The Quick “Formula” to Building Self-Confidence for Financial Advisors
Money is one of the most personal aspects of one’s life. Therefore, it’s difficult for advisors to not carry that burden with them on behalf of their clients. Worrying about your own money is stressful enough, but tacking on the worries and stress of numerous clients and their money is enough to make anyone question him or herself. This is especially true in times of market volatility since, no matter how much the long game is preached, it’s only natural to feel pressure when you see that red down-arrow. Financial advisors must be careful to keep such emotions at bay, though, since low self-confidence and feeling overwhelmed can have an exceedingly negative effect on productivity.
In one of our previous posts, we discussed how calmness is a top trait of successful financial advisors. Clients look to their advisors to encapsulate emotions that the clients themselves cannot. This is oftentimes the part of the client-advisor relationship that clients value the most. For example, clients must see confidence in their advisors when their own confidence is wavering. Advisors must be seen as composed when clients feel stressed and out of control. If you, the advisor, cannot be calm and collected when relying upon your own plan, why should the client trust and/or pay you?
Speaking of payment, advisors must also remain steadfastly confident when delivering invoices. If you do not feel you’re worth your fees, why should your client? Be proud to ask for payment. You’ve earned it and deserve to be fairly compensated. Think twice before offering discounts, whether one-off or blanket. This can become a slippery slope and sends a confusing message to clients and prospective clients. In many cases, the more confident you are, the more opportunities will arise.
So, how do you gain this holy grail of confidence? It’s simple: Do things you’re good at and things you enjoy. Not always, but oftentimes these activities are one in the same. If you’re terrible at golf, it’s probably difficult to enjoy. On the other hand, if you can keep up with the best of them on the golf course, it’s easier to relax and have fun. So, figure out what these energizing tasks are in the workplace, and do them as much as you can so you can maintain a calm, confident mindset as you work. If you’re an extrovert, surround yourself with people and stimulating conversations. If you’re an introvert, know your limits and that if you push beyond them, your confidence may be eroded.
In short, to maintain confidence, first, self-reflect. Identify those endeavors that give you joy and energy, and purposefully act upon those. You will ultimately see the fruits of these intentional acts in successful client relationships and a prospering business.
To subscribe to AdvicePeriod’s email list, fill out the form on the bottom of the page here.
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on pinterest
©2020 AdvicePeriod. All rights reserved.