There are many qualities that are essential for advisors to succeed – focus, self discipline, a strong work ethic and good listening and communication skills to name just a few.
But there’s one other essential quality to success, especially during tough markets such as we’ve seen of late – that quality is resiliency, the ability to bounce back from disappointment and frustration.
Last week, I had a conversation that revolved around the loss of a multi-million dollar account.The case in point was a successful tech entrepreneur in his thirties, who started his company in the mid nineties on a shoestring with little except vision and determination – for the purposes of this commentary, let’s call this entrepreneur Jeff.
With limited capital, Jeff went through the typical struggles of most start-ups before developing momentum; last year he fulfilled every entrepreneur’s dream and successfully sold his company to a large multinational.
This month, many advisors are working on next year’s business plans.
For many advisors, these business plans will end up like a black hole in space – lots of energy will go in and little or nothing will come out.
Causes of the “black hole” effect
There are number of things that cause business planning to fail to translate into results.
First is underestimating the impact of entrenched habits – and failing to build in routines around new initiatives emerging from the business planning process.
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WSJ What's News Midday Edition, March 12, 2010by The Wall Street Journal 12 Mar 2010 at 12:05pm
Consumer confidence levels dropped in early March. A federal judge released a scathing report on Lehman's collapse that raps executives, auditor Ernst & Young and banks for lapses that sparked bankruptcy.
Jeffrey Saut Daily Audio Comment Raymond James
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There are many qualities that are essential for advisors to succeed – focus, self discipline, a strong work ethic and good listening and communication skills to name just a few.
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