Focus on your best value as an advisor

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Meeting the Challenge

The financial services profession allows the opportunity for us, as advisors to take big calculated risks with little capital investment. Unlike building a factory, or opening up a new storefront with equipment that could cost hundreds of thousands of dollars, we can simply try a new marketing approach or print a new brochure to try something completely different.

My big swing and miss moment was when I attempted to get into the seminar business. A number of my MDRT friends were very successful at running seminar marketing programs. So I thought it would be easy for me to change from a benefits 401(k) practice and get into the seminar marketing business.

I bought the programs, I booked the rooms and I actually did have a fairly good series of seminars for retirees. I invested about $30,000 and my return was about double, which would seem successful. However, I did not take into account the fact that for 15 months I was not building my benefits practice. When I calculated the lost opportunity costs of not building my benefits practice, I probably lost double my returns on the seminars.

The best value that I found out of this was in the learning lesson that I should stick to my best and highest use as an advisor.

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Brian D. Heckert, CLU, ChFC, AIF®, of Nashville, Illinois, is the immediate past president of MDRT. He is a 28-year MDRT member with seven Court of the Table and nine Top of the Table honors. He is a Legion of Honor Excalibur Knight of the MDRT Foundation and a member of its Inner Circle Society. His Round Table volunteerism includes speaking at the Annual Meeting and MDRT Experience and Global Conference, as well as service on multiple MDRT committees and task forces. He served on the MDRT Foundation Board of Trustees for three years and was Divisional Vice President three times.

 

Heckert is the founder and managing member of Financial Solutions Midwest LLC, a financial planning firm focused on creative retirement plan design and income distribution planning.

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Focus on your best value as an advisor