"I have been a financial advisor for 25 years, getting clients through referrals and word of mouth. Recently those sources have dried up. What do I do?"

Years ago I needed a living trust. I had to decide between two attorneys and chose the higher priced guy. He turned out to be a real jerk.

So a week ago when I found out I have to get a special needs trust, I remembered the attorney I rejected 10 years ago. But, guess what!

For the life of me, I could not remember his name. There was nothing in my inbox; he never sent even an email newsletter. I knew it began with "M" so I'm sitting there peeling potatoes, driving myself nuts thinking of everyone I know in my LinkedIn named "Michael" or "Mark." Luckily his name popped into my head.

Don't be a "Mark"; harness the power of time and your past to develop referral relationships over time.

Make a list of all these people from your past:

• Everyone you went to high school, college, or grad school with.
• All past clients, even if they fired you.
• All past prospects you lost.
• Every single CPA, attorney, etc., who ever sent you a referral
• All vendors to your firm - from the person who sold you the office furniture to the wholesaler you buy your mutual funds from.
• Old bosses.
• Old coworkers.
• Bosses at places you interviewed for a job but didn't get it, or did get it but rejected the offer.
• People you met in your exam study group.
• Etc.

There is a tremendous difference between consistent returns and average returns. Honolulu and Death Valley both have an average temperature of 71° per year - but they get there very differently.

What principle does this describe? 

1. Compound Interest
2. Volatility Isn't Risk
3. The Sequence of Returns
4. Dollar Cost Averaging
5. The Deception of Rate-of-Return
6. Diversification

Answer = 3