We are all human. As humans we have limiting beliefs, both conscious and subconscious, that hold us back and prevent our best future from taking shape. Even the most seemingly self assured financial advisors may be shielding beliefs that prevent them from reaching their full potential.
Limiting beliefs come from our psyche, in the deep recesses of our minds. They are formed by our repeated thoughts about a fear or hang up and they exist because we have allowed them to take up space in our minds rent free. The only way to get rid of limiting beliefs is to face them head on and recognize that we can overcome anything we set our minds to doing.
Unfortunately most people are not consciously aware of their limiting beliefs. My goal with this article is to shed some light on common financial advisor limiting beliefs in the hope that you will take a stand to eliminate them.
Limiting Belief # 1: Fear of asking for referrals
Is this one of your fears? "If I bring up the topic of referrals, clients will think I'm desperate or begging." In reality, if you are client-focused and provide excellent service, clients are more than happy to help you build your practice by referring their friends and family. If you commit to implementing a referral campaign, you can grow your firm effortlessly. It takes determination. Are you up for it?
Limiting Belief # 2: Fear of self promotion
I hear hints of this fear often in my client coaching calls. Patterns include: "If I send a promotional mailer I will be perceived as 'salesy.'" Or "If I talk about myself and my skills I will be perceived as pushy." The majority of successful financial advisors have learned how to market themselves by branding the benefits of the services they provide. Self promotion is not only necessary; it's standard practice in successful firms.
Limiting Belief # 3: Fear of public speaking
This very common fear stops us from being the best person we can be. If you've ever broken out in a cold sweat thinking about how you could "mess up" when speaking in public, you are letting fear take over. Facing your fear of public speaking by committing to attend Toastmasters can allow you to be more confident speaking with prospects and clients on the phone. The benefits are many. You will develop leadership skills, speak more easily and naturally, and be proud of your accomplishments.
Limiting Belief # 4: Fear of charging for all your time
If you are spending time on activities you are not paid to perform, you will be playing catch up- You'll be working too many hours for too little pay and you'll spin your wheels in perpetuity. I often hear "If I charge a fee for financial plans, no one will buy them." That's just not true. Perhaps you need to look at fear #2 and promote the value of financial planning. There are firms worldwide charging for all their time and they are profitable and successful!
Limiting Belief # 5: Fear of paying your team a decent wage
One of the biggest barriers to firm success is the belief that if "I pay my team well there will be less money left over for me." Employee turnover costs prevent your firm from picking up speed on the highway to success. Be willing to train and mentor your people and then share the wealth. Your goal should be to have your team run your practice so that you can take more time off. They won't be willing to do that unless you invest in them.
Yes, financial advisors have limiting beliefs. Realize that when you avoid dealing with your fears you stagnate. But if you overcome your fears on a daily basis, you can grow not only yourself, but your practice too.
About the Author: Suzanne Muusers is a Business Coach for financial planners, financial firm executives, and wealth managers who want to plan their success and live the best life possible. Learn more at http://www.FABusinessPlan.com.