Financial Advisor Home Financial Advisor Training Financial Advisor Jobs Financial Advisor Blog
Register for Financial Advisor
Jobs & Training

Financial Advisor Articles


  • Find us on Facebook

  • Latest Articles from Be-a-Careers



  • The Makings of a Successful Financial Advisor

    Successful Financial AdvisorAfter the recession has hit, there has and continues to be an increased demand on the services of a financial advisor. People need their wealth secured, and their assets protected and that’s why people are increasingly looking for talented and professional financial advisors.

    However, for those prospects to find the right advisor to meet their needs there’s a barrage of problems facing them.

    It’s time intensive, as it requires them to research the person they’re considering awarding their business too. Nobody takes financial advice from just anyone, and trust must be established, in order to make it in this career.

    The harsh reality is that in order to become a financial advisor, you must first become a sales person.

    It sounds simple at first, but there’s a much more challenging aspect to making the sale. It’s the prospect of tackling rejection.

    While consumers know all too well that they’re in need of professional assistance with their finances, they will not entrust the services of anyone. Not merely because of the importance of the advice, but also due to the private and confidential nature of personal wealth.

    Everyone loves money, but not everyone is happy to discuss the subject. It’s something that’s extremely personal and that needs to be addressed by the potential financial advisor.

    You cannot sell your services without empathy

    As the saying goes “money makes the world go round”… in the finance sector, it’s “contacts make your network grow.”

    Without a network, your career is on a downward spiral.

    Word of mouth referrals are the jewels of referrals in this business. The reason being, simply that a friends endorsement establishes trust much faster than trying to convert a cold call lead into a warm lead. That can take forever.

    To build your network, you absolutely must have the communication abilities to converse effectively with people.

    You need to establish rapport first, gaining trust between you and your prospects, before you’ll even be considered to do business with.

    The best financial advisors devote the majority of their careers getting involved in networking events. That isn’t just for the purposes of getting in front of potential prospects, but to gain industry recognition with professional businesses, with access to the clientele you’d be looking to acquire.

    That’s your word of mouth referrals, as they are the most powerfully converting leads available.

    Where you can find warm leads through networking

    • Solicitors
    • Real Estate Agents
    • Counsellors
    • Accountants
    • Tax firms
    • Hedge fund managers

    All the above professions are sectors where you’ll be likely to find a pool of potential clients who’d be likely to require your services.

    Instead of focusing on generating cold leads, where you have to build trust from the ground up, you can instead influence a powerful infrastructure of professionals already engaged in professional business with prospects.

    When a solicitor has been advising a business owner on serious matters for years, a referral from there will count as an established endorsement towards your professional abilities.

    That type of professional network is what will make you a successful financial advisor. Before you reach that point though…

    You must deal with rejection constantly

    For every few hundred cold calls, you’re only going to gain a handful of clients. That will see you fair a continuous of “no – not interested – go away” replies to your lead generation efforts, but the leads you’re able to convert will make it all the while. You just have to deal with the rejection well to eventually land those warm leads, and convert them into lifetime customers of yours.

    The more you build your own client base, whether you’re independent or working for a finance firm, it’s that network that you establish, that will lead to your career progression.

    As a financial advisor, while the bachelor’s degrees, FINRA series 17 exams and every other certification can help you thrive in the field, your contacts are what make the difference.

    What you know is super important, but nowhere near as important as the people you know.

    The larger a network you have, can lead to large finance firms hiring you, just for the sheer benefit that you’ve a network of warmed up clients, responsive to you, enabling you to sell more products, benefiting your clients, your salary and that of the bottom line revenue of the finance company hiring you.

    The field is a numbers game, but to play the game and come out winning, you must be able to work with empathy, building rapport, establishing trust, and always act in your clients’ best interests to maintain the trust you’ll have worked so hard to earn.

    Print Friendly
    This entry was posted in Financial Advisor. Bookmark the permalink.


    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Other Articles you may like...

    Other Careers