Advisor's Guide to Managing Stress & Work-Life Balance (2024)

As an advisor, you're probably itching to crack the code on work-life balance. It's not easy to do and the delicate nature of this equilibrium necessitates that it be handled with care, as any missteps could result in dire consequences. 

But when you get it right, your chances of making big bucks skyrocket. That's why we're excited to share fourteen no-nonsense, straight-from-the-hip strategies to help you find that sweet spot. Don't worry, some of them might be a little out there, but that's just part of the fun. So let's dive in and get you on the path to balance, success, and sanity.

Tip 1: Embrace Knowledge - The Key to Effortless Work And Success

If you are currently grappling with sales-related stress and financial anxiety, this tip can be of immense value to you. Before we explain consider a common scenario that happens to all of us:

How do you react when you're thrown into a task that requires skills you don't have? You'll probably sweat bullets, make excuses, or simply ignore the request. It's normal to feel like a fish out of water when you're in unfamiliar territory. And listen, the same goes for financial advisors, not only when it comes to keeping up with the latest trends and tech in the industry, but also when you've tried your possible best but your career keeps stuttering.

Think of it like being lost in the wilderness without a map or compass. You'll wander around without a clear sense of direction getting more and more frustrated with every passing moment. However, if you acquire proven field-tested strategies and language for building million-dollar insurance and financial advisory practices, as thousands of advisors have done worldwide, you will significantly increase your chances of navigating your way out of the woods.

In fact, once you accomplish this feat, you'll find that everything suddenly becomes easier, faster, and more efficient. This newfound efficiency will not only extend to your professional life but also positively impact your personal life.

Tip 2: Create A Schedule And Stick To It

Chances are you've heard this said to you before. But you probably don't know how powerful it can be - we had to learn the hard way ourselves.

Scientific research is backing this up:

According to research published in the American Journal of Lifestyle Medicine, having a set routine can do wonders for your mental health. 

Let's face it, the world is a chaotic place, and without a set plan, it's easy to get lost in the shuffle. But when you craft a schedule that includes designated work hours, personal time, and moments for family and friends you can help prevent feeling overwhelmed and ensure that everything gets done promptly.

Remember that your schedule is there to help you achieve your goals. When you stick to it, you'll feel a sense of accomplishment, plus, you will create more time for healthy habits as well as enjoy your downtime without the weight of unfinished tasks looming over you.

Tip 3: Prioritize Your Tasks

This is something we encourage advisors to do a lot. For example, rather than chase down every lead we teach students powerful strategies that help them focus on the most promising clients in the mold of high-net-worth individuals. 

Here is the thing:

When you have a lot on your plate, it can be easy to feel overwhelmed and unsure of where to start. However, when you identify what's most important and tackle it first, it can help you feel more in control and reduce your stress levels.

To prioritize your tasks effectively, start by identifying your most important goals. Then, break them down into smaller, manageable tasks: in other words, don't try to eat the whole enchilada at once - just take it one bite at a time. Next, assign each task a level of priority based on its urgency and importance. Focus on the high-priority tasks first, and work your way down the list.

One more thing: It's also important to be flexible with your priorities because things can change quickly, so be prepared to adjust your priorities as needed. But always keep your end goals in mind, and focus on the tasks that will help you achieve them.

Tip 4: Accept That You Can’t Do It All, And Don’t Try

One of the biggest challenges that financial advisors face is saying no. It's important to learn to say no to things that aren't essential to your work or personal life. This will help you focus on what's important and avoid getting important things done first.

Tip 5: Practice Self-Care

Listen, you can't cut corners when it comes to your body - thus it is essential to prioritize self-care. In essence, make it a priority to get an adequate amount of rest, nourish your body with healthy food, and engage in physical exercise, to promote a balanced mind and body. By attending to your well-being, you will be better equipped to manage your business and personal life. Take a moment to catch your breath, rejuvenate, and return stronger than before.

Tip 6: Delegate Tasks Using The 80/20 Rule

Did you know that for every 10 tasks you do, only 2 of them move the needle forward? That means you're wasting a lot of time and energy on things that don't matter. Instead, focus on the 20% of tasks that will have the biggest impact on your business and delegate the rest.

Tip 7: Stay Organized

Dear financial advisor, are you winging it? Or having a mentality of "I'll just figure it out as I go?" It might work for some people but in the financial advisory business that's a recipe for disaster! 

One analogy that comes to mind is that of a pilot flying a plane. Can you imagine a pilot taking off without a flight plan or not checking their instruments before takeoff? Of course not. The same applies to your work as a financial advisor - you need to have a clear plan of action and stay on top of all the moving parts to ensure a smooth flight.

So, how do you do that? Use tools like calendars, to-do lists, and project management software to help you keep track of your tasks, deadlines, and appointments. Whether it's Asana, Google Calendar, or whatever works best for you, just pick one and stick with it. Trust us, it'll make a world of difference.

And here's the thing, staying organized isn't just about being more efficient. It's about having the mental space to be creative and think outside the box. You can't come up with new ideas if you're constantly scrambling to keep up with your day-to-day tasks.

