There is something about the word ‘no’ that makes grown men cry. We need the sale, we want so badly to open the new account, and we need the referrals. One way to avoid hearing the word ‘no’ is not to ask for the order. All that work and one simple, little word can flush the whole thing down the drain. Don’t think that way. Don’t retreat. Those negative thoughts will only hold you back. Meet the word ‘no’ head on. The word is harmless. When someone says no to you, he is rejecting your idea. He is not rejecting you as a person. When someone says ‘no’ to you, she means not today. She doesn’t mean never. Being disappointed is one thing. Being shattered is something entirely different. You have to hear a lot of no’s in order to hear one yes. You have to chew through those no’s anyway, so go for it. Learn to thrive on rejection. Your competition can’t handle it.

When it comes to investing one’s own money, the simpler the task, the more difficult it is to perform. What could be more basic in concept than leaving your money in for the long haul? What makes more sense than picking up bargains after the market has sold off? I have yet to meet the individual investor who can do either of those tasks. Clients simply cannot stick with a plan. The longer I am in this business, the more clearly I see the need for investors to retain Financial Advisors. If clients cannot perform the simple tasks, what chance do they have when they are in over their heads?

Warren Buffett is credited with having said, “The stock market is simply the transfer of wealth from the impatient to the patient.” May we never forget that. Above all else, we have got to reach out to our clients and preach patience. Losses, real or on paper, are not going to be made up quickly. If a $10.00 stock falls in value 60%, it will be worth $4.00. If the stock then goes back up 60%, it will be worth $6.40, not $10.00. Our clients need to know that. Rising stock prices are fueled by investor confidence and confidence will not return overnight. Leo Tolstoy called time and patience the strongest warriors of them all.

Bad golfers hit bad shots and dwell on them. Good golfers hit bad shots and put those shots behind them. Clients are like bad golfers when an investment doesn’t work out. They all too often obsess about the bad investment, to the exclusion of any good investments they might have. You know the feeling. Think back to when you were a kid and you brought your report card home. Let’s say that report card showed two A’s, 2 B’s and a D. Where would your parents focus? It’s called risk aversion and it’s perfectly normal behavior.

The more the uncertainty in the air, the more certainty clients will demand from you. One thing that makes this job so difficult is that you’ve got to be at your strongest when you feel the most vulnerable. We are in the advice business and our currency is our opinion. Never doubt yourself. To do so will cause inaction. You will freeze at the switch. In a similar vein, tell your clients that they don’t want you doubting yourself, so it hurts the cause when they call you and beat you up on the telephone. The worst thing that can ever creep into your mind is self-doubt. Be strong and remain positive.