Ten Ways to Recapture Your Passion This Fall By Dan Richards September 11, 2012

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1 Ten Ways to Recapture Your Passion This Fall By Dan Richards September 11, 2012 Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Over the past year, I ve heard more comments about fatigue and the challenges of staying motivated than in the previous 20 years combined. Reigniting the passion for your business and raising your energy level is job one the necessary precondition to making everything else possible. My research with advisors has shown that a number of specific steps will recharge your enthusiasm. There s a good reason everyone is exhausted, investors and advisors alike; the last four years has been one of non-stop crisis. And this is after an extended period of tough markets going back to Here s how one veteran advisor put it: I ve been in this business for over 30 years. For most of the first 20, I looked forward to meetings with clients they were making money and I felt I was adding value. By contrast, most of the past 10 years have been brutal in meeting after meeting, I ve found myself apologizing for performance. In these circumstances, it s no surprise that our enthusiasm for the business is down; in fact, it would be surprising if it wasn t. But even if being a bit down is understandable, energy and passion are essential to implement new initiatives and inspire confidence with existing and prospective clients. Think for a moment what it would take to hit the ground running truly excited about your business. If you struggle to figure out the formula to reach that goal, try these 10 strategies: 1. Focus on small wins A Harvard Business School professor conducted a large study of motivation among knowledge workers on project teams. The factor that drove motivation, more than any other: feeling a sense of progress and small wins on a daily and weekly basis

2 Set small achievable goals for each day and each week and then focus on getting those done. Your motivation will rise as a result. 2. Remember the difference you re making Amidst all the gloom, remind ourselves of the good we ve done. I recently talked to a veteran advisor who set aside time in his weekly staff meeting to focus to talk about one client they d met who they had really helped. When clients thanked him, he asked them to send an he could share with his team. He was astonished by the results. This was on the agenda for five minutes but we ended up going well past that it was the most engaged I can recall seeing the members of my team. But the biggest surprise was how I felt afterwards. By making one small change to my weekly meeting to focus on a client where we d made a real difference in their lives, my enthusiasm increased. As a result, I ve been able to recapture some of my excitement for the business and we re making this a permanent addition to our weekly planning meetings 3. Raise your energy level Some advisors tell me they feel tired going into work or at the end of the day. While energy alone won t rekindle your passion, feeling alert and energized is a necessary ingredient to bring excitement to your work. Consider changing your routine to increase your energy level building in a brisk walk or short workout to start your day, mid-day walks to get sunshine and fresh air and fruit instead of a muffin or Danish. 4. Clean up messes Few things are more disheartening than walking into a cluttered, messy office. Take a good look at your work space a half hour to straighten things up or spending $15 a week on flowers could make a big difference in your mood. 5. Lighten up We all know the expression laughter is the best medicine, and there s scientific evidence that people who laugh often do better coping with stress and even live longer. Add five or 10 minutes at the end of each day to watch your favorite scenes from a funny movie. Or do an online search for National Public Radio girl cutting sister s hair. It s impossible not to laugh at this three-minute interview and to feel better as a result

3 6. Seek out positive people Since enthusiasm is contagious, seek to surround yourself with positive people. Make a list of friends, clients or colleagues at work who are upbeat and make a point of spending as much time with them as possible. Or go one step further some advisors have had success with peer-support groups, in which a small group of advisors meet weekly for half an hour or monthly for a couple of hours to share successes and learn from each other. 7. Avoid negative people Just as positive people give you energy, negative people take it away. Make a second list of people who sap your energy and minimize the time you spend with them. Avoid woe is me colleagues at all cost. And if a couple of big clients are on that list, think about how you contain contact with them or perhaps even part company entirely. Chronic complainers aren t going to change you either have to figure out coping strategies to deal with them or take a hard look at whether the revenue they generate is worth the cost. 8. Schedule regular breaks Most of us need annual breaks of two weeks or longer to recharge. Beyond this, scheduling short breaks once a quarter helps maintain motivation even a three- or four-day weekend can have a positive impact. That s because research shows that the biggest boost to motivation from vacations isn t actually the vacations themselves, but rather the anticipation beforehand. Scheduling quarterly or bimonthly short breaks means we always have a mini-vacation to anticipate. 9. Find meaning outside your business Some advisors get reinvigorated through activities that have little to do with our business; that energy will have a positive impact when it comes to the excitement you bring to bear on client interactions. Some examples of doing things outside the norm: Dream vacations: Plan a trip to a destination that you ve always dreamed of, whether it is Hawaii, Australia or an African safari. Physical challenges: Train for a marathon or for a hike up Machu Picchu or Mount Kilimanjaro

4 Intellectual challenges: I talked to one advisor who began attending the leading edge TED conference (TED stands for Technology, Entertainment and Design) in California; another advisors attends summer courses at Oxford. In both cases they return excited and inspired. Expand your thinking: You don t have to travel long distances to get fresh ideas. you re See if a local institution offers speakers series with some of top business thinkers. One industry participant I know, who began attending such sessions, told me he gets fresh ideas and consistently walks away energized as a result. Give of yourself: I ve recently talked to four different advisors who organize ambitious fundraising events in their community; in every instance they say the sense of accomplishment from the success of these events has made this among the most rewarding things in their lives. 10. Put setbacks in perspective I recently attended a talk by the academic director for Tel Aviv s Technion University, an institution that has played a critical role in making Israel a high tech hotbed. Successful Israeli entrepreneurs were asked to choose the keys to their success from a list of 15 items, including financing and their network and skill set. The overwhelming winners were resilience and persistence. In any ambitious endeavor, there will be inevitable setbacks the key is to anticipate these as part of the territory and when you do suffer adversity, to have the determination, conviction and energy to bounce back. Every advisor needs to find his or her own approach to maintaining motivation and recapturing excitement for the business think about which of these elements might help you increase your motivation level or whether there are other approaches not on this list that might help. Whichever strategies work for you, if you have ambitious goals to move your business forward, bringing genuine passion and enthusiasm to your business is essential. After all, if you re not confident and enthused about the work you do, you can t expect your team and your clients to be

5 Dan Richards conducts programs to help advisors gain and retain clients and is an award winning faculty member in the MBA program at the University of Toronto. To see more of his written and video commentaries, go to Use A555A for the rep and dealer code to register for website access. For a free subscription to the Advisor Perspectives newsletter, visit: