Making mistakes is inevitable, but it’s not necessarily a bad thing -- especially if you get something out of the experience.
Ray Sclafani, founder of advisor coaching firm ClientWise, goes so far as to say there are no mistakes. “There are only experiences -- and from every experience, there’s learning.”
Of course, some experiences don’t go well and some of us call those failures. Relax, says Sclafani: “Failure is good if you can learn from it.”
Instead of beating yourself up when you make a mistake, says Sclafani, take the time to reflect on the experience. “Identify the cause of your failure,” says Sclafani. Was it a failure of skill? Poor judgment? A lack of courage?
Ask yourself what worked and what didn’t work, he says. What shifts or changes could you consider for the next time? What immediate next steps could you take right now?
“If you have reflected, learned from it and then applied what you’ve learned, then you have wisdom,” Sclafani says. And if you keep repeating this process, you’ll have success, he says: “Being honest about the cause of your failure is what separates those who learn from their failures from those who are doomed to repeat them.”
This is the final day of the month, and the last of our tips. What did we miss? Share more smart tips on Twitter, using the
-
Republicans will be planning a victory lap and Democrats will be thinking about their election strategy. But financial advisors and tax pros will be preparing their clients.
7h ago -
Earning and maintaining certifications requires a significant time investment. So why do advisors go through the trouble?
8h ago -
As Raymond James, Wells Fargo and RBC reported big recruiting deals this week, FINRA said it was going to pay back to its members a large chunk of the fees they paid last year.
8h ago -
Looking forward to not answering client phone calls? Here's how to make it happen.
11h ago -
In separate cases, two federal judges found that neither Wells Fargo nor LPL had a fiduciary obligation to look for clients' best interests with uninvested cash held in brokerage accounts.
July 2 -
Even after accounting for income, Black Americans still trail in retirement savings, according to a recent EBRI study. Advisors point to a mix of historic and systemic barriers that make the gap hard to close.
July 2