As I approach 20 years in the financial services profession, one lesson stands out: Sometimes the best way to grow your business is to step back and evaluate it. By taking a closer look, we may find what we need is more focus, not more work.
We spend so much time working in our business — meeting clients, managing staff and handling daily challenges — that we rarely stop to work on our business. Yet taking an objective look at what’s working and what’s not can lead to meaningful improvements.
A difficult decision
A year ago, I was managing three different lines of business: financial advice, health insurance, and property and casualty insurance. Business was strong, and I had good people supporting me. Despite the success, though, I felt pulled in too many directions.
After a great deal of thought, I made a difficult decision. I sold the property and casualty side of my business to my longtime office manager.
It wasn’t an easy choice, but it proved to be the right one.
The transition created benefits for everyone involved. Clients received dedicated attention from someone passionate about serving their insurance needs. My former office manager gained an opportunity to grow a business he knew well. And I was able to focus more fully on my financial advice and health insurance clients.
Renewed purpose, less stress
The biggest change wasn’t just operational — it was personal.
Almost immediately, I felt a weight lifted from me. The stress of juggling multiple business lines disappeared. In fact, my wife noticed the difference before I did. By simplifying my business, I gained clarity, focus and a renewed sense of purpose.
Not every advisor needs to make a structural change this significant. Sometimes the opportunities are much smaller: improving a process, eliminating an inefficient task or finding better ways to serve clients.
The important thing is to regularly ask yourself:
- What activities create the most value?
- What is draining time and energy?
- Where can I simplify?
- What changes would improve both efficiency and satisfaction?
Supporting transitions
Major transitions also require thoughtful client communication. Even after I sold the property and casualty business, clients continued coming to me for insurance needs. I made sure to connect them with the new owner, someone I trusted completely. Supporting clients through change — and supporting the person taking over the business — was simply the right thing to do.
Success isn’t just about growing your business. It’s about building a business that allows you to do your best work while enjoying the journey along the way.
Robert Cullen is a 15-year MDRT member, and he’s also a Top of the Table member.
