20/20 Money Episode #166 – Forget goal-setting and focus on purpose: a mindset conversation with Stephanie Bogan

Welcome to this episode of 20/20 Money! My guest on today’s show is Stephanie Bogan.

While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum.

In this conversation we talk about something that tends to be popular at the beginning of the year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money.

Today’s quote comes to us from Albert Einstein, who says that “No problem can be solved with the same consciousness that created it.” This quote was one of the most impactful quotes for me because it forced me to take ownership of how I was showing up in my businesses and realized that if I wanted things to change in the business, it was dependent on me to first change the way I thought about the problem and thus the outcome that I was striving to create.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks and blog posts.

And with that introduction, I hope you enjoy my conversation with Stephanie Bogan.