The concept of masterminding has been around since even before Napoleon Hill introduced the concept in Think and Grow Rich in the 1930s. Essentially, it’s a like-minded group of people getting together to help support each other to greater levels of success. It’s a powerful concept and something most of the financial planners who have reached the highest levels of success participate in.
If you’d like to give masterminding a try, here are the steps to starting your own:
1. Invite 5-7 other financial services business professionals to join you. They should be people you respect, and who have unique perspectives. They don’t have to be people who always agree with you, but they should have attained a certain level of success.
2. Choose a date for your first meeting.
3. Choose a location for your meetings. Will they be face-to-face in person at your office? Will each member of the mastermind take turns in hosting the meeting? Or is your network broader and based across the country? If so, then a virtual meeting or conference call may be the best option. Some mastermind groups travel to exotic locations and mix business with pleasure, using some of the time to meet with their mastermind partners and some of the time to golf, enjoy boating or water activities, and relax in paradise.
4. Set your agenda. The best masterminds allow each member to have equal time presenting to the group and asking for help from the group. Have a timer or some other visible means to keep each member on time and on task as they take turns. Will there be a common topic to discuss or will the members bring whatever they want to the table? Communicate the rules and agenda in advance so everyone can adequately prepare.
5. About every 6-12 months evaluate the members of your group. Is there anyone in the group who doesn’t fully contribute anything of value? Then don’t invite them back. Is there someone new you met who would be a perfect fit for the group? Invite them, and their fresh perspectives to join.
When you join a mastermind, here’s what you get:
- Impartial advice and Excellent Brainstorming: Instead of sitting around by yourself trying to come up with ideas to move your business forward, or surfing podcasts or the internet, you’re getting ideas from people who know you and your business and can give you the needed outside perspective.
- Motivation and accountability: Looking for a way to be motivated? Tell a group of your trusted peers that you promise to get something done before the next meeting. If it’s not done by the night before, if you’re like most people, you’ll do whatever it takes to report you’ve done what you promised and that you are a person of integrity.
- Support to Succeed: If you’ve ever had one of those days, you know how powerful moral support can be. You don’t have to paint everything as rosy for your mastermind partners, because life and business sometimes will throw a curve ball your way. A good mastermind group will be there to help you dust off and remind you how awesome you are and to get you back into positive action.