Why Your Financial Advising Career Might Be More Stressful Than It Needs To Be

This isn’t an article with a magic solution for keeping stress out of your practice. 

Because we all know that doesn’t exist.

However, it is an article to help you reevaluate the reasons for perhaps, unnecessary stress.

Here at Consolidated Planning, we understand the growth of the firm is dependent upon the growth of our financial advisors and we want to help you get there. Part of your clear path to a successful practice is possible with a focus on revenue-generating activities.

Unnecessary stress can be caused by many factors and we want to help you evaluate if you’re filling your practice with them. Here you will have the chance to self-reflect on reasons your financial advising career might be more stressful than it needs to be and how you can refocus your practice. Refocusing might even mean seeking a firm that can help you reduce stress through varying levels of support for you and your clients.

4 Reasons For Added Stress In Your Financial Advising Career

While stress is inevitable in a career as a financial advisor, there might be areas where you can avoid added stress. Added stress can be attributed to a variety of reasons.

Reason #1 A Lack Of Trust In Your Resources

A focus on your revenue-generating activities means spending less time on non-revenue generating activities. But, in order to make this possible you need to have resources available to you.

And not just any resources, but resources that you can trust and that actually make your day-to-day life as a financial advisor less stressful.

Trusting in your resources allows you to do two things:

• Focus on your unique abilities
• Relinquish some control to let people help you

Both of these areas help you to spend more time in front of your clients and less time doing repetitive tasks that are outside the scope of directly engaging your prospects and clients.

But, if you find yourself questioning the integrity of the resources at your firm, it can be difficult to relinquish that control and that time spent to build the necessary relationships that sustain and grow your practice.

Having trust in your resources gives you confidence in your decision-making, reduces stress, and free up mental space for other important tasks.

Reason #2 A Lack Of Structure

Along with the flexibility of a career in financial advising comes the potential for a lack of structure.

Without clear processes and systems in place, you may find yourself feeling overwhelmed by the sheer volume of tasks and responsibilities, leading to a constant state of chaos and disorganization. This will be felt by your clients as well.

Even if you think you thrive with less structure in your day, it can actually do you and your practice a disservice in a few ways:

• Small details can slip through the cracks
• Inconsistencies in the client experience
• Slowed or negative impacts to your career progression

Do any of these sound familiar to you?

To best address the lack of structure in your financial advising career, ideal work weeks are a great system to bring consistency and predictability to an industry that is usually neither.

Advisors at Consolidated Planning use a structured workweek that follows the 1-3-1 approach: 

• 1 Day for Administrative tasks (client notes, research, meeting preparation)
• 3 Focus Days (client meetings, phone calls, anything where you’re in front of clients)
• 1 for “Catch Up” Activities (reviewing prospecting lists, Consolidated Planning meetings, continued education)

This structure is framed around providing consistency to advisors. Consistency can lead to stronger practice building habits and better client outcomes.

Reason #3 Inability To Disconnect

The inability to disconnect from work can be a significant source of stress for financial advisors. 

The nature of the financial industry, with its constant market changes and client demands, can make it challenging to step away from work and take time for yourself. This can lead to mental and emotional fatigue, decreased productivity, and burnout.

Repeat after me, it’s okay to disconnect.

Mental and emotional resilience is necessary in your career as a financial advisor. However, some financial advisors struggle to set boundaries when it comes to their availability and ability to disconnect. Learning to disconnect can do a few things for your career:

• Provides true work-life balance
• Gives you opportunities for self-care
• Gives you an opportunity for reflection, learning, and personal growth

All of which can lead to lowered stress levels, increased productivity, and ultimately, less burnout.

But how can you be sure you’re prioritizing your self-care and your clients at the same time?

• Set clear expectations with clients regarding your availability
• Utilize tools and technology to help automate your workflows
• Filter your email to better organize your inbox

Reason #4 Being Emotionally Invested In Client Outcomes

Emotions can be a very real part of a client’s financial well-being when you’ve poured months, years or even decades into helping them work towards their goals.

And since life isn’t all rainbows and butterflies, it’s inevitable that there will be negative client outcomes throughout your career.

While you ultimately can’t control some outcomes, you can control ways to mitigate the likelihood of the additional emotional stress in your career in a few ways: 

• Education: Educating your clients on the process and the importance of their own involvement in their financial decisions and encouraging them to take ownership of their financial goals. By doing so, you can remind your client that the decisions and path they choose is ultimately their own.
• Seek support: Through a network of trusted colleagues or your mentor, you can discuss challenging client situations and seek guidance. This can help you gain perspective and manage emotional investment in client outcomes.

We want to be clear here, there is a difference between building relationships and becoming emotionally invested in your client’s outcomes.

Your goal as a financial advisor is to empathize with your clients while providing objectivity in your recommendations. Becoming emotionally invested in client outcomes can cloud your judgment and steer you away from providing unbiased advice.

Finding that balance between empathy and professionalism is crucial for financial advisors to effectively serve their clients while maintaining their own well-being.

Can Your Financial Advising Career Be Less Stressful If You Switch Firms?

One of the reasons financial advisors fail or quit the industry altogether is due to stress and subsequently, burnout.

While it’s impossible to have a stress-free financial planning practice, or any career for that matter, it is possible to find a culture of support for you and your clients. This support might result in less stress and help provide:

• Adequate resources for non-revenue generating activities
• A structured work week
• Ways to build better habits
• A planning philosophy that helps you educate your clients along the way

If you’re ready for more support in your practice, consider these questions as you evaluate other financial advising firms.

Reach out to a recruiter if you’re ready to take the next step in your career.

 

 

 

2023-154335 Exp. 4/2025