It’s a simple equation: low
level of control = high stress. The financial services industry is being hit by
a tornado of change. How much control do you have in a tornado? None!
Understandably, survival is at
the forefront of many reps’ minds. Increasing and often unreasonable client
expectations continue to rise. Technology is changing daily. A torrent of ads
and information on the Internet are causing many clients to question their reps–even
when they’ve been satisfied with their service in the past. Staff members,
family and friends are forever asking for more time with you.
Can you avoid getting sucked up
and spit out of this stress tornado?
Yes, it is possible to
live above the unrelenting change and stress of the industry. Although it takes
a lot to find a quiet space when 300-mile-an-hour winds are howling right
outside your door, surrendering to the storm is not an option either! The
following solutions for the Five Factors of Stress will give you strategies to
survive—and even thrive—in today’s challenging climate.
Stress Factor 1: An industry, which demands
more service for less pay.
Stress Solutions:
"Resistance is
futile." The more an idea or person is resisted, the more energy is
lost without any positive result. Give yourself permission to
acknowledge that you will
rarely have ‘everything done’. Let go of the pent-up energy that goes
into rationalizing your hours and pace. Then share your frustrations,
challenges, and successes with your family members so they have the
opportunity to develop empathy, offer insights, support or much-needed
levity. Be honest and vulnerable. Yes, that actually reduces stress,
instead of increasing it!
Develop a support team of
others in the industry. Your peers can offer new ideas, alternatives,
brain-storming opportunities and encouragement when the going gets tough.
Focus on immediate issues
(concerns specific to your clients and your business) rather than global
ones (the insane pace and change of the industry as a whole). Focus on what
you can act on.
Make yourself accountable to
changing what you can. Using a coach can be a valuable asset here.
Stress Factor 2: Paperwork increases.
Stress Solutions:
There are no short cuts to
paperwork beyond good systems. The best solution is organization. Systems
that are consistently maintained make the difference between chaos and
efficiency.
Hire additional staff to
create and maintain paper systems, which will allow you to do what you do
best: work directly with clients.
Stress Factor 3: Clients’ unrealistic
demands and expectations.
Stress Solutions:
Take time to educate your
clients. In the first presentation I heard from Jim Cannon, he talked about
managing client expectations. That skill is still essential. How do you
manage your client(s) perceptions of the market and how it impacts them?
Tell clients what they should expect to see happen in the market. When they
are informed, they will not call with fake fires to put out.
Create proactive systems.
Many reps send quarterly letters explaining market activity in language
that their clients can understand. Direct phone calls, portfolio reviews
and periodic e-mails lower clients’ stress levels and therefore, yours.
Design a system of service
for handling client fires.
Stress Factor 4: Aging and changing health
Stress Solution:
Taking time for yourself will
always be difficult but necessary. The Number One solution for self-care is to
be intentional about it. There will never be extra time for exercise, so
take 30 minutes anyway. If you need to do it in 10-minute increments, do it that
way. You don’t need to sweat—just move. Physical exercise relieves more
built-up stress than you can imagine. If you intend to enjoy your life after
work, both today and in your future, exercise/activity needs to be a part of
your work plan.
Stress Factor 5:
Changing seasons of life for family and
career continues to pull you in different directions.
Stress Solutions:
The first safety
recommendation for an oncoming tornado is to find safe shelter—a refuge
to weather out the storm (pun intended). Develop healthy diversions. A
friend who is a psychologist uses his hobby of flying as his method of
escape. Do you have a mental or physical refuge to escape and short-circuit
your stress? When changes are swirling around you, where do you go to sort
through your decisions? My mental get away is a pier in Door County, WI,
with a beautiful view of the lake. It’s a place that reminds me to slow
down. Find a mental escape refuge and go there to regroup frequently
throughout the week.
Multiply your time by
getting creative. Finding time with your family will require flexibility on
your part and theirs (especially if you have teens and/or your spouse or
partner has a full-time, demanding career). The harsh truth is that this
valuable time will pass quickly, so be intentional about who you want to
spend your hours with—and where.
Vacations should be
mandatory. You need a vacation from your problems! Because technology allows
us to work around the clock anywhere in the world doesn’t mean we should.
Vacations renew, rejuvenate and recharge you, but only if you can leave the
storm behind.
A tornado’s strength is
measured and rated after it hits, unlike a hurricane whose intensity is
rated before it strikes land. Minimize the stress damage in your life and
business created by the rapid and challenging changes within the industry by
actively applying these stress solutions.