Studies have described the emotional and psychological stress that being a financial adviser entails. When you chose this profession, maybe you didn't realize that there are ongoing, job-related stressors that you have to address to function efficiently and prevent burnout.
To be an effective adviser, you must become comfortable filling many different roles for your clients: financial expert, trust attorney, marriage counselor, clergyman, social worker, psychologist, CPA, etc.
Of course, you can refer your clients to these professionals, but in meetings with clients you need to be the equivalent of a medical “general practitioner,” able to answer many questions, as if you are an expert in all of these specialties. Other hats you wear are fiduciary and compliance expert, research analyst, referral prospector and marketing manager, and the need to switch among them is a constant and unpredictable hassle.
Other stressors with which advisers deal:
• Dealing with unreasonable and demanding clients
• Conflicts between manager vs. client demands and needs
• Keeping up with book of business quotas
• Establishing a trusted support team in the office
• Taking the time for professional development (conferences and seminars)
• Balancing work, family, recreation and relaxation
It is critical to know where the stress is coming from before you start finding ways to eliminate it. (Step one is always admitting there is a problem.)
My goal is to teach you how to master the stress you encounter, both on and off the job. Next time, we'll examine how stress can kick the health out of you.
Jack Singer is a professional clinical/sports psychologist and a professional speaker/trainer, primarily for financial professionals. He is the author of “The Financial Advisor's Ultimate Stress Mastery Guide.” Visit his website at www.funspeaker.com.