Every year, there are new people joining the ranks of financial advisors, people who will ultimately turn and walk away from their chosen careers because they cannot seem to make a go of it. Unfortunately, many cases of financial advisors walking away are completely avoidable. If someone would simply teach them proven strategies for succeeding in the financial sector, all would be well.
A blog post is not an appropriate venue for giving financial advisors detailed instructions about how to succeed in this business. But we can provide a general overview of key strategies all successful financial advisors employ. This post will feature three such keys; three more will be offered in a follow-up post.
If you are new to the world of professional investment advice, please note that there is plenty of room to succeed. Just be willing to never stop learning.
Western International Securities is a broker-dealer offering two business model choices to our financial advisors. In that regard, we are very similar to other independent broker-dealer firms across the country. Being a successful advisor with Western starts by defining your business model.
Our turnkey solution is an all-inclusive model that lets advisors immediately start concentrating on their current book of business. It is a solution that includes office space, computer equipment, live quotes, conference rooms, and more. Working through our turnkey solution will get you working right away.
Our second model is our independent solution. Advisors who choose this model thrive on independence and autonomy without sacrificing a personal relationship with Western team members. It is the perfect solution for advisors with established businesses who want the benefits of complete autonomy and the higher compensation it affords.
The general rule in the world of financial investments is that there are two kinds of advisors: portfolio managers and wealth advisors. The most successful advisors define what they want to focus on. They develop strategies for serving clients commensurate with that choice.
A wealth advisor is a person who takes a broader view of wealth accumulation and management, then comes up with a strategic plan for clients. Day-to-day asset allocation and investment strategies can be delegated to others while the advisor focuses on implementing and maintaining the master plan.
A portfolio advisor is just the opposite. His or her primary focus is on day-to-day management of the client’s assets. The portfolio manager does not necessarily ignore the responsibility of coming up with a financial plan; it is just the focus is more on the day-to-day strategies required to make that plan a reality.
Business consulting and business coaching are two separate things. Nearly every financial advisor undergoes some sort of business consulting – especially in the early stages of one’s career. More advisors should take advantage of business coaching as well.
Business coaching is as much about motivation as management. Coaching is about learning to use the tools an advisor has at his/her disposal in order to generate the kinds of results that keep customers happy. Coaching teaches advisors how to manage their time, how to stay focused on their mission and vision, etc.
As a broker-dealer, Western International can offer financial advisors one of two business models along with full support and technology. Ultimately though, the success of any financial advisor is entirely up to the individual. We suggest employing these three keys for success as a starting point. Be sure to check back for the second blog post in the series, in which we will offer three more keys to success.