Carson Coaching Chronicle Issue #16: Identifying and Implementing Growth Strategies

Carson Coaching Chronicle Issue #16: Identifying and Implementing Growth Strategies

"When we know why we do what we do, everything falls into place," says author Simon Sinek.

And in order to grow your business, you must know your why, says Executive Business Coach J.J. Peller. You have to know what is driving you to grow your firm and how it will help your clients. Then, as Sinek says, things will fall into place!

There are so many ways to grow your firm, but here at Carson Coaching, we're big on the fundamentals. And in this issue of the Carson Coaching Chronicle, we offer you some fundamental tips to grow your business, including: cultivating your growth mindset, focusing on passion prospecting, and asking for referrals.

Also in this issue, you'll find:

  • Access a free resource from Carson Coaching – plus invites to some other free events!  

  • Insight into what we’re reading.  

  • Some stats and facts that might be top of mind for your clients.  

  • The inside track on the best way to ask for referrals.

 Let's get into it!


Fundamental to Firm Growth: A Growth Mindset 

Having a growth mindset is foundational to growing your business, writes J.J. Peller in this month’s Journal of Financial Planning. And in order to cultivate a growth mindset, you need to know your why.  

Harris III, who is a storyteller and magician speaking at our Excell Conference this month, said finding your why is a matter of exploring why you fell in love with what you do in the first place. Why do you love helping clients? What excites you about this work?  

J.J. dives into five ways to improve your growth mindset stemming from finding your overall why:  

1.) Explore the reasons you want to grow your firm. How will your growth help your clients? How will growth help you change your clients' lives?  

2.) Remind yourself of the reasons you want to grow every day. J.J. recommends physically writing down these reasons in a journal.  

3.) Be in community with people who are excited to grow because the growth mindset is contagious!  

4.) Set big, audacious goals and track and measure your progress.  

5.) Don’t let excuses stop you from reaching your big growth goals.  

For a deeper dive into growth strategies with both existing and prospective clients, read J.J.’s full article from the Journal of Financial Planning. ◼  


The Key to Boosting Growth Lies in Your Passions 

What are the things you like to do in your spare time? Is it hiking? Wine tasting? Antiquing?  

You might wonder what identifying your passions has to do with growing your business, but J.J. Peller writes that integrating your passions into your prospecting process is critical to growing your firm with clients you have things in common and connect with.  

“At the end of the day, this business is about meeting enough people so that you can find the people you’re meant to be helping and serving,” J.J. writes in his latest blog post.  

There are four steps to getting started with passion prospecting:  

1.) Ask yourself some questions to identify your passions. Questions like: If money wasn’t an issue, what would you spend your time doing? What is one part of your weekly routine you look forward to? What kind of outdoor activities do you enjoy doing?  

2.) Start thinking about what kind of events you’d like to plan based on that list of passions. For example, if you like to hike, you might consider a group hike at a nearby trail.  

3.) Determine who you’ll invite—whether that’s warm prospects you’re trying to close or brand-new prospects. Definitely include some of your top clients on the guest list. You can also invite any centers of influence you work with.  

4.) Plan the event. Remember to keep it simple and not overburden yourself.  

What better combo is there than doing something you love while growing the business you love? Learn more about passion prospecting in J.J.’s latest blog post. ◼


What We’ve Got for You This Month  

Our members and partners have access to a range of events and resources. Here’s what we’ve got for you this month: 

Passion Prospecting Checklist. You’ve decided you want to do a passion prospecting event. You’ve picked what the event will be, but you need some help keeping you on track with the planning. This month’s featured resource can help you do that. Find it here.  

Group Coaching Call with J.J. Peller. Join us for a free Group Coaching Call, co-powered by the Financial Planning Association (FPA), where we’ll dive into how you can implement growth strategies, including passion prospecting. Join the call, titled Growth Isn’t Just a Destination: Strategies to Fuel Your Growth Journey, at 1 p.m., Central, Sept. 17. Register here.  

ReFrame with Yan Zhao. Live from Excell, we'll interview Yan Zhao, co-founder and president of Stone Ridge Asset Management about her journey to being a successful entrepreneur, what exciting projects she's working on and her advice to other entrepreneurs. Join us live from Excell at 11:45 a.m., Central, Sept. 10.

ReFrame with Dr. Lisa Toppin. Join Ana Trujillo Limón, MBA, as she interviews Carson’s Dr. Lisa Toppin, VP, Workforce & Market Expansion, about her journey into the industry, her role at Carson, and her take on how we can tackle issues surfaced in our State of Women in Wealth Management Research. This episode will be streamed live from our Excell conference at 1:15 p.m., Central, Sept. 11.


📚 What We’re Reading  

Our team of lifelong learners is big on reading. Here’s what we’ve been reading this month that you might want to check out! 

