It is a lot to balance all of these things while still monitoring clients’ plans and investments. But, here are five tips to help advisors put this all into a workable perspective.
○ Identify stressors: Each advisor will feel stress around different areas, so they should identify what is the most stressful them. It may be dealing with regulations, fee compression, shrinking margins, increasing competition, business planning, or failing to achieve certain goals. They should be honest with what’s working or not because that’s the only way to figure out what needs to be addressed.
○ Identify what can be controlled – and what can’t: When advisors have so much on their plate, they need to identify what they can control – and what you can’t. They can set goals and adjust them. They can adopt new processes or strategies to manage workflow and delegate tasks to alleviate some stress. But, there are some stressors, such as government regulations and market downturns, that an advisor cannot control. So, they should focus that what you can make a difference in and accept those areas that they can’t.
○ Plan and organize: Advisors plan for their clients, but also need to plan for their businesses. They should develop a realistic strategy and achievable goals, then reduce those to practical, implementable steps. Sometimes, just knowing they have small actions that they can regularly take to reach larger goals can alleviate some of the stress of trying to accomplish those.
○ Strive for work-life balance: It takes time and effort to define, and achieve, a balanced life, so advisors should analyze what they need to make their businesses healthy while also maintaining a healthy lifestyle. That may mean setting more realistic work goals or getting more help. It may also mean ensuring they get enough sleep, exercise regularly, eat well, and spend quality time with friends and family. It can help to schedule in time at work versus time off, but it may also mean not taking work home or turning off phones for certain evenings or the weekends, or enforcing email-free vacations. There are no hard and fast rules, so each should figure out what works for them.
Read More: For financial advisors, self-care is a professional necessity | Wealth Professional
