The Client-centred Blog

What does it really take to 10x grow a financial planning business?

What makes people change their behaviour?

There is a critical factor in growing a financial planning business that is often misunderstood.

Despite there being lots of information available on how to do it, Michael Gerber, author of ‘The E-Myth Revisited’, observed:

“Why is it that with all the information available today on how to be successful in small business, so few people really are?”

My good friend and brilliant coach Wyn Morgan recently shared how a business client of his had a goal of growing their company by 10x in two years.

The client had shared the training and development plan for their people and how it would deliver the results they wanted. Yet Wyn immediately knew it would not work and his question to the leaders of the business was:

“What makes people change their behaviour?”

They were stuck for an answer other than ‘motivation’ and ‘skills training’.

Just like Wyn, I noticed early on in my coaching career that skills training often fails to make a lasting impact. But why is this?

As Wyn pointed out, skills training can be powerful, but only when people actually adopt the new skills.

The problem with intervening at the behavioural level is that people often struggle to implement and maintain the new skills because something else must happen first.

Real and lasting change only happens with a change in mindset

A ’10x’ result does not come without a ’10x’ change within the minds of people. In other words, change must happen in people’s hearts and minds first and then the results follow.

New insights, fresh thinking, and the dissolving of limiting beliefs are what lead to a lasting change in behaviour.

What got you here won’t get you there

Often, the thinking that gets you to your current level of success is not the thinking that will get you to your next level.

When working financial planners who want to grow their practice, I first want to deeply understand how they see their world.

I am listening to understand and to see what insights I get.

It is always insight that is behind change

A financial planner I worked with had been stuck on the same plateau of results for several years.

He had no more time available so the result had to come within the time he already had. And he could not see how, despite helpful advice from other people.   

What jumped out at me was the time he was spending on unprofitable clients.

We explored why this made sense to him and he had an underlying belief about needing grab every single opportunity.

Anyone who has built a practice from scratch knows that, in the beginning, you do tend to grab every opportunity. Yet there also comes a time when this holds you back.

His ‘ah-ha’ moment was his realisation that his behaviour was driven by a feeling of scarcity. And once he saw that this was just a thought it no longer held any power over him.  

His new thinking naturally led to effortless changes in behaviour. Within a few months his business levels had increased by 150%! (Here is a link to my post ‘working only with wonderful clients-the two essential questions).     

Understanding how your mind works

Your mind is incredibly powerful. It will give you the thinking you need, or it can hold you back and keep you stuck.

What sets you free?

Behaviour is after the fact of state of mind and this is why skills training alone often does not stick.

In over a decade of taking a ‘state of mind’ approach to creating step-change, the results speak for themselves.

When we know where to look for new thinking, we naturally tend to get more of it. The changes we want then naturally follow without struggle.  

P.S. What step-change results would you love to create in your business? Would like to produce those results quicker and easier? Contact me at to set up a conversation.


