I sense a tinge of vague, undefined dread and fear haunting this business. What’s going to go wrong down the road? Dealing with vague dread is debilitating. If vague doubt is a concern of yours, it’s important that you sort out your feelings and determine exactly what’s bothering you. Once you have identified an exact target, you’ll find it much easier to deal with your fear head on.

There is a big difference between being efficient and being effective. Being efficient is doing things right. I think most advisors are pretty good at that. There aren’t a whole lot of compliance risks running around the countryside. The industry insists on that. Being effective is doing the right things. There is a vast difference. In your travels, be both.

I remember many years ago when the Red Sox started a rookie pitcher in a crucial World Series game. The outcome was exactly what you’d expect. In any walk of life, we have to build up to the great moments, lest we get harmed beyond repair by playing a very serious game way over our heads. As you start out in the business of being a Financial Advisor, you must do everything you have to do in order to build the base of a successful business. You do that by making the phone calls. You do that by practicing and honing your skills. You’ve got to gather the assets. You’ve got to open as many accounts as you possibly can, if, for no other reason, than to build up to the great moments. At some point down the road, that’s when you think about opening larger accounts. But refine your skills before you make that next big step. It would be a shame to get an appointment with a larger investor and be in over your head. Practice, practice, practice!

I spoke with a friend of mine yesterday and he told me he opened sixty new accounts in April. He said that while prospecting he thinks only of success and he constantly reminds himself of the valuable role he plays in the lives of his clients. I thought of the old story of three men in a ditch wielding pickaxes. The first man said he was breaking up rocks. The second man said he was earning his paycheck. The third man said he was helping to build a cathedral. When you get rebuffed by someone, dwell on how important you are to your client’s child who can go to college and not borrow money because of you.

Everybody I know thinks he or she is a good driver. I’ve never had anyone tell me that he’s a menace or a danger to other people. Yet you and I know that’s delusional to a large extent. The roads are full of awful drivers. Well, everyone also thinks he or she is a good listener. That, too, is delusional to a large extent. I watched an Advisor give a presentation last week. He didn’t hear a word his client said. Oh, he thought he did, but he didn’t. While his client was speaking, the Advisor was thinking about what he was going to say next. I was uncomfortable, the client was put off and the Advisor was none the wiser. Can’t you just picture the situation? Simply put, the size of our paychecks depends completely upon our ability and willingness to create and maintain long term relationships. The depth of a relationship is directly related to how well we know the other person. The only way we are going to get to know someone is by listening. It’s terribly hard to get to know someone else while you are jabbering away. Listening skills are as important as verbal skills in this business. Please don’t just assume you’re a good listener. Practice.