Gaining peace of mind

Retaining and acquiring new clients, meeting regulatory demands, along with political uncertainty and a return to volatility are certainly taking their toll on advisors. Nonetheless, advisors are finding ways to manage these daily stressors and continue to enjoy their careers 
in the advisory space.
HOW ADVISORS ARE COPING

Advisors are coping in a variety of ways

Survey respondents were asked how they would advise others to deal with stress. Their answers fell into two broad categories: on-the-job and off-the-job strategies.

Coping Style Strategy Example
On-the-job Be good to clients Focus on the best thing for the client and keep learning
Delegate Outsource those items which are easily outsourced
Task/time management Compartmentalize the issues. Deal with one then move on to the next.
Mindset Worry about the things you can control and not those you can't.
Off-the-job Prayer/meditation Meditation works for me
Exercise/health I try to get to the gym as much as possible.
Family/friends Be a fully engaged parent/grandparent
Leisure Have free time

 

Of these strategies, the most popular were exercise (26%), enjoying leisure time (20%), positive mindset (17%) and time management (13%). These strategies were consistent across age, gender and other demographic characteristics.

We added questions around vacation time to this year’s survey. The median vacation time reported was up to three weeks. Not surprisingly, more vacation time was associated with greater satisfaction, work-life balance and lower stress levels. This was true across age, gender, and years of experience.

The outcome of these coping strategies

On-the- job methods were generally more successful at reducing stress than off-the-job methods. In fact, the data showed that the level of perceived stress was 19% higher for advisors using off-the-job methods. Perceived stress was lower among advisors that adjusted their mindset or were good to clients. Those who used delegation and time with family/friends to cope experienced the highest stress levels. The strategies offering the lowest perceived stress were focused on dealing with issues directly rather than putting them off. It could also be that the advisors using these strategies initially had lower levels of stress.

COPING AND PERCEIVED STRESS

 
CONCLUSION

Conclusion:

What does this mean to you and your business?

Go to the next section