10 Excuses That Can Hold Your Practice Back

When business gets difficult, financial advisors sometimes need to practice a little “tough love”—starting with themselves.

It’s easy to explain away a lack of progress when markets are volatile, clients are distracted, or the demands of running a practice keep growing. But difficult conditions make clear decisions and consistent execution more valuable.

When we rationalize our inaction, it’s as if we’re preparing for failure in advance by making “excuse pillows” to soften the fall.

Then another obstacle appears, and we call down to the factory floor: “All right, boys, crank up the assembly line. We’re going to need a lot of pillows today!”

These pillows come in every shape, size, and material. Goose down or foam? Would you like yours monogrammed with your initials or embroidered with your college mascot? We can make almost any excuse comfortable enough to live with.

In The Undaunted Life, I explore this habit in the chapter “Tossing Out Our Excuse Pillows.” Here’s how it can show up in a financial advisory practice.

Real constraints deserve attention. The question is whether we’re addressing them—or using them to avoid taking the next useful step.

See whether any of these 10 excuse pillows look familiar.

1. “It’s a waste of time to prospect when markets are volatile.”

Uncertainty doesn’t eliminate the need for advice. It can give people a reason to ask questions they’ve been putting off.

Someone who previously said, “I’m happy where I am,” may now welcome a conversation about their goals, concerns, or the guidance they’re receiving.

That doesn’t mean approaching people with predictions or promises. It means offering a thoughtful conversation, listening carefully, and helping them determine whether your services fit their needs.

Keep developing referrals, professional relationships, and opportunities to meet ideal prospective clients. Your business development strategy needs consistency through different market conditions.

Ask yourself: Am I adjusting my approach—or abandoning it?

2. “My inactive clients probably don’t want to hear from me.”

Have they told you that, or have you decided it for them?

Silence can leave room for uncertainty. A personal conversation gives you an opportunity to understand what has changed in a client’s life, answer questions, and revisit priorities.

Email and other communications have their place, but they don’t always replace a conversation.

Build a contact plan that reflects your service commitments and client needs. Give each relationship an appropriate level of attention, rather than letting the quietest clients disappear from view.

You don’t need a market prediction to make a useful call. Sometimes the best opening is simply, “How are you doing, and what’s on your mind?”

3. “Until I feel more certain about markets, I can’t offer useful guidance.”

If complete certainty is the requirement, you may be waiting a long time.

Your value extends beyond predicting what markets will do next. It includes helping clients connect decisions to their goals, understand tradeoffs, and maintain perspective.

When your confidence is shaken, return to your process. What has changed in the client’s circumstances? Which assumptions need another look? What questions require additional research or help from your firm’s resources?

You can acknowledge uncertainty and still lead a useful conversation.

“I don’t know what happens next” doesn’t have to become “I have nothing useful to offer.”

4. “Now isn’t the right time to discuss those investments we haven’t reviewed.”

Over time, a practice can accumulate holdings whose purpose has become unclear.

Perhaps the client brought them into the relationship. Perhaps you recommended them years ago. Perhaps everyone has quietly agreed not to bring them up.

That’s how investments become “orphaned assets.”

Rather than letting discomfort decide the agenda, clarify what falls within your service scope and what needs attention. Useful questions include:

• Why does the client own this investment?
• Have the client’s goals or circumstances changed?
• Does the original rationale still apply?
• How does it fit into the overall plan?
• Who is responsible for reviewing it?

You may not resolve everything in one meeting. But avoiding the conversation won’t create clarity.

5. “The financial plan needs updating, but that conversation will be painful.”

Sometimes an updated plan reveals choices clients would rather not face. They may need to reconsider spending, timing, priorities, or expectations.

Delaying the discussion can leave them with less time to respond.

Begin by understanding what matters most to them. Explain what has changed, walk through the alternatives, and make the tradeoffs understandable.

The purpose is to help clients make informed choices while they still have choices to make.

Hope can be encouraging. It can’t do the work of a plan.

6. “Following every market headline is a good use of my time.”

Staying informed is part of the job. Being constantly distracted is something else.

Market television, alerts, social feeds, and an endless stream of commentary can consume hours without improving the quality of your advice.

Ask yourself: What useful decision will this information help me make? What important work am I postponing while I watch?

Your clients also need thoughtful preparation, timely conversations, coordinated service, and follow-through.

Set boundaries around news consumption. Protect time for the work that serves clients and moves your practice forward.

Being informed should support your judgment—not take over your day.

7. “If only my firm would _____, I could do a better job.”

Every firm has limitations. Some need to be addressed, and some may affect important decisions about your future.

But how much progress are you putting on hold while you wait?

Separate what requires your firm’s action from what you can improve yourself. You may be able to strengthen meeting preparation, clarify team responsibilities, improve follow-up, or develop your skills using resources already available.

Make a clear request when you need support. Then identify the useful work you can do in the meantime.

Frustration becomes an excuse pillow when it replaces action.

8. “I would grow my practice if I had a better support team.”

The right people matter. So does the way you lead them.

Before concluding that someone else is the problem, ask:

• Have I clearly defined the role?
• Have I explained what good performance looks like?
• Have I provided training, feedback, and usable processes?
• Am I assigning work that fits this person’s strengths?
• What could I change to help the team perform better?

You may genuinely need additional staff or different skills. If so, build a practical case around the work, the cost, and the capacity it would create.

But a new hire won’t automatically fix unclear expectations or weak leadership.

Sometimes the first person who needs to change is the one making the hiring decision.

9. “I’m waiting for the next regulatory or technology change before improving my practice.”

Change is a constant in this business. Rules, firm policies, technology, and client expectations will continue to evolve.

Some decisions require clarification. Get the guidance you need from the appropriate people.

But don’t let one unresolved issue put every improvement on hold.

You can still identify inefficient work, clarify ownership, document processes, strengthen communication, and develop your team within your firm’s requirements.

Ask: What truly needs to wait—and what can we improve now?

Waiting can be a sound decision. It needs a reason and a point at which you’ll revisit it.

10. “I’d like help from a business coach, but I can’t justify the investment.”

Coaching isn’t the right investment for everyone, and a budget constraint can be real.

The useful question is whether you’ve evaluated the decision—or dismissed it before defining what you need.

Consider:

• What specific results or changes do I want?
• How satisfied am I with my progress on my own?
• What is the cost of continuing the same way—in time, missed opportunities, stress, or team performance?
• Could coaching help, or would another resource be more appropriate?
• How would I evaluate progress and value?

A coach can offer perspective, challenge assumptions, help develop practical strategies, and bring accountability.

But hiring a coach doesn’t replace your responsibility to act. It creates another opportunity to follow through.

Shut down the excuse pillow factory

Which pillow have you made most comfortable?

Pick one. Identify the issue underneath it, decide what you can influence, and commit to a specific next step. Put a date beside it. If you work with a team, make ownership clear.

On your journey toward becoming “The Undaunted Advisor,” remember: there can be no excuse pillow factory without you turning on the assembly line.

Those workers in your mind can be put to much better use getting your backside in gear—not protecting it.

Bob David — Speaker, Coach, and Consultant

For help strengthening your practice, developing your team, and turning ideas into action, explore Bob’s coaching services or contact Bob for a no-cost initial 30-minute consultation.

Updated October 2026. The excuse-pillow concept is drawn from “Tossing Out Our Excuse Pillows” in The Undaunted Life.