/ by Don Connelly / Marketing Yourself / 0 comments
It used to be, in the not so distant past, that using words like “client-focused”, “trusted”, “comprehensive”, and “knowledgeable” was enough for financial advisors to separate themselves from the pack. But today these are just the table stakes clients expect their advisors to bring to the table. After all, how many clients do you know who don’t expect their advisor to be knowledgeable, trusted, and client-focused?
In fact, in a highly muddled and fiercely competitive advisory landscape, there is very little to differentiate most advisors from each other, which causes them to disappear among the multitude of “average” advisors. Needless to say, clients today aren’t looking for average when it comes to financial advice.
A case in point is the massive amount of attention the eighty million baby boomers are receiving from the financial services industry – and rightly so because trillions of dollars of assets are at stake.
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Want to Succeed as a Financial Advisor? Do These Five Things.
/ 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
/ 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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Advice for New Financial Advisors – 8 Things Veteran Advisors Wish They Knew When They First Started Out
/ by Don Connelly / Best Practices / 0 comments
“Experience is the best teacher. But only a fool learns by no other.”
This is a slight misquotation of Benjamin Franklin. But the idea is sound: We all can and should learn from the mistakes and experiences of those who came before us.
And advisors are certainly making mistakes! Somewhere between 70 and 90 percent of financial advisor trainees are out of the business by their fourth year. And too many of those who survive aren’t thriving.
So we asked some veteran financial advisors what they wished they knew when they first started out in this business, or what they would do differently if they could start over. There was a lot of variation in the details, but most of them had these themes in common.
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Financial Advisors and Social Distancing: How to Keep Prospecting and Servicing Clients
/ by Don Connelly / Marketing Yourself / 0 comments
Traditionally, being a financial advisor has been a face-to-face business. We are creatures of the working lunch, the handshake, the coffee meeting. Appointments are the lifeblood of our business, because we’re in the business of personal relationships. That’s our real advantage over the low-cost robo-advisors, and a big part of how we justify our fees.
But social distancing is changing all that in a flash. I’m optimistic about the economy and the stock market long-term. But this bug isn’t going away anytime soon. We are undergoing a rapid cultural shift where social distance may very well become the norm for a good, long while.
And all of us old-school financial advisors, as well as brokers, planners, insurance agents, all of us, are going to have to adjust.
I’ve talked with a lot of people, and I’ve seen a lot of economic cycles. Here’s what I suggest you do to keep growing your business even with social distancing.
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Why You Need to Differentiate Yourself
/ by Don Connelly / Marketing Yourself / 0 comments
It used to be, in the not so distant past, that using words like “client-focused”, “trusted”, “comprehensive”, and “knowledgeable” was enough for financial advisors to separate themselves from the pack. But today these are just the table stakes clients expect their advisors to bring to the table. After all, how many clients do you know who don’t expect their advisor to be knowledgeable, trusted, and client-focused?
In fact, in a highly muddled and fiercely competitive advisory landscape, there is very little to differentiate most advisors from each other, which causes them to disappear among the multitude of “average” advisors. Needless to say, clients today aren’t looking for average when it comes to financial advice.
A case in point is the massive amount of attention the eighty million baby boomers are receiving from the financial services industry – and rightly so because trillions of dollars of assets are at stake.
Read more
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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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 Articulate Your Value to Prospects and Clients
/ by Don Connelly / Marketing Yourself / 0 comments
Ours is a highly commoditized industry. Financial advisors all tend to look the same, sell the same products and talk the same language. To get noticed you need to differentiate yourself from the competition by establishing your value to prospects and clients.
First, work out what you can bring to the table that others can’t. The next step is to verbalize your unique value proposition to clients and prospects.
If you do, prospects and clients will realize why it makes perfect sense to work with you.
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Five Reasons Advisors Needn’t Fear Technology
/ by Don Connelly / Best Practices / 0 comments
People are becoming increasingly adept at – and comfortable with – interacting with computers. This is fueling the debate around the merits of automated versus face-to-face financial advice. In reality, there’s no reason why both forms of communication can’t happily co-exist.
Technology can be a powerful aid to advisors when it comes to prospecting, building and maintaining relationships but it cannot replace the job of a full-service advisor. Here’s why.
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Common Mistakes New Advisors Make – Ones that Could Ruin Your Business
/ by Don Connelly / Best Practices / 0 comments
There are many pitfalls to face when you’re first starting out as an advisor and mistakes are easy to make. Look out for these potential mishaps because they could halt your business in its tracks before it even gets off the ground.
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