Take, for example, Adam Cmejla, one of my group coaching clients, who grew his practice 200% in just two years by shifting his fee model to a monthly retainer for advice. He narrowly focused his niche, specialized his marketing and automated Redtail workflows to systematize the client life cycle from prospect inquiry to ongoing service. This freed him to run his growing practice while fulfilling his lifelong dream of earning his pilot’s license.

Or take Tanya Nichols, an advisor who launched her own firm, upgraded her fintech suite to streamline her operations, and focused her services on women. This helped her grow more than 20% in two years while taking Fridays off to spend more time laughing with her children.

Advisors who voluntarily challenge themselves to move the quality of their thinking up a level will directly improve the quality of their business outcomes. In a business where you get paid to think, and your very survival now depends on it, the quality of your thinking matters immensely.

By expanding their mindsets, these advisors are seeing far steadier practices and a surge in prospect inquiries. Adam and I recently had to develop a six-week waiting list strategy and scripts to throttle the flow of multi-million-dollar prospects without pinching off opportunity or compromising quality.

At the enterprise level, my corporate clients are also on the offense, leaning into these trends by investing heavily in programs and platforms that help them meet the more focused needs of consumers and deliver quality advice at scale.

Of course, every firm is different, and so too are the problems to be solved and solutions to be embraced. But whether you're a small solo practice, a partner in a large RIA or the CEO of an enterprise that serves them, navigating the future successfully will demand different thinking and tactics than tradition dictates.

In the days ahead, the coronavirus pandemic will accelerate the trends reshaping the profession. As these tough times unfold, they will ultimately serve the profession—as a relentless business test that many advisory firms will not pass and the gateway to limitless opportunity for those firms that do.

Stephanie Bogan is a business strategist and success coach and founder of Limitless Adviser Coaching. She can be reached at stephaniebogan.com or [email protected]. Join Stephanie for a free four-part series "Open for Opportunity: How to Deliver Value & Drive Growth in Any Market” at www.stephaniebogan.com/go/SuccessStartsNow.

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