Advisors, Is your Firm Faking It or Making It?
Dear Advisors,
I recently finished watching the Netflix miniseries called Inventing Anna, based on the true story of Anna Sorokin (alias Anna Delvey), a Russian con artist who convinced NYC’s wealthiest socialites that she was a German heiress. She threw Benjamins like confetti, stayed at the most luxurious hotels, ate at the finest restaurants, partied behind the velvet rope… and never paid for any of it. Using pure moxie and a little forgery, she would persuade one bank to give her a loan, send that money to another bank, withdraw the funds, and skip town with the cash. But, like the Robert Frost poem says, nothing gold can stay, and her bill came due for real. She acted like she belonged, so she did– for a while. If you haven’t seen Inventing Anna, I highly recommend it!
Watching Anna’s story brought the phrase “fake it ‘til you make it” to mind. While curbing our insecurities is important for success, the “fake it ‘til you make it” mindset has some key flaws when it comes to building an advisory firm. It gives the illusion that we are all experts with flawless plans and foolproof strategies. After all, Anna was brilliant at faking it, but it wasn’t sustainable.
As a Financial Advisor and Exit Coach to other advisors, I’m able to see inside many different advisors’ practices and psyches. My work has given me insight into one of the biggest secrets in the financial planning industry: We are all human and imperfect!
If you are like me and struggle with imposter syndrome, this is your cue to heave a sigh of relief. We are all in this together. No one, including myself, has a one-size-fits-all key to success. In my experience, the “magic” unfolds when advisors learn from each other while following their unique paths with authenticity. So, here are some tips for writing your own story while building a prosperous advisory firm.
Level the Playing Field
I enjoy listening to the croony stylings of Frank Sinatra, one of the most celebrated singers of all time. It’s easy to put commercially successful people on a pedestal, assuming that they have it all together. Looking at Frank Sinatra as an example, did you know that during his rise to stardom, he hired women to faint on cue at his performances? Yes, even the Sultan of Swoon chose to fake it at times just to make those New York lights glow a little brighter. Sometimes we see other advisors attaining a level of impact that inspires us. However, this pedestal can also separate us and keep us from being honest with each other and ourselves. Pedestals are divisive. We need to eliminate them so that we can look each other in the eyes. Pedestals keep you still and prevent us from moving forward.
Find Your Own Voice
One major problem with faking it ‘til you make it is the misconception that mimicking other successful people is the formula for our own success. It isn’t a cookie cutter world. As financial advisors, we should always be learning from the experiences of our colleagues, but never let that stifle your own voice. In a healthy community where we all value each other, the voices should be able to talk about what works AND what doesn’t. Vulnerability fosters a business culture where your voice is both heard and valued. Humility walks hand in hand with vulnerability. You have something to teach everyone and everyone has something to teach you, no matter how experienced, inexperienced, traditional, or unconventional.
Socrates taught a method of learning in which there are no one-way streets, and there’s the old adage that we have two ears and one mouth. Advisors, learn from your clients. You might learn a new turn of phrase, get a new connection, a new resource, a new way to spackle your basement or juice an orange. You might learn a new definition for courage, or empathy, or drive. Wherever you are in your journey, your voice is valid and valuable.
Don’t Just Think Outside the Box– Break the Box!
I was on a call with another advisor recently and he shared an idea about starting an RIA in the divorce planning niche that would offer his divorced clients a major glow-up. His clients would not only get a financial makeover, but access to plastic surgery, a personal trainer or diet coach, a wardrobe revamp, home decoration, etc. I imagine the fee for a package like that would be exorbitant, but there are plenty of people who will pay a pretty penny for a chance at a new life. How exciting to give someone that chance to reimagine who they are and what their future could look like! He never started that firm because-out-of-the-box thinking is stifled when we’re trying to run our firms the “right” way instead of determining our BEST way. Does that mean it’ll never come to pass? Certainly not. The answer doesn’t have to be “never” when it might be “not yet.”
At Ellevate Advisors, we’re in the business of bringing peace of mind and a second set of eyes on the plan. We’re about working hard but also giving ourselves grace. Most importantly, we’re about helping advisors figure out their best way to live, their best way to do business and empower them to go for it. Schedule a call with me if you are ready to hire your own advisor to secure the future of your family and your advisory firm!
Warm regards,
Brooklyn
P.S. At Ellevate Advisors, we believe that advisors deserve to retire too. What does that look like for you, your family, and your business? Let’s figure it out together! Check out our services here, get to know me on my bio here, or schedule your free consultation call here.