Yes, we have all read the papers and seen the news. There is yet another scandal into financial planning and distrust and resentment are once again surfacing around the financial advice industry.
I am not here to weigh in on that situation – the media is already doing enough of that. Rather, I am here to remind you why the latest media storm should not detract from the excellent work you are doing as a wealth professional. This is not time to hang your head and skulk into the shadows as an adviser.
Rather, be proud of what you do and how you do it. Because one bad apple does NOT ruin the bunch.
Here are three ways you can combat negative sentiment and forge forward confidently.
- Think of your top three success stories. How did your advice help a client? How did it change their life? What would have happened if not for you and your quality advice? Knowing how life changing your advice can be gives you a confidence that is unshakeable. Now remember to take the time to tell others these stories. The more people understand the real difference that quality advice can make, the more likely they are to make their own evaluation of the current negative press – rather than sweeping generalisations on the whole industry.
- Don’t read the bad press. Unless you are looking to learn from others mistakes, there is no point reading all the negative press. As we all know, good news does not sell. Therefore you are going to see a lot of negatives stories out there. Best to ignore them and not buy into the negative mindset.
- Don’t let fear be your primary motivator. In times of trouble our industry has a tendency to keep its head down, so to speak. You can still be proud of what you do and go about business as usual. If you are running a professional and compliant practice (which most advisers are) then you don’t have a thing to be worried about. Rather, spend your time thinking about your clients and how else you can serve their interests. This is time and energy well spent.
Move forward confidently in the knowledge that quality advice does change lives. Be proud to be contributing to that worthy goal.
This week, to celebrate the work you do, I am offering 10 readers the chance to join me at No More Practice Live in Sydney, August 1. All you have to do is send your details here and the team will give you a call. Look forward to seeing you there.
Vanessa Stoykov is the founder of No More Practice, and the founder of the parent company, evolution media group in 1999. She has over 20 years’ experience in financial services as both a journalist and business owner. She is an award winning chief executive who is passionate about creating education and communications to help the wealth industry and consumers fulfill their prosperity potential.
