Advice to young financial planners and entrepreneurs.

I've worked in financial services for over 30 years, so I guess I'm now a veteran!

I often receive calls and DMs from young entrepreneurs and financial planners asking to 'pick my brain.'

So, I made a list of things to think about...

As the Summer appears to be arriving early, I'm going to use a style popularised in the fun song 'Everyone's Free to Wear Sunscreen'

Full of pithy one-liners such as 'Do One Thing Every Day That Scares You' the artist Baz Luhrmann offered some solid advice back in the day.

Hope it helps - All relevant links are in the comments section. ??

So, imagine a dreamy background track blasting out, and here goes:

Define your purpose – the reason you came into your profession and why you are passionate about it

You are passionate, aren't you?

Document your story – the unique and personal journey you've been on to date.

Write it down and share it.

Consider your personal ‘BHAG’ (Big Hairy Audacious Goal) – what does an outstanding life look like to you in 10 or 20 years?

Capture it & refer to it every single week.

Identify your niche – what type of clients do you love to work with and know that you can help?

'Business owners' is not a niche.

'Female founders of London based tech start-ups turning over between ￡2m and ￡10m' is a niche.

The perfect niche is an inch wide and a mile deep

Meet with people in the niche and ask them what their concerns and issues are around money, what keeps them awake at night?

You may be surprised at what they tell you.

Use what they share to build your own Unique Value Proposition- one that helps to fix their specific problems

Get qualified.

In UK financial services, becoming a Chartered Financial Planner used to be a differentiator.

Now it's table stakes.

When you're younger and haven't yet got kids and pets, you have time to put the work in, get your credentials and then focus on other things

Think about how you want to get paid for what you do and how it fits with your target market.

If you want to work with young professionals or business owners, the 'Assets under Management %' model may not be the best fit.

Be creative and be profitable.

Learn all you can about content marketing and aim to create as much content as you consume.

Write. Record. Film.

Start your own blog, and write about the issues you experience, and the questions your clients are asking.

Commit to writing every week and don't worry that it is not perfect.

Perfect is the enemy of progress

Sign up for the Ship30For30 writing course

It will change everything you think about digital content creation and writing

Read.

Fiction, non-fiction, books about art, sports, technology, science, leadership, history, anything, just read.

A lot.

Be a student of your art - subscribe to the best blogs and podcasts from leaders in your profession.

Get obsessive about client service; focus on the ‘critical non-essentials’.

The seemingly unimportant stuff that makes a difference.

It's how you greet your client, the coffee you serve, your collateral, and the Zoom/Teams meeting experience.

Sweat the small stuff.

Design your Client Journey and dare to do things differently.

Face to face or video meetings? Or a hybrid?

New client meetings are better face to face and catch-up meetings are more effective via Zoom.

As Steve Jobs said: ‘Start with the customer and work your way back.’

Embrace Loom and Canva and Calendly and an email marketing platform like MailerLite

Email short video links to clients, prospective clients and professional connections.

Share your thoughts and ideas - strive to be helpful, interesting and educational.

And fun!

Send thank-you notes at every opportunity. Handwritten with a personal message of course.

Be prepared to say 'I don't know' – all your clients have an inbuilt ‘BS’ detector.

Learn to ask great questions.

Learn how to respond & go to the ‘next level’ question - 'And what else?

Craft your ‘perfect first meeting’ – if you need inspiration, sign up for the Financial Planning Training Academy.

The investment will repay you 10x

Note the important people and dates in the lives of your clients – family members, wedding anniversaries, graduations, and new grandchildren.

Send a small, but thoughtful gift for big events.

Smile – a warm and authentic smile is one of the best tools you have, so use it.

Build your own Personal Operating System.

Covid gave a once in a lifetime chance to design our ideal perfect day/week/month/year.

Work from the location best suited to the type of activity:

'Deep work' may be better from home/coffee shop.

Collaborative work in the office

Get the most important commitments in first – quality time with your family and close friends.

Then rest and rejuvenation.

You need lots of energy to thrive and so plan your recovery times like a corporate athlete.

Use digital arbitrage to delegate work to people who can do it better, faster and cheaper than you.

Focus on doing ￡1,000 work and the tasks that only you can do.

And outsource the ￡10 work

Use Fiverr and Upwork to build your outsourced digital team.

Learn the art of storytelling and be able to tell three great stories that explain what you do and how you can help people.

Read 'Building a Storybrand' by Donald Miller and craft your own story you can share

Reach out to people who are a few years ahead of you and who you admire.

Offer to buy them coffee.

And ask them 3 things:

1. What is the one thing you would do to progress in your career if you were me right now?
2. What is the best book you've read?
3. Who else should I speak to?

Invest in yourself - attend conferences and workshops.

Not just to learn, but to meet like-minded people and share ideas and inspiration.

Humans Under Management is a great event that should be on your calendar

Allocate time every week for business development activities.

Build your network of professional connections - a good place to start is your own clients’ accountants.

Offer to buy them coffee and share ideas.

Prepare well and ask great questions.

Don’t pitch.

Get intentional about referrals and create a systemized process.

Learn from the experts such as Dan Allison and Stephen Wershing

Read 'The Game of Numbers' by Nick Murray.

Then read 'The Excellent Investment Advisor'.

And 'Around the Year'

Subscribe to Nick Murray's monthly newsletter.

It will change your professional life.

Capture testimonials and client stories every time you meet your clients.

Ask them for honest feedback "How are we doing?".

If the response is positive, request permission to use it.

There is no better marketing copy than your own clients' words.

Share them widely.

Join a Mastermind Group of like-minded professionals.

If you don't know of one or can't join, start your own.

Send 10 emails to people you respect and ask if they'd be up for meeting monthly to swap ideas and share 'war stories'.

There is great power within a community.

Offer to 'pay it forward' and help others who are on a similar journey to your own.

Share your best ideas and sources of inspiration.

Give back - the law of reciprocity is real and you can expect to be repaid many times over.

Oh, and do 'Wear Sunscreen'

It's a brilliant song ?? Check the comments box