Episode 232 – Fueling success with a Growth Mindset

Episode Transcription

This is the ultimate advisor Podcast, the podcast for financial advisors who want to create a thriving, successful and scalable practice. Each week we’ll uncover the ways that you can improve your referrals, your team, your marketing and your business operations, helping you to level up your advising practice, bring in more assets and create the advising practice that you’ve dreamed up, you’ll be joined by your hosts, Bryan Sweet, who has more than half a billion dollars in assets under management, Brittany Anderson, the driving force for advisors looking to hire improve their operations and company culture, and Draye Redfern who can help you systematize and automate your practices marketing to effortlessly attract new clients. So what do you say? Let’s jump into another amazing episode of The Ultimate Advisor Podcast.

Brittany Anderson 1:07

Brittany Anderson here along with Draye, Redfern and Bryan Sweet for the Ultimate Advisor Podcast. Now we are in week three of the top characteristics of top financial advisors. So if you have not listened because this is a series because there’s absolutely a continuation in the method to our madness, go back and listen to the last couple episodes, because it sets you up for success in analyzing these top 12 characteristics. So you’re looking at how top advisors are forward thinking how they are long term greedy, so I’m gonna leave that one alone, because it’s an interesting, controversial title. That was last week’s episode, you gotta listen, it’s a must listen, to set you up for today’s topic, which is on growth mindset. So Draye, because you are one I know you along with us love the topic of mindset. We not only teach on this, but we like to talk on it amongst each other. So talk about some of the success stories that you’ve seen with the advisors that you work with who are really willing to be innovative, go that extra mile, I want to hear all the goods.

Draye Redfern 2:14

So mindset is, it’s like my favorite thing. It really is. And I think I shared the story before I think in me that maybe comes from like going to school as a 25 minute drive to school growing up and would always listen to Tony Robbins and Zig Ziglar. And, you know, all of the all of the greats on the way to school. So mindset is absolutely just something that is near and dear to my heart. Well, mindset, the idea of a growth mindset versus a fixed mindset is really closely related to all of Carol Dweck ‘s work because the Stanford psychologist really realizing that the growth mindset really does exist. And there’s a there’s a very different sort of differentiation in style of people on success levels, and all of these sorts of things. And someone who has a fixed mindset, meaning this is the reality is never going to change, I can work really hard. But I’m still going to stay in this more or less bubble, versus someone who has a growth mindset. And if they have a growth mindset, they can onboard more struggled, if something goes wrong, they can deal with it, because they know they can take on more capabilities, knowledge, all of these sorts of things, and then push past that with greater success. So mindset is I love it. Number one, but really see more advisors have the success is where they basically take mindset, and which I also sort of closely relate to innovation. Because if you have the mindset of you want to grow, you want to take actions, usually that comes with innovation, you want to create new methods, or you want to come up with new systems, you want to do some sort of new process, innovation, I think they’re very, very closely related together, however, that sometimes actually more often than not, falls flat. Because mindset is wonderful, you can be super happy, you can be chipper, and wake up on the right side of the bed every single day. But if you don’t actually do something about it with your day, you don’t actually take that innovation and convert it to implementation, then you’re not really going to see anything in your business. So where we see more advisors that actually have success is where they take this innovation, this drive to innovate the mindset and the positive and all of those sorts of things. But they take it a step further. And they actually go on and implement that. So like an example of that is, you know, I can’t think of a single advisor that I’ve ever had a conversation with, that. They’re like, You know what, we really differentiated our firm, our client engagement process is great. Our onboarding process is great. We’re done. We’re checking out we’re just going to skate from here on out and we’re just going to coast it in like that. That doesn’t happen. Because if you have the growth mindset, then you constantly find ways to improve and iterate and innovate on that. And then you implement it, and that’s where we see most of it. Just have the most success. And it’s like, it’s like the last snowflake that causes like a snowball that causes like a frickin like snow Boulder and to an avalanche and this massive just amount of momentum. But it’s just one little snowflake on top of another on top of another on top of another that really builds a lot of momentum. And the problem a lot of times is, is that if you don’t actually have the proper growth mindset, you just sort of let those things stack up. And you never really actually let them build up enough until it creates that momentum. So I think it’s almost two sided, you got to have the growth mindset and realize that some of these things take time. However, once you get that momentum, where you really have the greater success, and the results is when you marry Innovation and Implementation together. And that’s where the success really comes in. I think that someone who can talk a lot to that effect is Mr. Bryan Sweet himself regarding some of the breakthroughs that actually can occur when that sort of transition arises for business.

