Financial advising can be a tough and stressful profession. A fast-changing financial landscape, high-pressure situations, and demanding clients mean the risk of employee burnout looms large. This can manifest in various ways and could result in a dip in productivity, growing cynicism, and a sense of detachment from work-related tasks for even the most efficient financial professionals.

Vrushali Gore, a seven-year MDRT member from Ratnagiri, India, is familiar with this phenomenon. She says financial advisors must recognize early signs and ensure remedial steps are taken. "Like other challenges, financial advisors must prioritize their well-being and implement strategies to maintain motivation while preventing burnout," she says.

For Gore, prioritizing self-care and support from her network, combined with a regular exercise routine and quality time with loved ones, was key in preventing burnout and aided in kindling her enthusiasm at the workplace. "My mentorship with the MDRT community was also helpful in dealing with professional pressures. Specifically, I learned the importance of setting boundaries and prioritizing self-care to prevent burnout and maintain work-life balance. By implementing strategies such as time blocking and delegating tasks effectively, I was able to create space for personal wellness while still meeting professional demands. This shift not only improved my overall well-being but also enhanced my productivity and effectiveness in serving clients."

Scoring on self-care

Self-care is often overlooked or seen as a luxury in a fast-paced work environment. Gore says self-care must always be a top priority since it is crucial for overall well-being and preventing burnout. Financial advisors should prioritize activities that promote physical health, including regular exercise routines, following a balanced, nutritious diet plan, and getting sufficient sleep. She contends that relaxation techniques such as meditation, yoga, or mindfulness can help beat stress and promote mental clarity.

Moreover, Gore says balancing work and personal life is essential. Smartphones and laptops blur the lines between office hours and downtime, making it easy to succumb to the pressure and always be available. By establishing boundaries and prioritizing quality time with loved ones, she was able to maintain her motivation levels and prevent burnout. "Setting boundaries is not just essential for maintaining sanity but also to provide the best service to my clients. One example of how I personally set boundaries with my clients is by establishing clear communication channels and response times. I inform my clients upfront about my office hours and when they can expect a response from me. This helps manage their expectations and ensures they understand that I am fully committed during those designated times. Additionally, I encourage them to reach out via email or schedule a meeting rather than calling me outside of office hours unless it's an emergency. However, there are times when clients may unintentionally cross these boundaries, such as calling me during weekends or holidays. In such cases, I handle it tactfully by reminding them gently about our agreed-upon communication norms. I explain that while I value their concerns, it's important for both of us to respect each other's personal time to maintain a healthy work-life balance. If boundaries are persistently broken, I address the issue directly but with empathy. I emphasize the importance of mutual respect and understanding in our professional relationship. By being firm yet considerate in my approach, I find that clients are generally receptive and understanding, ultimately leading to a more harmonious working dynamic. This approach is crucial to prevent burnout, as financial advisors should establish clear guidelines for when they are accessible to clients and when they are off-duty, allowing themselves time to recharge and focus on personal relationships and interests."

Keeping motivated

On the professional journey, Gore credits the MDRT journey as a game as a game-changer and transformative, not only in terms of professional success but also in tweaking her approach to remain motivated and prioritize all-around well-being.

She reflects on her key learnings and says, "I've come to appreciate the importance of resilience. There were moments when setbacks seemed insurmountable, but perseverance and resilience helped me to push through. For example, early in my career, I faced a significant setback when a major client decided to switch to another advisor due to a misunderstanding. This was a huge blow, as I had invested a lot of time and effort into building that relationship. Instead of seeing it as a failure, I used the experience as a learning opportunity. I analyzed what went wrong, sought feedback from colleagues and mentors, and worked on improving my communication and client relationship skills. I started paying closer attention to my clients' needs toensure clear and transparent communication, and regularly check in with them to build stronger connections. This approach not only helped me regain confidence but also strengthened my ability to handle future challenges. Understanding that setbacks are part of the journey and can be used as learning opportunities and stepping stones to success has been very helpful. "

Gore also discusses the intrinsic fulfilment derived from serving clients ethically and responsibly as a guiding principle. She says, "The ability to make a meaningful impact on individuals and families has been the greatest reward. Recognizing the significance of safeguarding people's futures is a source of profound motivation. Despite the stress and the overall challenges, we realized that as financial professionals, we were not just selling policies; we were providing a safety net for families."

Gore points out that witnessing the impact of the scope of work firsthand, especially in processing death claims and providing support to grieving families, brought a sense of fulfilment beyond measure. "Each interaction with a grateful family reinforced my commitment to the profession and improved motivation levels."

Keep learning

Gore has another piece of advice for financial advisors: keep upskilling in an increasingly competitive world and offer more value to their clients. "Embracing continuous learning enhances professional growth and fosters curiosity. Attending workshops and conferences and seeking mentorship opportunities can keep advisors motivated and passionate about their work,” she says. I recently attended a financial planning conference where I participated in several advanced workshops on retirement strategies and digital tools for advisors. This experience not only broadened my knowledge but also introduced me to new technologies that I have since integrated into my practice. As a result, I have been able to offer more comprehensive and efficient services to my clients, leading to increased client satisfaction and growth in my client base. Additionally, seeking mentorship from seasoned professionals in the field has provided me with invaluable insights and guidance, further advancing my career.”

It is essential to manage workload and priorities efficiently. Gore emphasizes that advisors should establish clear boundaries, delegate tasks when possible, and prioritize workload to prevent burnout. Effective time management strategies and setting realistic goals and schedules can help maintain a healthy work-life balance and reduce stress. Regularly reviewing and adjusting priorities based on workload and deadlines can also ensure that advisors stay focused and productive without becoming overwhelmed.

Financial advising is undeniably a challenging and high-stakes profession, with the potential for significant stress and burnout. Prioritizing self-care, maintaining a healthy work-life balance, and seeking support from networks and mentors are crucial to sustain motivation and overall well-being. By implementing these strategies, according to Gore, financial advisors can navigate the challenges while thriving both personally and professionally.

Contact: MDRTeditorial@teamlewis.com

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Maintaining motivation and preventing burnout: Strategies for professional well-being