/ by Don Connelly / Best Practices / 0 comments
I’ve seen it dozens of times. Financial advisors sitting at their desks, looking busy, immersed in their work, shuffling papers, searching the internet, and reading reports. Sometimes it seems to go on for hours, even days, leaving me to wonder what they’re working towards. But one look at their production records tells the tale. There is a strong likelihood they’re working on getting ready to get ready to do what they know must be done but can’t seem to pull the trigger to get it done.
I’ve come across many advisors who consider themselves “perfectionists,” the type of people who feel the need to ensure everything is in order before attempting the task at hand, be it making calls to prospects, dealing with an irate client, or making a critical presentation to a wavering prospect. As we all know, “perfect is the enemy of the good,” which is good enough for most people.
If we wait until everything is ready before starting a task, we’ll probably never get started. Consider the analogy of a person starting their car and waiting in their driveway for all the lights on their route to turn green. They’ll probably never leave their driveway. Maybe that’s the point.
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5 Client Behaviors Financial Advisors Must Put a Stop to and How
/ by Don Connelly / Managing the Relationship / 0 comments
The widely studied field of behavioral finance has firmly established that many investors’ mistakes can be attributed to their emotions, which can cloud their judgment and overpower their patience and discipline. Ben Graham, arguably one of the best investors of all time, said, “The investor’s chief problem—even his worst enemy—is likely to be himself.”
Many financial advisors think their most important function is to devise financial strategies and help their clients allocate their assets to help them achieve their financial goals. Certainly, that’s important. But that’s what advisors study and train for. It’s what they do.
However, I would argue that the most essential function—the critical role advisors must fulfill—is that of a financial coach. Above all else, a financial or investment strategy rooted in sound practices and principles requires discipline and patience. However, when emotions cause a client to break from the strategy, you are the only person who can keep your clients anchored and coach them through the momentary instinct to act irrationally.
Addressing these behaviors proactively can help your clients stay on track and make sound decisions. Here are five common client behaviors that financial advisors should be prepared to address and strategies to manage them effectively.
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Financial Advisors Sabotage Their Success Through Getting Ready to Get Ready
/ by Don Connelly / Best Practices / 0 comments
I’ve seen it dozens of times. Financial advisors sitting at their desks, looking busy, immersed in their work, shuffling papers, searching the internet, and reading reports. Sometimes it seems to go on for hours, even days, leaving me to wonder what they’re working towards. But one look at their production records tells the tale. There is a strong likelihood they’re working on getting ready to get ready to do what they know must be done but can’t seem to pull the trigger to get it done.
I’ve come across many advisors who consider themselves “perfectionists,” the type of people who feel the need to ensure everything is in order before attempting the task at hand, be it making calls to prospects, dealing with an irate client, or making a critical presentation to a wavering prospect. As we all know, “perfect is the enemy of the good,” which is good enough for most people.
If we wait until everything is ready before starting a task, we’ll probably never get started. Consider the analogy of a person starting their car and waiting in their driveway for all the lights on their route to turn green. They’ll probably never leave their driveway. Maybe that’s the point.
Read more
How to Stop Self-sabotaging Behaviors
/ by Don Connelly / Best Practices / 0 comments
Behavior is said to be self-sabotaging when it creates problems and interferes with your life and goals. You may well be self-sabotaging without even realizing it.
There are many reasons you could be self-sabotaging – from holding dysfunctional beliefs to underestimating your abilities. If you don’t understand if and why you’re performing these types of actions, you will end up in a cycle of ever-increasing patterns of self-defeat. And these patterns are difficult to escape from.
Here are some common self-sabotaging behaviors you may be guilty of, with a look at why you may be doing them and how to stop.
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Self-sabotage – 10 Behaviors to Avoid
/ by Don Connelly / Best Practices / 0 comments
Self-sabotaging behaviors can create problems, interfere with goals and ultimately put your career at risk. Without even realizing it you could be a victim of self-sabotage. Be honest and identify the traits that are holding you back so you can make the positive changes required to move forward.
Here are ten ways you could be self-sabotaging – along with some recommendations on how to do things better.
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Avoid These Ten Mistakes to Improve Your Financial Advisor Business
/ by Don Connelly / Best Practices / 0 comments
We’ve been getting plenty of questions about common mistakes Financial Advisors make so here’s a quick roundup of things you should avoid doing if you want to take your Financial Advisor business to the next level.
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Procrastination Will Ruin Your Chances of Success
/ by Don Connelly / Best Practices / 0 comments
Procrastination can take different forms. You may consciously procrastinate and avoid what you know you should be doing, or you may unconsciously put off your top priority tasks by attending to a series of ‘never ending fires’. Whatever type of procrastination you suffer from it can be ruinous to your business. Here’s what to do instead.
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Be Organized – Make Prospecting a Priority
/ by Don Connelly / Prospecting / 2 comments
I can conjure up many advantages to being organized. Less stress is way up there on my list. So is the luxury of having fewer decisions to make. But the number one reason is more time to sit face-to-face with clients and prospective clients.
My friend Jack is fond of saying that your success depends upon how many families you will touch going forward. Advisors who fare poorly generally do so because they don’t see enough people. It’s hard to have appointments when paperwork keeps getting in the way.
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