How to Succeed at Giving Financial Advice

How to Succeed at Giving Financial Advice

So, you want to be in the business of giving financial advice. That’s understandable because not only can the career of a financial advisor be financially rewarding, it can also be very fulfilling. Through a relationship that can span a lifetime, you become the essential source of advice in one of the most important aspects of your clients’ lives. There’s just one problem. You don’t have any clients—yet.

As a new financial advisor, your number one job is to find new clients. That has always been advisors’ biggest challenge but more so today due to the trust deficit that exists in the financial services industry. According to a CFA Institute survey, only 57 percent of retail investors trust the financial services industry, which is up from a few years ago, but it’s still a wide chasm to overcome. The same survey found that retail investors listed “trust” as their top consideration when hiring an advisor. Prospective clients simply won’t work with an advisor they don’t trust.

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Building Healthy Relationships with Clients – Six Steps Financial Advisors Should Take

Don Connelly audio blog post 1

As an advisor, how high you go is dependent on your ability to maintain long-term relationships. There’s no activity more crucial for the success of an advisor than relationship building. To help you evaluate your relationship building and management skills, I’d like to share a few of Don’s top podcasts on the topic. Hopefully, they’ll give you some food for thought and actionable steps you can take to improve your practice and create loyalty among clients.

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10 Things Clients Want from Their Advisors

Don Connelly tips on his blog

One of the things I’ve observed over the years is that good service does not sell. Great service sells.

Watch this video to hear Don explain how to make your service great.

One of the firms I really admire has done something that is so good that when you put together your service proposal, you have to refer to it.

The firm is Cadaret Grant. The late Mac Cadaret was a wonderful guy, Art Grant is a friend. The men and women that work there have built a tremendous organization. They took the time and the presence of mind to ask clients what top ten things they wanted from their advisors. I thought you’d like the answer.

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