The Elements

By Andrea Schlapia   |   September 12, 2017

What The Profit Teaches You About Your Financial Advisor Practice

Categories: Culture, Hiring & Onboarding, Practice Management

I’m a huge fan of The Profit, a CNBC show centered around business guru Marcus Lemonis taking a struggling business and helping them turn it all around into profitability.

Once he takes on a challenge and invests in their business, he now has skin in the game and deeply cares about getting their team on the right track.

In fact, in the past ten years, he’s turned around over 100 companies by focusing on the 3 P’s: People, Process, Product.

Think of it as a show like the popular business sharks in the tank, but without any “sharks!”

As I reflect on my long track record of turning around financial advisor practices, I’m happy to say that I’ve helped my fair share of advisors get their teams on the right track as well.

As Marcus advises teams of all sorts, his top tips are ones that I think can help any financial advisor do a better job of achieving goals for their practice.

Top 10 Rules for Success:
  1. Don’t be an ass. Self explanatory?
  2. Make employees #1. They are your ambassadors on the front lines and directly with clients.
  3. Know what you don’t know. Find people to compliment your skills. If you need hiring help to pinpoint the right people, get it.
  4. You have to accept crazy if you work with friends or family. Think twice, or fully embrace and manage the crazy!
  5. Be vulnerable. Embrace being real, which takes courage to open up and own your story.
  6. Be authentic. Consider yourself to be a work of nonfiction. Don’t be delusional about your business, and instead be believable and true.
  7. Be transparent. Rather than hiding, hustling or lying, you’ll feel so much better and achieve much more by sharing the truth.
  8. It’s all about follow through. Many businesses that appear on ‘The Profit’ have a misconception that Marcus is there to run the business; always by your side to push you along and point out things so you can do it when he is gone. Instead, you have to immediately commit to consistently following the process. If a leader is needed but not willing to lead, failure is imminent.
  9. Know your numbers. This is the true “health report” on the business to guide decisions about where you’re going: who to hire, expansion plans and more. You have to know the current status of your business, and there is no excuse not to know the numbers.
  10. Quit whining and start winning. Business owners who don’t take responsibility get a mirror. Why? To see who gets the blame. Guess what, it’s always you!
After 4 years and 67 episodes, here are the biggest things Marcus Lemonis learned and his takeaways:
  • All business owners are people who have belief in self and passion to get into something and try.
  • They each go into each business with the same fresh set of eyes to take a chance on people and take a fair crack at it.
  • You can learn anything if you try hard enough.
  • You don’t have to be an expert at everything; partner with someone that is an expert.
  • He has cried with business owners and also screamed at the top of his lungs.
What Other Lessons did Marcus Learn?
  • Learn how to treat people and how not to treat people, a solid life lesson in general.
  • Take a chance on really good people, and it will work out.
  • Don’t invest in really bad people or bad ideas. Easier said than done, but do it.
Conclusion

When you reflect on these business lessons from Marcus Lemonis, you’ll quickly see these are no different than any lessons learned from relationships, hiring, or anything involving human interaction.

Follow these tips, and you’re sure to enjoy great profit as well, in all sorts of ways!

Want our help getting your financial advisor practice turned in the right direction? We’re happy to lead the way. Simply send us a note and we’ll get started!


Andrea Schlapia
Organizational Development and Human Capital

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life.

Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.

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Contributors

Andrea Schlapia
Organizational Development and Human Capital
Connie Deianni
Mentoring and Employee Engagement
Guest Blogger
Practice Management
Dr. Heidi Maston
Organizational and Educational Leadership
Joe Kuhns
Strategic Partner
Judith Bowman
Business Protocol
Laura Garfield
Idea Decanter Co-Founder
Marsha Schechtman
Strategic Partner
Mighty 8th Media
Strategic Partner
Nicole Anglace
Special Projects
Ruthann P. Lacey, P.C.
Elder and Special Needs Law
 Scott D. Calhoun
Legal Counsel
Sharon Gottula
Idea Decanter Co-Founder
TailorMade
Strategic Partner
Ironstone
Practice Management
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