We’ve all heard the phrase, “No pain, no gain,” but how often do you actually look forward to adding “pain” into your practice? Probably not very often.
However, your attempts to consciously (or unconsciously) avoid that “pain” might create headaches for you and your business down the road. It’s what I call “the paradox of pain in your practice,” and it’s a common challenge facing advisers.
There are several kinds of pain in life. Some can propel you forward while others make you take a step back. In my experience being in production for 13 years and coaching financial advisers for almost nine years, most advisers choose the “pain” that is seemingly less severe when it comes to how they run their practices. But that’s the wrong choice!
The two kinds of “pain” we’re talking about in regard to your business are discipline and regret.
“I know what I need to do, I just need to do it,” is a common response when a financial adviser learns a better process but is paralyzed to take action applying it. That’s because the “pain” of discipline is firmly engrained.
The secret to overcoming the “pain” of discipline is to learn from your past and from other’s mistakes. Why reinvent the wheel? You will find that once you implement it (whatever “it” is for you), you slowly become desensitized to the “pain,” and the pleasure of success takes it place.
“I wish I was more successful” seems to be the mantra of those who feel the “pain” of regret. Unfortunately, the short-term pleasure of not taking action turns into the long-term regret of the business you have not built. This is by far the more painful of the two because regret never really goes away and can linger for your entire career.
The Real Cost of Pain
The reality is that the “pain” of discipline is fleeting. Soon, what seemed like painful activities turn into positive and business-building habits. You have a choice—discipline or regret. Which one would you choose?
If the pain of regret is something you wish you could overcome, email me at firstname.lastname@example.org to schedule a free, 30-minute consultation.
Daniel C. Finley
St. Paul, Minn.