What do you do if your financial services career hits a roadblock?
If you work in financial services, you know how competitive and demanding the industry can be. You may have invested a lot of time, money, and effort into building your skills, credentials, and network. But what happens when you face a career roadblock, such as a layoff, a demotion, a rejection, or a stagnation? How do you bounce back and move forward? In this article, we will share some tips on how to overcome common challenges and setbacks in your financial services career.
The first step is to take stock of your current situation and identify the root causes and consequences of your career roadblock. Is it due to external factors, such as market conditions, regulatory changes, or organizational restructuring? Or is it due to internal factors, such as performance issues, skill gaps, or personality clashes? How does it affect your income, reputation, and prospects? Be honest and realistic with yourself, and avoid blaming others or yourself excessively.
The next step is to explore your options and alternatives for overcoming your career roadblock. Depending on your situation, you may have different choices, such as staying in your current role and improving your skills, looking for a new role within your organization or industry, switching to a different sector or function, or starting your own business. Consider the pros and cons of each option, and how they align with your goals, values, and interests. Seek advice from mentors, coaches, or peers who have faced similar challenges or made successful transitions.
Whatever option you choose, you will likely need to update your skills and knowledge to remain relevant and competitive in the financial services industry. You may need to learn new technologies, regulations, or methodologies that are in demand or emerging in your field. You may also need to develop soft skills, such as communication, leadership, or creativity, that can help you stand out and add value. You can update your skills through formal education, online courses, certifications, workshops, webinars, podcasts, books, or blogs.
Another step is to showcase your value and achievements to potential employers, clients, or partners. You may need to update your resume, cover letter, LinkedIn profile, portfolio, or website to highlight your skills, experience, and results. You may also need to expand your network and reach out to people who can offer you opportunities, referrals, or recommendations. You can showcase your value by attending events, joining groups, participating in forums, writing articles, giving presentations, or volunteering for causes.
The final step is to embrace change and uncertainty as part of your career journey. You may face some challenges, risks, or failures along the way, but you can also learn from them and grow from them. You may also discover new possibilities, passions, or paths that you did not anticipate or plan for. You can embrace change by adopting a growth mindset, being flexible and adaptable, seeking feedback and support, and celebrating your progress and achievements.
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Una de las principales recomendaciones que puedo dar basado en mi experiencia es que en el momento que se identifica un obstáculo se requiere hacer una pausa para poder identificar la causa raíz y realizar un diagrama visual que te ayude a identificar posibles soluciones o alternativas que te ayuden para que tengas oportunidad de atender lo que está siendo afectado por el obstáculo y al mismo tiempo seguir avanzando con un "plan B" para llegar al objetivo inicial. Recuerda que pudiera cambiar un poco la estrategia a seguir pero tu objetivo a alcanzar no debe ser diferente.
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Lyndon Davis, WMS®, CRPC®
Financial Advisor | Senior Vice President, Investments at Raymond James
(edited)Consider your natural environment. The the biggest fish does not thrive in the African Savannah nor does the fastest cheetah in the Atlantic Ocean. There are likely environments where you naturally thrive but are being overlooked. Get back to what gives you that edge, that extra kick. That'll be a good springboard for you to go deeper into the jungle or farther out in the ocean!
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