“One gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous person will prosper; whoever refreshes others will be refreshed.” (Proverbs 11:24-25)
By Rich Preuss
The success rate for new financial advisors is dismal. About 80-90% fail in the first three years. And, I have to admit, I thought about quitting every day for my first five years on the job. It is hard for a new person to learn the industry and obtain new clients fast enough to put bread on the table.
The failure rate was no different for our firm. Then, the three owners in our financial division, all of whom are connected to WorkLight, made a conscious decision to mentor new advisors. They would work jointly with us, we would train them, and we would share revenue with them.
We decided we didn’t want new people to live in fear of failure every day. In sharing revenue with one new advisor, I told her that my revenue had probably peaked. That was eight years ago. Since then, my revenue has increased every year. For a while, I was astonished. All of us owners were willing to take pay cuts to help our new advisors succeed; however, our incomes have risen. I realized that the generosity we showed to the new advisors not only benefited them, but us, too. The Lord was blessing us as we blessed others.
In the last 10 years, we’ve hired six new advisors. Three of them have reached levels of production that have qualified them to become owners. The other three are exceeding expectations. What excites me the most is these three are stepping in to help the newest three. We have developed a culture of generosity in our company that, I believe, will result in the long-term success of the organization.
Pray
Lord, help us to see new ways we can grow in generosity with our time, talent, and money.
Reflect
How can I let the Lord’s light shine into every area of my life so that I am willing to be more generous?
Discuss
What can I do to move beyond what is good to what is God’s will in my decision making about being generous?
Rich Preuss is a past board member of WorkLight’s Board of Directors. He can be reached at richpreuss@alumni.nd.edu.