Changing Negative Perceptions and Attitudes as a Financial Advisor
Most people become financial advisors because it is one of the more rewarding careers, indeed in terms of monetary rewards, but also working in the service of others to help them achieve financial security and long-term prosperity. However, many advisors struggle with aspects of their job that can lead to self-doubt, hesitation, and guilt.
These negative emotions often stem from deep-rooted perceptions and attitudes that can negatively impact client relationships and hinder professional growth. For example, for experienced advisors who become good at what they do, the job gets easier—almost too easy.
This attitude can manifest as the “imposter syndrome,” feeling as though they are getting paid disproportionately more than the value they provide. However, to the client, the work you do is challenging, which is why they came to you, and they view your work as a tremendous value.
These “cognitive distortions,” as the psychological field calls perceptions and attitudes that are off the mark, can be more challenging for newer financial advisors as they can create a distorted view of what they can achieve or deserve. When internalized, it can hold advisors back from reaching their full potential.
However, by reframing these mindsets, you can overcome self-doubt and find greater fulfillment in what you do, clearing the path to grow your business. Here are a few examples of the common challenges newer financial advisors face with warped perceptions and attitudes:
#1. Overcoming the dread of making phone calls
It’s a rare financial advisor who doesn’t fear or dread making cold calls when they’re new. The anxiety one feels at the thought of calling someone they don’t know can be paralyzing. However, this fear is often rooted in misunderstanding or even belittling the value you provide to your clients.
The first step in overcoming this dread is to shift the focus from the act of selling to the act of serving. Financial advisors offer more than just products or services; they provide peace of mind, security, and a pathway to achieving financial goals. Your new perception should be that each phone call is an opportunity to extend that value to someone who may desperately need it. When you view phone calls as a chance to make a positive impact rather than a transactional obligation, your anxiety diminishes, and the conversation becomes more natural and meaningful.
#2. Embracing the importance of asking for referrals
Another significant challenge for financial advisors is the discomfort of asking for referrals. Many advisors fear that asking for referrals may come across as pushy or self-serving. However, this perception overlooks the mutual benefit of referrals for both you and the client.
Referrals are not just a tool for business growth but also an indicator of client satisfaction.
When clients refer their friends, family, or colleagues, it signifies that they trust and value your expertise. By framing the referral request as an opportunity for clients to share something positive with their network, the process becomes less about self-promotion and more about extending a valuable service to others.
You can change your mind set by recognizing that asking for referrals is a natural extension of your relationship with the client. A strong advisor-client relationship is built on trust, communication, and a shared commitment to achieving financial goals. When advisors ask for referrals, they are inviting clients to deepen that relationship by helping others in their community.
To make the process more comfortable, you should approach the topic of referrals with gratitude and openness. Instead of asking directly for names, you can express appreciation for the client’s trust and ask for an introduction to anyone else who might benefit from a similar experience. This approach feels less intrusive and more like a continuation of the positive interaction you’ve already established.
#3. Valuing the financial rewards of the profession
Many financial advisors struggle with feelings of guilt or discomfort about the money they earn, particularly if they view their income as disproportionate to the work they do. This guilt can stem from a societal perception that equates financial gain with greed or a personal belief that helping others should be its own reward.
However, it’s essential to recognize that the compensation you receive is a reflection of the value they provide. Financial advising is a specialized profession that requires extensive knowledge, ongoing education, and a commitment to ethical practices. Your work has a significant impact on your clients’ lives, helping them achieve financial stability, plan for the future, and navigate complex financial decisions.
It becomes easier to shift your perception by focusing on the outcomes you help your clients achieve. The financial rewards of the profession are not just for the work itself but for the results that come from that work. When advisors see their income as a fair exchange for the life-changing value they provide, they can embrace their financial success without guilt.
Additionally, you need to consider the broader impact of your work. By helping clients manage their finances effectively, advisors contribute to the overall economic health of their communities. Their work helps people save for retirement, pay for education, buy homes, and invest in their futures. This ripple effect underscores the importance and value of the profession, making the financial rewards justified and necessary for sustaining the quality of service that clients deserve.
#4. Cultivating a growth-oriented mindset
Advisors who adopt a growth mindset understand that discomfort is a natural part of professional development. Instead of avoiding difficult tasks like making phone calls or asking for referrals, they see these activities as opportunities to strengthen their skills and expand their influence. By reframing these tasks in a positive light, you can approach your work with greater confidence and enthusiasm.
You have the potential to make a profound difference in the lives of your clients, but negative perceptions and attitudes can hinder your ability to fully embrace your role. By shifting your mindset from one of fear and self-doubt to service and growth, you can overcome the daily challenges of building an advisory practice.
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