Every financial advisor has a different style of service, and those who are successful have gotten to that level by embracing what makes them unique and tailoring those characteristics to fit the needs of their clients.
The types of services advisors provide are generally similar, but the styles of service can vary greatly. As the old adage goes: it’s not what you do, but how you do it.
Regardless of what your personal style might be, three traits are common to every great financial advisor. Read on to see if you agree, and whether or not you have what it takes to be an elite financial advisor.
Your track record is your greatest asset when it comes to attracting new business. If you have a history of delivering strong returns and building the wealth of your clients, then, over time, you’ll attract more business. But credibility also has a lot to do with follow-through—doing what you say you’ll do.
Be conscious of what you promise. When you’re in the heat of conversation, it can be easy to overcommit without realizing what is required. This leads to under-delivering, which can be disastrous for your credibility.
For most people, personal finance and wealth management can feel complicated—even a little scary.
Your book of business will most likely be composed of successful individuals, but that doesn’t mean that they are free from anxiety when it comes to building their legacy. As a financial advisor, a huge part of your job is to act as a guide through turbulent economic waters. The best way to provide this guidance is with a heavy dose of sincerity in all of your communications.
Whenever you are reaching out to clients or prospects, always make sure you communicate with candor and empathy. This applies to emails, phone calls, and face-to-face interactions. Try personal forms of communication when possible, as they are the best means of building relationships.
Technology has caused some huge changes to the financial landscape.
Whether it’s the assets you include in the portfolios of your clients, the way you sell those products, or the way you interact with clients and prospects, technology is moving at such a rapid clip that it is essential to remain on the cutting edge.
Of course, this can be easier said than done. It’s easy to stay up-to-date if you’re always adaptable, but it can feel impossible if you have to play catch up.
Follow trends in the industry and fight the urge to rest on your laurels and fall into a rut. Make yourself visible on social media, embrace technological solutions, and always be an expert on current events as they pertain to markets.
If you are disciplined about cultivating these traits, you will always be ensured a steady stream of new business. When your clients see that you are credible, sincere, and adaptable, they will refer other people to you—resulting in a continuous stream of new business to grow your AUM.