Widowed advisor was “at work,” but not working. Now she’s ready to make her vision come true This case study is based on the situation of a client of the Covenant Group. Names and details have been changed to preserve privacy.



Mary Thompson was a matriarch in the business, having been a successful advisor, branch manager and head office executive during almost three decades in the industry — quite an accomplishment, considering the small number of women who entered the business 25 or 30 years ago.

I hadn’t actually seen Mary for at least five years — since her husband’s funeral, in fact. And even though we kept in touch, the frequency of contact, as is too often the case, became less and less over time. That’s why I was delighted to receive an e-mail from Mary saying she would be in town and asking if we could have lunch or dinner one day while she was here.

Conversation with Mary is always interesting and inspiring. She is one of the most astute business people I have ever met. She has insight and understanding of the nuances of the business that enable her to foresee opportunity and take advantage of it — long before others recognize what is happening. She is also an attractive, elegant woman and, when she walked into the restaurant, I noticed a number of heads turn. She exudes confidence and maturity that naturally draw people to her, which, no doubt, is another reason she has been so successful.

With warm greetings dispensed on both sides, I said, “Mary, I don’t know how you do it, but you always look fabulous, healthy and happy.”

“Well, that’s very kind of you to say,” she responded, “even if it isn’t true.”

I assumed she was just being modest, so I asked: “And just what part of that isn’t true?”

“The happy part,” she replied.

“Is this about Bob?” I asked sympathetically. “I know that his death was a terrible blow, but I thought, from our too infrequent communications, that you had gotten through that terrible time. You were rebuilding your life and…”

“It started with Bob’s passing,” she interrupted, “and, I admit, it took me quite a while to come to grips with that. After all, we had been together since university. But the truth is that was more of a catalyst for my current state of mind than a cause. I have used Bob’s death as an excuse to let my business slip for the past few years, and now I need a boost and a plan to pick it up again. That’s why I contacted you.”

“Well, I am flattered and, of course, I’ll do whatever I can to help,” I responded. “Tell me what’s been going on in your life.”

“When Bob died,” Mary began, “I thought seriously about leaving the business. I was well enough off financially to retire, but I decided against it. I thought my business would give me purpose and, of course, keep me busy. In fact, in my own mind, I envisioned an even larger practice, with a couple of junior associates whom I could coach to take over completely some day. We would have a strong, dedicated support team to service the heck out of our clients and our profile in the community would place us ‘top of mind’ with lawyers, accountants and other professionals. We would be known as the ‘advisors’ advisors,’ if you know what I mean. Above all, we would have a lot of fun in the process.”

“What happened to that vision?” I asked.

“Oh, it’s still there — in the back of my head somewhere,” she answered, “but I never got around to doing anything about it. After a month or so, I just went back to work. I didn’t quit and leave — I did something much worse.”

“What was that?” I asked.

“I quit and stayed,” Mary responded.

Beginning to sense what Mary wanted to express, I asked: “What do you mean by that?”

“Basically,” she continued, “I showed up, but wasn’t really engaged. I went through the motions of running my practice, but without the passion and dedication I normally applied. I more or less stopped looking for new business and spent most of my time servicing my clients. I found it easy to justify spending my time that way, but now I know that I was often creating service work for myself so that I wouldn’t have time for business development. Meetings with my favourite clients became more social get-togethers than anything else. I began to show up at the office later and leave earlier. I took more time off because I ‘deserved’ it. Essentially, I was ‘at work’ but not working.”

@page_break@“And now you think it’s time to get back to work,” I concluded. And then I asked why.

“For one thing,” Mary replied, “my income is falling off because I haven’t developed much new business and have been living largely on my renewal commissions and trailer fees. However, time is winding down on them and they are steadily declining. It’s not that I need the money per se, but it is a measure of accomplishment and, quite frankly, going backward embarrasses me.

“Second, I am not doing what I could for my clients and the people they would normally be willing to refer to me. These are smart people, and they have sensed that I am not applying myself the way I used to, so they are reluctant to recommend me to others. I think they feel I am letting them down because I am not giving them confidence that I can help their friends and associates.

“Finally, and perhaps most important, there is that unrealized vision still floating around up there,” Mary said. “I figure I have about five good years left to give to my business, and I want to go out on top — not fade away. I know that’s somewhat of an ego thing, but I also feel that I have more to contribute to this industry — to pay back for the great life it has given me, and to help others on their own path to financial security and personal satisfaction.

“So, there you have it. Am I too broken or can you ‘fix’ it?”

“Mary, you are far from being broken,” I replied. “If you really want to, you can still achieve just about anything you desire in this industry. I might be able to provide some guidance, but it will be your energy and commitment that will take you wherever you want to go. Are you up for the challenge?”

“I believe I am,” she answered. “I need a way to get started and someone to hold me accountable. But I have overcome tough odds before and I think I am ready to do whatever is required now. How do we get going on this?”

“You have already given us the jumping-off point,” I said, “with your vision to build a great practice in which you can exceed client expectations, mentor others and have fun. You have the answers to the two most important questions: how big do you want to become, and what role do you want to play? With that knowledge, the rest is relatively straightforward.

“The process begins with a definition of your business — vision, values, mission and opportunities,” I continued. “From that, we can develop the strategy to take you where you want to go by setting objectives and building a marketing plan, including a new brand and marketing message. Based on that plan, we can identify appropriate promotional activities for your target market. Then we will detail your sales process and outline your client-service plan.

“Finally, we’ll look at the systems required and design the organizational structure you need to support the effort. I know it sounds like a lot, but the process is well defined and surprisingly efficient. Each step builds on the others, so everything is fully integrated.

“Our experience,” I assured Mary, “is that there is a very small number of advisors who reach a level of true significance in their business — at which they are able to redefine their purpose and work to benefit others more than themselves. You are one of those people. You certainly have the talent. You have renewed passion and a strong vision. You have given yourself five years to create a legacy. Those years have the potential to be the most energizing and exciting time you’ve ever had in your business. What do you think?”

“I think,” she replied, “we should order dinner and discuss the next steps in this ‘Mary Makeover’.” IE



George Hartman is a coach and
facilitator with the Covenant Group in Toronto. He can be reached at george@covenantgroup.com.