Helping Clients Who are Worried About the Market

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

Our firm is very successful. We’ve grown significantly annually for the past five years. We’ve got a good team of multi-generation advisors and everyone is working well together. The problem is that I feel like a failure despite the success we are having.

I look at some of the things my colleagues are doing and I don’t feel I am making enough change. We have the same client-servicing approach we’ve used for years. We grow by attracting a certain target market that knows us well. There aren’t challenges and we’ve grown stagnant.

But every time I make changes, I get bogged down by the day-to-day of what needs to be done. I am a hands-on manager and want to be involved in most of the decisions. I am 62 years old and hope to be doing this work until I am 80+. But I also realize if I am going to make changes, I need to implement them now.

Am I being too hard on myself? Should I just look at the wins we are having and be satisfied? My wife and brother, who is my confidant, tell me I am crazy to put so much pressure on myself. But success is measured in many different ways. I don’t see myself as successful if I am unable to get the things done I want.

Is this common for other advisors? I am not comfortable talking about it with my peers lest they think me greedy or insecure.