The ‘Hacks’ Don’t Help — So Here are 5 Simple but Difficult Strategies to Reduce the Stress of Being a Financial Advisor

You’re finally making good money… But you’re stressed out of your mind

As someone who worked for a Top 5 Global Wealth Management Firm as an Investment Advisor for almost ten years… I get it.

Maybe you started on a team and worked your way up to managing client relations and a good chunk of assets. Maybe you went the dreaded route of the “rookie program” and, like me, struggled year after year to make sure you hit enormous AUM and revenue targets as a young, stupid kid. Maybe you joined the business as a mature professional from a parallel industry and brought clients/relationships with you.

We all have our own unique stories.

But, as professional “stress-handlers” for the wealthy, we all share the same pressures as well:

• clients who expect you to be available within 5-minutes at any given time
• interpersonal issues with co-workers / team members
• markets that just don’t care what your clients’ return expectations are
• ****ing compliance emailing you that you are offside 27 times a day
• revenue and AUM targets that go up more and more EVERY year
• “those” clients who only call when something goes wrong
• feeling like you’re, at any given time, a portfolio manager, a therapist, a financial planner, an insurance specialist, a CEO, a HR dept, and more…

And most importantly: the pressure, outside of the office, of families that want our time and attention too.?

All of this non-stop intensity can very easily lead to:

• feeling overwhelmed, overworked, and under-appreciated
• difficulty sleeping
• a racing heart every time you check your email
• taking prescription drugs just to feel normal and sleep
• a slew of low-energy, ineffective therapists/psychiatrists
• more talks with management / HR
• weight-gain / physical deterioration
• considering reducing the number of relationships you manage OR even leaving the business altogether
• a greater and greater reliance on alcohol (or worse) to ‘turn off’ at the end of the day (or in the middle of the day…)

If you are struggling to handle ANY of the above it can feel like it’ll never end. That this is just what you signed up for. That the only way to make this much money is to be… unhappy?

It doesn’t have to be this way.?

Here are 5 Simple but Difficult Strategies to deal with the stress of being a financial advisor:?

1) Write Down EVERYTHING that is Stressing You Out

Everything. That one client that you meant to call back last week but didn’t. Your wife’s frustration that you haven’t fixed the garburator. Your frustration that she is frustrated. Misleading Fed guidance. Compliance.

Compliance again.

I promise you’ll find some stressors that surprise you, if you do this thoroughly.

When you’ve written down everything (it’s probably going to be 20-50+ things) then categorize them all. Some typical categories would be: Client Communication, Markets, Team Management, Family / Relationships, Health / Fitness, Money / Budget, Household Duties, etc.

Once this categorization is done you ACTUALLY HAVE SOME IDEA of what monsters you are trying to slay. This exercise alone will cut your stress down noticeably.

2) Figure Out Which Problems You REALLY Don’t Want to Deal With Right Now

Maybe it’s the over-drinking. Maybe it’s organizing those tax documents. Maybe it’s having that conversation with your team member you don’t want to have. Maybe it’s telling that one client that he has to find a new advisor.

Whatever it is, it’s something you really don’t want to deal with.?Go to your list figure out which problems these are, right now, before you read further.

….

Ok. Now that you know the problems that you are spending so much energy avoiding… you know where to begin. Is it even theoretically possible that your stress can go away while these problems take up so much of your mental stress? The issues you least want to face are exactly the ones that most need your attention.

Harsh truth: you have to start where you least want to start. This is the only way to meaningfully move forward.

3) Put Together a Plan of Action

Okay. Time to get weird.

Close your eyes (well, read this first, then close your eyes).?

Envision two versions of you at a boardroom table. Your CEO-self and your employee-self. Have an internal negotiation.

Have your CEO-self ask your employee-self: What stressors can you realistically deal with right now?

Awkward as this exercise might sound… you’ll get an answer. And that’s when you can begin negotiating with yourself.

Don’t be a sh*tty CEO and demand that you handle every major problem this week. Be a good boss to yourself and be understanding. What can your over-stressed employee-self realistically handle? When you’ve figured that out, through a lengthy inner dialogue with your two selves, negotiate a timeline to start dealing with the most pressing issues you’re facing.

Make sure the timeline is reasonable, doable, and understanding of the fact that you are human. Make sure your CEO-self AND your employee-self agree to the plan.

4) Level-up Your Habits

You want to give yourself the best possible chance at dealing with the stressors in your life. This requires that you be the best, healthiest version of you.

- do you have an exercise routine? If not, start one. It can be as simple as 5 push-ups (against the wall if need be) and 5 squats. Or it can be 45mins in the gym each morning. Meet yourself where you’re at, start small, and increase the difficulty over time. This will set you up to learn the Skill of managing your energy.

- eat better. You may not know if you should be vegan, carnivore, paleo, low-carb, or something in between — but you d*mn well know what you shouldn’t be eating. Cut out the worst of it and watch your anxiety levels drop (for many, gluten, dairy, sugar, and deep-fried treats can greatly elevate anxiety).

- create a morning routine. Not one that suits a Navy Seal — one that will make your mornings pleasurable AND productive. Simple, short, and enjoyable is the key. If you start your day without having to decide how to start your day… you begin on your best foot and the rest of the day WILL follow suit.

I call this the Discipline Triad: Exercise, Nutrition, and Morning Routine. Write down your expectations for each.

5. Practice Gratitude and Self-Love

I know this is cheesy to many, because it is so over-hyped. But, especially for high-performing perfectionists, it’s crucially important for long-term inner peace. It's also really difficult.

If you have trouble forgiving yourself for not meeting your own expectations... If you dread the disapproval of others... If you find motivation in the fear of failure… that’s OK. It’s normal.

But try to treat yourself like you would treat someone you love unconditionally. Practice offering yourself forgiveness, patience, and understanding.

If this is hard for you, you have to practice it. In front of a mirror. In a journal. Speaking kindness to yourself out loud while driving to the office. It doesn’t really matter. You have to train yourself to be kind to yourself.

In the long-run, this is not only more effective than whipping yourself into action it’s also a much happier way to live.

——

I hope this helps. I hope you found even one thing that you can put into practice today. Although I’ve got about 100 other strategies I use to help my high-performing clients handle overwhelm, stress, anxiety, depression, and burnout… these 5 are a good place to start.

And if you found this interesting, make sure to follow my LinkedIn page for regular content like this.

Or, if you think you could benefit from some face-to-face, customized guidance with this, send me a short message, let me know you read this, and we can chat.

Matt Enns, MBA

CEO and Head Coach

Sovereign Man | Coaching and Consulting