/ by Don Connelly / Best Practices / 0 comments
There was a time in the not-so-distant past when the only skill you needed to succeed in financial services was how to sell. The business of selling investments was almost entirely transactional, and all a financial advisor needed to do was shake the bushes for prospects and close them on a product sale. It was not easy by any means, and only the most tenacious advisors survived.
Certainly, that required some skill, but most were learned through memorizing scripts and drilling on closing techniques. The rest was all about persistence in dialing the phone.
Fast forward to today, and the game has changed drastically. With compensation coming largely from recurring revenue from assets under management or planning fees, advisors have had to develop an entirely new skill set. Tenaciousness, persistence, dogged determination, and knowing how to sell are still essential, but they take a back seat to more critical skills needed to succeed in the business today. Here are five such acquired skills you need to master.
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Where Financial Advisors Can Get Help Building Their Practice
/ by Don Connelly / Best Practices / 0 comments
Few careers are as demanding as building a successful financial advisory practice. In addition to acquiring essential financial knowledge, financial advisors must develop solid business acumen, hone their soft skills, and work tirelessly to build their clientele while consistently seeking improvement.
This business is not for the faint-hearted, and it’s foolish to think you can do it on your own. I don’t know many successful advisors who made it, especially when starting out, without the benefit of a support system, whether it’s a mentor, coach, accountability partner, or the comradeship of an advisor community.
Each avenue offers unique benefits to help you reach the next level, regardless of your business stage.
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Top 5 Critical Acquired Skills Financial Advisors Need for Success
/ by Don Connelly / Best Practices / 0 comments
There was a time in the not-so-distant past when the only skill you needed to succeed in financial services was how to sell. The business of selling investments was almost entirely transactional, and all a financial advisor needed to do was shake the bushes for prospects and close them on a product sale. It was not easy by any means, and only the most tenacious advisors survived.
Certainly, that required some skill, but most were learned through memorizing scripts and drilling on closing techniques. The rest was all about persistence in dialing the phone.
Fast forward to today, and the game has changed drastically. With compensation coming largely from recurring revenue from assets under management or planning fees, advisors have had to develop an entirely new skill set. Tenaciousness, persistence, dogged determination, and knowing how to sell are still essential, but they take a back seat to more critical skills needed to succeed in the business today. Here are five such acquired skills you need to master.
Read more