Leave a Comment

Related articles

Stress free goal setting for financial planners
What is your experience of goal setting? For me, I would set goals because it seemed like a good idea to know where I wanted to get to. Yet I found that, at times, the process could often become quite stressful. I have also heard many people share that this is experience too. So, if stress free goal setting is something that would be valuable to you, please read on.
The value of knowing your value
Last week I was in London for three days attending the AJC Coaching Career School. This is a six-month long school, run by Ankush Jain, for coaches who want to build a more impactful coaching practice. For me, one of the most important things about being in business is that it feels fresh, inspiring, and as exciting as it did in the beginning.
Why elevator pitches don't work
What prompted me to write this article about elevator pitches was reading an article published by Asana. It said: "A good elevator pitch can be the difference between landing your next big opportunity or falling short of the competition." Really? Does this stack up?
Be the casino, not the gambler
Are you happy in your job as a financial planner or adviser? I often speak with financial planners or advisers who feel stuck in a rut and want to reinvigorate their work.  Maybe they have been doing the same thing for a long while and simply want to change. Sometimes they want to do things differently but experience some doubt. Sometimes it is they find a certain aspect of their job unrewarding.   So, how do you begin to turn this around?
My favourite Einstein quote and why it matters
One of the biggest challenges for a financial adviser is getting stuck on a plateau they cannot seem to move past. Can you think of a recurring problem or limitation in your business?
Two approaches to goal setting and why only one is healthy
I have found that goal setting can be a double-edged sword.  On one hand we want to achieve things that are important to us, so aiming at something makes sense. Yet for many people pushing hard towards their goals also causes them a lot of stress and compromises their quality of life.
A new way of thinking about financial planning fees  
Although there seems to be plenty of information on the process of increasing your financial planning fee, there is far less on the thinking behind it. So, in this article I am taking an alternative look at fee charging. Read on to discover:  1. How most firms set fees 2. A different way of thinking about fees 3. What clients pay for
Is money holding you back from building a prosperous financial planning practice?
I read a survey conducted with financial advisers asking what their biggest challenge was. Number one was getting clients. It would be easy to believe that all is required to solve this problem is finding a reliable source of potential clients. Yet this is not always true. As I discovered, we sometimes have an 'upper-limit' issue that slows us down.
Wisdom from one of the UK's most successful female financial planners
My client Fulva Giust is one of the UK's most successful female financial planners, operating for over thirty years.  Fulva has built a thriving practice serving wealthy families and individuals built upon rock solid foundations of trust, caring, and kindness. She takes a deep interest in the lives of her clients, what they want to accomplish and their relationship with money.
10 powerful ways a financial planner can deeply serve clients from the first moment
How can you begin to deeply serve a client from the very first moment? When meeting with a potential client there are likely to be at least three important questions on their mind: 1. Do I like them? 2. Can I trust them? 3. Can they help me?
Do you hate selling financial planning? Discover the two shifts that change everything
Do you love working with your existing clients but hate selling? If so, you would not be alone. Yet rather than enduring this essential aspect of being a financial planner what if you could learn to love what is often perceived as the hard part? If this is you then read on to discover two shifts that can change everything.
The 12 Client-centred mind shifts - part 3
Have you ever considered what creates the very highest value for your financial planning clients? I am going to suggest it is not, important as they are, the financial arrangements you recommend and put in place for them. No. It is their own mind shifts.
The 7 secrets of thriving in a long-term financial planning career
It seems to me that many people lose their passion for what they do, especially if they have done it for a long time. So, what are the secrets of thriving in a long-term financial planning career?
The hidden secret of where you find financial planning clients
Do you want to know the hidden secret of where you find financial planning clients? Most of the advice on how to find financial planning clients is prescriptive. It tells you what to do or where to look. Yet how helpful is this?
What are the three roles of a lifestyle financial planner?
Do you ever find your role as a lifestyle financial planner being overly complex? Would you like it to be simpler, more productive, and more rewarding? If so, this article considers that there are only three core roles of a lifestyle financial planner.
10 career boosting books for financial planners
Why do people's careers stall, stagnate, become mundane, fall short of expectations, and, ultimately, lack the rewards they want? In my experience it is rarely lack of...
Your financial planning fees - why they must NEVER be an issue
This article explores why your financial planning fees must never be an issue with clients. Just recently a financial planner client of mine came to our coaching session wanting to talk about a fee situation with a client of his.
The three types of financial planning client
There are three types of financial planning client you can build your practice around. And because the three types are defined by what the client values, it can make a massive difference to the quality of your business.
Financial Planning clients for life - the one thing you MUST do
Creating happy, enthusiastic, loyal financial planning clients for life requires you to do one thing well, and consistently. What is that one thing?
How to get financial planning clients - the only way I know
Financial planning is not a commodity. It is experiential and conversations are right at the core of this.
The best prospecting advice for financial planners
Why do some financial planners seem to effortlessly find clients whilst others experience growing their practice as a constant struggle?
Can coaching for financial planners really help your career?
Why are an increasing number of financial planners choosing to work with a coach? Is it something that could help you accomplish your most important goals and realise more of your potential as a financial planner? Read on to discover why coaching works...
Financial planning relationships - how to add massive long-term value
No matter how long you have known your client what is the secret to continuing to add massive value? Imagine when you first meet a new client and the early period of your relationship. In the beginning...