Don’t stay angry over LIF forever, advisers told
While advisers are entitled to feel angry regarding the Life Insurance Framework (LIF), one business coach says they should 'vent' their frustration and then look to how they can move forward.
Speaking at the AFA National Conference in Cairns, Headspace Coaching owner and principal Brian Fitzpatrick said if advisers continue to be angry about things they can't control, they will overlook potential opportunities to strengthen their business.
Advisers should 'vent' to get the anger out over these changes and then look at what changes they can make to ensure their business is sustainable, Mr Fitzpatrick said.
"There is a saying that people don't hate change, they hate being changed. So if you embrace this change it will be a different change than if you are forced to do it," he said.
"This situation could be a really good teacher for you. It could teach you how to build a better business that's more robust, that is more modern and that is going to make a difference to more people's lives."
Mr Fitzpatrick added that continuously holding negative thoughts about these changes will not only have adverse effects for an adviser's business, but also their wellbeing.
"We can have a thought and continue to repeat that thought. It is a lot like water running down through sand or through soil – it creates grooves, a mural pathway," he said.
"When that thought is based in negativity what is released in your brain is a chemical called cortisol and cortisol is a blocker. Cortisol is something that will kill brain cells and it also inhibits one of the proteins that helps grow brain cells.
"I don't want you to keep pumping cortisol through your brain – one of the things about increased cortisol over a long period of time, it is a contributor to Alzheimer's," he said.
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