  • In Radical Candor Be a Kick-Ass Boss Without Losing Your Humanity Kim Scott presents a dynamic framework tailored to leaders wanting to enhance team relationships and leadership effectiveness. The book champions a culture of open feedback, where praise and constructive criticism coexist, empowering you to navigate the complexities of team management. Scott’s candid and direct approach encourages teams to strive for excellence while fostering a collaborative atmosphere that nurtures creativity. By recognizing the distinct growth trajectories of team members, advisors can tailor their leadership styles to support both rapid and steady learners. Embracing collaborative leadership, active listening and prompt feedback not only builds strong teams but also aligns individual growth with the firm’s success, ultimately creating a thriving workplace culture. 

  • In Leaders Eat Last Why Some Teams Pull Together and Others Don’t, Simon Sinek reveals the incredible advantages of prioritizing employee well-being and nurturing a culture of trust. He highlights the brain's wiring for cooperation and empathy, showcasing how neurochemicals like endorphins and oxytocin promote productive teamwork. For financial advisors, the message is clear: by focusing on safety, belonging and purpose within your firm, you'll cultivate a loyal and motivated team that drives your firm’s success. Embrace servant leadership to transform your workplace into a thriving environment, benefitting both employees and clients!◼ 


Top of Mind: 10 Stats and Facts

Here are some stats and facts in the news that might be top of mind for your clients! 

4...The number of basic types of Medicare: Part A covers hospital, hospice and some home care. Part B covers doctor visits, diagnostic tests and other outpatient services. Part C (Medicare Advantage), is the private insurance alternative to traditional Medicare. Part D covers prescription drugs. (AARP

67.3 million...The number of people enrolled in Medicare as of this writing. (Centers for Medicare and Medicaid Services

50.4%...Percentage of those enrolled in Medicare who are enrolled in Medicare Advantage and other health plans. (Centers for Medicare and Medicaid Services

32.8 million...Number of people who are enrolled in a Medicare Advantage plan. Medicare Advantage, also known as Part C, is a Medicare-approved plan from a private company that offers an alternative to Original Medicare. (KFF)  

89.5%...Percentage of those people enrolled in Medicare who are age 65 and older. (Centers for Medicare and Medicaid Services

43...The number of Medicare Advantage plans the average Medicare beneficiary in 2024 has access to in 2024, the same as in 2023, but more than double the number of plans offered in 2018. (KFF

$174.70-$594...The range of monthly costs for Medicare Part B coverage in 2024 based on clients’ modified adjusted gross income as reported on their IRS tax return from two years ago. (Medicare.gov

76%...Percentage of seniors who believe their medication costs are unreasonable even when covered by Medicare Part D. (Moneywise

$2,000...The out-of-pocket limit on medication costs for seniors covered by Medicare Part D starting in 2025 thanks to the Inflation Reduction Act. (Moneywise

>99%...The percentage of Medicare Advantage plans that offer at least one supplemental benefit, whether it’s dental, fitness or hearing benefits, while the median number in 2022 was 23. (Moneywise) ◼ 


The Inside Track: Tips from the Coaches 

This month, Greg Opitz offers some wisdom on the best approach to ask for referrals:  

“I’m not sure how many hundreds of times advisors have pushed back on asking for referrals. We could spend an hour talking about all the excuses they come up with! Generally speaking, the best approach is to use multiple different things together to get people to take action. So one of the things I do when advisors suggest to me they don’t want to ask to referrals is say, ‘Oh, I didn’t realize you only wanted to grow your business half as fast.’  

The data is pretty universal and hasn’t changed for years—and it says 20 percent of humans refer without asking. It’s just who they are and if they like you and like your value, they’ll refer other people. You’re probably getting referrals from them already. Then there’s another 20 percent who will refer only if asked. Then there’s more than 50 percent of people who just never refer. They just don’t know people or they’re not inclined to.  

Suggest to your clients, ‘Who do you know that you want to help? Introduce them to us so we can help them in the same way we are helping you.’ Why leave half of your growth on the table by not asking? Think about why your purpose, your mission, your reason for your business exists and how those become fulfilled by asking more clients: ‘Who do you know that you want to help?’” 

Greg Opitz   


Want More?  

Did you like this newsletter? Then you might like our platform Carson Coaching Online, where you can get access to more content like courses, resources, ghostwritten articles (such as our beloved Weekly Market Commentary) and greeting cards.  

See if membership might be a good fit for you. Visit our website or email us at [email protected]. Or, schedule your complimentary 30-minute coaching exploratory call today with Katie Trout, Client Relationship Specialist. 

If you need some help on your growth journey, give us a call! With Carson Coaching, you don't just have one person, you have a whole team. 

We will see you again in October!◼  

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