/ 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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Happy Thanksgiving – Why We Should Be Profoundly Grateful That We Are Financial Advisors
/ by Don Connelly / Best Practices, What's New / 0 comments
Despite the pervasive and crippling ‘bad news sells’ syndrome, people the world over do pause to give thanks for all that is good. Canadians celebrate Thanksgiving in October. The Koreans celebrate Chusok in August. The Chinese celebrate in August as well, in a festival called August Moon. India celebrates Pongal in January. The Germans normally celebrate Erntedankfest in October. The United States celebrates Thanksgiving in November. We all, in our own way, celebrate the bountiful harvest.
Why we should be profoundly grateful that we are Financial Advisors
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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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How Much Do Financial Advisors Make?
/ 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
What Financial Advisors Read The Most on Our Blog in 2016
/ by Diana Marinova / Connelly Corner / 0 comments
Did you know that you are one of over 30,000 Financial Advisors and Wholesalers who have read Don’s blog posts in 2016? We decided it’d be great to close our blogging year by bringing back to your attention the top 10 blog posts that our community enjoyed the most during the past year.
Top 10 posts on Don’s blog, published in 2016
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Why Is Online Reputation Important for Your Success as a Financial Advisor
/ by Diana Marinova / Connelly Corner, Marketing Yourself / 0 comments
As Don Connelly always says, only three things must take place for you to get a new client: that person must like you, trust you and think you are smart. But how could prospects like you, trust you and think you are smart if they never met you? How do you come across as likeable, trustworthy and smart if you have no prior relationship with them?
The answer lies in your online reputation.
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5 Email Marketing Trends for Financial Advisors
/ by Diana Marinova / Connelly Corner, Managing the Relationship / 0 comments
Contrary to what many business owners believe, email marketing is not dead and it is still one of the best communication channels to keep in touch with prospects, especially in the Financial Advisory industry.
Nothing can beat connecting in person but let’s be real. It’s impossible to meet and talk on the phone with hundreds of people who have your business card and might open an account with you one day. Here’s when email comes in handy.
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Why Financial Advisors Should Do Seminars
/ by Don Connelly / Prospecting / 0 comments
One of my Don Connelly 24/7 subscribers asked me how I liked seminars for a prospecting idea. The answer is ‘I love seminars’. Here are a couple of reasons why.
Listen to this audio episode to hear Don’s full answer, or read the transcript below.
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Six Relationship Management Tips for Financial Advisors
/ by Diana Marinova / Connelly Corner, Managing the Relationship / 0 comments
Did you know Don Connelly has a YouTube channel? He regularly shares his wisdom in audio and video format on various topics which are interesting to Financial Advisors. One such topic is relationship management.
Here are the top six relationship management tips, taken directly from Don Connelly’s YouTube channel.
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Why Financial Advisors Get Fired
/ by Don Connelly / Best Practices / 0 comments
Financial advisors get fired because they aren’t ‘the full package’. They may provide ‘good’ service, but is it exceptional? They may have a winning personality, but do they pay attention to their clients? They may return calls but never instigate them – and while they may understand their products, do they believe in them?
In order to make sure you don’t get fired you need to cover all these bases and more.
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