Which One Makes the Best Financial Advisor?
The financial services industry has changed. In the 1980s and 1990s, it was product-oriented, and salesmanship was a required skill to be successful. Today, that’s not the case. Client expectations have shifted. No longer are clients looking for salespeople; in fact, they avoid them. What they seek are extremely knowledgeable, skilled financial advisors, quality professionals they can trust to solve their investment needs and help them achieve their financial objectives. What does that mean to you? Unless you can transition from pitching a product to interpreting the economy and helping clients navigate the volatile financial markets, you’ll never reach your potential of having a world-class financial services practice.
Become an Expert
The most successful advisors are those who cultivate a high level of expertise in wealth management. They are passionate about their commitment to professional development. They spend many hours outside the normal work day in their quest to become even better at their job, and they get a high level of satisfaction and enjoyment in that pursuit. They apply their superior level of expertise to create a competitive advantage and effectively promote themselves to a higher affluent market segment.
For one week keep a written journal of whenever you spend time on professional development. That can include reading material related to financial management, seminars or workshops you attend, videos you watch online, and people you speak with who share knowledge on a particular specialty.
Total up the hours. If it’s fewer than five for the week, then you need to schedule professional development time. Reserve the time on your calendar, even if that means cutting back on some other activity which is not related to productivity.
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