Being a financial advisor can be an enriching career with both monetary and personal fulfillment. The price for such success is years of hard work, sacrifice, and overcoming extended bouts of mental roadblocks and self-doubt that can shatter one’s self-confidence and potentially derail a career.
These mental hurdles can manifest in various ways but are almost always a result of intentional or unintentional behavior that hinders your own success or well-being—in other words, self-sabotage. It’s like consciously or unconsciously throwing a wrench in your own engine by the actions you take, such as procrastination, negative self-talk, perfectionism, quitting tasks prematurely, and avoiding challenges.
It can also transpire through unhealthy mindsets such as fear of failure, fear of success, low self-esteem, imposter syndrome, lack of confidence, and limiting beliefs.
Few careers are as demanding as being a financial advisor, which makes it imperative to avoid doing things that can make it more difficult. All these actions and mindsets are avoidable, but it takes a conscious effort to weed them out, using “emotional self-regulation” – a process of monitoring, evaluating, and modifying your behavior. Here’s how it works:
#1. Identify the roadblock or source of self-doubt
Recognizing the cause of your mental block or self-doubt is crucial for tackling it effectively. It’s essential to take time for introspection to reflect on your thoughts and feelings. Are you experiencing fear of failure or imposter syndrome, like you’re not qualified enough to be a financial advisor? Or, are you struggling with decision paralysis, unable to pull the trigger on a recommendation because you’re afraid of making the wrong choice?
Keeping a journal can help you identify patterns and triggers related to your mental blocks. Writing down your thoughts and feelings can also serve as a release valve for pent-up emotions.
Proactively eliciting feedback from a trusted colleague, mentor, or therapist can provide valuable insights and help you see your situation from a different perspective.
#2. Challenge limiting beliefs
We all have an inner critic who likes to point out our flaws and shortcomings. However, to overcome creeping self-doubt, it’s essential to challenge these negative thoughts. You can challenge negative thought patterns by reframing them into more positive or neutral perspectives. For example, instead of thinking, “I’m going to mess this up,” tell yourself, “I’m going to do my best and learn from any mistakes I make.”
When negative thoughts start to creep in, focus instead on your strengths. Everyone has something they’re good at. As a financial advisor, you have particular strengths and abilities. You may be a great listener. Or you have a knack for explaining complex financial concepts in a way that people can understand. Remind yourself of your strengths and focus on how to use them to your advantage.
#3. Implement practical strategies
Set realistic goals: Overcoming mental roadblocks and self-doubt starts with setting realistic goals that challenge you but are achievable. Using the SMART goal-setting framework, your goals must be Specific, Measurable, Achievable, Relevant, and Timebound. It may help to break down large tasks into smaller, more manageable steps to avoid feeling overwhelmed.
Take care of yourself: It’s essential to ensure you’re taking care of yourself both physically and mentally. Eating healthy foods, getting enough sleep, and exercising regularly will give you the energy and resilience to overcome challenges.
Practice mindfulness: Mindfulness techniques like meditation and deep breathing can help manage stress and anxiety, which often contribute to mental blocks.
Connect with colleagues: Build a strong support network of fellow advisors who can understand your challenges and offer encouragement. Participating in peer groups or communities can provide valuable resources and shared experiences.
Seek continuous learning: Continuously expanding your knowledge and skills through courses, conferences, and workshops can boost your confidence and keep you engaged in your work.
Seek professional help: If your mental blocks are severe or persistent, consider seeking professional help from a therapist or counselor. They can provide specialized tools and techniques to help you overcome your challenges.
Celebrate your successes: It’s easy to get bogged down in the negative when you’re feeling down. But it’s essential to take the time to celebrate your accomplishments, no matter how small they may seem. Did you help a client reach their financial goals? Did you give a great presentation? Take a moment to acknowledge your accomplishments and give yourself a pat on the back. Celebrating success helps reinforce positive behavior and builds self-belief.
It’s important to remember that mental roadblocks and self-doubt are normal. But they don’t have to hold you back. Overcoming them is a journey, not a destination. Be patient with yourself, and don’t hesitate to seek support when needed. By implementing these strategies and prioritizing your well-being, you can overcome mental blocks and thrive as a financial advisor.
Related: Demystifying Initial Benefit Statements and Their Practical Application