Several studies have described the emotional and psychological stress that the profession of financial advising/insurance producing entails. When one chooses this profession, there are ongoing job-related stressors
that must be contended with, in order to function efficiently and prevent burnout.
The hats you wear
In order to be an effective advisor/producer, you must become comfortable filling many different roles for your clients: financial expert, trust attorney, marriage counselor, clergyman, social worker, psychologist, CPA, etc. Of course, you can refer your clients to these professionals, but in your meetings with your clients you need to be the equivalent of a medical “general practitioner,” able to answer many questions, as if you are an expert in all of these specialties. The other hats you wear are fiduciary and compliance expert
, research analyst, new client prospector and marketing manager.
The constant and often unpredictable necessity to switch hats is an ongoing stressor for advisors/producers.
Additional ongoing job stressors for advisors/producers
Advisors must constantly deal with the following stressors:
- Dealing with unreasonable and demanding clients
- Conflicts between manager versus client demands and needs
- Keeping up with book-of-business quotas
- Establishing a trusted support team in the office
- Taking the time for professional development (conferences and seminars)
- Balancing work, family, recreation and relaxation
It's important to master any and all stressors that you encounter, on and off your job.
See also: Avoiding the potential devastation of stress