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As we approach the new year, let’s confront an uncomfortable truth: too much opportunity is sometimes more dangerous than too little.
In his game-changing book The Paradox of Choice: Why More Is Less, Barry Schwartz hits the nail on the head: more options don’t always result in better decisions—they often lead to confusion, second-guessing, and in some cases, remorse.
Case in point: today, in wealth management advisor technology, there are more than 300 separate applications available—a staggering number considering that only a decade ago, there were but a handful of choices. In his Nerd’s Eye View blog, Michael Kitces notes, “When we choose from a simpler menu of choices, we actually feel more satisfied and less anxious about our decision. The underlying implication is that when presented with too many choices, we feel so uncertain about how to proceed and avoid making a ‘bad’ choice that we'd rather make no choice than risk regret.”
For high-performing leaders and their teams, this isn’t a hypothetical problem. It’s the proverbial $64,000 question: “Where do we focus our time and effort in a world of seemingly endless possibilities?"
Think about it…leaders at the top of their game are rarely short on opportunities. New client segments, new markets, new initiatives and services, and new technologies all promise growth, innovation, and accelerated success. But here’s the rub: chasing every opportunity is the fastest way to dilute your focus, exhaust your team, and derail your short- and long-term organizational goals.
In a 2023 research study conducted by the Financial Planning Association, nearly four in ten advisors (39%) cited the challenge of ‘competing goals splitting their focus’ as a primary impediment to the growth of their business.
Knowing When to Say “No”
Leadership isn’t about saying yes to everything. It’s about knowing when to say no and what to say no to—even though resisting the temptation to say yes can be challenging. You look at the calendar for the year ahead, and it’s brimming with possibilities. However, the most effective leaders approach annual planning not with a ‘more is better’ mindset but with ruthless clarity. They know that focus is their most significant strategic advantage, and they make the hard decisions to cut out anything that doesn’t align.
A vital distinction distinguishes elite advisors from everyone else: their planning for the future isn’t about maximizing opportunities—it’s about eliminating distractions. So this year, don’t let the sheer volume of options leave you and your team spinning in circles. Instead, try using the paradox of choice to your advantage by learning to filter, focus, and commit only to those activities that will measurably move the needle.
Let’s explain how to approach your planning process with the paradox of choice in mind.
- Ruthlessly Prioritize: Not Everything Deserves Your Attention—The first step in planning for the year ahead is acknowledging an important truth: you can’t do it all. High-performing teams don’t succeed because they try to seize every opportunity; they succeed because they know which opportunities matter most.
➤ Ask the hard questions: Which initiatives align with your long-term vision? Which clients, strategies, or tools deliver the most significant ROI? What’s cluttering your focus but not producing results?
➤ Kill the darlings: You must let go of good opportunities to make room for great ones. It’s painful but necessary.
List everything vying for your time and resources, including the “needy and difficult client(s).” Then, cross out anything that doesn’t directly support your most critical goals. If it’s not a “heck yes,” it’s a no.
- Set a “No” Policy: Protect Your Team’s Energy—Your team’s capacity is finite, and as a leader, it’s your job to protect it. Saying no isn’t just about guarding your calendar; it’s about shielding your team from burnout and distraction.
➤ Define what you won’t do: Create a list of services, initiatives, tasks, or clients that no longer serve your growth.
➤ Empower delegation: Stop hoarding decisions. Train your team to take ownership of smaller tasks so you can focus on the big ones.
➤ Say no clearly: Discuss what’s off the table this year and why. Clarity breeds confidence.
Remember: every time you say yes to something, you’re saying no to something else. Make those opportunity cost trade-offs count.
- Plan with Focus, Not FOMO—The fear of missing out (FOMO) is a silent killer of strategic focus. Leaders fall into the trap of saying yes to everything because they fear missing a great opportunity. But here’s the truth: you’re always missing out on something. The question is whether you’re focused on the right things.
