/ 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.
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Changing Negative Perceptions and Attitudes as a Financial Advisor
/ by Don Connelly / Best Practices / 0 comments
Most people become financial advisors because it is one of the more rewarding careers, indeed in terms of monetary rewards, but also working in the service of others to help them achieve financial security and long-term prosperity. However, many advisors struggle with aspects of their job that can lead to self-doubt, hesitation, and guilt.
These negative emotions often stem from deep-rooted perceptions and attitudes that can negatively impact client relationships and hinder professional growth. For example, for experienced advisors who become good at what they do, the job gets easier—almost too easy.
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5 Priorities Financial Advisors Must Have to Succeed in Our Business
/ by Don Connelly / Best Practices / 0 comments
As you might already know, financial advisors need to be good business people to succeed, which entails having a solid business plan, creating an ideal client profile, developing project management skills, and acting and thinking like a CEO. Those are critical foundational elements for any financial advisor with ambitions of growing a successful business.
However, on a day-to-day basis, success in the financial advisory business requires a constant blending of priorities such as strategic focus, interpersonal skills, and industry knowledge. Here are the five top priorities financial advisors must focus on to thrive in their careers:
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Self-Discipline Is Key
/ by Don Connelly / Best Practices / 0 comments
An Advisor once sent me this message:
“You mentioned in one of your webinars that talent by itself means nothing. The key is to develop that talent into a skill. In your opinion, what is the most underappreciated skill among great advisors?”
Listen to this audio episode or read the transcript below to learn what I think great Advisors’ most underrated asset or skill is.
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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.
Read more
4 Reasons Financial Advisors Should Invest in Education and Self-Development Early On
/ by Don Connelly / Best Practices / 0 comments
“If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.”
— Benjamin Franklin
Warren Buffett is perhaps the most successful investor there ever was. Not from just one or two big hits, but from a long string of investment successes over more than six decades. But he didn’t get where he is now without studying very hard at Wharton, then at Columbia, where he studied with the legendary Benjamin Graham.
Further, like a Roth IRA, self-development pays off the most when you do it aggressively early in life. The benefits of learning and knowledge compound over time (as long as you keep learning).
Here are four reasons why you should start investing in education and self-development as early in your Financial Advisor career as you can.
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