7. The Wrong Clients: I knew what kind of clients I wanted-the industry calls them "high net worth." All I knew is that my best and most profitable clients had lots and lots of money. It was also clear that most of my revenue came from these clients, the old 80/20 rule. If I could just find a way to clone my best clients, I could grow my personal income at least five-fold, but everything I tried failed.
No matter how hard I tried I could not get enough referrals to grow the way I wanted. The traditional financial planning model pushed me deeper and deeper into a no-win situation. The reality was I was trapped in a vicious spiral. I wanted to build a real company, not just have a high paying sales job. Was this too much to ask?
Like a diet plan whose simple strategies are to eat less and exercise more, they are not always easy to implement. But have no fear. It is doable if you are truly dedicated to escaping the vicious spiral of these traps. I've seen advisors get stuck time and time again and hope these signs will caution you to any possible traps in the future and get started on steps to avoid them. As in any journey, the first step is often the hardest.
Mark Matson is the founder and CEO of Matson Money, a Cincinnati-based investment advisor firm managing over $1.97 billion for investors nationwide. For over 15 years, Mark has used his extensive experience in both financial planning for individual investors and coaching financial advisors to fuel his message of prudent investing and free market beliefs. Learn more by visiting www.markmatson.tv/.