job of a financial advisor Archives - Page 2 of 4

Convincing Clients of the Futility of Market Timing

/ by Don Connelly / Investing Wisdom / 0 comments

We will probably never admit it, but most of us are lousy timers, and, of course, none of us can predict the future. How often have you tried to shift your way through stop and go freeway traffic to end up in the slowest lane again? For investors who try to time the market, the actual costs of underperformance and lost opportunity are invariably greater than the potential benefit.

Helping Clients Understand the Normalcy of Market Corrections

/ by Don Connelly / Investing Wisdom / 0 comments

As a financial advisor, you work closely with your clients to craft investment strategies tailored to their objectives and risk profiles, and then monitor them over time. That very well may be the easy part of your client relationship. The more significant challenge you have as an advisor is to make sure your clients stay the course with their strategy even in the midst of a steep market correction.

One of the primary responsibilities of a financial advisor is to convey to their clients that the only concern they should have about a market downturn is not how deep it falls or how long it lasts, but how they react to it. After all, no one can predict when a market correction will occur, but we know that it will. After the longest bull market in history, clients tend to forget that stock prices can go down as well as up, and that market corrections are quite normal. That confers upon advisors the responsibility of educating their clients on the inevitability of market corrections and how they should react to them.

5 Steps to Attracting and Retaining More Clients

/ by Don Connelly / Best Practices / 0 comments

Lack of success in this industry can be a result of many failings – from a lack of business acumen to ineffective soft skills. In this post we’ll look at some key areas many advisors might consider focusing on in order to attract and retain more clients.

What Is Buyer’s Remorse and How to Overcome It in 3 Easy Steps

/ by Don Connelly / Managing the Relationship / 0 comments

Buyer’s remorse is defined as ‘a feeling of regret experienced after making a purchase – typically one regarded as unnecessary or extravagant’ (Oxford Dictionary).

Most of us have experienced this type of feeling at some point – maybe after buying a pair of expensive shoes that with hindsight we considered an unworthwhile purchase.

But buyer’s remorse doesn’t just apply to shopping – it’s possible your clients might feel similarly disenchanted about their decision to hire you.

Make sure your clients don’t experience post-hiring disappointment by doing the following three things.

Combatting Low Fees

/ by Don Connelly / Marketing Yourself / 0 comments

If you ever need to combat lower fees, begin by understanding what your competition is actually doing. Then form your strategy accordingly.

Listen to this audio episode or read the transcript below to learn how to de-commoditize yourself and why you need to win the value-argument instead of the fee-argument.

Three Situations when Analogies Can Help Allay Clients’ Concerns

/ by Don Connelly / Storytelling, analogies and power phrases / 0 comments

As their advisor it’s your job to stop clients from worrying unnecessarily and making bad decisions. You need to find a way to check their behaviors and reassure them that they should follow your lead.

Analogies are a great way to allay clients’ concerns and get across why what you say makes perfect sense. Here are three situations where it will pay you to use analogies to keep things on track.

Using Analogies in These 3 Situations Can Help Turn Prospects into Clients

/ by Don Connelly / Storytelling, analogies and power phrases / 0 comments

It’s your job to get prospects off the fence. You need to persuade them that hiring you to manage their investments is the right thing to do. Before they make that decision, however, they need to understand what it is they are buying, and why they need to buy it. Because “people don’t buy what they don’t understand.”

This is where analogies can help push the balance in your favor. They make the unfamiliar familiar.

An analogy is “a comparison between one thing and another, typically for the purposes of explanation or clarification”.

Analogies can help you put forward an argument so that prospects see things in a new light – and conclude, of their own accord – that it makes sense to do business with you.

Here are three situations that warrant the use of analogies.

Make Yourself Irreplaceable by Making Yourself Different

/ by Don Connelly / Marketing Yourself / 0 comments

If you do what every other advisor is doing, you’ll be just like all other advisors. To become successful, you need to offer something different – something that makes you worthy of being talked about.

Don’t be intimidated by self-perceived ‘smarter’, ‘more experienced’ or ‘more confident’ advisors. Don’t try to ‘better’ them. Think instead about what you can do differently.

Make it your aim to do what other advisors don’t do, and you’ll attract and retain clients for the long term. Here are a few things you can do to make yourself different.

Why People Postpone Investing and How to Convince Them to Act

/ by Don Connelly / Investing Wisdom / 0 comments

People postpone investing for a variety of reasons. It’s your job to identify the source of their inaction. Then you can present them with a strong case as to why they need to start an investment plan.

Here are some reasons why people may be reluctant to invest, and how to change their mind and influence them into action.

Tell Prospects What You Do instead of What You Are

/ by Don Connelly / Presentation Skills / 0 comments

In social settings, people will often ask what you do for a living. If, like the majority of advisors, you reply ‘I’m a financial advisor’, you’re missing an opportunity to pique others’ interest and possibly win new business.

Instead of simply sharing your job title, use this opportunity to establish your value, and give people a reason as to why they should want to work with you.

1 2 3 4