I just returned from the 2016 Bank Insurance and Securities Association annual convention. As always, it is a great event where competitors come together to discuss processes and strategies to deal with the challenges of growing financial institution-owned investment (broker) programs.
I believe this is actually my 7th conference: the first one being 2009. As you can imagine, that year was quite a conference as banks and investment firms/companies were in the throws of a financially disastrous economic downturn. This year, there is a new challenge on the horizon - the impending DOL (Department of Labor) legislation regulating fiduciary responsibility of advisors when discussing, presenting and offering solutions to retirement funds. Although there was way too much information to get it all a single post, the topic did leave me with much I would like to share with my readers.
So, this is my thought for today - investing in success.
This is going to sound self-serving. However, I assure you, it is not. As a company, we have probably invested $40,000.00 in real dollars to learn about the industry the BISA represents as well as learn more about the problems and challenges facing those that are responsible for leading and managing sales teams to meet the investment program goals. This year alone, and I just finished tallying just my expenses for the trip, we will have invested very close to $20,000.00 so that we can better understand AND service our target market.
Understand that when I say "our company" I really mean my wife, Linda, and me. It is our company. It is our money. So, every dollar we spend in and for our company that is a dollar that we don’t invest in our own family and future. It really is our money. The point is that we look at it as an investment and not just an expense. It's an investment that will return future dollars to the company.
As I was flying back yesterday, I was thinking about that and thinking about those that attended and those individual salespeople (thousands of them) represented by the firms/companies in attendance and I realized a couple of things:
* There are people there just like me that are taking money out of their pocket and investing in a future.
* There are people there that are using company dollars BUT they are using personal time away from their family and investing that time to invest in their future.
* The investment, either way, is substantial.
* The investment of time alone is close to three 14-hour days.
My point and suggestion today is this - in order to become all that you can be, you need to personally invest time, money and effort to learn. It’s more than an investment of the 40 to 50 hours a week working in the business. It is an additional investment of time working on your business necessary for future success.