Habits are Valuable, Until They're Not

Most would agree a good habit gives individuals, teams, and organizations the power to create successful results. But what happens when the habit becomes "the way we have always done things"? 

A proactive habit creates a routine or process that delivers a desired end result. For many of our desired outcomes, like an improved morning routine, physical health, or lifetime learning, habits help maintain our interest and aid continunity. Personal habits that keep us engaged in the activity are beneficial. 

My life is my life and as long as the results are satisfactory to me, little may change in my habits and behaviour over the years. Though there may be a better end result I am missing, adopting a different habit to achieve that other end result may have little effect on me unless I desire the change. 

Businesses are different because the measure of success is determined outside the business, by the customer. Their satisfaction with the end results can change without notification. For this reason a business must continually ask, “Is this the best way to do this?” to avoid being blindsided by an unseen change in the climate of their customer base. A business must disrupt itself to avoid being disrupted by a competitor. 

Successful entrepreneurs continually disrupt their own business by examining if what they are doing is still relevant to their customers.

Peak Performance

Donald S. Christiansen, University of Washington sports psychology consultant, lists characteristics of "peak performance," sometimes called "the zone."

The athlete is:

1. physically relaxed
2. mentally calm
3. focused
4. alert
5. confident
6. in control
7. positive
8. feeling enjoyment
9. feeling effortless
10. on "automatic"
11. focused on the present moment

Resistance: Overcoming the Enemy

Occasionally a book comes along that helps us understand our own behavior in a meaningful way. Steven Pressfield’s book The War of Art defines for us the nature of our greatest enemy and how to combat what holds us back from the results we desire. Whether you are an artist, writer, entrepreneur, or professional this short book clearly identifies the source of procrastination and internal obstacles to our success in part one. The cure is clearly defined in part two. Like Robert McKee, who wrote the foreword, I too see in part three the effect of inspiration the same and the cause of inspiration differently.

This is a quick read and can immediately be applied to your current practice. Great books can change your life. This in one of them. For more information on The War of Art.

Simplified GTD

Getting Things Done (GTD) by David Allen revolutionized productivity, though many find it overly complicated. For those of us less inclined to be engineers or lacking follow through, we need a simpler solution. Thank you Leo Babauta for writing Zen to Done: The Ultimate Simple Productivity System.

This short book simplifies the entire GTD system down to very specific actions that are easily implemented into your current routine. No longer are you burdened with maintaining a large organization system. You can apply the concepts at you own pace and decide what is most important for your needs.

Leo writes a great blog at ZenHabits.net which is a valuable resource. Take a moment and read this short book, then apply one habit this week and add another when you master the first.

New Half-Day Workshop Helps Advisors During Difficult Times

The new half-day workshop titled, What To Do Now is helping financial advisors during these difficult times. Many are replacing lost assets in a matter of weeks that were lost in the last quarter. The opportunity to grow your business is outstanding, see what others are saying. Comments from advisors who attended the Toronto workshop back in November:

“Great presentation and upbeat vision of the future. Lloyd covered the right information with good content for the current market turmoil!”

“I have never sat still for 4 hours in my life until this presentation…excellent!”

“Everyone should hear this message!”

“Lloyd has given me a load of ideas to go to clients and prospects with”

“Lloyd’s reasons for being positive are exactly what I needed to hear given the difficult markets”

Here are some comments from advisors who attended Lloyd’s workshops in Montreal, Ottawa and Toronto this past January 2009:

“I needed this conference. I have been letting this business and some of my clients get me down. I needed to be reminded to remain positive no matter what. I found the whole seminar worthwhile. The wheels are turning again and I thank him for that. I have not been this enthusiastic in some time”.

“I’ve attended a number of Lloyd’s sessions in the past and always find them valuable”

“Overall it was a valuable exercise where someone will definitely have some positive takeaways, regardless of your style of business”

“I am always reflecting on trying to manage the ‘right thing’ in the book of business. His emphasis on client intimacy and the practical “how to’s” were excellent”

“This seminar was more than I had hoped for. I woke up during the night (after the seminar) thinking of the seminar and ways that I was going to approach my clients & improve my business going forward”

“Very productive and one of the best I have been to”

If you would like to host a workshop for your firm please contact office@lloydwilliamsinc.com for more information.

FOUR NEXT ACTIONS BEFORE DECEMBER 15TH

The window of time left is small, but the opportunity is great. In the next four weeks you can make a significant difference in the lives of others. And as they see in your actions your desire to help them achieve their dreams you can replace the lost assets that the market has temporarily taken away. So instead of just breaking even when the market returns, you can have a significant gain in assets and revenue, while having added outstanding value to the relationship.[display_podcast] Two Mental Paradigm 1. You must have a passion to make a positive difference in the life of other people.

