Stand By Me, My Apprentice

The title of this article has been taken from the seminal song, Turn The Page by The Streets. I use to listen to it every day before going out to sell boat party tickets door-to-door in Cyprus.

The figures you see below are the year-end turnover totals of my first 24 months as a financial adviser.

2009: £1,320

2010: £11,509

I worked 60-hour weeks reading all I could, speaking to anyone I could, and learning as much as I could. I would read policy documents from the first word to the last. I would read MoneyFacts cover to cover. I would call every insurance company and ask as many questions as I could.

In my first 24 months I estimate I spent 6,000 hours working on the craft of financial advice. This works out to roughly £2 an hour, after expenses I was paid £0 per hour. I could have got a job in a bank, I could have been employed by a big corp IFA firm, I would have been higher up the ladder but my ladder would have been leaning on the wrong wall.

I was seeking excellence, I wanted to learn the right way to do things. I wanted to be the best and reach the top. I’m still a long way off the top but what took me 24 months to achieve in the beginning, my businesses now take this in pretty much each week. I share this because it’s important to appreciate the journey and know that if you’re also seeking excellence it’s going to be a rough ride. I’ve made many mistakes, I’ve failed a lot. I’ve had some victories, but the victories whisper and the failures scream. That old loss aversion in all its glory.

The apprenticeship stage in this business is at least a decade long. There is no shortcut. You have to put in the work. You have to learn a lot but more importantly unlearn almost as much. Constantly shrinking your circle of competence.

In Japan, in order to become a sushi master the apprenticeship stage is almost a decade. You start off at the bottom doing tedious manual jobs in the kitchen, which in hindsight is the real work. After several years of work, you’re promoted to what they call a ‘wakiita’ which translates to ‘near the cutting board’. After further years ‘near the board’ you’re finally promoted to an ‘Itamae’. You’ve served your apprenticeship and now have the right to stand in front of the board.

If you haven’t seen the documentary "Jiro Dreams of Sushi", watch it immediately. It’s one of the greatest documentaries about seeking excellence.

The business of financial advice presents two pillars to advisers. The first pillar is being a technician and working directly with client families, in essence financial planning, investment advice and coaching. The second pillar is being a business owner, which in essence is building a brand, processes and teams. Few of us master both pillars, but I hope you can achieve them both.

If you take shortcuts you won’t reach the top, to be average in this mighty profession is easy. Taking risks and starting at the bottom is the harder path. The tall poppies get cut, and many people take shots at those who speak out.

I’ll leave you with a superb quote from Denzel Washington

“You'll never be criticized by someone who is doing more than you. You’ll always be criticized by someone doing less. Remember that."