David Hubbard is President and owner of Exemplar Financial Network. Over his career he has assisted hundreds of financial advisors as well as numerous banks, accounting firms and insurance agencies to successfully provide financial planning and investment advisory services to their clients, while at the same time growing his own financial planning practice into a multi-million dollar firm. He’s been recognized by OnWallStreet magazine five times as a national Top Branch Manager and launched the NextStep Coaching Program in 2012 to help Financial Advisors run a successful financial planning business, reach their Vision of Success and achieve long term financial rewards that come with consistent, incremental improvements.

Do You Really Know Your Numbers?

Know Your Numbers - Financial Advisors Tips

Ok, you’re a great financial advisor, but are you a great businessperson? Really great people in business always know their numbers, but not just any numbers, the really important numbers!

Many people think that being a great businessperson is to be someone that is entrepreneurial, who can market and grow their clientele. While these are important aspects of running a great business, the great businessperson always focuses on the really important numbers of their business.

So, what are the REALLY IMPORTANT numbers that a financial advisor in business must know?

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Make the Most out of Your Hiring

Make the Most when You Hire Someone

Last month, I wrote about the importance of putting together an effective team. The key to doing that is to hire the right people. Sounds easy, doesn’t it? It’s not.

The most difficult thing that I have done over the past 30 years is trying to hire the right people. In fact, I have probably interviewed 500 prospective employees, hired well over 100 and currently have a staff of about 40 people. I wish that I could say that I have learned how to always hire the right people. Unfortunately, I can’t. Nobody can.

Think about it.

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Success Is a Team Sport

How to Build an Effective Team for Success

You can’t do this by yourself. You need a team. Even if the team is just you and a part-time person.

This seems like a no brainer, right? So, how come so many people get it wrong?

Too many financial advisors hire bodies to do the menial work of the business. Too few hire effective people to be part of their team.

Think of running your business like you are playing a team sport.

Your primary role should include “rainmaker”, “closer”, “presenter”, “relationship manager”, “planning and product expert”, etc. Somebody else should be doing the rest. Your team members should not be clones of yourself. They should be people who can fulfill the duties that you shouldn’t be doing and do them better than you can do them.

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How Passion and Love for The Business Helps Financial Advisors Succeed

How Passion and Love for The Business Helps Financial Advisors Succeed

Ok, it’s the moment of truth. Answer this question honestly. Do you love what you do? Wait, I didn’t say “like”, I said “LOVE”.

Hopefully, you answered with a yes!

Now, let me ask that same question a little differently. Are you passionate about helping your clients achieve their financial goals?

Again, I hope the answer is yes!

These are important questions that I ask the many financial advisors whom I coach. All of these financial advisors desire to be extremely successful. Unfortunately, not all of them are able to say that they love the relationship part of the business. That presents a major problem for them to achieve the success that they are looking for.

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It’s All about Your MVA

Most Valuable Activities for Financial Advisor - Business Growth

Why isn’t my business growing like I want it to? Why has my business plateaued? Why am I working so many hours but not growing my firm? These are several of the questions that I get from some of the financial advisors that I have coached. These advisors have become frustrated that their businesses aren’t succeeding as they want. Although they have been in the business for more than 5 years and have achieved some success, they still want to grow.

When I hear these questions, or comments, I begin to do some probing.

I become very curious as to how these advisors spend their time. I am specifically looking to determine what these advisors do on a daily basis.

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Love What You Do and Do What You Do Best

David Hubbard - Guest Author with Don Connelly blog

“I want to be more successful”, “I want to be a million dollar producer”, “I want to have one hundred million under management”. These are but a few of the phrases that hundreds of advisors have told me over the years. Many advisors measure their success by some numerical figure relating ultimately to income. The first thing that I have to do is to remind them that income is the result of running a successful financial advisory firm.

Why is it that the vast majority of financial advisors never achieve the success that they hoped for when they decided to enter the business?

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