June 21, 2018
Would you really give up 36K a year to be able to say what you want to say?
I think we’ve all been in a situation where we had something we wanted to say. We had something we want to share.
We wanted our voice to be heard.
We had an opinion that we felt mattered.
But, we were in a situation where we weren’t allowed to speak.
I found myself in this exact situation.
I want to share with you where I was, why I felt trapped, and why I was willing to give up $36K.
So I want to tell you a story..
The story begins when I left my old brokerage firm as a financial advisor. I decided to go out on my own and become independent.
I needed to market myself differently, so I decided to launch a blog.
It was exciting...online marketing….social media, etc. I thought “my financial practice is going to blow up!” 🍾
What most people don’t realize is that for financial advisors to be able to market, especially on line, we have to follow very strict guidelines. We have a compliance department that we have to answer to for everything we do.
When I first approached this compliance department about starting a blog….the said NO! ⛔
I don’t like being told no.
But I wanted to be sure I was being nice, and being gracious. So I took the time to explain to them what a blog was.
I explained that they would still be able to approve my articles before I hit publish, much like if I were publishing in a local newspaper. Amazingly, that accepted that and said YES! 👍
At the time I had my Series 7 license and was allowed to earn a commission if I sold certain products. I didn’t sell a lot of those products, so I didn’t make a lot of commission. But I wasn’t prepared to let that go.
However, I had so many restrictions on what I could say and what terms I could use. I had to have all my blog posts approved, which took 5-7 business days. But I followed the rules and did things the way I was supposed to.
Then I started having some success with my blog. I started getting local media mentions and quoted in big time media like Forbes, Fox News and CNBC. Then I started getting clients that found me on Google.
All of this happened because of my online marketing efforts through my blog.
Then I had a blog post rejected for one thing that I said: “I love the Roth IRA’ - I wasn’t allowed to make that claim….What?
I bit my tongue, said OK and pushed on. I kept getting approval for my blogs and my business continued to grow.
During this time Twitter and Facebook really started taking off, so I used those tools to promote my blog.
I can’t remember exactly what happened, maybe a change over with my contact person...but I received an email that said: From now on, if you want to publish something to Twitter or Facebook, you have to get those preapproved.
So I am like Wait...so if I go out and have an awesome dinner on Saturday night I have to wait until Monday when your office is open, fax you my post (that my dinner was awesome), and then wait 5-7 business days for you to approve that?
Yes. That is exactly what they wanted me to do.
At this point, I knew I had to make a change. I made some connections with other financial advisors that were promoting on social media, etc. just like me. Only, they didn’t have all these restrictions. They had decided to drop their Series 7 license.
😰 I knew if I let my Series 7 license go, there was income that I was going to lose. It amounted to around $36,000. At that time, that was a pretty significant amount of money.
I had to determine if I could replace that income if I dropped my license. I had faith that I could.
So I dropped my Series 7 License, formed my own Wealth Management Alliance - all so I could say what I wanted to say.
It was a process, I had to take a lot of steps before I could drop the license.
So the question is...did I replace the $36K….yes, yes I did.
I actually replaced it and then some within that next year.
All of this happened because I decided to take a chance.
So here is my question to you….
Would you give up $36K a year to be able to say what you want to say?
Would you be scared? 😰
Would you just dive in like I did?
Let me know in the comments what you think.