The coronavirus pandemic has renewed our focus on how physical, mental, and financial health all interconnect. As client inquiries surge and advisor resources are strained, RIAs are working hard to alleviate angst and give clients the reassurance they need. But are you giving yourself the same attention?
As advisors focus on protecting client portfolios and soothing their psyches amid unprecedented volatility and uncertainty, it can be easy for self-care to take a back seat. But with many small business owners caught in the crosshairs of the pandemic, it’s more important than ever to invest in your own mental resilience and wellness.
These simple tools can help you find some much-needed calm during trying times:
Establish intentional routines: Carve out time where you can fully disengage from work. Running a business makes it especially tricky to set boundaries, but Dr. Alden Cass, who specializes in supporting mental health in the finance industry, recommends a morning routine that doesn’t involve checking email until a designated work time. Similarly, at night, allow yourself an off switch—ideally at the same time each day. Apply the same discipline you use in your practice management to protecting personal time.
Take breaks: Try to take breaks—even just 30 seconds—throughout your workday. Forbes reports that our working cognitive capacity declines throughout the day, but taking breaks improves both mood and productivity. Look away from your screens, stand up, concentrate on breathing, take a short walk, or simply stretch in your work area.
Reconnect with your complete self: While it’s undoubtedly rewarding to take great pride in our work, it’s important to remember that self-worth doesn’t depend only on a career. What matters to you outside of work? A healthy sense of identity encompasses diverse interests and is part of what allows people to weather uncertainty—and even loss—with resilience. Psychology Today recommends setting aside time each day for different areas of your life that enrich your sense of identity—perhaps through hobbies, personal relationships, physical activity, or spirituality.
Refocus on long-term goals: Advisors constantly do this with clients, so try it with yourself. Take five minutes to vision-cast, realign with your long-term strategies (for personal goals as well as your business plan), and perhaps even plan a future event—like a vacation—for when things calm down.
Communicate early and often: Occasionally, all of us need reassurance and a little support: Calls to the Substance Abuse and Mental Health Services Administration (SAMHSA) hotline have seen an 891% spike during the coronavirus crisis. Finding ways to connect with your communities and maintain your relationships is challenging with social distancing, but doing so can help relieve stress and lessen any sense of isolation.
Take the time to give yourself the same care and attention you’d offer your top clients. If you’re looking for more tips and resources on what self-care looks like during the coronavirus pandemic, the CDC offers some additional advice on managing stress and emotional health. And as always, please seek professional care if you’re struggling.
Simple self-care—taking breaks, exercising daily, meditating or journaling, eating healthy meals, connecting with loved ones (if digitally)—can feel like a Herculean task. It can also be an alien concept for many hardworking financial services professionals, but these practices can go a long way toward managing stress and building resilience—for yourself, and ultimately, for your business.
Gabriel Garcia serves as managing director of advisor client experience for E*TRADE Advisor Services.