The Five Essential Rings for Financial Advisors' Success

So grab a coffee , sit back and let's get ready to blast off . I'm your host , frans van der Toij . Alrighty , alrighty , alrighty . So I am a massive , am a massive , massive , massive , massive lord of the rings fan .

I'm into fantasy , I'm into , uh , all these kinds of weird and wonderful things and amazing worlds , things that don't exist , but they incorporate so many aspects that are actually directly you can see where it comes from , from our real life and what they are trying to depict in the story that they're trying to tell .

And Lord of the Rings overall is a thing about good triumphing over evil and all of that kind of stuff . So I know some people have got a very different view around that , but anyway .

So I'm going to take the good from it and I want to talk a little bit about that , and these going to take the good from it and I want to talk a little bit about that , and these five aspects is something that I've been talking about for a long time . Um , recently also steven bartlett in his book . He was also talking about this .

Um , so there's a there's a very strong correlation between between all of this , and I guess you know , for me , once principles have been discovered , or they've been set or whatever , a principle is something that stands the test of time . It doesn't matter whether you're in the 1800s or the 2100s or wherever you're going to be .

A principle is something that always will be true . It's not changing . It's like the principles of investing . We might invest in new things , in different things , but those principles still apply .

So , whether cryptocurrency is the new thing or whether you still think that gold is the thing , the same principles when it comes to investing can be applied to both of those scenarios , and there's certain aspects that we need to understand , and this is what this is for me . These five rings and the one to rule them all are principles .

These are things that you have to have if you want to be successful , and the one ring to rule them all are principles .

These are things that you have to have if you want to be successful , and the one ring to rule them all that I'm going to talk about is the one thing that is going to either make you super successful or average , or even maybe keep you from success at all . So I look forward to also sharing that with you , right ?

So , because we want to do this properly , so , because we want to do this properly , I want to . I even went ahead and made a couple of slides for today . So the very , very first ring that I want to talk about is the ring of lore . So what is that ? The ring of lore ?

So if you think about any sort of those of you that might be into tabletop games or gaming or any of those kinds of things , those of you that might be into tabletop games or gaming or any of those kinds of things , or even into fantasy reading , and that law is really the thing that you want to know about when it comes to all of these worlds .

It's the knowledge . So we need knowledge , and this is very important . So , without knowledge , we can't do the things that Tanya was talking about a little bit earlier , that we are able to add value and do things for people , et cetera . So knowledge is really the very first ring that you need . It's very , very important , right ?

So , if you think about it , there's two types of knowledge here . There's the theoretical knowledge , so our book knowledge I don't have a book with me .

So we need the theoretical knowledge because that gives gives us a starting point , doesn't make you experienced , it doesn't make you a professional , it doesn't make you wise , doesn't give you wisdom or anything like that , but it is the starting point for you to say well , now I have a framework or a body of knowledge or something that I can work from .

Then there's also the knowledge that we attain from our practical experiences . So the things that we do will teach us something . Now , the difference between the two is this that often on the practical side , we learn through failing . Many of us do not want to fail , so we just don't do anything .

But the challenge with this is it's a very long learning curve unless you do a lot of the stuff , like , for example , when we started the show and for 75 days in a row , I learned a lot in a very short space of time . So it's very , very possible to do that .

But now that we're going live once a week I mean to do 75 episodes now takes 75 weeks , whereas the first 75 episodes took 75 days , or a month and a half . You know , six weeks , so it's a difference that . So you can really speed up that knowledge by doing a lot quickly .

But the problem with knowledge as well is , if you consume too much , it also gets lost in the process , so you don't want to be doing that . I think it's really really important , right , so ? But both are very important .

So , theoretical knowledge , you know , if you think about doing something like a course , reading books , those kinds of things you do online courses , you can really learn a lot very quickly . But then it's really taking that and also using it in practice to see how it plays out for you . That's the important part , right ?

So the practical part also comes from that , and obviously we learn from life experiences . So that's how we acquire our knowledge .

But if we don't use that knowledge , you know , somebody the other day very proudly said that they read a hundred books for the year and I said , oh , so that's almost four books , you know , or a book every four days , and for me there's no value . I don't know this person and I don't know people are different .

I battle to read four books a year , but it's . What do you do with that ? So you can read and read , and read , and read and read , and that's absolutely fantastic . But which of those things have you implemented ? Which of those things have made a difference ?

So , for me , there's often more value in reading one book a hundred times , but every time you read it oh , here's another thing I'm ready to implement this now . Now , I can implement this , because you also can't go and implement the whole thing . So that part is very important .

