The Impact of Scarcity Mindset

Many financial advisors experience a scarcity mindset due to the early challenges they face in building their client base. This mindset stems from years of struggling to attract clients, leading to a prolonged sense of anxiety about where the next source of income will come from. Even advisors who have succeeded and enjoy a healthy client list may find they still operate under old assumptions of scarcity, which can hinder their ability to grow. For instance, a solo advisor managing 227 clients may hesitate to raise client minimums, fearing a loss of business, despite clear indicators of sustainable growth.