➤ Anchor your year with a single theme: What’s the one big idea or goal-defining success for the next 12 months? Let that theme guide every decision you and your team make.
➤ Set fewer goals—but go deeper: Instead of chasing ten new initiatives, focus on three that will generate the most significant impact. The more energy you devote to fewer priorities, the more likely you’ll be able to bring them to fruition.
➤ Measure success differently: Don’t just measure output—measure alignment. Are your actions aligned with your vision? Are you saying no to distractions?
It can be challenging to turn away from any potential revenue-generating activities and initiatives. By staying laser-focused, however, you’ll be far better positioned to maximize sustainable growth.
- Lead Decisively: Eliminate the Grey Areas—The paradox of choice thrives in uncertainty. If your team doesn’t know what matters most, they’ll chase everything, or worse, nothing at all. As a leader, it’s your role to eliminate ambiguity and lead with purpose and clarity.
➤ Co-create crystal-clear goals: Ensure every team member knows exactly what they’re working towards, why it matters, and how it relates to team goals.
➤ Enforce focus: It doesn't get done if something isn’t part of the plan. Period.
➤ Own the hard calls: Leadership is about guiding the ship confidently toward its destination, ensuring a steady course even through challenging waters—not simply seeking to please everyone on board.
- Review and Adapt: Clarity Is an Ongoing Journey—Even with a rock-solid plan, the year ahead will inevitably throw a few curveballs your way. The key is to adapt to the unexpected without losing focus or momentum.
➤ Schedule quarterly reviews now: By scheduling these meetings on the calendar now, you create a clear roadmap for the year, allowing you to plan effectively and stay on track. These milestones provide regular opportunities to evaluate progress, adjust, and remain focused on your priorities.
➤ Celebrate progress: Regularly recognize and reward your team for staying disciplined and focused.
➤ Refine your filters: The more you practice saying no, the better you’ll get at identifying the right opportunities to say yes to as they arise.
The Bottom Line: Turn Focus into Your Greatest Strength
As you plan for the year ahead, the most effective teams excel by mastering the art of prioritization—identifying the most impactful opportunities, knowing what to decline, and allocating resources where they will drive the most significant results.
This approach aligns with the Pygmalion Effect, recognizing the importance of understanding your team's current reality and leveraging available resources to achieve the best outcomes. Success comes from clarity and commitment to fewer, more meaningful goals, guided by the paradox of choice: the true challenge lies not in finding more options but in dedicating energy to the best ones. High-performing leaders and teams thrive by focusing on the right priorities, pursuing them purposefully, and executing them precisely.
This year, let the clarity of what matters most guide your decisions. Step into the new year with focus, conviction, and the confidence to prioritize wisely. The result? An energized, aligned, and poised team. Let’s make this your most purposeful and rewarding year yet.
COACHING QUESTIONS
- What is your team's “single theme” for the year ahead?
- What are the three highest priorities for the year ahead?
- What are the three most significant opportunities for the year ahead?
- How can you be a more effective leader who helps to support team focus in the year ahead?
- What rewards can your team achieve by staying resolute and laser-focused on these carefully chosen priorities and exceptional opportunities?
Consider taking this article and the coaching questions as a discussion topic for your next team meeting.
About ClientWise LLC
ClientWise is the premier business and executive coaching firm working exclusively with financial professionals. We specialize in helping clients optimize growth and maximize revenue by engaging as a knowledgeable partner in accomplishing specific and significant business results. Our full-service coaching program empowers financial advisors, wholesalers, managers and executives to enhance performance through customized, action-oriented solutions based on each client’s specific vision and situation.
Our certified coaches are members of the International Coach Federation (ICF). They adhere to ICF’s strict code of ethics and have the experience and insight to work with you on the unique challenges and opportunities you face each day.
Drawing from an in-depth knowledge of the financial industry, ClientWise’s mission is to professionally develop industry leaders and consistently raise the bar for industry service, commitment and integrity. Simply put, our singular focus is to help you get clear, get focused, and get results.
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