So just think about , of all these things that we are reading , what are we really taking from it and implementing ? All right , because many of these books also say the same thing over and over and over again , just in a different way . So that's the first one , the ring of law . So that's knowledge . Okay , the next one . The next one is the ring of craft .

And when I say the ring of craft , what am I talking about ? It is skills . We need skills , and what do I mean by skills ? It's really the ability to perform a task really , really , really , really well and effectively . So it's that thing that you don't need to think about it too much , right ?

When we're still learning , I always say , like when we were taught to drive a car . We were busy learning driving a car . If you had to change gears , you looked at your foot at the clutch and then at the gears and then you were off the road because you couldn't .

And then you know , some of your instructor had to say a lot of the times oh , you need to look in the mirrors , you should look left and right . You know those kinds of things today . You do it so well that sometimes you end up somewhere you don't even know how you got there .

That's how we just do it , because we so we got so skilled at it and they're granted , some people do drive better than others . But at the end of the day you've learned this skill where you don't have to think about it anymore . You can just do , do . And that's when something translates from knowledge into skills .

You can really do it and also you understand that if you do this , it is going to impact these things . So think about those of you who just finished your postgrad and you're going on doing your PCE or maybe you did just do your postgrad and you did just pass your PCE . How different that is .

When you get into practice as well , you know when suddenly you need to think about okay , so this thing , and then what are all the ? So you have to think about what are all the things , whereas in time , the more you use this , you're just going to go like , yeah , we can do this , but then we also need to look at X , y and Z .

So that's when you know the skills have really developed and the way that we can develop these skills you know , and also skills that are relevant to what it is you do as a professional right . There's technical skills right . So the CFP stuff . So we got to have that . For me , that's the ticket to the game .

If you're in financial advising , you've got to have the technical knowledge . The fact that we don't talk to clients about that , it's not even a consideration . The fact is that we don't talk to clients about that . It's not even a consideration .

The fact is that you can't talk to a client unless you know what's happening in the background and you know that what you are talking about and the way you're explaining it , things will work from a technical perspective . So you need your technical knowledge .

The second thing you need and I'm very happy that there's been a lot of focus on that again recently is your interpersonal skills . So these would be your human to human skills . It could be some people do coaching courses .

There's other things that people are doing transition is planning and all these kinds of things but it all has to do with how do I connect with the person across from me and how can I have a conversation , how can I listen better , how can I be a better understanding of what it is and how can I have a conversation , how can I listen better , how can I be

a better understanding of what it is and how can I put more focus on the person across from me rather than on what we're looking for , so that interpersonal skills are really important and the third thing that's really important from a developing skills point of view .

So the first one just is the technical skills , the second one is interpersonal skills and the third one is problem-solving skills , because many of the clients you'll be seeing is like you can easily identify , because clients do have overlapping needs . Their situations and their things might be different , but at the core of it , it's really the same issue .

It's just how it applies to them that's a little bit different . But sometimes there's these things that crop up that well , we haven't had this before , this is new . Or there's these things that crop up that well , we haven't had this before , this is new . Or there's new legislation that comes out that suddenly impacts the advice that you've been giving before .

So those are the kinds of things that are really then important and difficult . So the other thing , then is obviously like you want to use these skills or leverage these skills right . So how do you use these skills to improve efficiency and to improve productivity ?

Again , you know , when you are looking around like where's the shifting stick and what do I need to do here and I know some of you guys say , yeah , just get automatic car . Yeah , sure , there's still a few things to learn when you want to do that , but at the end of the day , when you get really skilled , you can really improve efficiency and productivity .

But ultimately , you can give so much better advice and you can connect so much better with clients and you can build trust so much better . And it will be natural . It won't be like a scripted thing or a framework thing . It will be , it will be something that's very , very natural , all right . So then that's that's the craft ring of craft .

So the third one that we want to talk about today is then the fellowship . Oh man , I remember when I watched the Fellowship of the Ring the very first time , I was sick and I was booked off and I went to the video shop and I said , well , I'm sick but I want to watch a video .

And I saw this thing called Lord of the Rings and I thought I've heard about this for a long time . I actually confused that with Lord of the Flies , but it's a different story . But I then got the video still the VHS video , put it in . I was in bed , I was sweating , I was like this is this freaking long movie .

