A Financial Advisor’s Journey to Success

Being a financial advisor can be a tough, but rewarding career. It is common for advisors to expect instant success, unfortunately, that isn’t usually the case. But, what is a success as a financial advisor? Is it having such a big client list, that you actually have to turn people down who want your services? No, not necessarily. In fact, you start your journey to success by simply following basic fundamental principles.

Treat Others How You Want To Be Treated

Ah, yes- the golden rule. As if our grade school teachers didn’t pound it into our heads enough, we often look past this simple rule. Working in a profession that works so closely with others, it’s important to apply this rule to your work. If a client calls during a busy time of the day when you can’t answer, call them back as soon as you get a chance. Put yourself in their shoes; having to wait to hear back from someone, especially a financial advisor, can be very stressful and upsetting. Treat your clients how you would expect your own advisor to treat you, and then some. Following this rule will not only help develop relationships with your clients, but it will most likely improve your customer service, which can lead to more practice referrals.

Give It Everything You Have

We mentioned before that this is not an easy profession. It takes some serious dedication to succeed. Whether it’s cold calling prospective clients, following up on leads and referrals or meeting in person, you want to make sure you’re giving it your all. This also includes sacrificing your personal time. Setting up booths at trade shows and events, or driving an unappealing distance to meet with a potential client, are great ways to go above and beyond. Giving 110 percent can lead to both highs and lows, but it is more likely to help your practice more than anything.

Don’t Be That Annoying Sales Person

Like we mentioned earlier, clients are the backbone of your success as a financial advisor. When you find a potential client, it can be hard not to try to rush them and get them added to the client book. While following up is a very important piece to the prospecting process, you want to make sure you’re not doing it too much. It is important to not be pushy, but still, stay connected with the prospect. Giving updates, or scheduling the next step or talking time are great ways to stay persistent, which will eventually get your potential prospect to act!

Brush Up Your Listening Skills

One of the best financial tools you can have as a financial advisor that will have the biggest, positive, impact on clients, is the skill of listening. Advisors who actively listen are more likely to deliver solutions so specific to a situation, that their success with clients eventually follows. As a planner, you want to be alert and attentive, making the client or prospect feel like they are really being heard. Successful advisors are able to focus on clients in meetings and block out everything else. They are successful because they understand their clients and their situations. Listening to your clients is a more effective trail to success than trying to be the most knowledgeable expert, and making every situation look like a piece of cake.

Be a Teacher

There’s a good chance, at one point in your life, that you had a dream of being a teacher. Well, now is your chance. A good percentage of your clients and prospects will not want to learn and comprehend the details of their portfolio. Take initiative and educate clients and prospects to make sure they have a good understanding of what your goals are as a financial advisor.  If clients have an unclear understanding or have no idea what is going on, it could eventually cause a future problem, interfering with the goal.

Care About Your Clients

This ties back to the glorious golden rule we mentioned above, but if you really want to be a successful advisor, you need to care about the people who are trusting you. As an advisor, it’s bad to label your clients based on their wealth or how much you can make from them. It is important to keep in touch with clients and see if there is anything that they currently need from you, and giving them updates on their portfolio. Without showing that you care, gives the impression that you also don’t care about their money or future, potentially hurting the chances of reaching your goals.

Be Optimistic

Let’s keep this one short and simple. We know this is difficult work, but pessimistic thinking will eventually lead to a cruel reality. Being optimistic can help you reach success faster. Having an optimistic approach to your work, and maintaining a high level of integrity and self-confidence, can help clients feel comfortable and be more likely to trust you with their money and future. You might also notice that being optimistic may make your work more enjoyable.

At AlphaDroid, we how the market flexes and fluctuates better than anyone. We understand that you care about your clients and don’t want to damage their investments and futures. Clients expect professional account management to capture both the best and worst days. Our sector investment strategies do just that. For more information on AlphaDroid’s financial management software, call our team today!