One of the qualities of successful Financial Advisors is that they seem completely comfortable with their success. This comfort is due to a high level of healthy self esteem. Raise your self esteem and you'll raise your income.
Self esteem is the combination of self confidence and self worth. There are many ways to increase genuine self confidence. Certainly success breeds success, and simply accomplishing a particular monetary goal or bringing on a significant client who now entrusts you with their financial future can often give you the confidence necessary to take your business to the next level.
Increasing your technical skills or areas of expertise can also increase your confidence and self esteem. Obtaining a new designation, license or other certification can empower and motivate you to expand your marketing efforts in new directions, approaching larger clients than you currently serve.
Increasing feelings of self worth, however, can turn out to be a little more difficult. There are many reasons Advisors might not feel they deserve more success.
One common reason may be that your own financial house is not yet in order. Perhaps you are in debt. Many people believe that being in debt causes shame. However, debt can often be a socially acceptable way of punishing oneself for feelings of unworthiness. This explains why you can clean up the debt and temporarily feel good, but if you don’t heal the underlying cause (the feelings of unworthiness and poor self esteem), the symptom (debt) usually reappears.
By increasing your self esteem you’ll be able to permanently eliminate the debt, genuinely increase your sense of self worth, generate feelings of deservingness and pave the way for accepting greater income.
Increasing your sense of self worth even leads to gaining more referrals. When you act as a Fiduciary, placing your client’s interest above all other considerations, both you and your clients know it. Clients tend to find out sooner or later whether or not you have their best interest in mind. And they usually find out at the most inopportune time, if you have not advised them with the highest degree of professionalism possible.
Just as important, when you can honestly look your client in the eye knowing you’ve provided the best solution and service at a fair price, you have set the stage for successfully requesting and gaining referrals. You know in both your head and your heart you have done right by your client. You gain the feeling of satisfaction for a job well done. Your self esteem increases, generating a higher sense of self worth and feeling of deservingness.
Often your client will reinforce this feeling by saying something to the effect of, “Thank you so much, we couldn’t have done this without you.” Obviously your client feels confident in your abilities and can see the value you bring to the table. It’s time to ask for a referral.
Once you get the connection between self esteem and success, it becomes easier to make a plan to attract higher net worth clients who more closely fit your ideal client profile. Your increased self confidence will allow you to approach these clients without straining. And your increased sense of self worth/deservedness will enable you to charge them accordingly, enabling you to build your business more effortlessly.
Pretty soon you’ll be asking yourself, “How much success can I stand?”