Financial Advisor Burnout

The difference between success, happiness, and health is clear....

Perfection is a life sucking, stressful pursuit.

Why?

Perfection is not attainable. Burnout is.

Yet as advisors we feel we must be "perfect" in everything we do to achieve success, happiness, and health.

In 2006 I started in the financial services industry. I thought (was taught) that the most successful financial advisors:

• Wrote a ton of cases
• Worked with anyone and everyone
• Worked nights & weekends
• Prospected (cold) for clients
• Drove tons of miles
• Went to networking events
• Held seminars
• Had a brick & mortar office with W2 employees

This was just how successful advisors made sure they were successful, so I thought.

What you see is not always what you get

I was hungry. I wanted to be "successful". So, I looked at the things "successful" advisors where doing and made it my mission to do all of them.

This is what happened:

• I made some good money
• I grew my client base
• I had massive overhead
• I gained weight
• I lost sleep
• I was stressed out
• I was tired
• I wasn't happy

What I saw and the reality of how it impacted me were worlds apart. I was burning out.

Here is a side-by-side picture of me at my lowest and highest.

2006 was the beginning of "great things".

By 2011 I was a mess.

2021, never been better.

What changed for me to find the true success, happiness, and health I believe we all desire?

Let me tell you.

The Fat and Thin of it all

Some successful people are posers, or kooks to use a surfing reference. On the outside these folks look successful, happy, and just plain old "living the life". But this is not always the case.

Advisors in particular tend to make it a point to project an image of perfection & success. Given we are in the money & people business we feel the need to project our success so people want to work with us. But at what cost?

Well as you can see from above the costs really can weigh on you, pun intended, lol!

What I learned is that if you are intentional, thoughtful, patient, smart, and challenge the status quo that as Advisors we can have our cake and eat it too!

What I did to find success, happiness, and health

I hit a breaking point. My blood pressure was up. I was in a bad mood most of the time. I couldn't play with my new born son for more than 5 minutes without getting winded. I was losing sleep thinking about the massive overhead I was responsible for.

I kept thinking; "Is this it? Is this perfection? Is this what successful advisors actually look and feel like?"

I had had enough. Something had to change or I was on my way to an early dirt nap.

I questioned everything about how to be the best financial advisor.

Did I really need to do all of the old, outdated and expensive things that advisors of the past did? Short answer, no.

Here is what I did:

• I got crystal clear on what I wanted out of life, personally and professionally (This drove everything for me & my business)
• I got rid of my office and W2 employees (hired a virtual team)
• I stopped working nights & weekends (I controlled my calendar)
• I stopped prospecting (Became a digital marketing ninja)
• I stopped pushing products (Started focusing on Planning)

What happened?

I got healthy. I found more success (made more money) than I ever had previously. I experienced more happiness than I knew was possible. I found balance.

Talk about a stark yet clear contrast to where I was to where I am today. My tale is a clear example of how doing what used to work compared to doing what works today can lead to success, happiness, and health. The results are clear.

Honestly, how can anyone argue with results like this? Why would anyone want to build a practice that takes a part of your soul along the way? Well, all too often this is still happening. It is being taught. It is engrained. It is causing a lot of advisors stress, heartache, confusion, and so on.

Well, no more. We are all on the same team so my hope is this glimpse into my journey, what I learned the hard way, and how I came out the other side will help advisors avoid the worst of it all and not end up like 2011 Derek.

Question Everything - Start With You

Just because you are being told and taught certain things doesn't mean you should accept them as the only way to do things.

Money will only motivate you so much. But your hopes, dreams, and goals will motivate you to the ends of the earth.

Want to build an amazing & thriving practice in 2021 and beyond? Start with you, your passions, your why. Done right, this will drive EVERYTHING about your business.

Question the sales tactics you are being taught. Question the prospecting (marketing) strategies you are being taught. Question the motives of those teaching you. Question how those teaching you are getting paid. Question everything.

If things don't feel right in your gut then something is off. Trust your gut. It's usually right and if anything you will be staying true to who you are by going with your gut.

Why is any of this relevant?

Is your happiness important?

Is your health important?

Is success and financial freedom important?

Is doing what & how the consumer expects us to do it important?

If you answered YES to any of these then all of this is relevant.

Want to live your best life? It's right in front of you, go get it!

Warm Regards,

Derek