February 16, 2021
5 Habits That May be Sabotaging Your Financial Career
Female financial advisors are a unique breed. They bring different skills to the table. They also have some hefty equal opportunity barriers. Thankfully, that’s changing, but a business plan that’s specifically targeted to optimize your skills and rise above obstacles is your best strategy for success.
If you’re new to the industry and working on your first business plan – or if you’re a more seasoned pro and want to refine the one you have for a better level of success in the coming months – you put yourself at a disadvantage if you don’t factor in the special challenges we face in this male-dominated industry.
Forget the one-size-fits-all in financial advisor business planning
For years – decades! – I never got that.
Instead, I struggled along, thinking I had a shot at the same opportunities that men had in the industry. I followed the directions I was given; I wanted to believe that we were all on the same playing field and that I should plan accordingly.
When I ran into discrimination, I just doubled down and worked harder, never completely making the connection that as a woman in financial services, I had to do things differently.
Time, plenty of effort, and finally working smarter lead me to become the owner and CEO of a successful financial services business.
Working smarter was a game-changer for me. With that in mind, here are five things you need to consider when designing your financial advisor business plan.
5 Habits that can work against your business plans
Prospecting with a “sales” mindset.
The most difficult and important issue I see female financial advisors struggle with is prospecting.
Women in particular aren’t comfortable with aggressive sales tactics. Instead, I urge you to use one of our greatest strengths – our innate ability to communicate on a personal level. Your communication skills, empathy, compassion, and intuition are the key to connecting with qualified clients.
Rather than repeatedly contacting names on a list to sell a service, communicate to solve a problem.
Listen in ways that let potential clients know that you truly want to understand their concerns and hopes.
Let people know that you want to help, not sell. This is particularly true when it comes to the sensitive topic of finances.
We women have been gifted with this wonderful ability. Bake it into your business plan!
Giving rejection the power to burn you out.
Men typically have a thicker skin when it comes to fear of rejection, but too many “nos’” can drive a lot of women with more sensitive emotional barometers out of the financial services business.
I am well acquainted with how painful “no” is on a gut level, but the trick is not to take it personally.
“No” is not a rejection of you as a person or as a financial advisor. It simply means that at that moment, that prospect is not ready to engage. Remember too, that you don’t need a lot of clients to be successful.
As odd as it sounds, consider incorporating a weekly or monthly goal for a number of “rejections” in your business plan. It becomes a game that desensitizes you to the sting and builds your tolerance for more so you can get to “yes.”
Running a business by winging it.
I could share some horror stories about my start in the financial services business, but I’ll only say here that I made some terrible and costly mistakes, almost all due to lack of knowledge.
Had I enlisted help to get set up correctly and learn what I was doing, I could have saved myself so much time, money, and anxiety.
Starting a business is serious business, especially when you’re managing other people’s money. Your reputation (and potentially your clients’) is at stake.
If you don’t understand how to budget effectively or how to market yourself without breaking the bank, invest in the time to learn.
Networking in ways that are all about you.
Some people just have that knack. They walk into a room and can talk to anyone. Others, not so much. And, in COVID-times, networking has taken on a whole new dimension.
Remember that the best networking is meeting people through people you already know, whether it’s in person or online.
One way is to join industry-relevant social media groups. When you post and participate in conversations, others begin to get to know you and to recognize and remember your name.
Strive to build genuine relationships. Push your agenda aside and go beyond “what’s in it for me.” Look for and act on ways to help others.
This is when the magic of networking really starts to kick in.
Going it alone.
As an independent woman with lofty goals, you simply cannot do this on your own.
I was fortunate enough to have a female financial services mentor back in the 1990s. That experience got me excited and interested to do more in the industry, but when she retired, I lost a critical connection.
I was afraid to ask male colleagues too many questions in such a competitive environment.
Through this experience, I learned that the right guidance helps to protect you from needless (and often costly) mistakes.
It speeds up your progress.
It gives you the confidence to reach for more.
It’s a source of solace when something goes wrong.
If coaching in some form isn’t built into your female financial advisor business plan, find a way to include it. I wish I had learned this 20 years ago.
Now go build a business plan that works!
You’re in a challenging but potentially very rewarding career for women. As with anything that presents significant rewards, there are risks and dangers that can crush your ambition.
The good news is that these dangers can be controlled and maybe even avoided altogether if you plan appropriately.
The approaches above aren’t necessarily easy or simple.
They require a serious commitment to action, growth, and some rethinking about how you do business as a woman.
Each of these approaches has a power of its own, but their collective worth in your female financial advisor business plan will far outweigh the effort!
Have questions about how you can succeed in your business and accelerate your journey toward reaching your goals? I invite you to learn more about ELEVATE, an exclusive group coaching program specifically designed to help female financial advisors. Start with a no-cost 30-minute consultation to discuss where you are in your career and where you want to go.
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