As a financial advisor, do you feel like you are the only one who can get things done? If so, you may be falling prey to what Brandon Stukey calls the delegation deception. This isn’t deception from an external source, but rather a form of self-deception that can hold you back from achieving the success you desire. In this blog post, we’ll explore what the delegation deception is, why it’s a problem, and how you can overcome it to take your business to the next level.
The Delegation Deception: What Is It?
At its core, the delegation deception is the belief that you are the only person who can get something done. This often stems from an insecurity about your abilities or a desire to maintain control over all aspects of your business. You may feel like you are the only one who can write effective emails, make follow-up calls, or prepare for appointments. This mindset can be especially problematic for financial advisors who want to grow their business and take on more clients.
Why Is the Delegation Deception a Problem?
The delegation deception is a problem because it limits your ability to scale your business. If you are spending all of your time on low-value tasks like writing emails or making follow-up calls, you won’t have enough time to focus on high-value tasks like acquiring new clients or serving existing ones. This can lead to stagnation and make it difficult to take your business to the next level. Additionally, it can lead to burnout and a lack of work-life balance.
How Can You Overcome the Delegation Deception?
The first step to overcoming the delegation deception is to recognize that it exists. As Brandon Stukey notes, many financial advisors struggle with this mindset, so you’re not alone if you find yourself falling into this trap. Once you acknowledge the problem, you can start to take action to address it.
One useful tool for overcoming the delegation deception is the delegation filter, developed by Dan Sullivan. This exercise involves breaking down every task you do in your business into four categories:
Unique ability: These are the tasks that you are best at and that only you can do. Examples might include running appointments, selling, creating financial plans, or managing money.
Excellent: These are tasks that you are good at, but that someone else could also do well.
Okay: These are tasks that you can do, but that you don’t love and aren’t great at.
Hate: These are tasks that you don’t like and that you’re not good at.
Once you’ve categorized all of your tasks, you can start to identify which ones you can delegate or outsource. Every task that you can hand off to someone else is an hour that you can reinvest in high-value activities that will help you grow your business.
If you’re a financial advisor struggling with the delegation deception, you’re not alone. Many advisors fall into the trap of thinking that they are the only ones who can get things done. However, this mindset can limit your ability to scale your business and achieve the success you desire. By acknowledging the problem and using tools like the delegation filter, you can overcome the delegation deception and take your business to the next level.