March 9, 2020 / by Don Connelly / Best Practices / 0 comments
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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Automated Marketing for Financial Advisors – 5 Ways to Improve Your Practice
August 3, 2020 / by Don Connelly / Marketing Yourself / 0 comments
For many business owners marketing is tough and likely not the reason they started their business in the first place! As a Financial Advisor, your work is primarily focused on money management and building client relationships, not marketing. Having said that, a proactive and well-planned marketing initiative can go a long way in improving and growing your practice, so you can do more of what you love.
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5 Soft Skills You’d Need to Work Entirely Online as a Financial Advisor
July 27, 2020 / by Don Connelly / Best Practices / 0 comments
Times are changing, and suddenly we have all been thrust onto the online space, whether we were prepared or not. While the country is slowly opening back up despite the increasing number of covid19 cases, many businesses are choosing to stay remote, and people are still wary about office meetings. Financial Advisors are in a fortunate position to potentially increase their client base, as now you are not limited to the geographic area that you are physically located in.
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Sales Jiujitsu: How to Introduce Yourself as a Financial Advisor
July 20, 2020 / by Don Connelly / Presentation Skills / 2 comments
Occasionally I get asked about the best way to introduce yourself as a financial advisor.
That’s an important skill. But in some ways, focusing on introducing yourself to other people is looking at the problem from the wrong direction. There’s always the risk that going to a business mode when the prospect is not yet receptive to it will cause them to go into “shields-up” mode.
Instead, turn that process inside out: Consider finding ways to get prospects to introduce themselves to you.
The difference is fundamental.
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Want to Succeed as a Financial Advisor? Do These Five Things.
July 6, 2020 / by Don Connelly / Best Practices / 2 comments
Helping people achieve their financial goals and provide security for their families is one of the greatest, most rewarding career paths on the planet. But it’s a very tough business to succeed in, especially in your first few years.
Here are the five things you must do, if you want to maximize your chances of surviving your first five years as an advisor.
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5 Advantages Young Financial Advisors Have Over Older Advisors
June 8, 2020 / by Don Connelly / Best Practices / 0 comments
When it comes to asking people to handle their money, having a few grey hairs does bring a small advantage. People are just naturally reluctant to trust people with managing their money who are younger than their own children.
But there are some huge advantages to being a younger advisor, as well. In fact, I can tell you after decades in this business, there has never been a better time in the history of the financial services business to be coming into this business as a young advisor, or even a career changer under 40.
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Seven Things to Do to Set Yourself Up for Success as a Financial Advisor
June 1, 2020 / by Don Connelly / Best Practices / 0 comments
All Financial Advisors need a track to run on. That is, a set of activities that you know are productive, and that will continue to guide you on your path to success, even … and this is key… even if you don’t feel like working!
Here is a set of seven principles that will help keep you focused and moving along your path to the very top of our profession.
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Why You Should Create a Story-Benefit Matrix
May 18, 2020 / by Don Connelly / Storytelling, analogies and power phrases / 0 comments
Recently, in my post ”Never Underestimate the Power of a Good ‘Who I Am’ Story,” I mentioned the concept of building a good “story-benefit” matrix. I wanted to take a little time and drill down that concept.
Many salespeople are familiar with the concept of a features-benefit matrix – a handy little cheat-sheet that helps sales and marketing people translate product features into benefits for the customer.
Here’s how a features-benefit matrix works in a nutshell.
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How Much Do Financial Advisors Make?
March 9, 2020 / by Don Connelly / Best Practices / 0 comments
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.
Read more