Introspective pastimes such as quiet contemplation, journaling and giving thanks for professional blessings may not top an advisor’s list of priorities, however, Simon Reilly, president of Vancouver-based Leading Advisor Inc. suggests that an advisor undertaking these pursuits removes some of the roadblocks to her or her own success.

Those and other pastimes help an advisor deal with unmet human needs, indirectly enabling the advisor to build a better practice, says Mr. Reilly, who quotes Albert Einstein’s belief that “We can’t solve problems by using the same kind of thinking we used when we created them.”

An advisor who removes the roadblocks can take greater advantages of the current market for expertise and products, he explains.

Mr. Reilly underscores many of his points by thinkers from the financial services sector and academics, including Abraham Maslow, most known for his five-step hierarchy of needs. The lowest level labelled – biological and physiological needs – refers to food, drink, shelter and warmth, while the second level – safety needs – covers protection and security. The third level, Belongingness and Love Needs includes family, affection and relationships while the fourth level – esteem needs – includes achievement and status.

Many advisors become mired in the second and their levels, suffering from what he calls the unmet needs disease. Unmet needs include protection, safety security approval and recognition, he explained to The Insurance Journal. “If I have a need of safety and security I believe that I will not have time...to stop and develop a vision or a business plan,” he said, adding that social needs of the third level dissuade many from asking for referrals.

In his estimation, the costs of unmet needs – the roadblocks to success – exact a heavy toll in the building of an advisor’s practice. The roadblocks include an inability to create a comprehensive business vision, which he sees as a strong buttress against “so much negativity” in the day-to-day business environment.

These unmet needs also prevent an advisor from creating a strong business plan, including defined referral strategies. The advisor with an unmet need for approval hesitates to ask for referrals, he said. “If I get the referral I’m afraid that I’m going to make a mistake and turn around, mess the referral up and the client who gave me the referral is going to turn around and fire me,” he said, summing up the reaction of an advisor worried about an unmet need for approval. “Are you going to be inclined to give me a referral if I have all of that crap going on,” he asked the audience.

An advisor can meet unmet needs with contemplative pursuits such as keeping a journal. Mr. Reilly also recommends quietly giving thanks, which he defines as “stopping to observe the truth” about your strength, industry experience and service to clients.

The advisor who has cleared these roadblocks reaches Maslow’s fifth level – self actualization – free of previously unmet needs and therefore clear of obstacles to professional success.

Al Emid