What’s the Journey of the Successful Advisor Like?
Developing a career as a financial advisor is not for the fainthearted. There are plenty of pitfalls to look out for along the way.
New advisors often lack the essential soft skills they need to hit the ground running while others embark on the journey without a clear roadmap or measurable goals to guide them.
Here’s a look at how successful advisors navigate their way to success.
Successful advisors plan their route.
Successful advisors have a plan. They set out on their journey to success armed with a business and marketing plan which motivates them into realizing their goals. When it comes to goal-setting they put down in writing what, specifically, it is they want to achieve – whether it’s to set 10 appointments by the end of the week or acquire two new clients by the end of the month.
Like them, make your goals realistic and measurable, then mark your goals off as you attain them. Be organized and plan your days to ensure you do the important things first. Whether it’s phoning people, meeting prospects or developing a follow-up plan it’s critical to establish good routines early on. People who achieve success are systematic and measure what they are doing.
They develop a niche.
Successful advisors research and identify their ideal client base and know the message they want to deliver to these potential clients. If you too want to achieve success realize that only certain types of people will be open to advice from you. So the sooner you can identify your niche the better.
Successful advisors become great at prospecting.
New advisors often struggle with opening accounts. But getting appointments is a hurdle which must be considered a priority. Procrastinating about prospecting is all too common in average advisors. Good advisors understand the need to overcome what is essentially a fear of rejection. They get on the phone and start getting appointments. Dreaming about the future won’t make it happen so learn to see rejection as part and parcel of the job. When prospects say ‘no’ don’t take it personally.
Becoming accountable is also part of the journey of the successful advisor.
Successful advisors hold themselves to account for their actions. When things don’t go their way they stay positive and focused. Never believe you’re a victim of circumstances. You alone are responsible for your future success and you have all the means at your disposal to create successful outcomes.
Learn how to convert prospects.
Having honed their soft skills and made prospecting a routine part of the job, successful advisors have overcome a major hurdle and have a healthy appointment book. Their next step is to find ways to get prospects to commit so they learn how to overcome client objections, and how to initiate a long-term relationship with potential clients.
Just as with prospecting, these soft skills are achievable with practice and perseverance. Many of the best advisors learn to become good storytellers. Narrative is a perfect way to engage with prospects and win their empathy.
Successful advisors also know how to communicate effectively with clients at their level. They understand that clients are not interested in talking numbers – they simply need to understand what their financial advisor can do for them – whether it’s to help them retire comfortably or ensure they have enough funds to put the kids through college. Unless this gets communicated effectively prospective clients will walk away.
Successful advisors learn from mistakes.
Making mistakes is inevitable. Successful advisors use their mistakes to their advantage along their journey to success.
They learn from others.
Elite advisors are always ready to accept good advice especially when they’re building a career. The same should apply to you. With the help of a mentor you can nail the basics and identify your weaknesses. This will enable you to overcome any obstacles that are holding you back and help you set a roadmap for expectations.
There’s no mystery about how great advisors map their way to success. They work hard to perfect their soft skills, remain positive, and focus on the things that matter. They understand that success isn’t simply about the prospect of money at the end of the journey. Success is just as much about enjoying the journey itself – and this is actually self-fulfilling when it comes to success: If you love what you do you will be motivated to improve.
Successful advisors also understand the need for patience. Building a successful financial advisor career takes time and every step you take – and every setback you experience – is teaching you something valuable.