In the book “Getting There: A Book of Mentors” by Gillian Zoe Segal, there is an interesting lesson Sara Blakely, Founder of Spanx, recalls – “When my brother and I were growing up, my father would encourage us to fail. We’d sit around the dinner table, and he’d ask, “What did you guys fail at this week?”

If we had nothing to tell him, he’d be disappointed. The logic seems counterintuitive, but it worked beautifully. He knew that people become paralyzed by the fear of failure. They are constantly afraid of what others will think if they don’t do a great job and, as a result, take no risks. My father wanted us to feel free to push the envelope. His attitude taught me to define failure as not trying something I want to do instead of not achieving the right outcome.”

Sara Blakely’s story about her father encouraging her to fail is a valuable lesson for any industry, including ours. In our industry, the rapid evolution of financial products, technology, and client needs means that adaptability and innovation are not just beneficial but necessary for staying relevant and competitive.

Expanding on Blakely’s lesson, you should view failure not as a setback but as a stepping stone to greater knowledge and success. Each attempt at something new, even if it doesn’t yield the desired result, is an opportunity to learn and grow. Trying a new financial planning software, exploring other markets, or experimenting with different client communication strategies might be risky, but they can also lead to improvements in service, efficiency, and ultimately, client satisfaction and retention.

For example, experimenting with different types of content, you can attract a broader clientele and provide more value to existing clients, thereby enhancing your business. You can collaborate with the right platform that helps you attract larger clients or get 100% Share of Wallet.

One of the key things to understand is that our industry is becoming increasingly competitive. And this competition is ruthless. Besides, clients have more options than ever and can easily find financial professionals who offer the most up-to-date and innovative services. Financial professionals who are willing to ‘fail’ by trying new strategies or technologies are often the ones who end up differentiating themselves in the market.

You could benefit from a cultural shift that encourages experimentation and risk-taking. You could even consider integrating a ‘what did we try new this week?’ section in team meetings to foster a culture of innovation and learning. By redefining failure not as a lack of success but as a lack of trying, you can step into a more dynamic and resilient future.