Perspective :

Stuck in a growth plateau? Embrace a growth mindset.

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Throughout my career, I’ve seen a recurring pattern across different people and contexts – whether it’s friends, family, employees, companies, or the financial advisors we work with. It seems like many people (or companies) hit a growth plateau after achieving initial success. They find themselves unsure how to keep the momentum going and push forward.

Some people are okay with the status quo, but others yearn to break out of that rut and just don’t know how. In my experience, the one thing that separates those who can overcome this challenge is a growth mindset – a way of thinking that drives continuous improvement, learning, and perseverance.

To adopt a growth mindset, it’s crucial to understand the difference between a fixed mindset and a growth mindset. This concept came from psychologist Carol Dweck’s book Mindset: The New Psychology of Success. There’s a visual that really helps illustrate the key differences between these two mindsets below.

Basically, a fixed mindset sees abilities and talents as fixed traits, thinking that success comes from innate intelligence or talent. On the other hand, a growth mindset views abilities as dynamic and capable of development through dedication and hard work.

So, now that we know what a growth mindset is – let’s talk about how you, as a financial advisor, can put this into practice.

Here are ten questions you can ask yourself to get started:
  1. In what ways can you seek out new challenges and growth opportunities in your daily work?
  2. How can you become more open to feedback and constructive criticism to improve your skills and strategies?
  3. What lessons can you learn from past failures and setbacks, and how can you apply them to your practice?
  4. How can you be more adaptable and willing to adjust your approach in response to changes within the industry?
  5. What steps can you take to prioritize continuous learning and skill development for yourself and your team, and how can you encourage this culture?
  6. How can you embrace calculated risks and change to achieve long-term success, and what might be holding you back?
  7. What can you do to foster a culture of innovation and creativity within your business?
  8. How can you focus on building enterprise value and investing in your business’s future?
  9. In what ways can you consistently strive to enhance the client experience and deliver exceptional service, and what areas could be improved?
  10. What actions can you take to step out of your comfort zone and pursue growth and development opportunities?

Sometimes, finding ways to grow your financial advisory practice is all about thinking outside the box. Here are a few strategies that might be worth exploring:

  • Outsourcing: Delegating investment management to external firms can free up your time to focus on high-value activities, like strengthening client relationships, which can lead to referrals.
  • Delegating: Passing on tasks to your team members can help you optimize your workflow and tap into everyone’s strengths.
  • Exploring new products and services: By offering services tailored to high-net-worth clients or specializing in a niche market, you can attract new business and set yourself apart from the competition.
  • Building your firm’s brand: A strong brand can help you establish credibility, create a sense of trust, and make your business more memorable.
  • Establishing COI relationships: Forming connections with professionals like CPAs, attorneys, insurance agents, and private bankers can lead to mutually beneficial partnerships and expand your reach.

These are just a few ideas to get you started. Reflecting on these strategies and questions can help you identify areas where you can adopt a growth mindset and take your financial advisory practice to the next level. By embracing change and thinking strategically, you’ll be better equipped to grow your revenue and expand your business.

HERE ARE SOME PERSPECTIVES ON WHAT A GROWTH MINDSET MEANS TO OUR ASSOCIATES:

Information provided herein reflects Frontier’s views as of the date of this presentation and can change at any time without notice.

This information has been prepared by Frontier based on data and information provided by internal and external sources. While we believe the information provided by external sources to be reliable, we do not warrant its accuracy or completeness. Nor should their use be construed as an endorsement.

Frontier Asset Management is a Registered Investment Adviser. The firm’s ADV Brochure and Form CRS are available at no charge by request at info@frontierasset.com or 307.673.5675 and are available on our website www.frontierasset.com. They include important disclosures and should be read carefully.

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