It's like three hours and it's just going and going and going . And by the end I thought to myself , so okay , so so now the thing's gone , and then that was the end of the movie . I didn't know that there were two more movies coming or anything like that , but anyway , that was back in 2001 or somewhere . It was just anyway an incredible experience .

So that's where I got hooked .

But the fellowship is really about a network of people . You . But the fellowship is really about a network of people . You need a network of people .

I once attended like a personal finance sort of a training session , and one of the people that were talking there was saying that you know , we always think about resources as money , but what's really happening is that the real value , the real resources , the ones who are opening the doors or connecting you with somebody or making you aware of something , it's always

people . You can have all the tech in the world , you can have all the money in the world and all these things , but at the end of the day , people are the ones who open doors for people , and this is why having a network of people is so , so , so important . So you've got to think about this right .

So there's many different sort of roles that this network can play in your life . The one is that they can provide you with support when you're new , you're starting out , and I don't say necessarily a mentor , but at least somebody that you can ask questions to and someone that can help you .

You know , there's different people that can help you with different perspectives , so those things are really important . Different people that can help you with different perspectives , so those things are really important . Then also , you know , yes , there are networks that can facilitate introductions , you know .

So , be it a professional partnership or a professional referral arrangement where two of you work together because you serve as the same kind of target client and there's value to be added from both sides . So you refer clients and introduce you to clients of each other . So that can be the thing , and also just to offer opportunities .

So there's many sort of different aspects for a network . But the question is always , you know , for someone like me , how do I build a network ?

What do I do to really get a network going for me that works in a way that's comfortable for me , because many people are not comfortable walking into a room and just go and shake hands and introduce themselves and give a little elevator pitch . We're not comfortable with that . But for me it's not just building a network .

You know there's people like car salesmen and , with due respect , will want to build a relationship with anybody that breathes , because their market is absolutely everybody . But in our world we work with very specific people , right ? So you want to build a professional network , so you've got to think about that as well .

So the best thing still I think to do is probably to attend networking events , but where your ideal clients hang out , or at least then you know , if you are , if you're your , your , your focus or your the word escapes me . The idea or the outcome you're looking for is to build a network , then the people you want to build a network with .

This is not about acquiring clients . This is about a network of people for support and that can introduce and those kinds of things . So you would go where they hang out , the events that they attend . So think about that carefully , right ?

So if you want to work with accountants , go to accounting conferences or accounting events or whatever those may be , go and speak at an account and get together , kind of thing . So those could be things that you do . Obviously , social media has been massive for us . We've always used social media because that's what's comfortable for me .

The show is part of social media , so I see it in the same vein . And then also , it is important just to maintain your existing relationships . You know , don't always be after the next one , the next one , the next one . You've got to be looking after your existing ones and making sure that you cultivate those as well .

So I mean , there are many ways that we can use this network you can think about , you know , for career advancement . You know , sometimes opportunities will come from this network . Again , what we illustrated with the book is what's possible when you collaborate .

Let's do something together and then let's see what comes from that , and not all of those will be a good fit . Also , be very careful about just because somebody's in your network that you want to collaborate , you know , just also think about that , and obviously for ultimate growth , but it's got to be growth for everybody , it can't be just growth for you .

So there's always this give and take balance that you need to maintain . That you need to maintain . Then our next fourth ring . The fourth ring that you need is the ring of treasury , right ? So what are we talking about when we say treasury ? People are going to say money , financial money .

Well , money is probably one of the things that we're talking about resources . So , because obviously you need resources if you want to be successful , and these can be tools . It could be money . It could be money , it could be physical assets , your computers and all the setup that I've got here . It's all part of my resources , right ?

Even the fiber line is part of that . All of the things that we sort of do to do this . It's anything that you have at your disposal to execute your ideas and to be able to support your business or your career . So that's important . And the question I often ask is if you work for someone , what are you doing from your own ?

I see people buying tickets , for example , that they refuse to pay for themselves . They will send it through , like the business must pay . That's fine , it's your decision . But sometimes I'm just thinking as well , like you know , why are you not willing to do this ? Because it's for the business ? You don't want to do it . This is ultimately for you , right ?

I think back to when I was a consultant . We used to only have a black and white printer at the office and then when we print these invitations to advisors and I go and hand them out , I put them down there . Yeah , here's your invitation . That is so nice , black and white , gray scale .

There you go , and then the other company stuff is there in full color . I went back to the office . I said to the manager there . I said look , this is really not looking good for us , Like we . It's like a hand-me-down kind of invitation . Can't we get a color printer ? I said no , we're not doing that . I went from there to macro .

