To Grow or Not to Grow; That is the Question

The question of whether to continue to expand your knowledge and education seems like a no-brainer when stated in its simple terms.  Who seriously doesn’t want to grow professionally?  Yet as women, we tend to put forth many excuses as to why we can’t.  Such statements as “I don’t have the time”, “I have a family”, “The kids get in the way”, “I am getting married”, “I am getting divorced.”  Whatever the circumstances are, do you think men don’t have the same life circumstances?  The difference is that men don’t prioritize them over their growth.

I am a strong believer in personal development; I have always invested in my growth and attribute my success to the knowledge and confidence I have gained.   I have had plenty of self-talk and have learned to quiet down the voice that tells me why I can’t do something.  This is the most challenging thing to conquer as we stretch to meet or goals. So how do you manage it?

First, be clear on what you want to accomplish – don’t shy away from the difficult things and don’t go for the easy things just to say you did something.  What will get you closer to that promotion or obtaining new clients?  Let’s take an example: you decide you want to take a licensing exam.  You know that this exam is going to open new opportunities and it is already putting you at an advantage over others or at par with your colleagues.  The challenge is that you hate tests, you are a terrible test taker and you would rather get a root canal.  These are all feelings.  You need to control and not let them take over your rational thoughts.  Continue to focus on the goal you set for yourself.

Getting started can be simple if you don’t over think it.

Step 1: Get the materials.  This is a basic step but an important one.  It is your first step to commitment.  If it is a course you are looking to take, then sign up.  Don’t think about it because you will “think” with your feelings of the reasons you can’t do it.

Step 2: Establish your routine.  I have a 4-year-old and a hectic career.  I know the value of time and the scarcity of it but I also know we don’t always treat time wisely.  My clearest time is in the morning as I have no interruptions and can get in one hour of quiet time from 7am to 8am.  When I first began getting up on Saturday mornings, I was not happy.  Like a teenage child rebelling, I felt like sleeping in.  I rationalized why I needed to sleep in; after all, I deserved it since I woke up early every morning.  Once again it is our feelings that take over.  I now do it as a matter of routine and it doesn’t phase me.  So, take the time you carve out to establish your learning routine.  If the book has 14 chapters, then it will take you 14 focus days to get through the material.  It is your timeline and the time goes by so fast and before you know it, you will be onto your next class.

Step 3: Establish your end date.  Without having your goal date, you will not hold yourself accountable to taking the exam or completing the course.  Make it realistic and provide yourself some buffer time.  In our example, if you need 14 days to get through the material, build in time for practice tests and a few hours to review more difficult chapters.  This may take you to 19 days or 19 weeks if this is a Saturday routine.

Step 4: Take the test and celebrate.  Not only taking the test but completing your challenge of making time for your self-improvement.  You will be amazed how one course at a time you will accomplish so much growth over time.

-Bellaria Jimenez

Women and Communication: What we rock at and what may be our flaws

How we communicate says a lot about us. It’s a reflection of how we are at work and in our personal relationships. They say communication is the root of all failures and all successes, so why are females so much better at it?

Our top communication strengths via Forbes.

• Ability to read body language and pick up on nonverbal cues: In my personal experience, a woman can pick up on the slightest discretion of how someone is sitting or standing, eye contact or focus without having them say a word. She can tell when someone is sad or they have something on their mind that they fear saying. She also has the ability to draw it out of them, which brings me to our next strength, listening.
• Good listening skills: I believe this is by far our best strength. We know how to shut up and just listen! A good leader is one that can address an issue and find a solution solely by listening and asking the right questions. See, the majority of communication problems stem from a person not listening or only hearing what they want to hear. This leads into one coming up with their own assumptions, which causes bigger issues in the end. If we all just listened rather than reacting or assuming, we would mold a more efficient and effective work and home environment.
• Effective display of empathy: Yes, we are the nurturers and although I have been told time and time again over my career “you are too emotional” I don’t necessarily think it is a flaw. I find that true leadership isn’t built by leading with an iron fist and showing people who is boss. It is built by being able to understand and relate to one’s situation and cultivating a partnership of trust and respect. The people that know you understand and support them are the ones that will show you a harder work ethic and do whatever needs to be done to get the job finished. When people are fearful or dislike you, it will only lead to lack of loyalty to you and your firm. Empathy is good but to a certain point. Be mindful of the emotion you are displaying as too much can cause you to be taken advantage of or appear weak.

Although we are all Superwoman in our own lives, we do have a few weaknesses that cause us to not be viewed as that epic leader or hinder us to a certain point in our career. So what are they?