Tip 8: Be Realistic About Your Expectations

We're not trying to knock you down a peg or discourage you from reaching for the stars, but it's important to be realistic about what you can achieve in a given timeframe.

Setting unrealistic expectations can lead to frustration, burnout, and even failure. It's like trying to run a marathon without training - you're setting yourself up for disappointment.

Instead, set achievable goals that are within your control. Focus on making progress, rather than achieving perfection. Celebrate small wins along the way and don't be too hard on yourself if things don't go as planned.

Tip 9: Set Boundaries

This one is not just for the financial planning industry, but it is a big one! If you are like most, you tend to blur the lines between work and personal life. You check your emails at dinner, take phone calls during family time, and work late into the night.

Newsflash: You've subscribed to a plan for burnout.

To avoid this, create a clear separation between your work life and personal life. Set specific hours for work and stick to them as much as possible. When you're off the clock, be present with your loved ones and give yourself time to recharge.

"But, what about my clients? They need me 24/7!"

We hear your thoughts clearly and we get it. But the reality is that setting boundaries is better for your clients in the long run. How? When you're well-rested and focused, you can give them the attention and expertise they deserve.

And let's not forget:

Setting boundaries is not only about protecting your personal life but it's also about setting expectations with your clients. This is what we mean:

When they know what to expect from you, they'll be less likely to expect you to be available at all hours of the day and night.

So, take a deep breath, set those boundaries, and give yourself the space and time you need to thrive. Your work and personal life will thank you for it.

Tip 10: Choose Your Clients Wisely

Let's face it, not all clients are created equal. Some will be a joy to work with, while others...not so much. As a financial advisor, it's important to learn how to spot problematic clients and avoid them before they become a drain on your time and energy.

One red flag to look out for is a client who seems overly demanding or disrespectful. If they don't value your expertise or constantly question your recommendations, it may be a sign that they're not a good fit for your practice.

Another warning sign is a client who is constantly changing their mind or pushing you to make risky investments- these clients can be a liability to your business and reputation, and it's important to recognize when it's time to part ways.

Tip 11: Connect With Others

We've seen this first hand: In the Taylor Method, we have a community of financial advisors who support each other, share advice and collaborate on ideas. And let us tell you, these financial advisors are loving life!

Connecting with others in your industry is essential for your growth and success as a financial advisor. It can help you stay motivated and engaged in your work. Furthermore, it can also help you stay up to date on industry trends, learn new strategies, and find new growth opportunities. 

To do: Attend industry events, join professional organizations, and network with other financial advisors. You may also want to consider joining a support group or finding a mentor.

Bottom line? Don't be afraid to put yourself out there and connect with others in the financial planning industry. You never know who you might meet or what opportunities may arise.

Tip 12: Understand The Needs Of Your Clients

Two reasons why this is relevant:

• It helps effectively deal with objections, and,

• Most importantly, it will help you will deliver excellent service. 

But how does this relate to work-life balance? 

Well, when you understand your client's needs, it enables you to proactively minimize the probability of complications and objections surfacing. In turn, this translates to a reduction in the amount of time spent addressing grievances, an increased sense of ease and relaxation, and a greater opportunity to focus on your personal and professional growth.

A quick heads up:

With the Taylor Method, you can acquire a proven framework tailored to skillfully navigate fact-finding interviews, thereby preemptively neutralizing any objections that may arise. By implementing this process, your prospects will assume an active role in apprising you of potential issues, facilitating an environment in which you can promptly and proactively address their concerns.

Tip 13: Take Time Off

This is not just some fluffy, feel-good advice - it's an absolute necessity. As a financial advisor, you need to understand that working yourself into the ground is not a badge of honor but a surefire way to burn out and crash your business into the ground. That's why it's important to schedule regular time off for yourself, whether it's a vacation, a weekend getaway, or just a day off to recharge and come back to work refreshed and energized.

Tip 14: Ask For Professional Help

This tip is two fold:

First, don't be afraid to ask for help from other professionals within the industry. Whether it's seeking advice from a mentor or collaborating with a colleague can provide you with valuable insights, resources, and support.

Secondly, if you're feeling overwhelmed, stressed, or struggling to maintain a healthy work-life balance, don't hesitate to seek professional help from a therapist, coach, or other mental health professional.

Final Thoughts: Shake Things Up

Regrettably, despite your unwavering dedication, there may be instances where attaining a work-life balance proves impossible due to your present job, role, or operational procedures. 

However, that doesn't mean you should give up on finding a solution. Be open to shaking things up - this may entail evaluating fresh job opportunities or perhaps starting your practice and becoming your own boss.

Ultimately, achieving a sustainable work-life balance demands the courage to experiment, take risks, and try new things.

And having said that, if you're ready to expand your horizons and adopt a time-tested, foolproof system that has helped countless advisors worldwide cultivate the mentality, approach, and language necessary to create million-dollar practices, the opportunity is right at your fingertips - seize the chance to join the ranks of the Taylor Method today.