The Perfect RIA Stop Pretending to Work [Episode 19]
Key Links
- Book referenced in this episode: Eat That Frog! by Brian Tracy
----
Matt and Micah are tired of well-worn assumptions about advising. In particular, about how lifestyle advisors are lazy by nature.
On the other end of the spectrum, many think the job should entail 60+ hour work weeks.
Both are wrong. It's not about the time spent, but how effective the time was used. Matt and Micah have four words of advice to give to advisors: quit pretending to work.
The hosts lay the issue to rest through these tenets:
[#1 Evaluate How Much Work You Actually Do]
- Really dive into the weeds and evaluate what you do every day. If you are reading ESPN articles, stop. If you are on social media, disconnect. If you are working 60+ hours a week, ask yourself if you are just pretending to work. Really be honest with yourself.
[#2 Take Time Away From Office]
- A counterintuitive notion, but one which makes your work practices effective.
- Schedule time away from work to keep yourself fresh. An advisor who is fresh is an effective and personable client.
- Someone who is burned out, working 60+ hours a week, is not going to be able to bring massive value to clients.
[#3 Work for a Thousand Dollars an Hour ]
- This means to examine every action you take and ask yourself, "Am I doing something that is worth a thousand dollars an hour right now?"
- This also means working with clients as much as possible. Making calls, setting up meetings, and helping a client achieve their goals is much more valuable than hiding behind a computer screen. Do real work. Don't pretend.
- Do the things you find yourself avoiding at the office. They are probably the most important.
[#4 Analyze The Overall Scope and Vision of your Firm]
- Analyze the evolution of your business.
- Take time to think, plan, and practice forward-thinking with your venture.
- Work in-house and make sure your team dynamic is strong.
- If working alone, hold yourself accountable, and look to strengthen your prospecting, process, and overall net revenue.
----
Matt and Micah's Action Items
- Put an alarm on your phone that reminds you to ask yourself the question: "Am I doing something that is worth $1,000 an hour right now?"
- Write up a list of things that are not worth your time at the office: social media, websites, ESPN articles. Get rid of them.
- Set up an exercise where your team holds you accountable for every time they catch you on social media or wasting time. Pay $100 to a lunch fund or for fun team activities. Hold yourself accountable that way.
- Shorten your work day, as it will make you work more efficiently.
- Set a hard boundary that bars you from working past a certain time. Let's say 5 or 6 PM.
More details at: http://theperfectria.com/stop-pretending-to-work/(opens in a new tab)
----
Produced by Simpler Media