Two Things Never Change for Financial Advisors
As a Financial Advisor, you share a common concern with the wholesalers who call on you. You don’t control your distribution and they don’t control theirs. You can’t force your clients to act any more than a wholesaler can force you to act. As well, neither you nor the wholesaler has control over the landscape. Most of what affects how and what you do is in some else’s hand, be it the stock market, the economy or interest rates. And most of what affects you is in a constant state of change.
That’s just two more reasons why becoming a Financial Advisor is not a good career move for the faint of heart.
If you think about it, we spend a lot of time worrying about things over which we have no control and no hope of changing.
If you focus on the things you cannot control and those things are moving against you, you will not do much business. You’ll talk yourself out of it. Negative news changes the way you think. It triggers self-sabotage. There’s a chance you’ll get mired in inaction.
I have a suggestion. Stop focusing on things you can’t control. Focus, instead, on the two things you can control.
The first thing to focus on is your need to run your business.
Being successful is a full-time endeavor, come rain or come shine. You can’t wait for things to settle down. Volatility is now a way of life; stock market, bond market and interest rates. Figure out how to do business in an unfriendly environment. Motivate your clients to invest consistently, not just on good news. Grow your business like any successful business owner grows his or her business. Never get caught waiting for things to get better.
The second thing to focus on is the need for your clients to reach their goals.
Successful investing is not a part-time job. Retirement doesn’t wait for you when you are late. Universities don’t suspend tuition payments in bear markets.
Arrive at the office each morning determined to move your clients one step closer to their goals. Arrive at the office each morning determined to have a profitable day. Arrive at the office each morning determined to do what your clients pay you to do.
Clients will focus where you focus. They will follow your lead. Focus on the positive. In pullbacks, you can buy the same qualities securities at a discount. That’s a positive thing.