What's required isn't what's comfortable

I think they underestimate the grind - Mac Miller | The Question

I want to open this with my theme for 2023. “What’s required isn’t what’s comfortable”. Say that out loud to make sure you feel it yourself.

When we set goals or make big plans, we never really fathom what it takes to create change. There’s a common theme here because the whole point of change is change, but we are such creatures of habit that change isn’t initially considered.

Think about it, yourself. This time of year is when many people are business planning, setting life goals, and plotting their weight loss targets. But are you prepared for what’s required?

I will share a few examples below about my experience with this year’s theme.

Now, finance as a career has been romanticized via Hollywood and this thing is called the internet. It’s been positioned that you can earn $500,000/yr., with a corner office, making calls, and closing deals. The end.

What it fails to show is everything else. The weekends when you’re working, the days away from your family because you’re traveling to a conference or visiting clients, the THOUSANDS of unanswered emails, hearing NO daily, building a book of business over years, the hours of studying to make sure you have the acumen to even discuss the business at hand and more. Trust me there’s more, but for the sake of this point, I think it’s covered.

And even with all that, it still may not be enough. It’s uncomfortable being denied Monday through Friday and sometimes on Sunday, but so what? It’s not meant to be easy.

No matter if you’re an advisor, wholesaler, or allocator; building new relationships, trying new things, and creating new business development opportunities is perpetual “no fund included”.

Imagine being a fund manager or wealth advisor, and all it took was one generic templated email to get a new client or raise new capital. What a wonderful world that would be.

What’s required is following up, showing up multiple times, building genuine relationships, and committing to the industry for the long term. The lure of money brings people far and wide to the finance industry. The hard work and persistence kick them out.

I have learned way too many times that following up is just as important, if not, more important than any other form of engagement when it comes to business.

Here are a few interesting stats:

80% of sales require five follow-up calls after initial contact. 44% of sales reps give up after one “no.” Source: Calendly

It takes 6-8 touch points to convert a lead - Source: Salesforce

Most people are comfortable with the initial email and sending the “I hope you’re doing well” follow-up with nothing new, no intention, nothing to separate yourself. It’s the spray and prayer method. Trust me, hope isn’t a business strategy. Imagine how many emails that receiver gets daily from other people.

What I've learned that prevents the follow-up; is the mind frame around rejection. It’s not comfortable. Rejection is a rite of passage. Anything new, ambitious, or remotely interesting will incur failure and rejection. You just must eat it. It sucks. We all know it. But keep putting yourself out there.

Here's a great example of what it takes to get Family Office's attention. Start at Minute 24:00

Most of the time, your messages, calls, and LinkedIn InMail will go unnoticed. And it’s most likely not your fault. Business is always in motion and it’s a public pool splashing everywhere and everyone’s in the water.

"But I did ……"

These famous words are usually uttered after a task has failed.

I am fully licensed and registered when it comes to FINRA. I have my SIE, S63, S65 and S7. Now, I am not telling you this to mention any products that I want to sell but to give context on how I have approached exams up until this point. Like many exam takers, I had some momentum and a routine that helped me gain these licenses. I was comfortable with the wins and building my creditability. I took this mind frame into my CFP journey, and this is how it turned out. But before that here are the stats from the November 2023 CFP exam results

• Total Passed - 2,172 PASS RATE 64%
• Total Registered- 3,386
• Total Failed - 1,214

March 2022 - Failed the first time. During the first go-round, I had a lot of hours logged, but no direction. I didn’t go through all the material and found myself reviewing the same material in text form. Getting comfortable with the motion of studying but not learning the material. If I was in a coffee shop for 2-3 hours, I would consider that a great study session.

But I studied all these hours.

March 2023 - Failed the second time. ?I hired a tutor and found a mentor. I still logged a lot of hours and became more familiar with the content. I purchased a new study material guide, which is a racket in its lane, but still, I was lacking in application. I rarely sat down to practice test questions. I leaned into webinars, podcasts, and other content that I could consume passively. Something very comfortable to do. Who doesn’t love a good podcast?

But I hired a tutor and watched countless hours of webinars and lectures.

November 2023 - I passed the third time. I completely revamped my approach from the ground up. ?I solely logged hours around the application and practice questions. 2000+ practice questions over 11 weeks. Saturdays were 4-hour study sessions and I’d review incorrect questions. Sundays were easy days to rest my mind so I would read a case study and ethics. I woke up earlier before work to study because I realized that studying after work wasn’t sustainable and I was already spent from a full day’s work and exercise.

Each time I failed, I told myself different versions of “But I did………”. It wasn’t what was required so you can’t be upset at the results that you didn’t earn based on the work that you didn’t do.

“Comparison is the thief of joy”. - T. Roosevelt

I made a lifestyle change a little over 6 years ago to get into shape. I initially thought that “getting into shape” meant eating salads, going to the gym sometimes, moderately exercising, and continuing my day-to-day. All my twenties, I had this mindset frame and honestly, it was comfortable, and I could pat myself on the back whenever I did one of the mentioned activities above.

Hit age 27 when your metabolism starts to slow down a bit and everything changes.

Again, I would go to a random cycle class here or there, and continue with my DoorDash habits with the weekly salad, and life was good. It wasn’t until I was on a date in a previous life that the woman at the time commented on my weight. Now this was the first time in my life where my weight was on display and directed in a negative light. But how could this be? I did my activities whenever I could.?

I failed to mention drinking, late-night partying, smoking cigarettes (again a different life), huge portions, always sitting down, and surrounding myself with people who share similar habits.

Again, what’s required isn’t comfortable.

For me to reach my goals I had to humble myself and give an honest assessment. I wasn’t doing enough. Being uncomfortable was being demanded of me with no reply.

It started with my mind frame and being able to ask for help. ?It is uncomfortable admitting you don’t know something. It’s uncomfortable:

• Spending $$ on multiple gym memberships and personal training.
• Building a completely new friend group whose relationship is centered around health and fitness.
• Meal prepping and choosing to get the chicken and rice over the burger.
• Choosing sparkling water instead of vodka soda.
• Taking the stairs instead of the elevator
• Getting professional help even in the age of YouTube University and everyone wants to be an expert on everything immediately. I highly recommend getting professional help from your doctor, personal trainer, nutritionist, running coach, etc. You are paying for their knowledge and time saved.

Overall, whenever you're on a new journey just know it's going to take longer than expected and most likely be harder than you hoped for. This is the journey.

I saw a mountain, you know, across the horizon and I got there, and realized it was just a pile of rocks. - Mac Miller | Ascension

The views expressed herein are mine and do not necessarily reflect the views of my employer.

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