language for the fact that maybe you won’t be able to charge so much in the future. For Financial Planning businesses, the 1% p.a. fee model has been the bedrock. What if that comes under pressure? I’ll be honest, I’m torn on this issue. There’s lots of talk about margin compression, but I’m not yet seeing it. It’s still industry chatter, not consumer driven. However, I can see … [Read more...] about Financial Times They are A-Changin’: Rise of the Robos
Start afresh Whatever you do this year, don’t just start where you left off last year. In the first week or two of your return, you’ve got an opportunity to review and reset. Hopefully you’re feeling rested and refreshed after some time off; the perfect time to look at how things are going. 1. Get clear - why are you doing this? With a fresh mind, the perfect questions to be asking yourself right now are around what you are really trying to build. It goes without saying you have to earn … [Read more...] about 5 Things to Focus on for 2019
2018: The Year of Looking to the Future Wow. What a year. If you’re like me you’ve been head down from September to now. The last three and a half months after the summer break have been a sprint to the end of the year. Here are five observations from 2018: 1. Succession or Sale is looming larger To be honest, the average age of advisers has been 55 ever since I joined the industry in Australia in January 1991. I’m not sure how that works mathematically, but hey, maths was never … [Read more...] about Five Forces that Will Shape Financial Planning in 2019
Eyes on the prize It’s accepted wisdom that setting goals is important. Yet, for most clients I work with, I’ve seen a range of different approaches fail. Let me give you some insight into what works best. The three types of goal There are different types of goals. Who knew? The BHAG First of all there’s your Big Hairy Audacious Goal (BHAG). The 10 or 15 years out version that needs to be a big stretch. By definition this one needs to be about 20% believable. Just to be … [Read more...] about Are Your Big Goals Big Enough?