From the first day of the job as a financial advisor to now, the whole journey is a continual learning process that never ends. If you’re starting out in the industry or are already a well-respected advisor, there’s always room to tweak your daily habits and practices to get ahead in your career. Following the tips below, you will see what a successful advisor would want their old self to know after decades of experience in the industry.
1. Frequently Contacting Clients
The importance of frequently contacting clients is immeasurable. Every time you contact your client, you are following your duty as an advisor to keep your client updated on their portfolios and, in the process, building rapport with the client. Additionally, as infrequent contact from advisors is a common complaint from clients, you will set yourself apart from the industry standard of other advisors. Frequent contact with clients can be done to discuss your client’s portfolio changes, market trends, or life events. Therefore, call whenever you feel it is necessary and continue to build quality relationships with your clients.
2. Creating a Referral Network
Creating a referral strategy – or network – is your most useful asset as an advisor. This keeps your business growing consistently through your ability to know more people in the industry. Getting to know more commercial bankers, wealth management advisors, and the relatives of clients will help you start this referral network, and it will continue to branch off as you meet more of their connections. Once this network is established, you’ll be able to dedicate more time to focus on your current clients rather than constantly being on the hunt for others.
3. Selling Yourself and Your Story
Developing your sales habits to be able to sell yourself and your service to a client is where you will succeed most as an advisor. Clients need to want to call YOU their advisor. This means that you must make your stories and insights compelling to make them want you. Integrating your stories into conversations will put you in a position to market yourself the way you want to be seen. For this reason, work on sharing yourself and your stories more when the opportunity presents itself.
4. Educate Clients and Set Their Standards
Educating clients on their portfolio strategies and what they can expect from it will set the standard clear from the start. Whether in-person or through the phone, explaining to your clients the nature of investing, fees, and market trends will make them more knowledgeable about your decisions regarding their portfolio. By doing this, the client will get a better understanding of what is happening, and they can have a measurable target. In addition, by educating your client, you are also setting their expectations for other advisors too. This will show the value you give to them as an advisor when they compare you to other advisors, which in turn will make them more likely to stay with you.