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South Burlington, VT

Value Creation Blog

Why One Thing Is Better Than Five Things – Wealth Management

Posted by Josh Patrick

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Comprehensive wealth management for private business owners covers a lot of areas.  I often find clients that we work with want to tackle five to ten areas at one time.  One of the challenges that I have is helping them realize that going after one or two will move us much more quickly than trying to do five or more at a time.

When you work on wealth management issues all of the other things that happen in your company are not going to come to a stop.  Customers will continue to call, machines will continue to break and personnel issues will march right along.  Working on wealth management projects requires that we carve off some time from activities that you’re already doing.

First, look at the low hanging fruit.  When starting a wealth management project start with the easiest thing first.  Success is always a good thing.  I find that success will breed success.  If the first thing we accomplish is relatively easy and has a nice payoff there is often interest in taking on another project.

Working on one thing at a time allows you to focus.  When we are trying to accomplish one thing we can really focus on the project at hand.  Conversations are more pointed and we can set clear outcomes that allow us to know when it’s time to move to the next project.

When we work on several strategic projects at once, we tend to wander from one project to another with no real forward momentum.  It’s movement that allows us to feel that we’re on the right track.

Success makes us want to continue.  If we work on too many projects at once we often don’t see any movement towards on any of our projects.  It becomes easy to get discouraged which leads to a lack of motivation to work on anything.

On the other hand, if we experience success on a project we’re likely to want to continue moving forward.  We can look forward to see there is more to do.  More importantly, we can also look backwards and see that there has been some progress towards our outcome.

Many people who own businesses are used to multi-tasking.  I believe that taking a different tact on strategic activities brings better results with less effort.  And who isn’t interested in that?

Josh Patrick

I’ve recently put together a mind map of the wealth management process for private business owners.  To get a copy of this mind map please click on the button below.  You’ll be taken to our signup page where you can download the map.


Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.


Topics: for business owners, wealth management, Focus

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