February 26, 2018 / by Don Connelly / Managing the Relationship / 0 comments
Signing up a new client – any client – feels like an achievement, especially for new advisors. Keeping money coming in is after all the number one priority. Over time however you’ll find that you have two types of clients: Clients you actively look forward to speaking to i.e. those who are pleasant to do business with, make realistic demands on your time, and are fully onboard with your ideas. And then there are the others – the ones you come to dread dealing with.
As a financial advisor you should aim to only work with clients who are enjoyable to deal with and profitable. It’s not only acceptable to prune out bad clients – but essential to keep your business healthy.
So how do you know when it’s time to let go of a client?
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When Do People Get a Financial Advisor?
March 18, 2019 / by Don Connelly / Best Practices / 0 comments
No two clients are exactly alike. People generally get a financial advisor for a number of reasons. Therefore, you need a flexible process in place when it comes to approaching different prospects in accordance with their reasons for seeking financial advice.
Here are some cases when people get a financial advisor, along with their reasons for doing so and some recommendations on moving things forward.
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Why You Need to Be a Good Business Person to Succeed as a Financial Advisor
September 10, 2018 / by Don Connelly / Best Practices / 0 comments
A large percentage of financial advisors fail, not because they aren’t good at what they do, but because they lack the core competencies of running a business.
If you want to succeed in this profession, you need to become a business person.
Let’s look at what this entails.
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5 Reasons Why Prospects Will Hire You Over The Competition
February 5, 2018 / by Don Connelly / Prospecting / 1 comment
People won’t decide to do business with you because of your products, expertise, experience or reputation. These attributes (whilst important) will not ultimately convert prospects into loyal clients. Your hard skills won’t provide them with a compelling enough reason to hire you over the competition. If you want to impress prospects, you need to demonstrate that you are not only smart, but that you are likeable and trustworthy.
Here are five reasons why a prospect will hire you over the competition.
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Getting Clients to Talk about Money
December 18, 2017 / by Don Connelly / Managing the Relationship / 0 comments
As financial advisors we’re comfortable talking about money, it’s what we’re trained to do. But for everyone else it’s a different story. Most people feel uncomfortable talking about money, so you need to consider how to introduce the topic in a relaxed way.
Don’t dive into the numbers at the initial meeting. Instead focus on building rapport with clients; then ask them what it is they want money for. The goals must come first – then the money. Once you understand your client’s vision of the future you can start doing the math on how to get there.
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If You Try to Be Perfect, You Will Always Fall Short
October 2, 2017 / by Don Connelly / Best Practices / 0 comments
Don’t constantly strive for perfection. You will never achieve it. It will simply waste your energy and make you miserable. Instead, focus on what is achievable.
Sharpen your best skills and qualities so you can showcase them to clients and prospects. Practice them over and over until you get things right every time. Don’t dwell on what you’re not so good at.
Here are some ways to forget perfection and strive for excellence.
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It’s The Little Things That Add Up in The Long Run
July 10, 2017 / by Don Connelly / Best Practices / 0 comments
Having big ambitions is great – but if you want to achieve your long-term goals, you need to know there’s no rapid escalator to success. Only by learning the art of self-discipline and taking small and consistent steps will you reach your ultimate target. Here’s how smaller steps can lead to bigger things.
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Put in The Effort if You Want to Become The Most Sought-after Financial Advisor in Town
April 24, 2017 / by Don Connelly / Best Practices / 0 comments
To become a truly elite financial advisor you need to have an incredible work ethic. If you’re new to the business, you will need to spend most of your time actively prospecting and looking for clients. It could take years to build a solid client base – but when you have built up the right clientele, you will be rewarded with a pool of people who are happy and willing to provide you with referrals.
To achieve this enviable position, continually visualize yourself as a first-class advisor. Program that picture into your subconscious mind. Then work harder than any other advisor, perfect your soft skills, earn referrals and make this dream a reality.
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What’s the Journey of the Successful Advisor Like?
February 1, 2016 / by Don Connelly / Best Practices / 0 comments
Developing a career as a financial advisor is not for the fainthearted. There are plenty of pitfalls to look out for along the way. New advisors often lack the essential soft skills they need to hit the ground running while others embark on the journey without a clear roadmap or measurable goals to guide them.
Here’s a look at how successful advisors navigate their way to success.
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5 Reasons to Develop a Repeatable Process
November 9, 2015 / by Don Connelly / Best Practices / 0 comments
It’s essential to develop consistent patterns of behavior if you are going to build a successful business. By continually changing direction and trying different things every quarter you won’t be able to hit your goals or measure the results of your progress. Without a measure of consistency you won’t become accountable and you’ll fail to win your clients’ trust or get them to invest with you for the long term.
Check out these 5 reasons you should develop repeatable processes.
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