I went and I bought a color laser printer and my invitations went out in full color . I didn't give a crap like , oh , but no , they're supposed to buy this for me . Ultimately , it's about what are you proud of , what are your standards , what are the things that you want to do and grow and attain and be willing to invest into those .

Those are very important aspects , because otherwise you're doing it for someone else , which is a complete waste , anyway . So let me not go down that road . Also , if you want to access resources , that's also where your network sometimes plays a big role , but you really got to think about that . And a big part of your resources also is obviously people .

So it's the people that work with you , but it's also the people you work with . It's people that sort of support you around you . So all of those are there as well . So it is really important that you , that you manage this .

I saw this picture the other day again of all these ladders that's just lying on top of each other , and they said you can have all the resources in the world , we don't know how to use it . You know it's futile . So also the resources that you've got . Go and make a list of these resources and say , well , am I using them effectively ?

Am I using them correctly and correctly ? And where there's people involved , what am I doing from ? Am I being a resource for them as well ? So just some powerful questions to go and ask yourself . Then , the last ring , before we get to the one ring to rule them all , is the ring of heraldry . It's such a big word , but it's such a fancy word .

I really , really love it . So what are we talking about when we say the ring of heraldry ? Well , it's your brand , so important that there's a personal brand . There's a business brand . We all know this . But the brand defines how you are perceived by the world , and either we create that brand or the world then creates that brand for us .

And I would rather be the one that creates that brand and that are in control of that than I leave that to somebody else to do . So that's very important

. If you really want to build a brand , I think it should be a very , very authentic brand . You know , just again , like I think , probably I won't say this is bottom up , but people do know that I'm very emotional and on Tuesday morning when we started , I mean I was still busy . You have no idea what goes on behind the scenes .

And I was still scrambling the next moment the opening thing played and I wasn't ready and when I looked at it I got very emotional , just while the opening was playing , to think everything that happened in such a short space of time , that was out of my control , yet we still able to to launch this event . I just was completely overwhelmed .

But I'm also not shy , and although I didn't leap into tears and all that kind of stuff , like I sometimes do , you know people could see , they could definitely see . But that's all about being authentic . It's not about being be proud of who you are , own who you are . So that authentic brand , that's what you are .

Don't build something that you think people will want to see or that you think people will resonate with . People will resonate with the stuff that you do , naturally , and if you're the same person in public that you are at home , then you know you're on the same track , or on the right track , rather , and the same track , I guess .

But it's very important to just consider that , uh , from from that point of view , because that is the thing that will distinguish you from your competitors , right ? So if you want to build this strong , authentic brand , it's got to reflect your values . So remember , one of the things I always say is you've got to stand for something .

So what is important to you ? What are the things you're not willing to compromise ? I'm not talking about models , what's right and wrong . I'm just saying what is important to you as an individual and make sure that people know that , because people who value that will then connect with you and align with you on that . So that's very important .

You want all of these things that you say , the way you show up , all of that to be the thing that people always see , that people are always familiar with and if I meet you at a conference , it's the same person that greets you than what you see on screen . That's the most important part to me .

I think the biggest thing that a lot of us really struggle with me in particular . I really , really somebody said to me the other day you've got to be more aggressive . I just can't like . It's very uncomfortable for me , but you've got to promote your brand . You've got to do it very , very well . And again , we can use social media for that .

We can use , you know , blogs and articles and those kinds of things . It is about staying top of mind for people , but in a different way . And also , what do people connect to you when they think about you , or do they connect you when they think about the thing ? Do they connect you to the thing ? That's the question . So , really , really important , right ?

So then the big one , the one ring to rule them all , the one ring to rule them all , that if you have all the other ones and let me just say before I get into the one ring to rule them all , is that funny enough you need these rings in order , not in order to , but in this order . So you first need law , you first need your knowledge .

That knowledge needs to translate into skills . Because even if you have the best brand in the world you have all the resources , you have the network you have no knowledge and skills . You ain't doing nothing . You have all the knowledge and all the skills in the world , you don't have a network .

Even if you have resources and a brand , you don't have a network . You're not doing anything , right ? So we got to , like attain these rings in order . So you want to go law , then your craft , then get your network together through fellowship , then make sure you have your resources in place and then you have your brand .

And the big thing is that you can lose these last three , but you can never lose the first two . So without knowledge , you ain't getting any skills right , because even if you're learning , you might be building skills and knowledge at the same time , but you can't have the one without the other .