2. Partner up with your clients to calm the fears and concerns of those they value and respect.

Window of Opportunity from now to December 15th 1. Clients are scared. They feel that their dreams are at risk. This is a rare opportunity to touch the lives of others in a meaningful way and help them achieve their dreams.

2. December is family month. They will not want to talk with you after December 15th. Everyone will be busy with the holidays.

3. January Effect A. New popular President B. New Administration C. New Year D. Bad October

4. The opportunity is now.

Stop Putting Band-Aids on Scratches While Other Are Bleeding To Death If you have: 1. Taken your clients through a relationship conversation 2. Identified their Risk Profile 3. Properly allocated their assets 4. Diversified their portfolio 5. Communicated with them throughout this market decline 6. Offered them the opportunity to re-profile their risk 7. Answered their questions THEN YOU HAVE DONE EVERY THING YOU CAN.

Where Is Your Focus? When things are good focus on your clients, because during these times clients are difficult to replace. Everyone is happy with their current relationships. Therefore strengthen your client relationships by helping them fulfill their dreams. This will be easier during the good times.

During Difficult Times First prepare yourself, then settle your clients worries quickly. 1. Remind them that times like these have occurred in the past and will occur in the future. 2. Help them establish a long view of the economy. They have no need to worry. 3. Use the example of trusted experts: Bernanke / Buffett 4. Re-explain to then what controls the market 5. Re-confirm the disciplined process that you have taken them through to determine their needs and the unique solution that they have working for them currently.

Do not try to call or contact each client personally, use mass communication tools like email, broadcast fax, letter, podcast, or conference call. The exception to this would be your Top 25 Clients who you should call after you have sent the mass communication information.

FOUR NEXT ACTIONS 1. Capture All Tax Credits The tax credit is cash captured now guaranteed.

2. Letter to Clients Send a letter to all your clients reminding them of the steps that have been taken to protect them. Offer them the opportunity to reassess their risk profile Most Important: Include a paragraph

3. Contact All Old Prospects Make sure they are not worried. Offer analysis, at no cost, and no obligation. If they say no in this situation, they are either well serviced or not interested in working with you. Either way remove them from your prospect list. They are not prospects.

4. Call Top 25 Partner up with them to make a positive difference in the live of someone they value and respect.

Example script for call Mr. Client over the past several weeks we have talked to many people who are worried and fearful. They had no one to help them understand their situation. If you know someone you respect and value who is worried, there is no need from them to be in that situation. We’ll be happy to take them through the same analysis we use with each of our clients, at no cost or obligation, to make sure that they know where they are today, where they want to be in the future, and have a plan of action to get there. We do not what someone you care about to be afraid.

Introduce us to each other. Send them an email and copy us. Simply same Bill, I want to introduce you to Sally. Sally I want to introduce you to Bill. Here is the contact information for each of you. You should talk together.

The conversation is just that easy.

Call Top 25 1st week, then the next 25 the next week, then back to the Top 25 the following week, and then back to the next 25 the last week.

For more information see: -Sample Letter to Clients -Mastery Habit: Crisis Management -Mastery Habit: In Good Times Focus on Your Clients, In Bad Times Focus on Prospects -Mastery Habit: Never Follow Institutional Managers During the Extremes in the Market -Notes from the last conference call -Link to Fed Chairman Bernanke’s Speech to the Economic Club of NY -Link to Warren Buffett’s letter to the NYT To conduct a conference call with your clients contact: Ed Shea from Audio Podium Email: coachimago@aol.com

If you have found this of value, forward this page to someone you respect and value who is worried.

Sample Letter to Clients

The following is a sample letter you can change to you own words and email to your clients. Include the full hyperlinks to the articles if you do not email. Add your clients first name for Client and your name for Advisor.

We are lucky today to have two great resources from knowledgeable experts to help us focus during these turbulent times. The Fed Chairman Bernanke Spoke to the Economic Club of New York, NY on October 15. Read it here: He made four important points:

1. This is not 1929-32 - we learned from our mistakes. Hover waited three years to respond and then tightened money. Fed acted immediately and loosened. 2. Fed Reserve has doubled in size, giving it a greater ability to impact the economy positively. 3. Everything hinges on the banks lending money again. 4. Therefore the Fed’s money will be used to stimulate the economy, if a bank does not lend money they will not be given money. They will learn quickly to start lending.

What controls the market? What makes the Market go up? Cash flow. What makes the market go down? Lack of cash flow. Cash flow into the economy is cash into the market. The infusion of $800 billion into the US economy by the Federal Reserve will be a stimulus.

