Why Are You Doing All of This, Part 2

In an April 2008 blog, I talked a little about remembering why you’re doing all of this (“this” being working your backside off to build your firm).  In that blog, I talked about the importance of working with the right clients, the ones that fit your vision for the firm and that you will want to work with for years and years.

Today I’d like talk about what I call “statistical pornography” and how this can cause you to forget why you’re doing this.

Many of you talk to your clients about avoiding “financial pornography”, you know, those “end of the world” predictions that cause your clients to consider shunning their long term investing view?  Well, advisors are subject to what I call statistical pornography and one of the worst statistics are the numbers that talk about what other advisors are doing each year as far as growth. 

Frankly, this to me is only important if you are building your firm to compete with the size of other advisors (I know, I know, you say, these numbers help you understand what is possible but again, I say, who cares?).  Your reasons for building your advisory firm are personal and are yours alone.  What possible difference could it make what others are doing as long as you are happy with the firm you are building.

As you read this, do me a favor.  Write down the reasons you started this business and look at them closely.  Do they have anything to do with being the biggest?  Do they have anything to do with serving huge amounts of clients?  If they do, then I would say you are doing it for the wrong reason and you will never get fulfillment from what you are doing.

My guess is they have to do with family and quality of life.  If you are making a decent living and growing your firm in a managed, defined manner, you will be successful.  Stay on that path, don’t forget why you’re doing it and be proud of what you’ve done.  Let the others take care of themselves.

Thanks for reading and as always, I appreciate your thoughts.