Surviving Your First Year as a Financial Advisor

financial planning

Financial advisors are professionals who help people and corporations manage their money effectively. This is a rewarding and fantastic career to pursue, as advisors enjoy benefits, such as work schedule flexibility, the ability to customize your practice according to your preferences, and unlimited earning potential.

The journey in becoming a successful financial advisor, however, isn’t an easy one. Whether you’re an independent financial consultant or a financial business advisor that’s part of a franchise consulting company, you need to take steps to become better in your craft.

If you’re starting as a financial advisor soon (or have just started this year), take note of these suggestions to help you achieve success on your chosen career path:

Define Your Customer

know your customer

One of the first things you need to do is focus on a specific client niche. Doing so allows you to reap the following advantages:

  • You make it easy to search for and connect with prospective clients
  • You can easily customize your marketing message to your target audience’s specific needs
  • Serving a specific niche can contribute to an increase in client referrals

Stay in Constant Touch with Your Clients

Adding your clients in your address book is just the beginning. You should also make sure that they hear from you periodically. This means providing them with constant updates and letting them know that you’re working hard behind the scenes. On top of that, they would want you to care about what’s happening with their financial lives. A great way to stay top of mind with your client network is to come up with a process for sending regular, professional emails.

Safeguard Your Clients from Financial Predators

As a financial advisor, you must protect clients from scammers. If your clients have heard of an amazing investment proposition from someone, encourage them to discuss the details with you. If you find the information too good to be true, do your part by warning them about opportunistic financial con artists.

Focus on Improving Your Planning Skillswoman calculating her finances

Successful financial advisors do not suggest a universal financial product that is suitable for every client’s needs. Instead, they choose from a broad range of solutions and products to come up with a plan customized to the unique situation of their client. Rather than look for the perfect product, sharpen your financial planning skills.

Communicate Your Ideas Effectively

Don’t fall into the trap of impressing clients with insider jargon and complicated-looking charts. While your clients want to see that you’re knowledgeable and confident with what you do, they also want to know how your plans can help them succeed.

If you plan to discuss financial concepts to concerned parties, make sure that they have a good grasp of the process or issue at hand. This means breaking down concepts to terms that are easy to digest. Your clients need to realize that the advice or strategy you’re suggesting will help them get to where they need to be.

When you’re on your first year as a financial advisor, consider defining your client base, stay top of mind with your customers, protect them from scammers, improve your planning skills, and communicate clearly. Incorporating these suggestions into your practice helps you differentiate yourself from your average financial advisor, and transforms you into a successful and well-rounded member of the advising community.

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