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.

How Much Do Financial Advisors Make?

How Much Do Financial Advisors Make

The simple answer is easy: According to the Bureau of Labor Statistics, personal financial advisors, on average, made $121,770 in 2018. Translated into an hourly figure, the typical financial advisor made $58.54 per hour, assuming a 40-hour work week.

That’s a mean average, though, which is skewed significantly higher by a few highly successful advisors at the top of the profession. The median average is much lower: $88,890 per year in 2018, or – again assuming a 40-hour work week — $42.73 per hour. “Median” means half the advisors surveyed earned more than that figure, in that year, and half of them made less.

The lowest 10% nationwide made $41,590, or $19.99 per hour – assuming a 40-hour work week. The top quartile of the profession earned $157,710.

But few of them became that successful by working a mere 40-hour work week in their early years!

Here are a few factors to consider to maximize your earning potential.

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How to Choose Your Specialty as a Financial Advisor

How to Choose Your Specialty as a Financial Advisor

The financial services market is becoming more complex and more complex every day. Everybody needs a focus. And those with focused practices are better able to serve their clients. None of us can be all things to all people so it’s important to specialize in the kind of advice you give.

But do you know how to choose your specialty as a Financial Advisor?

There are two key considerations – both equally important: Your market, and your passions.

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5 Risks You Run If You Grow Your Practice Too Fast

5 Risks You Run If You Grow Your Practice Too Fast

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

Three Things Elite Advisors Love That Average Advisors Fear

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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4 Key Strategies to Kick-start Your Financial Advisory Practice

4 Key Strategies to Kick-start Your Financial Advisory Practice

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

6 Reasons Why You Should Specialize in The Kind of Financial Advice You Give

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

How to Stop Self-sabotaging Behaviors

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

Don Connelly audio podcast

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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