How Financial Advisors Can Hustle Luck Into Business Growth

Most people don't understand, you can literally hustle luck into existence. Let's talk about how to do that right now.

It's a tough world, and most people are soft. That's why you're an entrepreneur. That's why you started a business. That's why you own and operate your own financial advisory practice. You were able to bootstrap that thing into existence when most people would have never been able to do that. That's a simple entrepreneurial business. Economic fact, that's how the world works.

However, beyond that, what a lot of people don't put into the equation properly is that the harder you work, the luckier you get. How many people around you think that this business just appeared out of nowhere, dropped in your lap, and you're the luckiest son of a pup that ever existed. In fact, there's probably friends that you've lost over the years, because that's what they think, or there's family members who you don't really enjoy being around that much anymore, because they just think you got lucky. And the reality is, if they worked half as hard as you did, they probably would be much further ahead than they are today. The reality is, the harder you work, the luckier you get. And the next layer beyond that is that luck is everywhere. It's all around us. The thing is, we don't always recognize it.

As I like to say, luck is always happening, but intelligence is recognizing it or seeing it or identifying it, or simply categorizing it and deciding if you want to take action on it, not all luck is timed the way you need it to be timed. In other words, there have been things that have happened in my life where I'm like, Wow, that's pretty amazing, but I'm not in a spot today to take advantage of that, and I let that luck pass me by. On the other hands, right time, right circumstances, and the luck drops out of nowhere. The reality is I probably worked it into being, but as I said, others will think it dropped out of nowhere. So let's leave it at that for a moment. The reality is, though, if that luck arrives, do you now have the means to do something about it? Do you have the energy? Do you have the fortitude? Do you have the money? Do you have the structure within your business? Whatever the case might be, not all luck is created equal. Not all luck is perfectly timed. Not all luck is something that you should pursue. Maybe that luck is meant for someone else. Maybe you can introduce someone else to that luck. Maybe you can be a connector of luck.

However, you have to first know how to recognize it, know how to identify it, and that's the real issue here. Because, again, we all know, the harder you work, the luckier you get. But the reality is, how do I comb through the luck to identify the opportunities that exist, and which ones I should take and pursue, and which ones I should let go by to the next person, the next set of circumstances, the next business down the road, or maybe they just kind of, poof, they go away. We always know there's going to be more. So understand that when you're saying yes to certain things, by default, you're saying no to other things. That's why you have to identify luck. You have to categorize luck, and then you have to assess whether or not it makes sense to go after that luck, to turn it into opportunity.

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Future Zeros is a series for financial advisors who want to increase the value of their firm today and in the future. Your host, Mike Walters (CEO of USA Financial), digs into the nuances of mergers, acquisitions, and succession within the financial advice industry to help you add “future zeros” to your bottom line. Whether you are nearing an exit, just entering the business, or in the middle of building your practice, the Future Zeros series will provide thoughtful insights into how to grow your practice the right way in order to maximize your future value and minimize the risk associated with doing so