Bryan Sweet 5:59

Thanks, Draye. Yeah, some of the biggest breakthroughs I’ve had, I’m thinking of two that I’ll give an example of, and when I think of growth mindset, I also think of the word confidence. And I think once you have a growth mindset, your confidence level is greatly enhanced. And as we all know, if you’re not confident, you’re not going to get the results that you want. So I think those two really go hand in hand. So a couple of examples. One was probably 20 years ago, when we were just building the business up. And he happened to be the president of our broker dealer said to me, Brian, you have all of the capabilities and traits to be one of the top financial advisors. And at the time, I was doing okay, but I wasn’t in what we call the chairman’s Council, which is the top one half of 1% of the advisors. And it was really interesting that with him saying that, and me having a, you know, I would say a growth mindset, it gave me the confidence and the thought process that, well, if he thinks I can, then I probably can. And it was relatively within a year or so that I was actually one of those individuals. And it was amazing that transformation, by him just simply giving me the AOK to succeed, and then implement all of the, you know, the growth mindset that I kind of had. But with that I didn’t maybe have the confidence that I needed. So that’s one example. You know, another big breakthrough that I’ve had in growth mindset is really by joining this group called the Genius Network. And what that is, it’s just a group of mostly non financial advisors from healthcare to technology to literally every business you can think of. But they’re a group of big thinkers. And they’re able to share ideas and concepts of how things work in their marketplace. But if you think and listen to what they’re saying, you can take a lot of those thought processes and apply it in what you do. But it’s this thinking out of the box, and growing and, you know, being around others like that, that has really caused us to have leaps and bounds and write books and start businesses and build the financial planning practice to new heights. And I would say it’s because of being around those kinds of people on a consistent basis. But they all have a little different twist. And I think the little different twist by being in different industries and, and different locations really adds a variable that just hanging around a lot of financial advisors that have growth mindsets, doesn’t always give you so I think that’s great. I got a bunch of study groups. I’m in on just that. But that outside vision and thought process that they help you think through is is really, at least for me, personally has caused some amazing breakthroughs. Brittany, any comments or additions to those thoughts?

Brittany Anderson 9:30

Yeah, you made me think of a couple things there, Bryan. So, you know, there’s that saying, and I know we’ve thrown this out there before. But you are, it’s said to be that you are the average of the five people you spend the most time with. So Draye was talking earlier about fixed versus growth mindset individuals, and I just can’t help but circle back to this because Brian, I mean, you have shared how you’ve been involved in masterminds. We’ve talked about that a lot, just really kind of surrounding yourself with people who are big thinkers who help you to grow your own thought process. And to keep you in that right mindset. So that’s one of the reasons actually, when I look at our our client base under ultimate advisor coaching, so it’s interesting and Draye, I know you can absolutely attest to this right alongside me is that we have some individuals who we’ve worked with who have been great, it’s been more on a short term basis, and they kind of think us after and then go on their way. But it’s interesting, because what we’re seeing more and more and more, is that the ones who are absolutely in that growth mindset, who are hungry for more, right, they don’t ever want to stop the learning, they don’t ever want to stop the innovation. They are asking us, well, what the heck is next Friday, they want to know what else they can do. So we’ve put together our own mastermind to serve people that are continuing in that growth path. So it’s just interesting, because when you look at people who are wanting to be a top adviser, when you look at those in our industry, that really want to make momentum, or a lot is a word, I think I was just gonna say momentous is that a word? I was gonna say they want to make great strides in the industry, they want to be those top producers with their BD, they want to be a top producer, as an IRA, whatever the case is, they are hungry for more. So we’re seeing that over and over again. And I can actually say some advisors who maybe don’t inhibit these 12 characteristics that we’re talking about over this 12 week period. They’re making more comments around along around the lines of oh, I’m not really ambitious, I’m kind of comfortable with where my practices, I don’t want to grow, I just want to have more of a lifestyle practice. That’s okay, that’s absolutely okay. But those are not characteristics of a top adviser who wants to really grow and impact a great number of people by being able to serve more, because they’re learning more. So we talk a lot about the the main advisor, we talk a lot about the entrepreneur. But again, I can’t help it bring this up. What about the team? Now, I blame Brian 100% For this mindset that I’ve got here, because he actually is a huge believer in getting your team to level up as well to really focus on growth and to be the best versions of themselves. So because of that, in my work with him, he actually had me come to some of the same coaching some of the same masterminds that he participated in so that I got exposure. And that was a dangerous double edged sword, because now I can’t stop. So now within my own business, I’m constantly looking for ways that I can grow and I can improve. And I can, again, just like we talked about last week, reinvest into the business and invest into my future. So with the way that we have our ultimateadvisormastermind.com set up, is we encourage we encourage our advisors, bring your second in command, bring your implementer bring your operations person, and we actually discount that second individual because we believe so strongly in this, because we are living proof that it works. When you expose the people that are closest to you and your business, that are helping you drive the ship, when you expose them to that big thinking to all of these opportunities, great things happen. And you’re actually going to increase your implementation quotient by bringing those people, right, because you come back and I know a bunch of you are gonna nod your head, you’re gonna smile, you’re gonna chuckle at this, but a bunch of you as a top adviser, you come back and you’re like, I have 60,000 new ideas from this conference. And I want them all implemented yesterday, because they’re all so good. That’s great. We love you for it. But that’s a lot. So by bringing your second in command to the things that are helping you to grow as an individual, by bringing that operations person, you’re able to allow them to be your filter, you’re able to allow them to say, okay, great, you’ve painted this future picture, like we talked about, in part one of this 12 week series. If you didn’t listen, go back and listen to it. Now. We talked about how you need to be forward thinking how you need to paint the bigger picture, create your vivid vision, and then get your team on board to get you there. That’s the importance of having your second in command to have that shared vision with you because they can bring it to the team. They can help your organization grow. And they can get the most important things implemented and do it in a systematized way. So that’s the importance of bringing that second person with so they can help filter you a little but help bring your vision to life as well. So that being said, Mr. Sweet Mr. Redfern. Anything else that you too want to add on the topic of being growth minded.

