Financial advisors are typically adept at in-depth portfolio analysis, investment knowledge, risk management, and strategic financial planning for their clients. But what sets the most successful advisors apart from a more average advisor?
While professional skills such as the ones listed above are essential for career success, advisors who are considered to be among the industry elite go beyond technical expertise, leveraging emotional intelligence to understand their clients’ anxieties and goals. In any given week, an empathic advisor may have to assuage client concerns over unforeseen market turbulence, book and rebook meetings to accommodate client needs, patiently wait for investors to approve crucial strategies, listen if a marriage is unraveling, and even administer a life insurance death benefit to a grieving family.
Staunch commitment to client care is commendable and necessary; however, hyper-focus can also distract an advisor from core business-as-usual responsibilities, leaving them vulnerable to three intrinsically linked negative traits – procrastination, overwhelm, and the fear of missing out.
When advisors delay tending to tasks, even if it is to better serve their business goals and clientele, increases in stress and anxiety may result. As stressors mount, advisors may feel the pull of bright, shiny objects that purport to drive efficiency, address backlog, and deliver positive outcomes but, in reality, these distractions end up exacerbating procrastination and can create a sense of overwhelm. It is a vicious cycle that can hinder growth and sustainability. The good news is financial advisors can tap into their emotional intelligence and recognize the signs of these potentially fatal flaws before they spiral out of control and irreparably harm their business.
The Path Away from Procrastination Nation
Before we dive into the negatives of procrastination, let’s take a moment to recognize the positives. There are times when delaying action is a good thing. To an antsy job candidate pushing to negotiate and get to yes, your being judicious can make for a better hiring process and pulling the right people onto your team. Moreover, taking a beat to gather additional information and conduct thorough due diligence helps advisors sidestep risk. Steadfast attention to detail and following a process makes sense.
Procrastination rears its ugly head when discernment turns into an unproductive analysis loop, a fixation on concerns so great that it threatens daily operations. This could present as letting bills and invoices pile up, neglecting license renewals, missing critical business and client deadlines, and struggling to solve other problems. Acknowledging small wins and incremental progress toward achieving goals can prevent getting bogged down and spurring delays. Setting clear business objectives, using a priority matrix to identify the most urgent and important matters, and tackling big goals in manageable chunks, can help sidestep procrastination traps.
Ways to Overpower Overwhelm
Breaking down the adverse effects of procrastination, there is a causal throughline to overwhelm. Still, overwhelm can present on its own from major life changes, generalized anxiety, work obligations, and feeling a lack of control. Add the continual need for staff and client empathy to the mix and financial advisors can become more susceptible to burnout.
The key to overcoming overwhelm is to get ahead of it before it undermines judgement and clouds focus. Advisors should delegate tasks, outsource where viable, create systems, and set boundaries enabling them to lean into their strengths. The same thought process applies to their personal lives. It is time to destigmatize self-care and to seek support from family and friends while making time for physical activity, mindfulness, and meditation as a daily practice. Collectively, these approaches can heighten concentration and mitigate stress.
Bid Farewell to FOMO
While procrastination and overwhelm can significantly harm an advisory practice, it is perhaps the insidious nature of the fear of missing out, also known as FOMO, that poses the greatest threat to an advisor’s growth and stability. Fear of missing out can divert attention from what is proven to work to what has potential to succeed, giving rise to impulsive reasoning, undue influence, and hasty decision-making.
FOMO need not be a fait accompli. The most successful advisors stay grounded in their long-term vision to ensure their goals align with their entrepreneurial roadmap, thus, keeping them focused on continuous improvement instead of chasing every trend. They leverage the insights of their professional network and tap into their own inner wisdom to discern real opportunities. Trusted peers and mentors can help advisors determine when the pursuit of potential makes sense or is ill-conceived. Of course, a healthy dose of FOMO can have positive upsides such as igniting innovation and fostering ingenuity.
The Emotional Intelligence Edge
Putting the interests of the client first is an advisory best practice and often a fiduciary responsibility. It is an earnest obligation, and at times, a challenging one when carried out with empathy. When the ramifications of emotional intelligence outweigh practical business needs, finding balance is crucial to fend off the fatal flaws that can derail an advisor: procrastination, overwhelm, and fear of missing out. Revisiting goals, championing self-care, and tapping into professional and personal support systems can not only keep advisors focused on their business, but these steps can also ensure clients are cared for with purpose and intention, and thus enable the advisor and support teams to flourish.
Contact Kelsey for a confidential conversation.
Author
Kelsey Althouse
VP of ADVISOR EXPERIENCE
PRINCIPAL
