October 19, 2020
4 Most Important Tips for New Financial Advisors
Betterworth Team

Becoming a financial advisor is an exciting moment that every advisor still remembers. The journey of learning from your experiences, which shape the advisor you will become in 10 years down the road, is invaluable and priceless. However, being an advisor requires the responsibility to invest in yourself and learn as much as you can to beat the others. By following these tips below, it will put you on the right path to becoming the advisor you want to become.

1. Invest in your knowledge
Educate yourself

The best financial advisors in the industry are continually adding to their knowledge through events, seminars, courses, and self-improvement websites. Utilizing these sources can prove to be beneficial over long periods of time as it expands your knowledge and gives different perspectives on sections in the industry.

2. Listen to clients
Listen, listen, listen…

The greatest skill an advisor can have is the power to listen. Attentively listening in your meetings with clients will allow you to have the most insight into the client’s life and, therefore, do the correct planning for their portfolio. This is an advantage that many advisors take for granted and often try to speak over the client with their knowledge, accomplishing nothing. Getting into the habit of listening for 80% of a client meeting and giving your input for the rest is a good rule to follow to ensure you are getting the most information.

3. Communicate clearly
Communicate to teach, not to impress

When communicating with your client, try to break down complex concepts for your client so that they can clearly understand what is happening with their portfolio and the markets. This will provide comfort for your clients since they can understand what you are doing and why you are doing it. If you were to communicate with your client using complex ideas or terms out of their knowledge, it will only further complicate your communication as misunderstandings will happen. Therefore, articulating your statements in a way that is understandable by your client will avoid misunderstandings and further impress them on your knowledge and confidence as an advisor.

4. Measure your performance
Look back, improve forward

Measuring your performance is one of the greatest trackers for your improvement as an advisor. This includes recording your calls, meetings, and business growth on a quarterly basis to compare your progress over each period. This is beyond valuable to your business since you can see what is working well and what isn’t. Furthermore, recording and measuring your performance provides a form of intrinsic motivation to improve and beat your previous performances. So grab a notepad and start recording today.

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