Bryan Sweet 15:07

Once again, we just keep getting inundated with scenarios where people want to keep going keep getting better. And that kind of takes us back to you know why we did the mastermind. And I will absolutely tell you, as I’ve said, 100 times, and probably 1000 times before we’re done with these podcasts is the key to success is getting your team engaged and getting your implementer to go to these things, because you will absolutely take my word for it be amazed that once they understand what you want, they can take it and run with it and free you up to do any number of things from grow the business to take more time off to whatever it might be.

Draye Redfern 15:52

So I want to I would want to end with just a personal sort of anecdote around the topic. Because, you know, part of being around people who think bigger, brighter, bolder, or whatever it is, is, is really realizing some of these concepts. And so I had heard Brian talk about bringing in the second and command to some of these meetings and events years ago at this point in time. And so you know, I was like, you know, I’m not I’m not an idiot, I know I’m happy. And I’m always know that I’m in a good spot when I’m not the smartest person in the room. And I’m in the right room. And, and seeing everything that Brian and Brittany have done and accomplished together. After having those conversations, I started doing exactly that, and also investing in my team to attend to more events alongside me. And also other events that I don’t even attend, because I want them to invest in, you know, have an expand their knowledge and skill sets. And as a sort of personal anecdote on the side of all of this is that when it gets to a point where your team can handle things, and you don’t even know what their necessarily all of the facets are anymore, it’s a good spot, it’s a really important thing to really make that investment in yourself. But also have that growth mindset. But also, as Brittany so eloquently said, like making that investment in your team at the same time, because you never know whether good events or bad events may pop up. And just the ease that you feel when something does come up. And you can take that that flexibility is just absolutely life changing, game changing. So good for not only your mental health and running a business, but also the efficiency and the ongoing sort of perpetuity of the business itself. So I just wanted to sort of bolster and reaffirm everything you said, Brian, as we wrap it up,

Brittany Anderson 17:31

I love it. I absolutely love it. So to recap everything that we talked about here today, I see three key takeaways for you, our audience members to be able to act on immediately. So the first of those is, and I’ve got to go back because Brian brought up a really interesting word, as it relates to being a growth minded individual, which is a characteristic of a top advisor is to embrace competence, to be confident. So if you are lacking confidence, right, now, here’s what I would like you to do, I want you to bring out a piece of paper. And even for those of you that are my most confident friends out there in the audience, bring out a piece of paper and just write down all the things that you kick butt at that you are exceptional that that you are known for. That gives you a ton of energy, that bring excitement into your life, make that list. And don’t be afraid to brag on yourself a little to love on yourself a little because I would guarantee you that if you’re in a place of not having great confidence to really believe that you can make great bounds in your business. Just sitting down and acknowledging all the things that you’re great at, that’s going to give you an exceptional boost. And that spills over into the second takeaway for today’s session. And that is to look at the people that you’re spending your time with. So as I mentioned earlier, as we’ve said before, you are the average of the five people that you surround yourself with. So if you are constantly around people that live in that fixed mindset, that don’t believe that there’s big opportunities out there that believe that whatever they’re in right now is where they’re going to be doesn’t make them a bad person. It just means that you probably if you want to be a top adviser or you want to continue to be an even better top advisor, then you need to limit your time and attention to that mindset. You want to be around people that are constantly pushing you to grow, that are reaffirming, like Brian gave the example of a gentleman who who inflicted competence into him just by using some some really brief words like hey, you’re going to be part of this elite group, Brian, embrace that. And he’s never forgotten that. So it is so important to look at who you’re spending your time with. And make sure as Draye said before to you don’t want to be the smartest person in the room, right? You’re in the wrong room. If you’re the smartest person in the room. You want people that are gonna force you to think that Are to really level up and to become an even better version of yourself. So the first one was Be confident. The second one was look at who you spend your time with. The last one, involve your team. Involve your key person, get them involved in what growth means to you what it means for the business, expose them to amazing opportunities and watch your business take off. So that summarizes today’s episode on being growth minded as the third of a 12 week series and focusing on the characteristics of top advisors. We will see you right back here next week.

Draye Redfern 20:41

Hey there Draye Redfern here. And before you go, we just wanted to say thank you for listening to this week’s episode of The Ultimate Advisor Podcast. If you enjoy this episode, then please subscribe to the show on iTunes, Google Play stitcher or Spotify. And if you would like to access more of the show notes additional resources in our free premium content, then please visit ultimate advisor podcast.com. We look forward to seeing you in the next episode of The Ultimate Advisor Podcast. We’ll see you there.