have confidence Archives - Don Connelly & Associates

You Can’t Be Afraid to Fail. It’s How You Succeed.

/ by Don Connelly / Best Practices / 0 comments

Who doesn’t want to be a success? It’s what people, particularly financial advisors, strive for every day. No one wants to be a failure. But did it ever occur to you that it’s virtually impossible to be a success without failing? Successful people must be very comfortable with failure because they probably fail more often than they succeed. They’re successful because they use their failures as learning experiences to propel them forward.

Yet, many people seem to have such a dysfunctional relationship with failure that they can’t see the value in it, choosing instead to avoid it by not taking the same risks that led to it. That’s not learning. That’s capitulation, which never leads to success.

The Fee Discussion: It’s Not the Fees That Bother Clients. It’s the Mystery Surrounding Them

/ by Don Connelly / Managing the Relationship / 0 comments

For many advisors, discussing fees with their clients is about as comfortable as going to the dentist. They know they have to do it, but they’d much rather be doing something else. Why is that? Is it because they don’t feel their fees are justified? Are they afraid the client will balk at them? Are they concerned they will ruin the rapport they built up to that point?

It may come as a surprise to advisors, but clients expect to talk about fees. In fact, for most clients, it’s not the fees that bother them; it’s the mystery surrounding them when they don’t get the whole story. Some clients have a hard time understanding how fees work, which makes them feel uncomfortable. But they feel worse and may presume the worst when they don’t feel they’ve received all the information.

The fee discussion is a pivotal moment in the process and can set the tone for the relationship going forward. It’s also an opportunity to differentiate yourself if you do it right. That’s why it’s essential that advisors be well-prepared with a practiced presentation and the confidence to deliver it with the highest degree of transparency and professionalism.

3 Steps to Build Your Self Confidence Regardless of Your Experience Level

/ by Don Connelly / Best Practices / 2 comments

At some point in their careers, every financial advisor suffers from the affliction of self-doubt. For most of us, it overcomes us at the beginning of our careers. For some, it can linger on for several years. Heck, even experienced advisors have bouts of self-doubt, but they tend to be rare. Whatever the reason for it, self-doubt or lack of self-confidence can be a career killer or, at the very least, a painful way to go through life.

There probably isn’t an advisor among us who early on thought to themselves, “Why would anyone want to work with me?” “I work in a cubicle. I’m just a few years out of college. Many of the people I talk to are old enough to be my parents. The younger ones are successful in their careers. What business do I have telling them how to become financially successful?”

Sound familiar?

Authenticity: The Key to a Favorable First Impression

/ by Don Connelly / Managing the Relationship, Presentation Skills / 0 comments

No doubt you’ve heard the old axiom, “You never get a second chance to make a first impression.” And it’s tough to fix a bad first impression, especially in a world where some clients are predisposed to not trusting financial advisors. That’s a high hurdle to overcome when first meeting potential clients who may be looking for any reason to walk away.

You’ve probably also heard that the human brain processes information about a person’s face and mannerisms within a matter of seconds, leading to a quick conclusion about their abilities. The hurdle just got higher.

It doesn’t matter how old you are or how long you’ve been in the business. Potential clients instinctively weigh and measure you, not by your expertise, capabilities, or knowledge, but by how much they think they like you. They’re looking for someone they can trust, and most people can’t trust someone they don’t like.

Overcoming the Age Bias Prospects Have About Young Advisors

/ by Don Connelly / Best Practices / 0 comments

For young financial advisors, nothing is more challenging than overcoming the age bias that older clients have against them. I hear it often from advisors who come through our training programs—that feeling as though they are viewed more like a child or grandchild than a financial advisor. It creates a perceived impression that young advisors don’t have the experience, skills, or knowledge to appreciate the circumstances of older clients, let alone guide them in making critical financial decisions.

That may be understandable and, in some cases, deserved. Older prospects are right to question a young advisor’s experience and depth of knowledge. But the problem may not be with the perceptions of older clients as much as it is with the mindset of younger advisors. Most advisors have gone through that painful period of not knowing what they need to know and feeling embarrassed to meet prospects who may sense that.

The primary difference between where they are now compared to where they were back when they knew less and lacked experience is confidence.

You Are Not Paid to Be Right All the Time

/ 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.