“The battle to build a business is up here in the brain and it’s about a mindset and approach,” Ross Marino, CEO of Advisor2X, wisely notes.
It’s why he spoke with Coach Joe Lukas of Magellan Mastermind and Network for the latest episode of the OUTCOMES Podcast. Lukas has worked with independent advisors and RIAs for 25 years and knows what it takes mentally to succeed, and what separates truly excellent advisors from the rest.
“We’re in a land of disruption right now, and all of our routines and relationships have been changed so much,” Mario adds, before asking, “When you look at advisors, we get a whole spectrum of reactions. Some are just freezing up and not sure what to do. Others are attacking. What are you seeing from them?”
Lukas lists three “buckets” of reactions into which he says most advisors fall.
“There is the [first bucket] who has a very flexible mindset, they see things for what they are and go ahead and deploy,” he explains. “Nobody likes what’s going on, but you find a way to create a different game and you plow ahead. The second bucket is, ‘I want to move forward but I don’t know how.’ The third bucket is ‘I don’t know what to do. I don’t think I can do anything; therefore, I’ll stay in my survival mode and just kind of deal with things.’ That’s a scary bucket to me as far as the industry’s concerned.”
Mindset is key, “but it’s a big word,” one that Lukas and Marino break down.
Those with a mindset of success and overcoming adversity (even a pandemic) shift the paradigm by asking themselves a different set of questions.
- So, which two questions should advisors be asking themselves right now?
- What is the one thing advisors should avoid in the first hour of every day?
- Which two things do the current virtual environment require advisors to focus on to ensure an immediate positive first impression?
- What is one quick and simple thing advisors can do to formulate a succinct value proposition and brand?
- What are the best advisors doing right now to adapt to today’s uncertainty?
- And what on earth is Geo Arbitrage?
Mario has an idea-rich and thought-provoking conversation with Coach Joe to help advisor achieve their goals, break through the barriers that hold them back, and create their ideal life and business.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
