Editor’s Note: This article is based on Steve Sanduski’s podcast interview with John Hyland, co-founder of Private Advisor Group. To access more than 100 interviews with industry leaders, subscribe for free to Steve’s podcast, Between Now and Success by clicking here.
“I just had this a-ha moment in my mind,” John Hyland told me on a recent podcast. “I just had this moment of clarity and said to myself, "I need to do this."
“This” was the Ironman Triathlon.
John finished the first of 11 Ironman Triathlons in 2000. The lessons from that transformative experience didn’t just improve his health, it gave him a new perspective on how to transform his business that continues to guide his company to this day.
“I think it's a great example of having a belief, having a goal and committing to it,” John says. Just like business, Ironman is not a short event. It doesn't happen in a day. It happens over years of training to get the results that you're looking for. But I think it's that perfect example of setting a goal, breaking it down to what do you need to do every week, what do you need to do every day, monitor your success, alter things when needed and just continue to focus.”
Today, John is the co-founder of Private Advisor Group, an RIA with approximately $15 billion in AUM and more than 600 affiliated advisors.
Here are three insights from my conversation with John that will help you thrive in the years ahead.
Use technology to solve your revenue gap.
Many independent RIAs are experiencing their own “a-ha” moments as the accelerating pace of technology forces the industry to evolve. Some advisors are worried about diminishing fees. Others fret about robo platforms. Still others want to let tech automate what can be automated and refocus on personal, life-centered planning at the client level.
Whatever your “a-ha” may be, having a clear vision, breaking down goals into actionable steps, and mastering metrics will be a big part of the process.