Coaching financial advisors day in and day out, I am very aware of their motivation and work habits which reminds me of a great story.
I once had a call from an advisor almost 12 ago who was completely unmotivated about his investment management business. He couldn’t seem to muster the energy to go through the day-to-day operations of his business because he quite simply had no motivation. His business brand was suffering and he was suffering too. I knew it wasn’t a matter of not developing a good business plan because he shared with me that he had a non-working spouse and 3 children to support and he felt stuck. I dug a bit deeper and found out he was coming to work about 9:30a.m. and leaving a few minutes before 5. Towards the end of the week, he was taking half days off. He had “Monday-itis” (an ache in the pit of your stomach attached to going to work) beginning on Sunday afternoon.
I said “Well, have you lost your passion?” and he replied that he just didn’t give a bleep about the industry anymore and he wanted out. Ok. Fine.
What causes lack of motivation?
Back in 2004 I didn’t know what I know now and that is that to become unmotivated, something likely happened to cause disinterest or he may have been keeping poor work habits. Maybe he had been kicked in the rear by a poor business decision, maybe he lost a big client, maybe there was a family crisis that took him away from his business, or maybe he just dropped the ball and stopped trying.
Can any of these words be used to describe how you feel about your business?
- old hat
If so, you are lacking motivation! In order to get back on track you’ll have to do something about your situation.
2 types of financial advisor motivation
It might be helpful to know that there are two types of financial advisor motivation that need to be addressed. There is plain ol’ disinterest and then there’s poor lifestyle choices.
So my question for you: Is your lack of motivation due to disinterest or poor lifestyle choices?
You may have given up respect for the industry or perhaps your company has cut commissions or your territory. In this case, unless management changes their tune and corrects the lack of ethics, there’s not much to do but change companies. I’ve seen many cases of representatives changing firms after their success caused a change in sales payouts.
If your disinterest is due to lackluster results or poor prospecting, then you had better get back on that horse and commit to an intense period of 90 days to new clients that will get you energized and taking action.
2. Poor Lifestyle Choices
If your lack of motivation is due to no structure and poor choices, this can be easily remedied with a change in work habits.
What time to you get to work? Are you slacking off? Get up early and get to work before 8am and focus on your business. It’s time to get back in the saddle. You will receive results when you commit to action. Action cures anxiety. Results lead to motivation!
What bad habits do you need to banish from your current workweek? Do you maintain a workout schedule? You know, if you don’t look in shape, subconsciously your prospective clients will feel that if you don’t take good care of yourself, you won’t take good care of their money.
Low motivation has a negative effect on the success of your financial advisor practice. Recognizing and correcting poor motivation could be just what you need to get your practice to the next level. I am trained in this area. Request a consultation to learn more!