Lost your mojo? Lack of motivation kicking you in the pants? This article is about financial advisor motivation and getting back your motivation.
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 received a call from an advisor back in 2004 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.
An unmotivated financial advisor!
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. With further digging, I found out that this advisor was passionate about his business in the past and that the financial pressure and overhead burden was dragging him down. He needed to connect to the passion he had when he was doing well and growing his business. As he harnessed this passion (by using the steps below), his situation changed.
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.
Emotions that affect motivation.
- old hat
- depression due to lack of results
- feeling down due to too many “no’s”
Are you lacking motivation? In order to get back on track you’ll have to do something about your situation.
2 types of financial advisor lack of 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. Poor prospecting habits can kill your business and the only person responsible is YOU. Look in the mirror and ask yourself “Is this all I’m capable of? Do I want a better life? Then, I need to get to work on prospecting!”
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.
Do you stare at the phone wondering who you should be calling? Does the phone sit there without an answer? Does it mock you for your lack of attention?
5 ways financial advisors can get motivated:
Financial advisors can become motivated by focusing on their business IN A BIG WAY! No more lack of structure. No more disinterest. It’s time to kick yourself in the butt and make a plan.
1. Get out of negative thinking.
If you’ve been focused on “woe is me” I challenge you to turn it around. Stop thinking negatively and and vow to be positive and motivational.
- Become aware that you are thinking negative
- Get a Motivational Calendar and put it on your desk
- Every time you have a negative thought, pinch yourself and turn it around
- Positive people are a joy to be around because they bring energy and excitement to our daily lives.
- Negativity attracts more negativity. Stop it!
2. Decide to be a role model for your clients and family.
Your clients trust you with their money! Your family looks to you to bring home the bacon. Be a role model for them! Be inspirational and motivational. Even when times are tough, present a positive persona.
3. Get to work earlier.
As stated above, getting to work early gives you time to strategize and plan your day. You’ll have the time to create a list of who to call. You’ll have the time to learn new investing strategies that will help your clients. You’ll have the time to plan out your marketing strategies for the year and for the week.
4. Try meditation, affirmations, and gratitude.
Calm your nerves, clear your mind, and become intentional by using meditation to get what you want. Whether it’s taking a class or downloading an app, use the time to clear up space in your head for concepts that will ease your anxiety and help you focus building your best life.
One way I teach my clients to have more motivation is to Create a List of 5 Reasons You Are Motivated to Improve Your Life, and then read the list every single morning when you get to work at 8am!
Another strategy is to focus on gratitude. This is the #1 way to be successful in life. Being grateful for what we have in our lives helps us get clarity on how lucky we are to be alive! Think about all the wonderful people in your life, the roof over your head, your family, your many blessings. No matter how bad things are, we ALWAYS can have something to be grateful for that makes a difference in our lives.
5. Create a prospecting plan.
Prospecting is the lifeblood of any successful financial advisory practice. If you don’t have a plan, make one. There are plenty of free tools on the interwebs for you to customize, or you can purchase one of mine at the SHOP. The 90 Days to New Clients Prospecting Plan is especially useful and gets rave reviews due to the focus on strategy and action.
Final thoughts about financial advisor motivation:
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!