• Overly emotional: This is the flip side to effective empathy. Too much is not good. As I said before, we should be weary of how much emotion we show, as it may not be the right time or place for it. I like to think I have this part of my career under control but I surely don’t. I am very emotional in certain situations and it causes me to be reactive… which trust me, is not a good display of one’s self-control in the workplace. I time and time again must remind myself to not take it personally and walk away before I react. It’s my emotional side, and I love it, but it has been my worst enemy at times. This is the weakness I continue to work on.
• Meandering- won’t get to the point: I’ll tread lightly here as I feel men never get to the point but I see how it can be a woman’s weakness. The madness behind it is that we overthink everything; therefore, feel we need to over-explain everything as if that will make them understand more of what we are trying to say. False. I’ve learned that just frustrates my counterparts more and brings them to thinking I have no point at all. So ladies, let’s not let out our whole life story or reasons why we are insecure to simply explain that a meeting was cancelled 😊. Straight to the point with maybe a little extra words or explanation… but not too much 😊.
• Not authoritative: Oh this is my favorite one because to me, it’s not true and if it is true, it is only because we have been knocked down by those we have tried to project our authority too many times. When I started as a manager and had direct reports and counterparts, I felt that I was walked all over. I never spoke up or spoke my mind to position myself in that “boss” role. Rather than projecting my opinion or enforcing a task to be done, I would just do it myself. Then I smartened up and realized that I am going to get nowhere if I don’t put my foot down and create my own rules, processes and procedures on how to do business. How would I grow and develop if I don’t speak up during the management meetings and prove I know what I am talking about? Over time, I grew in my peer’s eyes as an equal rather than an admin. After all, we did have equal titles. It became the norm and all I can say is if you feel something is right or have an opinion on a matter, speak up, put your foot down and enforce what you believe is best for the firm, your peers and yourself. Now there is a flip side to being authoritative but that is a story for another day!

Keep being amazing, ladies!

Words of Wisdom Wednesday

Diversity and Inclusion in Financial Services

The financial services industry is at a tipping point. The industry is challenged with legislative changes proposed by the Department of Labor which can impact products, pricing and how advisors do business in the retirement space. Technology continues to evolve faster than compliance surveillance systems can fathom and falling behind in this area can cause a company to lose market share with millennials. The shift from the nuclear family to a modern family structure of divorced parents getting remarried, unmarried couples and same sex couples living together also creates new financial complexities in planning and solutions offered to clients. All these changes offer opportunity for financial services companies willing to refocus their long term thinking on how they will better serve these changes and rethink their current talent. Having a diverse workforce of women and millennials will position the industry to weather all these changes.

The industry is not quite prepared for this evolution. The average financial advisor is 56 years old, white and male. Studies show that we are likely losing opportunities to attract millennial clients since they tend to buy from advisors that are within a five year range of their age. Women represent 52% of the population and are an important economic group when broken up into subcategories such as divorced, widowed and women entrepreneurs, all with different financial needs and concerns. With a non-diverse workforce, why are firms not reacting to these facts and making the necessary changes to their talent? In my observation it comes down to two main concerns; chasing short term results and not having a proven system for attracting and retaining women and young advisors. Many firms and advisors focus on short term results because of the need to deliver positive growth to shareholders and the financial advisor compensation structure. Currently, the low hanging fruit is the baby boomer market, the largest and wealthiest population. Financial services companies should focus on the long term opportunities the business is facing with women and millennials. By starting today they will be in a position of strength for the future.

The industry is due for an overhaul on how we attract new talent and how we prospect for new clients. Millennials have different motivational drivers than prior generations. They are attracted to companies and businesses that have strong values, cultures and provide a civic service such as volunteer opportunities. It’s not that this generation is not motivated by money; they just seek to feel like they are making a difference. Financial services firms must deliver a value proposition that highlights and delivers the benefits of having a flexible work schedule and the firm’s value proposition incorporating their community involvement.

For women, the financial services recruiting process usually discourages them from entertaining the career because they fear commissions, long hours and the tedious job of building a book of business through personal contacts. Women are scared they will not have flexibility and work life balance. In addition, building a book of business and approaching friends and family can be intimidating to some women especially when they lack the confidence and knowledge that they are doing the right thing and risk straining relationships.

The solution is in the hiring process. Managers are still recruiting to an antiquated system that is not sustainable. Cold calling has become increasingly challenging with the use of cell phones versus landlines, do not call lists prohibiting unsolicited calls, and caller id’s creating a screening process for prospects. In addition, the business has evolved into relationship building, networking, and referral based practice. Due to the complexity of products and solutions focusing on one or two target markets is more effective and sustainable for building a healthy practice where the advisor can trade her jack of all trades hat for a more specialized approach. As it relates to long hours, the business is entrepreneurial, in other words, you get what you put in; it is not measured by the number of hours you are in the office but more on the discipline of doing the daily activities that will generate clients and results based on working smart and efficient. Women also may find this business rewarding and the entrepreneurial aspect exciting in controlling both income and flexibility. Women can use their interpersonal skills to develop networks and provide a service model to clients that will make them more referable.

Millennials have been growing up in a world that teaches interdependence, by encouraging teamwork and valuing individualism. This offers a great opportunity to attract women and young adults to advisor teaming, the future of the business is to work with a team of advisors offering various specializations and honing in on each of their unique abilities. This model is similar to a medical practice or law firm, allowing for the change of crash and burn hiring to a more supportive and nurturing learning environment. Millennials and women can benefit from this approach which also can provide mentoring opportunities through the team or formal mentoring through industry associations or their respective firms.

The change starts both top down and bottom up. Local firm leaders need to start with awareness, and then take action. Firms need to complete a self-evaluation of their leadership team and firm ranging from their environment, value proposition, hiring questionnaires, and training process and local support. Firms need to revamp the revolving door and change it to a glass door that is transparent and friendly. The change has to start with leadership by realizing that the true success of their firms does not come from hiring people that look like them but hiring people that are opposite of them, bringing diversity of thought and approach to the business. The growth has to start from the inside out for the leaders of the financial services industry and with this shift; we will see the financial services industry evolve to offering services to our future generations.