You may be shocked to hear the Denver Broncos quarterback Peyton Manning, while gaining MVP status on the field, hails as keynote speaker at financial conferences. He’s a superstar investor.
At a recent financial conference, Manning had four tips for his audience of successful investors.
Let’s look at each of his tips, and break them down in investment terms.
1. Thrive on Discomfort
Manning referred to discomfort as a “game changer”. As successful investors are thrown into new environments, they must learn how to adapt. Embrace what makes you feel the discomfort, and use it to develop your investing style.
Nobody ever found themselves on the top without having to work their way there. Discomfort means a new and different approach will be needed, and it takes these struggles to become more knowledgeable and
2. Ask Questions
Manning will use questions to help lead his teammates see for themselves what will make a good play. Investors should ask questions as well, he states.
As an advisor, questions help you understand the needs of your clients. Questions also help your client understand where you’re coming from, and why you are leading them towards certain investments. A place of understanding between investor and client helps you work as a team for even greater results.
3. Move on After a Bad Play
In football, it’s clear when a play is over. You move on. That’s it. When the other team scores touchdown after touchdown against you, you change your strategy and keep playing.
In investing, some people will hold on with the hope that it will eventually break even.
Accepting that you’ve lost an investment is huge. But the bad bets happen, and it’s critical that you aren’t stuck on them. Admit your mistakes, reinvest your money,
4. Invest in a Coach to Keep You Growing
In the off-season, Manning works with Duke Head Football Coach, his former college offensive coordinator, to improve his skills.
Even the pros need to keep growing their skills.
In this case, you are the coach. Being a financial advisor means you will help grow the expertise of your clients and help them use their time wisely.
All of your clients are potential Mannings. As Manning goes back to the coach that brought him to what he is now after each season, clients will happily return to you if you help to facilitate their growth..
It’s your turn to shine as the MVP of the finance world.
Look at the market like Manning’s playing field.
Know your own strengths, and play them up. There’s a reason they don’t put the skinny guys in as linebackers. Use your strengths to your advantage, and as you can, help yourself grow your weaknesses.
Be a team player, and lead your team to success by helping each member grow on their own accord. Not every member of your ‘team’ will play the same position, but it’s your job to make sure each teammate is rocking the position they’re in.