August 21, 2023 / by Don Connelly / Managing the Relationship / 0 comments
Most financial advisors consciously try to do the right thing always. However, most people are sometimes prone to error, which is only human. The reality is that advisors, through no fault of their own, sometimes find themselves in situations where conflicts between ethical principles, client interests, and regulatory requirements can create ethical dilemmas.
The challenge for advisors is that they have to overcome a huge trust deficit with clients and prospects. To earn and keep their trust, they must constantly be hyper-aware of their actions and how they may be perceived, whether an ethical breach is intentional or not. That requires having a conscious and deliberate strategy to resolve any potential conflict.
Here are the most common ethical dilemmas faced by financial advisors.
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The Significance of Ethical Practices in Maintaining Trust and Integrity
August 21, 2023 / by Don Connelly / Managing the Relationship / 0 comments
Most financial advisors consciously try to do the right thing always. However, most people are sometimes prone to error, which is only human. The reality is that advisors, through no fault of their own, sometimes find themselves in situations where conflicts between ethical principles, client interests, and regulatory requirements can create ethical dilemmas.
The challenge for advisors is that they have to overcome a huge trust deficit with clients and prospects. To earn and keep their trust, they must constantly be hyper-aware of their actions and how they may be perceived, whether an ethical breach is intentional or not. That requires having a conscious and deliberate strategy to resolve any potential conflict.
Here are the most common ethical dilemmas faced by financial advisors.
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The Success Formula
July 29, 2019 / by Don Connelly / Best Practices / 0 comments
I came across an article I thought was terrific. It’s called The Success Formula, apparently it’s from a book which I must admit I have not read, a book by Bob Adams called Streetwise Business Tips: Two Hundred Ways to Get Ahead in Business, Most of Which I learned the Hard Way, which is a great title. It was published by Adams Media Corp.
And there are ten steps in this success formula.
Watch the video or read the transcript below to learn what these ten steps are – It’s a long list but it’s well worth reading as it really is a great formula for getting ahead.
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Being Accountable May Be The Key to Your Success
November 5, 2018 / by Don Connelly / Best Practices / 0 comments
Being accountable will benefit not only your business, but every aspect of your life. Being accountable to yourself will help you focus your attention on your performance, encouraging you to set and achieve personal goals. Being accountable to your clients will help you keep them on track and invested.
Here’s how being accountable will help you succeed as a Financial Advisor.
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Why Is Online Reputation Important for Your Success as a Financial Advisor
November 30, 2015 / by Diana Marinova / Connelly Corner, Marketing Yourself / 0 comments
As Don Connelly always says, only three things must take place for you to get a new client: that person must like you, trust you and think you are smart. But how could prospects like you, trust you and think you are smart if they never met you? How do you come across as likeable, trustworthy and smart if you have no prior relationship with them?
The answer lies in your online reputation.
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Don’t Feel Guilty About Not Being Perfect
May 25, 2015 / by Don Connelly / Best Practices / 0 comments
There will be times when you get it wrong. Car mechanics and even doctors don’t get it right all the time and neither will you. Mistakes are easy to make and inevitable. As markets get more and more complex the chances of getting things wrong increase even more, and the longer you’re in business the more times you will be wrong.
But never see this as failure. Accept mistakes as part of life and keep on track by not feeling guilty. If you are doing everything you can with everything you’ve got you are a winner so you have nothing to feel guilty about.
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5 Personality Traits that Make a Great Leader
April 10, 2014 / by Kirti Anand Sharma / Connelly Corner / 0 comments
Some believe Leadership is about Power, Prestige and Status. Some feel it’s a rare innate talent to control others and just delegate. Some think of leadership as an act and not a position.
Existence of multiple theories and examples on “Leadership” are often confusing and easily lead to mixed messages or misconceptions. Amidst this confusion, the fact that remains unchanged is that: Strong leadership is critical for Success in any Business.
What makes a great leader? Let’s explore the 5 key traits that will help you be the kind of Leader your clients and prospects look for in their Financial Planners and the sales team look for in their managers .
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Your Clients Look to You for Leadership
March 24, 2014 / by Don Connelly / Managing the Relationship / 0 comments
The more uncertain the times, the more certainty clients want from you. They want you and they expect you to guide them to their goals. Like it or not, you are depended upon for your leadership skills. This may be unfair to you.
You weren’t taught leadership in training.
Nonetheless, the role has been thrust upon you.
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Without Integrity, There Is No Credibility
March 13, 2014 / by Don Connelly / Managing the Relationship / 0 comments
If you are to be chosen as someone’s Financial Advisor, you must pass three tests. The person must like you and think you are smart, but, most importantly, the person must trust you. There is no substitute for trust.
When mom and dad leave you after that first meeting, they do not talk about convexity or tactical asset allocation.
They ask themselves one question: “Do you trust him? Do you trust her?” If the answer is ‘no’ or ‘not really’, you stand no chance of getting those folks as clients. There are too many other Advisors they can turn to.
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