The Financial Adviser’s 3-Step Guide to Perseverance

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Advisers come to me for coaching as they find themselves working harder and harder to focus on what they want their outcomes to be, only to find that, at some point, they aren’t living up to their own expectations. When this happens, they feel frustrated, disappointed and anxious.

Successful advisers know they must dedicate themselves to working smarter by figuring out what works for them to lead them down the path to greater success, and what activities are time wasters and would be better off retired. The mantra needs to be, “Never give up on reaching your goals, just find innovative ways to persevere.”

William Feather said it best: “Success seems to be largely a matter of hanging on after others have let go.” In order to keep “hanging on,” you must define your purpose, continuously evaluate your activities and let your progress guide you to your destination.

Let’s take a deeper look at some best steps for this process and how they have helped one adviser.

Step 1: Know Your Purpose

If you want to see any great endeavor through to completion, you have to find a great reason to keep going. The best reason of all is knowing your purpose. The most important thing to do initially is define “why” you want to accomplish your goals, not necessarily “how”—that is secondary.

Todd, a 15-year veteran financial adviser, was frustrated at being on a production plateau when I first started coaching him. He asked me how he could work smarter and not just harder. Before getting into the details of what to do, I first needed to know his why. He confided in me that his mission was to help as many people as he could to set themselves up for a comfortable retirement.

Step 2: Evaluate Your Activities and Actions

Once you land on your purpose, it’s important to understand what’s working (or not). In other words, you must evaluate your activities and action steps to analyze if what you are doing is leading you in the right direction.

In Todd’s case, it didn’t take long to determine that he was working hard because he was using the wrong tools. Look at it this way: If your goal is to chop down a tree and you use a baseball bat, it’s going to take you a long time (if you ever get the tree down at all). All Todd needed to do was understand what prospecting tools were best for him, learn how to use them and establish a systematic way to evaluate the results. Over time, we did just that and he started to move people into and through the pipeline.

Step 3: Let Your Progress Guide You

When you know your purpose and sharpen your skill sets, you will increase the likelihood of successful outcomes. If you are struggling, it is so important to remember the proverb, “nothing succeeds like success,” and continue moving forward by using your recent milestones as stepping stones to reach new levels.

Todd saw the fruits of his labors and was excited because he was helping more people—and with much less effort than he had ever done before. In addition, he was no longer frustrated because he was off the production plateau that had prompted him to want to be coached. As a result, I explained that if he wanted to keep helping more people he had to regularly reinforce his purpose and fine-tune his skill sets.

Why The Adviser’s Guide to Perseverance Works

The reason this way of thinking works is because you have a tangible process for motivating persistence. In tough times when you feel like giving up, it is important to have a proven technique for creating tenacity.

If you would like a complimentary coaching session, email Melissa Denham, director of client servicing.

Dan Finley

Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.

One thought on “The Financial Adviser’s 3-Step Guide to Perseverance

  1. Success seems to be largely a matter of hanging on after others have let go.” In order to keep “hanging on,” you must define your purpose, continuously evaluate your activities and let your progress guide you to your destination. – I love this quote. I guess, this is not only applicable for financial advisers but for the other professions as well. I will always keep this quote in mind. Thank you

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