Practice Management for Financial Advisors: Achieving a Balance in Life

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Many financial professionals, in building and managing their practice, focus so heavily on clients to the exclusion of other essentials that they fall short of achieving their goals and expectations. As a Financial Advisor, Insurance Agent or other professional, success depends not only in the management of your practice but the management of your life.  And it boils down to one keyword: balance.

Balance is one of those things you either have it or you don’t. Balance is critical to every area of your life.  Without it, you will teeter and eventually fall. This is why the MDRT implemented the Whole Person Initiative. It defines balance as maintaining seven key areas in your life. Family, Business, Community, health, spiritual, financial and education. In Strategic coach, I was taught about the importance of balance. How I needed free days, focus days and buffer days, days where I focus on fulfilling the promises I made during the week. We instinctively know balance is important because we observe frequently in others we admire.

Think about a client who has 100% of their assets in one type of investment. What do we say? “You really should not have all your eggs in one basket. You should be DIVERSIFIED.” Anytime we get out of balance in our life, it will cause another part of our life to get out of balance. The key is to maintain balance but still be able to accomplish our objectives.

You probably have noticed the year is already moving along very quickly. You probably had some resolutions and plans, but have not yet gotten them going. This is where planning makes a difference. It is one thing to set goals, but it is a completely different thing to set them into motion with purpose and resolve. If your goals are not written down, they will not happen.

Your goals need to be consistent with your values. No one is going to do anything they don’t want to do. So you need to define your values. What is important to you? Family? Business success? Serving others? Once you know your values and can create a value statement, you can start planning how you are going to achieve your objectives and stay in balance.

For instance, if you want to spend more time with your family but it is not an integral part of your value statement, what is going to happen? Nothing. You won’t do it or if you do, you will likely resent the time and not be present mentally. What is important to you is what you will do, plain and simple. And regardless of whether it makes sense to you or not, you know this to be true. Just look at what you have done in the past year, it is exactly what you wanted to do, otherwise you would not have done it.

So, to make changes, start with your values. If you have more than one area that is important to you, then include that in your statement. I hope you are concerned about more than just making money? If that is your driving force, it will not allow anything else to get in its way or if it does, it will be clear to others, where your heart really lies.  That could be a problem, especially if it is your spouse.

After you have your value statement, then you can start to specify your goals. Each year, like many of you, I take time out to strategize and plan for the New Year.  But in that time, I focus on all areas of my life, not just work. All of us are capable of much more than we are achieving. We have so much more capacity than we begin to use. When our values are not in alignment with our actions, that is why and when we fall short.

Do you truly want this year to be your best year ever? I believe it is totally possible, but it is a choice. In your value statement decide which area or areas you want to take to a new level. Instead of only trying to make a million dollars, how about having dinner with your family each night. Or, you could begin serving in a ministry or charity this year, or take your spouse on a weekend trip.

I discovered that when I focused on achieving goals in more than one area rather than solely on just one area, I started to achieve more balance. But I also saw I was gaining more contentment and happiness. I know many highly successful people who are not happy. But I also know several ministry leaders who are burned out and not content as well. The key is not so much what you do, but keeping things in order and following your priorities. For me, they are: God, Family, Work, Ministry. You may have a different set of priorities and that is totally up to you. The key is to know what they are, because they will define you, every day.

I want to encourage you to reach for your full potential in several areas of your life today. You may not make it today, but if you keep trying, you will make progress, and eventually you will achieve your goals.

Make this year the best ever. After reading this article, don’t become complacent and just go back to what you were doing. Take a stand. Make it happen. Write it down. Develop your value statement; write down your goals in each area. Keep them in alignment. Each week review them like you do your weekly production. If one area is slipping, is out of focus, bring it back instantly. Life is too great to miss part of it because we are overloaded or stressed out.

There are days when I cannot reach my clients, certainly not anytime I want. They are busy; they have lives and limits on even when they will text back. How about you, do you feel you need to be reached at any time of the day, even at the expense of your family?  What are your priorities?

Do you believe your clients will never leave you because you are so awesome? Not even if the market crashes or their son starts selling life insurance? And when they do leave you, will your family be there, through thick and thin, even though you always put the clients call above your family?

Make this year the one your priorities came back in alignment with your values. Regardless of your income, it will truly be, your best year ever.

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David Ethell

About David Ethell

David Ethell, LUTCF, started his career in the financial services industry in 1998 and is a life and qualifying member of the Million Dollar Round Table including four Top of the Table qualifications. He formed David Ethell Insurance & Financial Services, Inc. in 2004 to assist business owners and high-net worth individuals in their quest to maximize their wealth and to meet their personal objectives through comprehensive planning and philanthropy. He recently authored "From Under The Table To The TOP of the TABLE and has spoken to many financial service groups, including advisors in Singapore.