Six Reasons Advisors Get Stuck in the Status Quo
It happens to the best of us: Things seem good enough, and then “status quo mindset” creeps in.
It’s a natural progression, especially on the heels of extended bull markets when most advisors are enjoying record success. Advisors fall into refrains like, “I am crushing it financially. Things could be a whole lot worse.” And my favorite, “There’s no such thing as perfection anywhere.”
There is nothing inherently wrong with that thinking: So long as you feel you are living a congruent life (that is, a life in which your personal and professional goals align with the platform afforded by the firm).
In fact, a sense of incongruence between advisor and firm often drives movement. Historically, however, advisor movement has been a largely reactive process: An advisor gets frustrated, fed up or even loses a client, so they decide to consider options elsewhere. Excitingly, we are seeing a much more proactive mindset in recent years, whereby advisors make a change not just because they are running from something but because they are intrigued enough to run to something.
But complacency is a funny thing. It’s easy to fall into and much harder to get out of. You know in your heart that something is not quite right, yet you have not given yourself permission to imagine something better.
Advisors trapped by the “status quo mindset” often share one or more of these six justifications for not upsetting the proverbial apple cart. But by thinking critically about each, you can, if needed, find a way out and fully assert your agency, control and voice.
None of this is to suggest that all advisors should make a change or that the above six factors are not perfectly valid reasons for staying with a particular firm. For many advisors, staying put is the right (and indeed the easiest) path. But it’s essential to make sure these factors aren’t being used as a crutch or an excuse, even when it no longer serves you or your clients.
Jason Diamond is Vice President, Senior Consultant of Diamond Consultants—a nationally-recognized recruiting and consulting firm based in Morristown, N.J. that focuses on serving financial advisors, independent business owners and financial services firms.
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Originally posted on: https://www.wealthmanagement.com/careers/six-reasons-advisors-get-stuck-status-quo