Close Close

Financial Planning > Behavioral Finance

5 ways to break out of a slump

Your article was successfully shared with the contacts you provided.

Bill Smith, author of “The Happy Advisor,” came up with 10 ways to help advisors break out of a professional slump. Read on for the first five tips, and check next week for the next five.

  1. Keep records. Smith says that people who “self-actualize” and keep records of their activities, such as calling referrals or scheduling meetings, will have an improved performance.
  2. Remind yourself that slumps are natural. Smith says not to annualize the good times or the slump times. “Projecting the most recent trend into the future is what economists–it’s way too passive for a dynamic person like you,” he says.
  3. Focus on action, and ignore results for a while. Smith uses the example of Babe Ruth and Ted Williams: they kept swinging, because although action might not get the desired results, inaction guarantees zero results.
  4. Find three reasons why a slump is actually a good thing. For example: getting through slumps builds character, and it helps you focus on other tasks.
  5. Give back. A slump might actually turn out to be a boost you need to get involved. Volunteer to help someone who wouldn’t normally be a prospect, or give a free group presentation.

Bill Smith is a financial advisor, author and widely-read columnist at the Horsesmouth Network. For more information, go to or