The press continues to encourage investors to watch what the institutional and hedge fund managers are doing as an indicator for what they should do. And because they are selling, so should the investor. This is foolish advice, because institutional managers, during the extremes of the market, are never doing what they personally want to do. Because of redemptions during crashes and infusions of new money during rallies they are forced to liquidate or invest against their own best judgment. Investing is counter intuitive. One of the great counter intuitive investors is Warren Buffett. Read his letter to the New York Times here.

If you feel your risk profile has changed and would like to redo your risk profile analysis, we will be happy to help you.

Over the past several weeks we have talked to many people who are worried and fearful. They had no one to help them understand their situation. If you know someone you respect and value who is worried, there is no need from them to be in that situation. We’ll be happy to take them through the same analysis we use with each of our clients, at no cost or obligation, to make sure that they know where they are today, where they want to be in the future, and have a plan of action to get there. We do not what someone you care about to be afraid. Send them an email and say, Client I want to introduce you to Advisor, Advisor I want to introduce you to Client. Here is your contact information, you two should talk.

Follow this letter with a call to the Top 25 repeating the last paragraph.

Audio File: What To Do NOW in Your Practice (Financial Service Industry)

With the markets in turmoil and your clients worried, what do you tell them and what is your most important next actions. This podcast will help you focus your attention on what to do now in you practice. The notes for this Podcast are here. [display_podcast]

What To Do NOW in Your Practice - Notes from Conference Call

The following notes from the conference call today is an expansion of what I have been discussing with my coaching clients over the past several months. Be positive. Clients do not need you to parrot the negativity of CNBC or the local paper. They need hope in a times of crisis, not someone to shout “the ship is sinking.” If the market is going down stating the obvious is of no value. Your job is to be a valued added strategic partner. You help them achieve their dreams. In difficult times clients are distracted from their dreams and you must first deal with the distraction before you can refocus them on their dreams.

Two Great Resources We are lucky today to have two great resources from knowledgeable experts to help in refocusing our clients.

Fed Chairman Bernanke’s Speech to the Economic Club of New York, NY on October 15

Click here for the speech.

1. The speech is good, but the important information is in the answers he gave during the Q&A.
2. This is not 1929-32 - we learned from our mistakes. Hover waited three years to respond and then tightened money. Fed acted immediately and loosened.
3. Fed Reserve has doubled in size, giving it a greater ability to impact the economy positively.
4. Everything hinges on the banks lending money again.
5. Therefore the Fed’s money will be used to stimulate the economy, if a bank does not lend money they will not be given money. They will learn quickly to start lending.

What controls the market? What makes the Market go up? Cash flow. What makes the market go down? Lack of cash flow. Cash flow into the economy is cash into the market. The infusion of $800 billion into the economy will be a stimulus

See Mastery Habit - Never Follow Institutional Managers During Extremes in the Stock Market

SO WHAT DO YOU DO NOW IN YOUR PRACTICE? First, realize what is happening - you are surrounded by a crisis situation. People are panicking and need your help. Second, respond properly to the crisis - with a calm, clear head. Third, act quickly - great leaders do not delay. Rarely does delay improve a situation, it just postpones the problem. Be decisive.

See Mastery Habit - In Good Times Focus on Clients, In Bad Times Focus on Prospects

To review:

1. Prepare yourself
2. Settle clients' worries through a rational argument using mass communication
3. Ask if they feel a need to reassess there risk and comfort level
4. Offer an opportunity to help others they know who are not being communicated with properly
5. Focus on prospects

How to Focus on Prospects

1. Add paragraph mentioned earlier to the bottom of your mass communication.
2. Contact every existing prospect, even those who told you to call them later. Offer them a “no cost, no obligation” analysis.
3. Call your Top 25 and ask for an introduction to other they know are worried. This is the only time you can do this without risk.

Conference Call Scheduled for Monday, Oct 27

Lloyd Williams' Conference Call Subject: What To Do NOW in Your Practice...

Date: October 27, 2008

Time: 2:00 PM Eastern

Call in number: 646-519-5883 (note please mute your phone)

PIN: 1027#

Bridge Instructions: The bridge will open up 5 minutes prior to the start time.

Functions for Callers: To place oneself in mute, enter *6 To remove oneself from mute, enter *6

NOTE: The bridgeline is limited to 500 callers. If you call in after the max is reached you will recieve a busy signal. Branches please use conference room with speaker phone on mute.

Please read Lloyd's Mastery Habit post titled In Good Times Focus on Clients, In Bad Times Focus on Prospects (click on the link)