The secret to being a successful financial advisor isn’t about what you do or how you do it. Rather, it’s about why you do what you do. If you are truly inspired, success will easily follow.
On the other hand, lower forms of motivation are based on a desire to meet your needs for recognition, safety and worthiness. These needs are the basis of all negative beliefs and emotions. Such motivation is not sustainable because it comes from outside. It attempts to satisfy unmet needs through people, places and things.
What are the practice management issues many advisors face? Things such as lacking a business plan and clear goals, neglecting to ask for referrals or simply allowing yourself to become overwhelmed are just a few.
1. Lacking business plan/goals. The need for safety generates negative beliefs such as “I don’t have enough time” and “I don’t have enough money,” which fuel the negative emotions of anxiety and fear. Hence, an advisor becomes addicted to survival. It is impossible to establish values, vision, a business plan and goals while this is happening. A learned advisor once said, “Most financial advisors are addicted to selling, and they will not take the time to build vision, a business plan and goals.”