October 16, 2023 / 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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Top 5 Critical Acquired Skills Financial Advisors Need for Success
October 16, 2023 / 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
Becoming a Financial Advisor Is Not All About Getting Licensed
May 20, 2019 / by Don Connelly / Best Practices / 0 comments
Naturally, you need to be sufficiently educated and qualified if you are to do the job of a financial advisor. But that’s not nearly enough. Financial advisors require a unique skill set that consists of not only technical knowledge and business skills but also excellent interpersonal ‘soft’ skills.
Many advisors enter the industry mistakenly believing the former skills are more important than the latter. That’s why so many advisors leave the trade in their first year – because they weren’t able to cut through the noise and attract enough clients.
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