Overcoming Challenges to Reinvent Yourself

Even in an industry accustomed to transformation, the change in financial services today has never been faster and of greater breadth. Reinventing your business to prosper in a changing environment begins with taking four simple steps.

 

 

 

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    Overcoming Challenges to Reinvent Yourself

    Overcoming Challenges to Reinvent Yourself

    Self-Reinvention: A Blueprint

    The failure to adapt to change arises from the inability to see the unfolding change (consider the blacksmith who never imagined a world without the horse), or because we’re comfortable with the status quo (consider Kodak, which saw the digital photography revolution, but was afraid to cannibalize its film business).

    When businesses adjust to change, they can find new relevance and reach new heights. Microsoft is a good example of a company that understood the shelf life of its cash cow products (operating system and office software) and found new ways to grow (cloud services and mobile capabilities).

    Responding to the Inexorable March of Change

    Even in an industry accustomed to transformation, the change in financial services today has never been faster and of greater breadth.

    In responding to change, investment professionals have two choices: 1) stick with the way they’ve always done business, or 2) adapt to and profit from these changes.

    Reinventing your business to prosper in an evolving environment begins with taking four simple steps.

    1. Take a Personal Inventory—An honest evaluation of yourself and your business is crucial to taking the first step in the right direction. Consider your and your business’ strengths and weaknesses, and whether what you’re doing today is truly aligned with what matters to you.
    1. Imagine the Future—Where do you think the future lies? Consider what it means to have a book of retirees. Will investment prowess matter to them, or will guidance on achieving an emotionally and physically rewarding retirement be more meaningful? Are you in touch with Millennials, their values and how they want to use technology to learn, invest and communicate? What will it take for you to become valuable in this future you imagine? Yes, learning something new seems like a dreadful prospect, but ask the blacksmith if he should have taken auto repair classes.
    1. Create a Vision, Make a Plan and Execute—With a view of what the future may look like, craft a vision for your business that capitalizes on these new opportunities (e.g., Seer Financial is the “longevity advisor to a generation of retirees and near retirees”). Make a detailed plan of how to get there, including new services, training, products and client communications. Finally, execute on your plan; execution converts ideas into reality.
    1. Find Help—The support of a professional coach to guide you along this journey of change or the counsel of someone who’s already traveled this road can be instrumental to your success.

    Remember, change waits for no one; get started sooner, rather than later.

    See referenced disclosure (2) at https://blog-dev.americanportfolios.com/disclosures/ 

     

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