Financial Advisors Should Consider Taking Their Own Advice

September 30th, 2021, 12:00 AM

A recent survey of the advisor marketplace conducted by New York Life Investment Management concluded that advisors should consider listening more closely to their advice when setting personal and professional goals and managing burnout.

According to the survey, only 42 percent of advisors write down their personal and professional goals and refer to them often. Only one in four consistently adheres to their goals and believe their goals contribute to success.

The core qualities needed to succeed as a financial advisor are resiliency, connection, goal setting, boldness, and intrinsic motivation. Succeeding as a financial advisor requires employing this complex skillset. WealthManagement identified a five-step process that can help advisors develop traits shared by leaders in the industry.

  1. Vision - Your vision should be clear, focused, and easy to articulate. Write it down.
  2. Believe - The best way to achieve your vision is to act as if you are already there. Success breeds more success.
  3. Self-talk - Be aware of the dialogue you have with yourself. Do not let self-doubt talk you out of doing what you need to do to make your practice work.
  4. Eliminate Distractions - Clear out any mental clutters and focus on where you want to be.
  5. Execute. - Set deadlines and meet. Do not leave any projects incomplete.

Another area advisors could improve in is listening. Only 27 percent of the advisors surveyed considered themselves "great listeners," another core skill for succeeding in the industry and commonly found among top advisors.

According to WealthManagement, the best advisors take a holistic approach to a client's wealth. This approach includes identifying ways to advance family, career, philanthropy, and life and legacy goals. During the pandemic, many advisors have been challenged by their clients on these non-balance sheet fronts. Advisors stepped into a role of helping individuals and families deal with stress and isolation and providing financial guidance, adding to advisor burnout.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

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Blog

Financial Advisors Should Consider Taking Their Own Advice

September 30th, 2021, 12:00 AM

A recent survey of the advisor marketplace conducted by New York Life Investment Management concluded that advisors should consider listening more closely to their advice when setting personal and professional goals and managing burnout.

According to the survey, only 42 percent of advisors write down their personal and professional goals and refer to them often. Only one in four consistently adheres to their goals and believe their goals contribute to success.

The core qualities needed to succeed as a financial advisor are resiliency, connection, goal setting, boldness, and intrinsic motivation. Succeeding as a financial advisor requires employing this complex skillset. WealthManagement identified a five-step process that can help advisors develop traits shared by leaders in the industry.

  1. Vision - Your vision should be clear, focused, and easy to articulate. Write it down.
  2. Believe - The best way to achieve your vision is to act as if you are already there. Success breeds more success.
  3. Self-talk - Be aware of the dialogue you have with yourself. Do not let self-doubt talk you out of doing what you need to do to make your practice work.
  4. Eliminate Distractions - Clear out any mental clutters and focus on where you want to be.
  5. Execute. - Set deadlines and meet. Do not leave any projects incomplete.

Another area advisors could improve in is listening. Only 27 percent of the advisors surveyed considered themselves "great listeners," another core skill for succeeding in the industry and commonly found among top advisors.

According to WealthManagement, the best advisors take a holistic approach to a client's wealth. This approach includes identifying ways to advance family, career, philanthropy, and life and legacy goals. During the pandemic, many advisors have been challenged by their clients on these non-balance sheet fronts. Advisors stepped into a role of helping individuals and families deal with stress and isolation and providing financial guidance, adding to advisor burnout.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

Return to All