In my 33 years of consulting with Olympic, world champion and professional athletes, plus my consulting and mentoring experience with financial advisors--all directed at teaching them to develop a champion’s mindset, I have seen many parallels, when it comes to the critical issue of self-confidence.
Many factors have either eroded or enhanced the level of self-confidence that you now embrace in your advising career. Is the foundation of your self-confidence strong enough to withstand challenges or threats to that confidence? That foundation is maintained and enhanced by five critical factors:
Self-Awareness Raises Self-Confidence
It is crucial to be objective and completely honest with yourself concerning the areas in your career where your self-confidence wavers. Once you recognize where your vulnerabilities lie (e.g., having to deal with your high-value clients after the market tanks), you can set realistic goals to compensate for these vulnerabilities (e.g., take a course or read a book on assertiveness).
Having A Game Plan For Difficult Times Raises Self-Confidence
The longer you spend in the advising career the clearer you can predict that there will be challenging times ahead. Just as with elite athletes, the best way to keep your self-confidence elevated is to have in place a game plan for such times. For example, do you have a regular newsletter that goes out to your clients, discussing your core values and investment strategies that are built into their portfolios for just such occasions? If not, start getting the word out and when those challenging times come, you will have already set the groundwork for them to understand the plan and be flexible and patient.
Knowledge Raises Confidence
Take all the continuing education you can find to help you feel confident in helping your clients plan for their retirement and the security for their families. For example, if a client asked you to discuss Social Security as it impacts them now and in the future, can you discuss this subject with confidence? If not, get educated.
A Sense of Belonging Raises Confidence
When you are part of a team, it raises your confidence because you can help each other traverse the minefields. Even if you are a solo practitioner, go to conferences, get on social media (such as LinkedIn groups for advisors), to share challenges and learn about best practices from colleagues.