Your Mindset May be The Key to Your Advisory Firm’s Success

Michelle Melton, Communications Specialist
August 22, 2018

You have the right licenses and certifications, stay up-to-date on the latest industry trends and continuously hone your interpersonal skills to provide the best possible service to your clients, so what’s holding you back from achieving the level of success you want for your CPA wealth management firm? Chances are, it’s not what you’re doing for your practice but how you’re thinking about it that determines your success.

1st Global’s practice management team spends much of its time not only coaching advisors on the processes and procedures that are critical for firm success but also on how having the right mindset can help them achieve their goals. The company recently hosted a webcast with financial advisory coach and business consultant Stephanie Bogan to help advisors unlock what she calls limitless success. The key to this success Bogan says lies in the subconscious, which generates 80 to 90 percent of daily thinking. These subconscious thoughts are shaped by your mindset — how you filter and perceive the world around you.

Bogan shared how to approach retraining subconscious thoughts with her 7 Mindsets of Success to help advisors reach their unlimited potential.

“There are seven mindsets I’ve learned in the last 21 years that are utterly essential for building an advisory practice that allows you to experience greater success, greater satisfaction and greater freedom,” Bogan said.

First Mindset: Know Your Worth

The first mindset is worth, which she described as knowing and understanding the value you add. This is the mindset that allows you to face the decisions that you make with confidence.

“We are so good at looking at external factors for worth and validation and we compromise our standards when challenging situations arise,” she said. “And that really strips away our success and our satisfaction in the process.”  

Bogan shared a story of a consulting client who faced a decision familiar to many advisors — whether or not to discount fees when asked by prospective new clients. When asked, the mindset he subconsciously developed surrounding his worth kicked in and he thought “my job is to get these people to say yes.” He ultimately discounted fees to the tune of $80,000 a year. This decision, she said, wasn’t made in a thoughtful or intentional way, but was a reaction based on an unhealthy mindset.

“It’s because he hadn’t clearly established his worth and value in the process,” she said. “And when you are willing to compromise your value so are other people. And when you aren’t willing to compromise your value, other people will follow along.”

Bogan said that by knowing your worth and acting with that knowledge in mind, you have the opportunity to design your practice in a way that not only serves your clients but serves you by helping you understand your standards, fees, time requirements and minimums.

Changing the way you think about your worth is the just the first step to changing the subconscious thought patterns that determine how successful you can be in your business. To learn about the additional mindsets that drive success and how you can defeat the limitations holding you back to unlock your financial advisory practice’s limitless potential, listen to the 7 Mindsets of a Successful CPA Advisor webcast on demand now.

Why Choose 1st Global?

If you are committed to serving clients — and serving them more completely — 1st Global can help.