How problems strengthen our business

By Rickson Joel D’Souza

Businesses face challenges. Some of those, such as regulations, are not in our control. What’s is in our control, however, is our response. For me, challenges sharpen my game.

Opportunity in challenges

For example, when regulations change and require you to earn more credentials and qualifications, that’s good for you professionally. Or a change in the regulatory environment may lead you to restructure your business and focus on areas where you excel. That’s good too.

Financial-industry changes led me to identify the specific products and services that created the most problems for me, and then I stopped offering those products. When I eliminated those products, I also identified the type of client who would no longer be a good fit for me and required too many resources to work with — and for not enough income.

Working with ideal clients

I now have more time to focus on clients whose needs match what I do best. This allows me to do a better job finding gaps in clients’ financial situations and protecting their interests, their families and their businesses.

Regulatory issues will be part of your business, which is true for a variety of industries — from financial services to the medical field. Transform changes and challenges to opportunities by adapting and planning for them. And you will reach your goals and beyond.

Rickson D’Souza, of Dubai, United Arab Emirates, has been an MDRT member since 2003 and is a Top of the Table qualifier.  He specializes in high-net-worth clients. See more him in the video “Integrity matters: The value of putting clients first.” 

Learn more about MDRT members who overcame challenges to build stronger businesses

• Read how Harpreet Singh Atwal, Dip FA, BSc(Hons), went from two struggling offices to one thriving home office.
• Listen to how the solution for client no-shows led Leanne Barbara Bull, CFP, Dip FP, to the Top of the Table.
• Compliance changes in England drove thousands of financial advisors out of the industry. For Ian Green, Dip PFS, it led him to the Top of the Table and MDRT leadership.
• Watch Top of the Table qualifier Karl Hartey discuss how he thrived despite an industry upheaval.
• Read “Predicting the future of regulations” to see what regulatory changes may be coming your way.