November 11, 2013 / by Don Connelly / Best Practices / 0 comments
As a Financial Advisor, you share a common concern with the wholesalers who call on you. You don’t control your distribution and they don’t control theirs. You can’t force your clients to act any more than a wholesaler can force you to act. As well, neither you nor the wholesaler has control over the landscape. Most of what affects how and what you do is in some else’s hand, be it the stock market, the economy or interest rates. And most of what affects you is in a constant state of change.
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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.
There Is No Ambiguity When It Comes to Being a Good Advisor
January 30, 2014 / by Don Connelly / Best Practices / 0 comments
Yet, while certain elements of this business are ambiguous, the challenge we face is not.
The correct way to succeed is straight-forward. Either you do things right or you don’t. Either you do the right things or you don’t. Either you see enough people or you don’t. Either you build a good business or you don’t. Embrace the clarity.
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People Think You’re So Smart When They Do All the Talking
January 20, 2014 / by Don Connelly / Best Practices / 0 comments
Did you ever walk away from a conversation thinking you just met a really smart, neat person, only to realize you did all the talking? I think we all have, at one time or another. What’s up? What do these people do to make us think they are so smart? They simply listen, that’s all, and we love them for it.
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Never Forget That Your Client’s Original Goal Was to Beat the Bank
January 6, 2014 / by Don Connelly / Best Practices / 0 comments
I’ve been mingling with clients for years and it never fails to shock me just a bit to hear how simple both their goals and their reasons for investing really are. For the most part, clients simply want to beat the bank, especially in low interest rate environments. They want to educate their children and build a retirement fund. That’s it. They aren’t trying to hit home runs. They are trying to hit singles and doubles. You can deliver singles and doubles all day long.
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Do Full Service Advisors Deserve Commensurate Compensation?
December 26, 2013 / by Don Connelly / Best Practices / 0 comments
There’s probably precious little a Financial Advisor can offer that you aren’t offering. Some Advisors do taxes and some do not, but basically we all generate revenue the same way. We offer the same products and the same process at essentially the same price. It’s hard to charge more than the other guy if you are both doing the same thing.
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Think like a Lifer – Being a Financial Advisor Is a Career, Not a Job
December 16, 2013 / by Don Connelly / Best Practices / 0 comments
If anybody asks, you don’t have a job. You have a career. Think that way. Think like a lifer. You are here to stay.
A job involves the pursuit of money. A career involves the pursuit of a lifelong ambition.
A job is something you have to do. A career is something you love to do.
Jobs come and go. Careers last a lifetime.
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Two Things Never Change for Financial Advisors
November 11, 2013 / by Don Connelly / Best Practices / 0 comments
As a Financial Advisor, you share a common concern with the wholesalers who call on you. You don’t control your distribution and they don’t control theirs. You can’t force your clients to act any more than a wholesaler can force you to act. As well, neither you nor the wholesaler has control over the landscape. Most of what affects how and what you do is in some else’s hand, be it the stock market, the economy or interest rates. And most of what affects you is in a constant state of change.
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Success as a Financial Advisor Is Easy to Explain, but Difficult to Replicate
November 4, 2013 / by Don Connelly / Best Practices / 4 comments
The good news for every Financial Advisor is that how one becomes a Top Tier Advisor is simple. The bad news is that it is not easy.
To rise to the top one begins by doing things right, by doing the right things and by working hard.
We lose a lot of people in the first twelve months.
The reason they fail is that,
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Do Professional Athletes Make for Prudent Clients
October 31, 2013 / by Don Connelly / Best Practices / 0 comments
Professional athletes in today’s society get paid a lot of money for winning the World Series or the Super Bowl, and they don’t always spend that money as wisely as they could. So do they make for prudent clients?
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You Are Not Paid to Be Right All the Time
October 10, 2013 / by Don Connelly / Best Practices / 0 comments
As the markets become more and more complex, keep in mind that not everything you recommend will work out. It’s okay to feel badly when something doesn’t work. It’s not okay to feel guilty.
One problem with feeling guilty is that we tend to doubt ourselves. Your clients don’t deserve that. They desperately need you to have confidence in yourself. Have an opinion and be there for them. That’s hard to do when you feel guilty.
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