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Tips to Grow Your Advice Business from the Legendary Malcolm Payne

Important: If you want more tips from Malcolm Payne, click here for access to an exclusive one hour interview packed full with business ideas you can use today.


Here’s a slightly longer video interview I did with the legendary Malcolm Payne (just over 6 minutes) with a FEW practical idea you can use in your advice business today that will help it grow.

I’ve also included the written version if you prefer to read it.

Give it a go – and make every minute count!

In today’s video, I interview the legendary Malcolm Payne to uncover a few gold nuggets that one of the best advisers of his time did to grow his business and find out what he would do today. 

Kim: The reason why this is so exciting is many of you wouldn’t know but Malcolm Payne, this guy here, was an absolute legend in his time and he and his partner Vic Ruth really paved the way for our industry and where we are today and some of the great things that we’ve got going on.

So I’ve got him here just for 2 seconds to ask him what do you believe are some of the critical things that a business owner can do in their business today that’s going to get them better results that they are currently getting.  

What would you say? 

Malcolm: Ah it’s pretty simple.

There is an old definition of insanity that says; “if we keep doing the same thing and expect a different result, you’re insane”.

Kim: True.

Malcolm: So, anyone who is watching this and wants to get a better result, as in growing, then you’ve got to firstly, you want to do it, you’ve got to want to do it.

If you don’t really want to do it and your happy in your own practice that’s it. But if you really want to do it, then there’s a number of things you’ve got to do.

A lot of people give good advice but one size doesn’t fit all, it’s as simple as that.

So what you’ve got to do is access good consulting advice. You need someone to help you.

In our day we went the whole hog and put on a board of advice.

Because we couldn’t trust ourselves to do it, we didn’t have anyone to make sure we followed through.

So to me, if I was out in the market today, I’d go and get access to someone like Kim. Someone who is okay with all the current requirements and as we spoke last night, I don’t understand all this twitter and all that stuff. I understand the necessity of it.

So, if I was going to recommence today, I would go and talk to somebody like yourself and say, in marketing today how do I bring all these Facebook and Twitter and ‘sign in’ or ‘ledge in’ or whatever you call that thing.

Kim: LinkedIn.

Malcolm: LinkedIn (he’s my fella), but I would have to get go get someone to do it.

You’ve got to formulate a business plan. 

You keep saying it time and time again, ‘I haven’t got time’ well you won’t make it if you haven’t got a track to run on.

And the track to run on to ensure you don’t get outside the parameters which mean success is built upon, you’ve got to have a business plan.

And to do it you’ve got to commit and you’ve got to have someone help and hold your hand and walk you through. 

Kim: What about those who are a bit bigger and they can afford or they have the scale or capability to put on an advisory board. 

What is your advice in that respect?  

How would you get about doing it, especially for those of you who don’t have one today?

Malcolm: Oh, you’ve got to find the right people.

You’ve got to choose someone who is going to chair it who’ve you’ve got a lot of confidence in and who you trust.

Then you’ve got to have people on there that are skilled in finance.

You got to have people on there who are skilled in marketing.

And people who can help you go to the next step and the next step and the next step.

And some of those exist in the top end of your client base and some of those are people you’ve known on the way through.

It’s a progression, but the way to do it… step by step.

And again, if you’ve got good advice, if you got a good (inverted commas) coach they’ll assist you in doing this as to who are the right people to fill this void. 

Kim: Okay, so that’s great advice for those who want an advisory board or if you’re not ready for that, at least getting yourself a coach.

(Let me share a story) It was interesting because when I was fifteen Dad took us to dinner one night and I’ve been watching him in his business and I didn’t know a lot about what he did… but I was pretty impressed with the lifestyle that he lived.

So, as a young fifteen-year-old does, to really get on the good side of her father, I said to him “if I wanted to work in your business one day, you know, how would we work it, how would it operate?” and he said to me (and he doesn’t remember this) but he said “Kim you have to learn to type” and I was dead set mortified because I was thinking, type? And I said to him “why would I need to type?” and he said, “because all my secretaries need to be able to type”.  

And I remember so clearly from that day thinking, “I’m not going to be your secretary, I’m going to run the business and one day I’m going to get you to do some work for me.”

And you are now witnesses, he is doing some work for me, so this is a pretty cool moment in my life.

Malcolm: Yeh unpaid too…

Kim: Unpaid absolutely, but I have to cook him lunch though.

Anyway, on that note because you were so good at what you did in your day, what do you think if you went back today, that you would do differently?

So, whether it’s something that you did as an Adviser, or maybe something as a business owner but what would you do differently that you think that business owners today need to be really ‘upping the ante’ in this space?

Malcolm: Ah I wouldn’t have wasted the first four or five years. But I suppose you learn a lot in the first four or five years.

You learn the ability to sell.  

You’ll learn the pitfalls, some of the pitfalls that confront you. But if I had it over again I would have got good advice very early, once I knew what I really wanted to do.

And I had a good idea of what I wanted to do. I didn’t want to go on pension in those days. I didn’t want unemployment benefits. I wanted good cars, a good lifestyle, as you said, and all that… but to do that I had to have a good business.

And it wasn’t till Vic and I really got together, with another chap called David Haig (god bless him), he didn’t last with Vic and I all that long because we pushed the accelerator a bit hard. But we took all those experiences and we broke the mold. And you’ve heard me talk about it before, we broke the mold. And were prepared to pay for the best and to get the best. And that’s what I’d do…I would.

Now I’m going for a beer.

Kim: Alright thank you thank you thank you Malcolm, (Dad to me) for doing this, I’m absolutely grateful and for those of you who want more and want to pick his brains further, (well virtually anyway), I did a full one hour interview with him and I got him to sit still for an hour and quiz him on more of the type of questions I’ve just been asking today.

So if you want to get yourself a copy of that (interview) then just go below this video and find out how you can do it. (or you can click here: 

Eternally grateful, not only as my father, but for all your words of wisdom and for being here sharing this today. Thank you.

Malcolm: Good on you dear.

Whatever you do with it – Make It Count!


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