Practice Management Solutions March/April 2012 : Page 6

OPERATIONS 7 Ways for Advisers to Manage Stress by Beverly D. Flaxington the ways that stress creeps in and compromises us. Sometimes it can be helpful to make a list of the things we ﬁ nd upsetting and how the upsetting events aff ect us. Once you know your triggers, you can use a number of techniques to manage stress more eff ectively: 1. Write It Down Capture those things that stress you and write them down. Think of the stressors as obstacles, and after you’ve written a list of the obstacles you face, categorize them into three buckets: • Those you can control • Those you can’t control but can inﬂ uence • Those that are out of your control It can be very helpful to identify the stress culprits and ﬁ nd ways to deal with them. Stressors within our control or within our inﬂ uence give us the chance to work with them and address them. 2. Be Proactive Realize you have a response to each stressor within your control or inﬂ u-ence; you can deal with it somehow. You can make a conscious choice to ignore it completely, or you can identify it as something you want to work on. Look at each stressor, and determine your response. Be proactive instead of reactive. U npredictable and diffi cult markets. Gloomy economic news. Depleted portfolios. Rising costs. Is it any wonder that many ﬁ nancial advisers today complain about the toll stress is taking on them, both mentally and physically? Stress is a fact of life. We know that there is “good” stress and “bad” stress, but any unman-aged stress that complicates our lives needs to be dealt with in some manner. 6 The ﬁ rst step in dealing with stress is to recognize your own triggers. Not all events aff ect us the same way. One person could listen to a worrisome economic report and think it represents opportunity, while another has a sleep-less night from fretting about the news. We need to examine what events or conditions cause us inner turmoil. We all react to stress in diff erent ways, so each of us must identify and examine 3. Find an Outlet Find outlets that work for you and your personality. For some people it’s physical exercise; for others it is down time— www.FPAnet.org/PracticeManagement Practice Management Solutions | March/April 2012

7 Ways For Advisers To Manage Stress

Beverly D. Flaxington

OPERATIONS Unpredictable and difficult markets. Gloomy economic news. Depleted portfolios. Rising costs. Is it any wonder that many financial advisers today complain about the toll stress is taking on them, both mentally and physically? Stress is a fact of life. We know that there is “good” stress and “bad” stress, but any unmanaged stress that complicates our lives needs to be dealt with in some manner. The first step in dealing with stress is to recognize your own triggers. Not all events affect us the same way. One person could listen to a worrisome economic report and think it represents opportunity, while another has a sleepless night from fretting about the news. We need to examine what events or conditions cause us inner turmoil. We all react to stress in different ways, so each of us must identify and examine the ways that stress creeps in and compromises us. Sometimes it can be helpful to make a list of the things we find upsetting and how the upsetting events affect us. Once you know your triggers, you can use a number of techniques to manage stress more effectively: 1. Write It Down Capture those things that stress you and write them down. Think of the stressors as obstacles, and after you’ve written a list of the obstacles you face, categorize them into three buckets: • Those you can control • Those you can’t control but can influence • Those that are out of your control It can be very helpful to identify the stress culprits and find ways to deal with them. Stressors within our control or within our influence give us the chance to work with them and address them. 2. Be Proactive Realize you have a response to each stressor within your control or influence; you can deal with it somehow. You can make a conscious choice to ignore it completely, or you can identify it as something you want to work on. Look at each stressor, and determine your response. Be proactive instead of reactive. 3. Find an Outlet Find outlets that work for you and your personality. For some people it’s physical exercise; for others it is down time doing something like reading or watching TV. For others it is socializing. Different things are stress relieving for different people. Know what works for you, and be sure to work them into each day. 4. Know Your Limits Be careful about what you watch and read that is upsetting. The financial world is filled, perhaps overly so, with a constant stream of information. We know clients can suffer from knowing too much, but so can advisers. Understand what you need to know to do your job well and to serve your clients or your employees, but don’t subject yourself to more than you can handle. Know your limits. There is a lot within your control, but much of it is out of your control. Limit exposure to the “can’t control” concerns whenever possible. 5. Learn Calming Techniques Learn in-the-moment calming techniques. Whether you are sitting with a difficult client, watching the stock market fall or negotiating with an upset employee, you can make choices to de-stress. Here are a few examples: Breathe in a healthy manner. Imagine there is a blue balloon in your stomach. Take a deep breath in through your nose and see that balloon filling with air. Now release the breath through your mouth, imagining the balloon deflates while you do so. Breathe in and out like this for a few moments. The process sends a message to your body to be calm. Employ the “stop!” technique. This involves recognizing you are becoming stressed by something (your trigger) and imagining in that moment that there is a big red “stop!” sign in your mind. Say “stop!” to yourself (or aloud if alone). The act of telling your mind to stop can interrupt the stressful thoughts. It’s most effective if you then follow up with a mantra, such as “I am calm. I am confident. I am in control.” or “Every day in every way I am getting better and better,” or even a little song you enjoy that brightens your mood.The key is to stop the flow of negative ideas and replace them with something more positive. Have a positive trigger available. Do you carry a picture of your kids? Do you have a pet you love? Is there a tranquil place you like to go? Do you have a favorite color? Make these positive triggers available somehow. I have a picture on my phone I look at whenever I need a boost. Some people leave pictures on their desk or in their drawer, or maybe you have a mental picture you can conjure. 6.Get Physical Find some sort of physical activity you can do at your desk or in your office. Shoulder lifts, head rolls, a body shake, stretching, etc., are all very good ways to work out kinks caused by stress. Get outside or take a walk through your office or building; it is often helpful just to break the focus on your work. 7. Keep Perspective Make “This too shall pass” your personal mantra. For those of us who have been in the investment industry for a long time, we know that trouble comes and so do good times, but in the end they all pass and are replaced with the next phase—good or difficult. Remember each morning to put what you are doing in perspective. It is difficult to share negative news with clients and to watch portfolios disappear, but worrying about it or letting it consume you doesn’t change it. Life ebbs and flows and so do the markets and the economic times. Yes, things are hard, but it all will pass. Having a plan to deal with it can make the difference between getting through it comfortably or having the stress consume you. Beverly D. Flaxington is principal of The Collaborative, which, along with its division, Advisors Trusted Advisor (www.advisorstrustedadvisor.com), is a consulting, coaching and training firm exclusively serving the financial industry. FPA WEBINAR Taking Care of Yourself in Stressful Times In this archived webinar ($19 for FPA members; $49 for nonmembers) Marie Swift leads guests Roger Wellington, Sheryl Garrett, Barbara Culver and Ed Jacobson through a discussion of how planners must take care of their own health and well-being before helping those around them. (www.FPAnet.org/Professionals/VLC) PODCAST 4 Tips for Relieving Stress Today In this audio clip, The Collaborative’s Michael Slemmer offers tips you can implement right now for relieving stress. Www.FPAnet.org/member/downloads/stress.mp3

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