Advisor Today - November/December 2016 - 14

PRACTICE SPECIALTIES

MANAGING YOUR PRACTICE
By Brad Elman, CLU, CLTC

Building a Practice You Love
The key is to find a product or market you love and work exclusively in it.

W

hat is a better motivator, love
or money? Behavioral
economists have done
countess studies searching for the
answer. The romantic in all of us
would likely respond "love" if asked in
public. In private, it might not be quite
as obvious.
Let's apply the question to your
practice. Would you rather build a
practice that focuses on activities you
love or one that focuses on activities
that will make you the most money?
Give yourself time to think about the
answer.
Financial advisors are generally
more concerned about a practice's
financial potential than whether or
not they love what they are doing or
with whom they are doing it. This
is a reasonable, if not imperative,
concern if you are a new advisor in
survival mode. But at some point, it
is important to ask: "Is there more
than just survival mode?"
How many times in your career have
you been attracted to a speech or an
article with a title like "How to Make
a Million Dollars Working 3 Months
Per Year?" I wonder how many people
were actually able to build a practice
like that. The challenge is that not
all of us are able or willing to do the
activities or build the skills required to
be a financial success in every practice
type. So choosing a practice type just
because it can make some people a lot
of money may not be the best approach
for you.
My initial training came in the
general agency of a large, wellrespected insurance company. The
training was excellent. They taught
me how to survive, which, for a new
agent, is critical. I can still hear the
trainer saying, "You don't have to
like it; you just have to do it." To be
fair, it did work, but I didn't enjoy it
very much. It wasn't until I was able
to elevate my practice to activities I
loved, with people and professions

14 ADVISOR TODAY | November/December 2016

It wasn't until I was able to elevate my practice to activities
I loved, with people and professions I loved, that I was able
to build a practice that I love.
I loved, that I was able to build a
practice that I love.
Many financial advisors are seeking
financial success over happiness,
which brings us back to the
behavioral economists. Money is more
attractive than happiness. But love
is more motivating than money, and
being attracted to success is different
from achieving it.
Building a successful business
requires actions, not just intentions or
feelings. Are you more motivated to do
activities that you love, or are you more
motivated to do activities that may or
may not produce the expected result
even if you want the result very badly?
If you are not motivated to take the
necessary actions, you won't do them
and you will be less likely to succeed.
There is a causal relationship between
liking an activity and doing it.
Ultimately, we are more
intrinsically motivated by love than
by money. So let's build a practice we
love, and in doing so, we will be more
likely to also have financial success.
Most people think financial success
will lead to happiness. I have found it
to be just the opposite.
If you love what you do, you will do
it more, which will make you better at
it, which will lead to more financial

success. If you love what you do, your
enthusiasm will be apparent to your
clients, and ultimately that will lead to
more financial success. Specializing in
a specific product, market or clientele
that you love will make you very
efficient, which will create more time
for you, which will also lead to more
success. Frankly, even if you aren't as
financially successful as you would
like to be, wouldn't you trade some of
the "success" for happiness anyway?
More often than not we are using the
fruits of our financial success to find
happiness. Isn't that ironic?
The bottom line is that you should
find a product, practice type or
market that you love, work exclusively
in that area, and you will build a
practice that you love.
The life insurance practice of Brad
Elman, CLU, CLTC focuses on business
and estate planning. In 2013, he
founded Special Needs Life Insurance
Solutions, LLC, dedicated to helping
families of children with developmental
disabilities plan for their financial security
(lifeinsurancespecialneeds.com). He is a
24-year MDRT member, with 14 Court and
1 Top of the Table qualifications. Contact
him at 650-209-5754 or at
Brad@elmaninsurance.com.


http://www.lifeinsurancespecialneeds.com

Advisor Today - November/December 2016

Table of Contents for the Digital Edition of Advisor Today - November/December 2016

FROM THE EDITOR
VIEWPOINT
NEW PRODUCTS
I Love My Job, But I Don’t Want to Do it Forever!
Building a Practice You Love
The New American Dream
A New View of Retirement
College Education Funding: Helping Clients Evaluate What’s Best
Portfolio Allocations for New Market Conditions
Leveraging the Power of Study Groups
An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Start with “Why”
Best Practices for Selling Group LTCI
From Yes to Success
Meet NAIFA’s New President
NAIFA’s 2016 Performance + Purpose Conference
NAIFA GOVERNMENT RELATIONS
4 Ways to Build an Effective Email Marketing System
ADVERTISER INDEX
BACK PAGE
Advisor Today - November/December 2016 - cover1
Advisor Today - November/December 2016 - cover2
Advisor Today - November/December 2016 - 1
Advisor Today - November/December 2016 - 2
Advisor Today - November/December 2016 - 3
Advisor Today - November/December 2016 - 4
Advisor Today - November/December 2016 - 5
Advisor Today - November/December 2016 - 6
Advisor Today - November/December 2016 - 7
Advisor Today - November/December 2016 - FROM THE EDITOR
Advisor Today - November/December 2016 - 9
Advisor Today - November/December 2016 - VIEWPOINT
Advisor Today - November/December 2016 - NEW PRODUCTS
Advisor Today - November/December 2016 - 12
Advisor Today - November/December 2016 - I Love My Job, But I Don’t Want to Do it Forever!
Advisor Today - November/December 2016 - Building a Practice You Love
Advisor Today - November/December 2016 - The New American Dream
Advisor Today - November/December 2016 - A New View of Retirement
Advisor Today - November/December 2016 - College Education Funding: Helping Clients Evaluate What’s Best
Advisor Today - November/December 2016 - 18
Advisor Today - November/December 2016 - Portfolio Allocations for New Market Conditions
Advisor Today - November/December 2016 - 20
Advisor Today - November/December 2016 - Leveraging the Power of Study Groups
Advisor Today - November/December 2016 - 22
Advisor Today - November/December 2016 - 23
Advisor Today - November/December 2016 - An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Advisor Today - November/December 2016 - 25
Advisor Today - November/December 2016 - Start with “Why”
Advisor Today - November/December 2016 - 27
Advisor Today - November/December 2016 - Best Practices for Selling Group LTCI
Advisor Today - November/December 2016 - 29
Advisor Today - November/December 2016 - From Yes to Success
Advisor Today - November/December 2016 - 31
Advisor Today - November/December 2016 - Meet NAIFA’s New President
Advisor Today - November/December 2016 - 33
Advisor Today - November/December 2016 - 34
Advisor Today - November/December 2016 - 35
Advisor Today - November/December 2016 - 36
Advisor Today - November/December 2016 - 37
Advisor Today - November/December 2016 - NAIFA’s 2016 Performance + Purpose Conference
Advisor Today - November/December 2016 - 39
Advisor Today - November/December 2016 - 40
Advisor Today - November/December 2016 - 41
Advisor Today - November/December 2016 - 42
Advisor Today - November/December 2016 - 43
Advisor Today - November/December 2016 - 44
Advisor Today - November/December 2016 - NAIFA GOVERNMENT RELATIONS
Advisor Today - November/December 2016 - 4 Ways to Build an Effective Email Marketing System
Advisor Today - November/December 2016 - ADVERTISER INDEX
Advisor Today - November/December 2016 - BACK PAGE
Advisor Today - November/December 2016 - cover3
Advisor Today - November/December 2016 - cover4
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