Can you run your business so it's not subject to events outside of your control? Ie: the market, the economy, the global financial crisis, the latest corporate or political scandal, and world events like the war in Afghanistan, etc? This includes dubious decisions by the leaders or your own company or our industry.
Can you create a business that delivers predictable, minimum, annual recurring revenue in any economic cycle or under any circumstances our industry leaders might create?
The answer is "yes." The better question is "how?"
By providing a client experience and service that is valuable regardless of what happens in the market, the economy, or the world. How about this value proposition for a superior client experience: "Work with us and you will get your entire financial house in order and keep it that way forever. Do what we tell you to do regarding those things over which you have control and you will achieve your goals and fulfill your values, regardless of what happens in the market, the economy, or the world."
Do not make promises you can't keep that are dependent on things you can't control. Ie: stating or implying that you, or your professional money managers, will beat the market. Past performance is no guarantee of future results, right?
What does it mean to get your financial house in order and keep it that way forever? Would that ever go out of style? Is there ever a market or economic condition where having your financial house completely in order doesn't matter? Do you think many people, regardless of their wealth, have their entire financial house in order? No matter how bad the economic crisis, how much better would it have been if your entire financial house had been in order before it happened? How important is it right now to get your entire financial house in order? In a good, bad, or sideways economy, it's vital to get and keep your financial house in order. If you have your financial house in order it reduces the impact of bad markets, down economies, and global financial crises.
Run a business that delivers this client experience and service and you are not only well-positioned to weather the storm, but you will capitalize on the opportunities the storm provides. The last 15 months have been a boom client acquisition time for some advisors. Why not you?
What about the future of the financial services business? It looks VERY bright to me. One reason is because the fundamentals of financial health never go out of style. Can you envision a time when money will not matter to people? Can you envision a time when many of those people will not prefer to have professional advice rather than do it themselves? Will the fundamentals of financial health ever change? Will there ever be a time when there are people who don't need to implement these fundamentals? The days of over-priced and complicated financial products may be gone, hopefully forever, but the need for good advice is still important and valuable.
What's the first step to having a business that delivers predictable, minimum, annual recurring revenue in any market cycle? Making a decision that this is how you are going to run your business and live your life. The training and resources are available. The choice is up to you.