How to succeed as a new financial advisor

You’re a successful and experienced financial advisor. If you were asked to present to a classroom filled with new advisors about your secrets for success, what would you tell them? Here are a few ideas about what I recommend you consider:

1. Be proud of the firm, its products and what you do. It’s difficult to sell something you don’t believe in. Learn about the firm and what makes it stand out among its competitors. What awards has it won? Also, bear in mind you are making your living by helping people. You want their lives to be better because you got involved.

2. Knowledge and experience have value. We often think people want everything at the cheapest price possible. You can buy a plastic watch for $2. You can buy a Rolex for $10,000. Both tell time. Why do people pay 5,000 times as much for Rolex? Because they perceive more value. They feel the Rolex will run for years. They will pass it to their children. You have been trained. You’re taking the time to get to know the client’s needs and help them get to where they want to be. You see this as a long-term generational relationship. That commitment has value.

3. Keep prospecting. It’s tempting to see prospecting as an initiation ritual. Once you are in, it’s over. It’s like swimming underwater in an Olympic-sized swimming pool, though. Once you stop swimming and come up for air, you’re no longer moving forward. The best advisors use a prospecting strategy.

4. Follow up. One of the biggest reasons people don’t succeed is they let business slip through their fingers through neglect. Enter everything into your CRM system. It can remind you when money is coming available or you need to check in with people.

5. Don’t keep data in your head. You won’t remember everything dozens of clients and prospects tell you. Write down what they tell you and store it in your CRM system. When you’re scheduled to meet with a client, refresh your memory about your client’s details. Clients will be impressed.

6. Bring in income. You might feel your manager is always asking “What have you done for me lately?” That’s because their manager is asking them the same thing. They have seen many new financial advisors come through the door. They can tell who has the work ethic to succeed.

7. Work with anyone and everyone. Some people say “I have a niche.” Others say “I only work with nice people.” Everyone needs help. If you can provide it, do so. It’s difficult to grow your business if you focus on who you won’t do business with. The financial advisor with the niche of doctors isn’t turning away the business owner with a check in hand.

8. Find a mentor. Ideally, it’s a big producer. Many feel helping newer financial advisors climb the ladder of success is part of their job, but be respectful of their time. Think of questions, schedule some time to ask those questions and take a lot of notes. They will take an interest in your success.

9. Avoid negative people. There are new financial advisors who are complainers. There are experienced financial advisors with negative attitudes who are coasting to retirement. Both can sap your energy. Be polite, but don’t seek them out for company.

10. Be a team player. If the firm is introducing a new product, there’s likely a good reason. They have identified a need in the marketplace, so show the new product to clients and prospects when it’s appropriate. Your manager is likely being measured on how well they are rolling out the product.

11. Your success is in your hands. You control your own destiny. Don’t blow it. If you sit down at your desk on your first day, pick up the phone and don’t put the phone down again until two years have passed, you will likely be very successful. Another definition of “pick up the phone” is “focus on business.”

After you have completed your talk to the class of newer financial advisors, you might imagine they are shaking in their seats. Remember though, all you did was explain how you became successful.

Bryce Sanders is president of Perceptive Business Solutions Inc. His book, Captivating the Wealthy Investor, can be found on Amazon.

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  • Kari Hendricks says:

    Please sign me up for this blog. I am an agency manager with Southern farm Bureau Life Insurance.
    Thank you,
    Kari Hendricks

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