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Advice for New Financial Advisors – 8 Things Veteran Advisors Wish They Knew When They First Started Out

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“Experience is the best teacher. But only a fool learns by no other.”

This is a slight misquotation of Benjamin Franklin. But the idea is sound: We all can and should learn from the mistakes and experiences of those who came before us.

And advisors are certainly making mistakes! Somewhere between 70 and 90 percent of financial advisor trainees are out of the business by their fourth year. And too many of those who survive aren’t thriving.

So we asked some veteran financial advisors what they wished they knew when they first started out in this business, or what they would do differently if they could start over. There was a lot of variation in the details, but most of them had these themes in common.

How to Turn New Clients into Loyal Clients

/ by Don Connelly / Managing the Relationship / 0 comments

You have just opened a new account and you are excited to start working with this new client. Of course, you are more than qualified to provide them with the services they need, but how are you going to ensure that your relationship with them will flourish over time?

Here are few good ways to create a loyal bond between you and your client.

5 Steps to Attracting and Retaining More Clients

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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.

Best Target Markets for Financial Advisors: How to Choose The Best One for You

/ by Don Connelly / Marketing Yourself / 0 comments

There’s no ‘one size fits all’ target market for advisors. A market that may be perfect for one advisor may be a poor fit for another. You need to narrow down to the best target market for you, based on your personal background, specialty, knowledge, interests, social networks and so on.

By identifying your perfect niche you’ll find it far easier to differentiate your practice and set yourself up as the ‘go-to’ expert.

If you’re struggling to identify the ‘right niche’ here are a few ways to get started.

Make Yourself Irreplaceable by Making Yourself Different

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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.

How People Pick a Financial Advisor

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When people choose a financial advisor, they’re looking for someone who’s not only qualified but someone they can trust. Without these attributes you won’t get hired. But in this crowded industry – one that’s projected to grow 15% more by 2026 – it will help if you understand other factors people may consider important in a prospective advisor.

Here are a few things to remember as important to people who pick a financial advisor.

5 Reasons Why Clients Might Not Want to Refer You

/ by Don Connelly / Managing the Relationship, Prospecting / 0 comments

The best way to gather new clients is via referral, especially since many wealthier investors find their financial advisors this way. If you are failing to acquire referrals, you need to address this issue as a matter of importance. Lack of success invariably boils down to a number of reasons – in particular an inability to get along with people.

Here are 5 reasons that could explain why clients aren’t lining up to refer you.

4 Things You Can Only Achieve with Effective Communication Skills

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Effective communication skills are essential if you are to achieve successful outcomes for your business. Here are 4 relationship goals you should be striving for, along with the requisite soft skills you must possess if you are to realize them.

Becoming a Financial Advisor Is Not All About Getting Licensed

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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.

Three More Niches Financial Advisors May Want to Consider

/ by Don Connelly / Marketing Yourself / 0 comments

Many new entrants to this industry believe it makes sense to ‘cast a wide net’ in the fear that picking a target market will limit business opportunities. But in fact, this is far from the case. The most successful financial advisors are those that focus on a particular niche.

In a recent post we looked at some relatively under-represented niches that could be worthwhile considering. Here are three more to put on your radar.

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