The only thing you can have without anything else is knowledge right . And these are like the YouTube warriors , I would say , sometimes , anyway . So I just wanted to add that as well . So , if we look at the one ring to rule them all , what am I talking about ? The ring of dominion ? It sounds so dramatic . Love it . So the ring of dominion .

What am I talking about when I say the ring of dominion ? Well , I'm talking about mindset , because everything in the world starts with mindset . You can have all of these rings in place . You can have everything . You have a negative mindset , a mindset of lack , a mindset that nothing that I touch is work , like all of these kinds of things .

You ain't getting nowhere . You've got to start there . You can have the most wonderful value proposition . You can have all that stuff . You can have the most wonderful value proposition . You can have all that stuff . You can have it .

But if your mind is working against you , you're going to find it very , very hard to attain the level of success that you are really , really capable of .

And I can tell you this unequivocally as you reach one level suddenly , the level that a few years ago you thought you would never get there , if I could level , suddenly , the level that a few years ago you thought you would never get there , if I could just get to where I am now , I mean , back then I said , if I can just get here , I'll be very , very

happy . Now that you sort of get here , you suddenly see but then if I can do this , then this is possible and you get there . But now the next thing is possible , and it's not about doing as much as you humanly possibly can , it's just suddenly your mind realizes it was wrong . It is possible , it's the most amazing thing .

But you've got to feed your mind all the time with positive stuff . Stay away from the news , stay away from negative talk , stay away from the Facebook feeds . Don't get involved in these things . Rather , spend that time acquiring knowledge , working on your skills , personal growth . Spend time with family and the good ones , not the ones .

Who's talking all the things that are bad in South Africa and everywhere else ?

Choose who you hang out with , because all of these things are feeding your mind and you've got control about what , just like your body , you've got control over what you feed your body and , like I was thinking the other day , just like all these things I see about losing weight and being healthy and all that stuff , and everybody's got their system or some sort

of a pill or some sort of a powder or something . But it's so simple , right ? There's only two things that get you healthy and that helps you lose weight Move and manage what you put in your mouth . Like or manage your mouth . That's it . It's simple principles , right ? So the same thing with your mindset .

Be very clear on what is it that you feed your mind all the time . You got to start telling yourself all the time that this is possible .

If Franchot can do it , I can do it because , trust me , there's nothing special about me Even the most well-known people in our profession if you think about them and you just go like , oh , but they're 20 years ahead of me , so what ? They were where you were once .

The only difference was that they didn't see limits , they grew , they kept on feeding themselves with the right stuff . So that's what's really important . So really be cognizant of what it is that you put in your mind and that you think about every day , the people you hang out with and the impact that they have on that .

So the one ring to rule them all , the ring of dominion , is mindset . So please be very , very cognizant of that , all righty . So thank you very much . Let me see quickly . We've got Kwebber saying he could not be prouder of the financial advisor playbook Absolutely . I think it came out so so , so well . Let me see quickly here .

So a lot of people saying also on the wait list , and also Neil saying that Rob McDonald's new book is also excellent . It is the seven . What is it ? The seven pillage of ? I can't remember now . I even interviewed him . If you want to see the interview , go have a look at one of the last episodes last year . I did interview him about that as well .

So , mel , where do you put your name on the waiting list ? It's propulsioncoza forward slash book . So there you go , righty . So you want to understand ? And says read the book Networking Like a Pro from BNI . Yeah , do that . Learn from that . Carol says , yes , franchot .

Whirlwind of emotions of every moment behind the scenes that culminated into that hour and a half . Yes . And Frank says , so true that we think of them and those who are around us . Um , there's some good in the world , mr frodo , and it's worth fighting for . Yes , absolutely . What a quote from from the movie

. Thank you so much , daniel , really appreciate that . And then , fantastic . All right , so don't see any comments about what we spoke about , but I hope there was a lot of value for you and that it hit home for for many of you . So thank you very much , have a fantastic weekend .

We'll be back next week with an interview , but until then , stay safe , be blessed and prosper and continue to raise the bar . Love you Bye . All right , folks , that's a wrap for this episode of propulsion . I hope you got as much out of this as I did Remember to tune in every Friday at 8 am , south African time , for our live show called Propulsion Live .

You can find it at wwwpropulsioncoza forward slash live and , trust me , you don't want to miss it . If you enjoyed this episode of the podcast , hit that subscribe button or the follow button and share it with your friends , colleagues and anyone else you think would get something out of it . Thanks for tuning in and I'll catch you in the next one .