
After years of growth and hustle, an advisor might arrive at a stable, profitable firm with loyal clients, a thriving staff, and a healthy income – only to find that the day-to-day work has become a repetitive cycle of meetings, service tasks, and familiar conversations. The practice is no longer challenging or creative; it simply runs. And for highly driven professionals who thrive on challenge and novelty, that can feel suffocating. Over time, this feeling of stagnation can lead to burnout – or something else entirely.
In this 171st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the difference between being burned out and being 'bored out' – and how advisors can explore new ways to shake things up without destabilizing the business they've worked hard to build.
Burnout is often rooted in prolonged emotional and physiological exhaustion: too many demands, too little recovery. Being 'bored out', by contrast, emerges when the challenge disappears. The firm functions, clients are happy, the bills are paid… but without an imminent new goal to pursue, the advisor may feel disengaged or like their work lacks meaning. Ironically, the very success that was once the goal becomes the source of frustration: The advisor 'won', and now there's nothing left to strive for.
While these are two very different states, the root cause may be similar: a need for change. Advisors with enough revenue to slow down may still find themselves compulsively reinventing the firm. They might alter their service model, pivot to a new client base, overhaul the marketing strategy, or redesign internal processes. But constant reinvention can increase complexity, put stress on staff, and create instability for clients. Slowing the stream of new ideas and giving the firm time to catch up can be essential for everyone's wellbeing – including the advisor's.
In some cases, implementing frequent change may actually stem from the same root causes of boredom: a lack of new challenges. After years of invention, a reliable client base and familiar routines may feel limiting. Some advisors may have an impulse to completely overhaul or even sell their business – yet, while those options are available, there are often less drastic ways to regain a sense of fulfillment. Some channel their time, energy, or entrepreneurial drive into pursuits outside the firm, such as athletic challenges, philanthropic ventures, or new business endeavors. Others may choose to delegate more of the firm's operations or client work so they can focus on the parts they truly enjoy. And for advisors with a persistent creative itch, carving out a designated space to brainstorm and explore ideas – without any obligation to act – can help contain and channel that drive in a sustainable way.
Ultimately, the goal is to rekindle a sense of inspiration and autonomy. When the excitement of building wears off, it's worth pausing to consider a broader range of possibilities than just "stay and suffer" or "sell and escape". Whether the next step lies in restructuring the role, rediscovering creative ways to serve clients, or pursuing something entirely new, advisors often have more freedom and flexibility than they realize. Recognizing the difference between burnout and boredom can open the door to more thoughtful, aligned decisions – and help build not just sustainable practices, but more fulfilling careers!