For more than 20 years, i’ve sat down with groups of financial advisors once or twice a month. Over the past year, I’ve heard more comments about fatigue and the challenges of staying motivated than in the previous 20 years combined – in numbers even dwarfing the post-“tech wreck” period.
There’s a good reason for this: everyone is tired – clients and advisors alike. Quite simply, it feels as if the past four years have been one, non-stop crisis. And this comes after an extended period of tough markets, reaching as far back as 2000.
Here’s how one veteran advisor puts it: “I’ve been in this business for over 30 years. For most of the first 20, I looked forward to meetings with clients; they were making money and I felt I was adding value. By contrast, most of the past 10 years have been brutal. In meeting after meeting, I’ve found myself apologizing for performance.”
In these circumstances, it’s no surprise that our enthusiasm for our business is less; in fact, it would be surprising if it wasn’t. But even if being a bit down is understandable, energy and passion are essential to implementing new initiatives and inspiring confidence within existing and prospective clients.
That’s why reigniting your passion for your business and raising your energy level is Job 1. In fact, it’s the necessary precondition to making everything else possible. Think for a moment what it would take to hit the ground running on Sept. 1, truly excited about your business. If you struggle to figure out the formula to reach that goal, consider these 10 strategies:
– FOCUS ON SMALL WINS
A Harvard Business School professor has conducted a large study on motivation among knowledge workers on project teams. The factor that drove motivation, more than any other, was a sense of progress and small wins on a daily and weekly basis.
Consider setting small, achievable goals for each day and each week, then focus on getting those done. The chances are good that your motivation will rise as a result.
– REMEMBER THE DIFFERENCE YOU’RE MAKING
Amid all the gloom, it’s important to remind ourselves of the good we’ve done. I recently talked to a veteran advisor who set aside time in his weekly staff meeting to talk about one client the team had met whom they had really helped. And when clients thank him, he asks them to send an email he can share with his team. He has been astonished by the result.
“This was on the agenda for five minutes,” he says, “but we ended up going well past that; it was the most engaged I can recall seeing the members of my team.
“But the biggest surprise was how I felt afterward,” he continues. “By making one small change to my weekly meeting to focus on a client in whose life we’d made a real difference, my enthusiasm increased. As a result, I’ve been able to recapture some of my excitement for the business – and we’re making this a permanent addition to our weekly planning meetings.”
– RAISE YOUR ENERGY LEVEL
Some advisors tell me they feel tired when going into work or at the end of the day. Although energy alone won’t rekindle your passion, feeling alert and energized is a necessary ingredient in bringing excitement to your work. Consider changing your routine to increase your energy level: build in a brisk walk or a short workout to start your day, or try midday walks to get sunshine and fresh air and snack on fruit instead of a muffin or danish.
– CLEAN UP MESSES
Few things are more dispiriting than walking into a cluttered, messy office. Take a good look at your workspace – a half-hour to straighten up things or spending $15 a week on flowers to brighten your workspace could make a big difference in your mood.
– LIGHTEN UP
We all know the expression “laughter is the best medicine.” There’s strong, scientific evidence that people who laugh a lot often do better when it comes to coping with stress. They even live longer. If laughter doesn’t come easily, consider adding five or 10 minutes at the end of each day during which you watch your favourite scenes from a funny movie. Or do an online search for “National Public Radio girl cutting sister’s hair.” It’s impossible not to laugh at this three-minute audio clip – and I can promise that you will feel better as a result.
– SEEK OUT POSITIVE PEOPLE
As enthusiasm is contagious, seek to surround yourself with positive people. Make a list of friends, clients or colleagues at work who are upbeat – and make a point of spending as much time with them as possible. Or you could go one step further – some advisors have had success with peer support groups, in which a small group of advisors meet weekly for a half-hour or monthly for a couple of hours to share successes and learn from each other.
– AVOID NEGATIVE PEOPLE
Just as positive people give you energy, negative people take it away. Make a second list of people who sap your energy – and minimize the time you spend with them. Avoid “woe is me” colleagues at all costs. And if a couple of big clients are on that list, think about how you can contain contact with them – or perhaps even part company entirely. Chronic complainers aren’t going to change. You either have to figure out coping strategies to deal with them or take a hard look at whether the revenue they generate is worth the cost.
– SCHEDULE REGULAR BREAKS
Most of us need annual breaks of two weeks or longer to recharge. Beyond this, scheduling short breaks once a quarter can help maintain motivation – even a three- or four-day long weekend can have a positive impact. That’s because research shows that the biggest boost to motivation from vacations isn’t actually the vacations themselves; rather, it’s the anticipation beforehand. Scheduling quarterly or bimonthly short breaks means we always have a mini-vacation to look forward to.
– FIND MEANING OUTSIDE YOUR BUSINESS
Some advisors get reinvigorated through activities that have little to do with our business. And that energy will have a positive impact when it comes to the excitement you bring to bear on client interactions. Here are some examples of doing things outside the norm:
– Physical challenges: Training for marathons or for hikes up Machu Picchu or Mount Kilimanjaro.
– Dream vacations: Going on trips to destinations that you’ve always dreamed of, whether it be in Hawaii, Australia or on an African safari.
– Intellectual challenges: I have talked with one advisor who began attending the leading-edge TED conference in California; TED is an acronym for “technology, entertainment and design.” Another advisor attends summer courses at Oxford. Both advisors return excited and inspired.
– Expanding your thinking: The Rotman MBA program at the University of Toronto, where I teach, offers a 5 p.m. speaker series with some of today’s top business thinkers. One financial services industry participant who attends these sessions has told me that he gets fresh ideas and walks away energized as a result.
– Giving of yourself: I’ve recently talked with four advisors who organize ambitious fundraising events in their communities. In every instance, they say the sense of accomplishment arising from the success of these events has been among the most rewarding things in their lives.
– put setbacks into perspective
I recently attended a talk by the academic director for Tel Aviv’s Technion University, which has played a critical role in making Israel a high-tech hotbed. Successful Israeli entrepreneurs were asked to choose the keys to their success from a list of 15 items, including financing.
Resilience and persistence won, hands down. In any ambitious endeavour, there will be setbacks. The key is both to anticipate these and to maintain the determination, conviction and energy to bounce back. If you’re not confident and enthusiastic about your work, you can’t expect your team and your clients to be.
Dan Richards is CEO of Clientinsights (www.clientinsights.ca) in Toronto. To read other columns written by Dan, visit www.investmentexecutive.com.
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