Given the vast raft of changes and challenges facing advisers the question of whether one is willing to pay the price should be considered.  I tripped over this again a little while ago while re-visiting some classic books, which in this case was “The Feldman Method”, by Andrew H. Thomson.

Ben Feldman is revered by many as one of the greatest insurance salesman of all time, and much attention has been devoted over the years to exploring and learning the techniques and skills he developed.  Some things have not dated well for sure, but some are absolutely all time gems.

Regardless of his sales skills and personal ability, I fell in love again with the timeless wisdom of one of the greats in the chapter on “Guidelines to success and how to apply them”.

Despite everything else that is required to build a wonderful business in professional services in terms of competency and technical skill, empathy and relationship management capability, the infrastructure, licensing and business capacity which must be built, Feldman reminds us that essentially success will come down to a simple concept:

Are you willing to pay the price for it?

This question cuts to the core immediately.  It is the reality check on your plans and ambitions.  Because is the answer is “no” then you are simply wasting your time.  Got get a job working for someone else.

The price might include working longer hours, taking greater personal financial risks, investing in study and personal development….any number of things that involve either using your funds or using your time or exposing yourself to emotional or commercial risk.  At the end of the day however, no business plan or motivational goal is worth a bean unless you are willing to pay the price required to obtain it.

So when you think you have your goal or vision, or the business plan sorted, ask yourself this simple – yet tough – question: “Am I willing to pay the price to get it?”  Have a look at your goals for the year and ask yourself the tough question.

If it is a “no”….then you don’t have a goal or a plan yet.  You only have a dream.  If you don’t know the answer, then that is a great place to start: figure out what price you have to pay, and then ask yourself the question again.

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