In an industry where the market never sleeps and clients always need you, it can seem impossible for financial advisors to take a break. Yet, the benefits of a sabbatical—rest, rejuvenation, and a fresh perspective—are invaluable for personal well-being and professional efficiency. I took my first-sabbatical in December and learned some major lessons that I think are helpful for all financial professionals, regardless of the size of your practice.
Earlier this year, I reflected on a couple of those lessons with my email list. Drawing from my firsthand experiences and industry practices, I decided to expand that original piece. This article provides a comprehensive guide for financial advisors considering a sabbatical.
Step 1: Preparing for a Sabbatical: Setting the Stage for Success
To ensure a smooth transition into and out of a sabbatical, preparation is key. In my first stab at this, I failed. Here’s why: I didn’t carefully consider that the time I took away from my wealth management firm shouldn’t all be redirected to working in my consulting firm. It took my wife’s humble observation — that although I was “off” I seemed to be working more — for me to reconsider the meaning of sabbatical.
So here are some considerations:
Set Boundaries and Communicate Early/Clearly
Inform clients and colleagues well in advance. Use clear communication about your availability and who will handle their needs in your absence. Then calendarize these boundaries so that things aren’t planned during your time away. Establish time to think, reflect and ideate apart from sitting in your office or desk.
Establish a trusted colleague or team member to handle client queries and emergencies. This not only reassures clients but also prevents workflow disruptions. And for those of you that are solo-preneurs, leverage technology to automate your “standard operating procedures” so you won’t be worried about things falling apart the entire time you’re out of the office. (Note: If you need help in this area, I’m happy to share the tool I created to facilitate my month-long sabbatical.)
Step 2: What Not to Do During a Sabbatical
Although I already alluded to some of the things not to do, the don’ts deserves repeating. I realize that some of you reading this article are just as stubborn as I am. You are a closet (or overt) workaholic and you need to be told again. A sabbatical’s purpose is defeated if advisors remain tethered to their work emails or client files. In other words, don’t disconnect to immediately reconnect.
So here are some considerations:
Avoid Regular Check-ins
Resist the urge to check emails or voicemails. If you’re like me, your email is on your phone. Set up an effective out-of-office message, directing urgent matters to a designated contact. As an iPhone user, I constantly use the “do not disturb” function to suppress notifications that act as shiny objects to disturb my quiet time.
Don’t Over Plan Your Break
I cannot emphasize this enough. The average advisor’s calendar is littered with tasks, appointments and to-dos that represent clutter. So while it’s tempting to fill a sabbatical with activities, remember the goal is to rest and recharge.
Step 3: Returning to Work: Reintegrate with Renewed Vigor
In full transparency, this is something else I didn’t do well during my sabbatical. I jumped right back into things versus “easing in.” It’s like when you have a stomach virus and immediately try to eat solid foods — you end up prolonging your misery. Returning from a sabbatical can be as challenging as preparing for it. Here’s how to reintegrate smoothly:
Ease Back In
Start by reviewing what transpired in your absence to catch up on any major developments or client issues. I recommend using a two- to four- day buffer for this. This means that your first day back shouldn’t be filled with “back-to-back” appointments and activities. Start with a couple of half-days to acclimate yourself before going all in again.
Evaluate the Experience and Leverage New Insights
Reflect on your sabbatical’s impact on your personal and professional life. Planning for future breaks can help you find ways to do what you love for longer. We help others with retirement (or at least the idea of it), and recharging ourselves can ultimately help us get more people to where they want to be. Use the fresh perspectives gained during your sabbatical to enhance client relationships and refine advisory strategies.
Step 4: Practical Steps to Implement Now
What can you do (starting today) to plan for a time of recharging? Here are my key considerations for advisors eager to incorporate sabbaticals into their career planning:
Explore the Concept of a Sabbatical
Research and reflect on how taking time off could benefit both you and your clients. Allow yourself the margin to let your mind go there. Accept just how scary this may be for you, then take action to push ahead!
Implement the Systems and Support
No matter if you have a team or are solo, to pull off a sabbatical you will need workflows that seamlessly integrate into your technology. With the advancements we enjoy in 2024, this is more than possible; it’s just a matter of developing a plan to put the things in place.
Consider Firing Clients
Assess client relationships and consider letting go clients who are unprofitable or overly demanding. Here’s my rule for this: If I see a client’s name on my calendar for an upcoming appointment and I have anxiety (versus anticipation), there’s a problem. I need to address it and resolve it. If there’s no resolution, it is time for us to part ways.
Conclusion (And Why This Is So Important … )
Taking a sabbatical is not just about stepping away from work; it’s about setting the stage for future success and sustainability in the financial services industry. By planning effectively, disconnecting genuinely and returning with a plan, financial advisors can enhance their productivity and personal satisfaction, ultimately benefiting their clients and their practice.
Dominique Henderson, CFP® is an Investopedia 100 Advisor on a mission to help change family trees through R(relatable) E(empathetic) A(attentive) L(listening) financial advice. He practices this in DJH Capital Management, a registered investment advisory firm based in Dallas, and The Jumpstart Coaching Lab where he helps financial professionals discover their unique superpower. Connect with him at dominique@jumpstartcoachinglab.com or by clicking here.
