/ by Don Connelly / Best Practices / 0 comments
Working as a financial advisor is one of the highest ranked business careers according to a recent U.S. News & World report, advisors rating it highly for job satisfaction and prospects. As a financial advisor you can make a real difference to your clients’ lives, making this a rewarding profession to aim for.But if you want to be a financial advisor, you need to have two quite distinct skill sets.
Firstly, you’ll need to pass the relevant industry exams. Financial acumen is a must.
Secondly, and indeed more importantly, you should have a real desire to help people and have an ability to understand their goals and concerns.
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In this category, we will share stories and practical tips for financial advisors and consultants which have proven to be best practices throughout the years.
5 Risks You Run If You Grow Your Practice Too Fast
/ by Don Connelly / Best Practices / 0 comments
It’s natural to strive to grow your business, but too rapid a growth can bring with it a host of problems. By taking on too many clients and ‘running before you can walk’ you might damage your practice in the long run.
“The fuel of persistence is patience, the ability to tolerate delays while persisting.”
Elite advisors all share an important trait – that of patience. It doesn’t matter how good you are at your job. If you don’t see that success requires time and effort, you will remain at a mediocre level.
Here are five consequences of attempting to grow your practice too fast.
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Three Things Elite Advisors Love That Average Advisors Fear
/ by Don Connelly / Best Practices / 0 comments
Average Advisors get held back by letting their fear of performing certain essential tasks take control. Elite Advisors on the other hand have learned that with practice and perseverance it’s possible to actively embrace previously daunting tasks.
Here are three challenging aspects of their job that Elite Advisors are keen to take on, thus guaranteeing their success.
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5 Reasons Why You Should Take The Time to Educate Your Clients
/ by Don Connelly / Best Practices / 0 comments
Don’t shy away from being a coach and educator to your clients. Adding in this extra element can help set you apart from the competition and deepen your relationship with them.
If you aren’t already educating your clients, here are five reasons why you should start doing it right away.
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4 Key Strategies to Kick-start Your Financial Advisory Practice
/ by Don Connelly / Best Practices / 0 comments
Establishing yourself as an advisor will take dedication, time and sound strategic thinking. Here are some key strategies that will help you kick-start your financial advisory practice.
#1. Develop a business plan
No one succeeds without a plan. It’s the first step in building a credible business. No matter how good you are at your job, if you don’t know where you want to go, you won’t grow a healthy business.
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6 Reasons Why You Should Specialize in The Kind of Financial Advice You Give
/ by Don Connelly / Best Practices / 0 comments
In previous posts we’ve discussed the importance of identifying your ideal client in terms of their attributes – be it occupation, geographical location, etc. But if you are to stand out in a crowded market you also need to pinpoint exactly what you can offer your clients in terms of services.
As part of your marketing strategy aim to narrow down to the field or specialty you’re best suited to offer. Don’t try to be ‘jack of all trades’ by offering to provide advice on estate planning and taxation, and everything in-between. If you do, you’ll end up ‘master of none’.
People need to know you are the expert in your field, otherwise you won’t become highly referable. Here’s why you should specialize in the kind of financial advice you give.
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How to Stop Self-sabotaging Behaviors
/ by Don Connelly / Best Practices / 0 comments
Behavior is said to be self-sabotaging when it creates problems and interferes with your life and goals. You may well be self-sabotaging without even realizing it.
There are many reasons you could be self-sabotaging – from holding dysfunctional beliefs to underestimating your abilities. If you don’t understand if and why you’re performing these types of actions, you will end up in a cycle of ever-increasing patterns of self-defeat. And these patterns are difficult to escape from.
Here are some common self-sabotaging behaviors you may be guilty of, with a look at why you may be doing them and how to stop.
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The Success Formula
/ 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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How People Pick a Financial Advisor
/ by Don Connelly / Best Practices / 0 comments
When people choose a financial advisor, they’re looking for someone who’s not only qualified but someone they can trust. Without these attributes you won’t get hired. But in this crowded industry – one that’s projected to grow 15% more by 2026 – it will help if you understand other factors people may consider important in a prospective advisor.
Here are a few things to remember as important to people who pick a financial advisor.
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How to Be a Financial Advisor
/ by Don Connelly / Best Practices / 0 comments
Working as a financial advisor is one of the highest ranked business careers according to a recent U.S. News & World report, advisors rating it highly for job satisfaction and prospects. As a financial advisor you can make a real difference to your clients’ lives, making this a rewarding profession to aim for.But if you want to be a financial advisor, you need to have two quite distinct skill sets.
Firstly, you’ll need to pass the relevant industry exams. Financial acumen is a must.
Secondly, and indeed more importantly, you should have a real desire to help people and have an ability to understand their goals and concerns.
Read more
7 Things Many Financial Advisors Don’t Do, and Fail as a Result
/ by Don Connelly / Best Practices / 0 comments
Much of the failure in this industry comes down to non-observance of the basics. Too many advisors fail not only to develop their soft skills but lack the necessary business acumen to remain viable. If you want to succeed as a financial advisor, learn from their mistakes and make sure you ‘do’ what they are ‘not doing’.
Here are some things that many advisors are not doing – but should be.
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