Things Won’t Change – Episode Transcript

 

I had a tough conversation with an advisor recently, tough for both the advisor really and for me as well because sometimes the things You’ve got to share with people are not easy things to share. We were talking with this advisor and he wants to see some really significant changes in his business, really significant changes in his results, in what he’s doing. He’s been in the business for a long, long time. He’s right at this point of do I stay in it? Do I get out of it? What do I do? So, it was a tough conversation. Here was the tough thing is he wanted to know when things change. When do things change? I see other people change. I see people who are doing okay, and then suddenly it really takes off. When do things change? Here was the tough thing. The tough thing is that things won’t change.

Things aren’t going well in your business, it’s going to stay that way. Things won’t change. If they do, they change for the worst. It’s like people say change is constant. That’s true. What they’re actually saying is entropy is constant. Entropy is a universe’s tendency to go into disarray. Unless more energy is brought into a system, it goes into disarray. The universe is going into disarray, which means you are going into disarray constantly unless you continue to put energy into things to shore it up, which is why we do things like we plan, we use a planner, we use a calendar, we structure our day, we put a team together. These are things that put energy back into the system. They’re syntropic in nature instead of entropic. Things won’t change. Things aren’t going to get better. Really, look at the markets as well. You think it’s going to get better? That’d be an interesting conversation if you think it’s all going to get better. It’s not. Things are going to get tougher. They’re going to get entropic, which doesn’t necessarily mean bad.

Let’s go back to this advisor. This advisor is saying, “Chris, when are things going to change?” Well, they’re not going to change. You have to change. If you’re not being syntropic, if you are not putting energy into the system, it is not going to change. It’s not working. Things aren’t going the way you want. You’ve got to put in a different kind of energy or a differently focused energy. What are those? Well, there’s three. There’s three that you’ve got to nail if you want to see your business transform or certainly if you want to grow. We’re harping on this these you stays. It’s these three things: differentiation, capacity, and systems. The three things that you have to have handled in order to be in a growth mode in an advisory business are differentiation, capacity, and system. Let’s talk about it really briefly.

Differentiation. It’s two things. One is if wealth holders can’t tell you apart from any other advisor, then there’s no reason to choose you. More importantly, it’s not about you talking about how you are different. It’s about you talking about the difference you create in your clients’ lives. By doing so, you immediately become different than everyone else. Differentiation. This is the marketing. This is your language that you use with people. How are you different?

The second is capacity. Capacity shows up in three ways. First, personal capacity. Are you in a resourceful state? Do you have lots of energy to bring to the equation? Do you know the things that you need to know? What’s your personal capacity? How focused your attention is, by the way, is massive. Can you bring your focused attention to a thing and hold it there for a while? That’s a capacity issue. What’s the capacity of your team in terms of skills about how well they work together, about how well in sync they are, and how clear they are on what you’re doing and why you’re doing it? The third is the capacity of your clients. Believe it or not, you can actually support clients by helping them feel more resourceful, helping them have more capacity to make more important decisions with you, or to make decisions more quickly, or to make them more deliberately. You have the ability to impact capacity three ways.

We’ve got differentiation, we’ve got capacity, and then the third one is systems, or a shortcut word would be repeatability. If you’re making it up every time, and I don’t mean you’re making it up, but you know what I mean, you’re kind of going with the flow because I have a lot of experience, that kind of making it up. If you’re doing that repeatedly, it means that you’re not actually repeating anything. You’re coming up with new things and dancing in the moment. While that sounds cool, it does not allow you to improve because if you’re not doing the same thing repeatedly, it’s hard to know what to tweak, what to change along the way. You need systems. You need to know, how am I going to engage with new people? What does that first meeting look like? What does discovery look like along the way? How do I bring them to decision? How do I support them on an ongoing basis? What are the technologies that I use to support that behind the scenes?

You’ve got to have differentiation, you’ve got to have capacity, you’ve got to have systems, those three things handle. Here’s what I said the other day. There is no such thing as the right time to do an amazing thing. There’s no such thing as the right time to do an amazing thing. This is what we were talking about with this advisor, which means that now is that time. If there’s no such thing as the right time to do it, then that means now. Do it now. It’s not going to happen tomorrow. It’s not going to be any different unless you actually make the change now, unless you start to become syntropic and you put the energy in in the way it needs to. You need to put it in in terms of differentiation, capacity, and systems.

When you’re thinking about how am I going to see things change, they are not going to change. You are going to change or you’re going to change them. You’re going to do it by putting energy into how you differentiate, how you deal with capacity, and how you deal with systems. Look, the fall is here. This is decision season for so many wealth holders. This is when so many advisors make it or break it in their year. I want you to rethink what has to change because things won’t change, you will.