Constraints drive Creativity

Good Morning!

I’ve implemented practices from two books I read recently into my work with advisors and ensembles that has been very impactful in helping them broaden their vision, while narrowing their focus on their current priorities to drive their growth: Inside the Box, by David Epstein, and The Science of Scaling, by Dr. Benjamin Hardy. My notes on each book are attached below.

Read my notes in the FPP Library: Inside the Box · The Science of Scaling

The common learning from these books is the importance of constraints in helping with our decision-making, narrowing work down to the most important and impactful thing we need to do today to achieve our future vision. Constraints drive creativity!

My favorite example for business planning:

• Use time as a constraining tool. A 10-year vision is important to clarify the firm you’re going to become and set a direction for the organization. What I need to do today to accomplish that 10-year vision is less clear, and my organization’s sense of urgency is muted because my ultimate accountability is so far away. I can forecast back from that point to map out my glide path toward that goal (Far > Near > Now) and build projects to move forward, or I can force myself to shorten my timeframe to the vision. Instead of 10 years, what would I need to do today to accomplish that vision in 5 years? 3 years? 1 year (gulp!)? Shortening the time to target forces more creative thought and significant decisions, both on what we need to do and, more importantly, what we need to stop doing to drive exponential growth.

Using constraints in becoming a better planner/salesperson:

• Use PX modules as a constraining tool. If we can’t use the survivor income module to help someone understand their need for life insurance, how would we help them engage with the need? Same for education, retirement distribution, etc. Forcing the constraint makes us see the issue differently, and find strategies/techniques to ensure we connect the solution we’re recommending to a need they are feeling, as opposed to hoping they agree with the math. This will push us to be better in our fact-finding and aligning with the prospect around a concept that we can then model and reinforce with the PX!

I am implementing a number of learnings from these books into my Network Office planning workshops for later this year, to help advisors and leadership teams challenge themselves on their growth goals, remove bottlenecks in their processes, and narrow their focus in execution. I encourage you to add these books to your reading list, and give me a call to brainstorm how you can use their best concepts to drive growth in your office!

Think Differently,

Steve