The demand for personal financial planning is constantly on the rise. The BLS estimates a growth of around 4 percent each year.
As more Americans near retirement age, the need for a solid financial plan increases. Kickstart your financial advising career with these tried and true strategies for success.
Network Equals Net Worth
When it comes to financial advising, your network is your net worth. You may be an introvert by nature, but you’ll need to get comfortable talking to people of all backgrounds.
Clients won’t come to you right away. You need to boost your reputation by offering stellar service to a few key clients before you can expect your customer base to grow.
Offer free consultations to friends and family. You can test your pitch to new clients and ask for honest feedback.
Your personal network is a goldmine for gaining confidence in how you approach new business. Start attending networking events once you have your elevator pitch down.
Bring plenty of business cards to hand out to potential clients. Keep conversations friendly to avoid sounding too impersonal.
If you’re finding your pitch isn’t attracting interest in conversation, try recording yourself giving an introduction. You can also rehearse in the mirror to understand how you’re coming across to others.
With time, you’ll feel more relaxed discussing your services.
Focus on Word of Mouth
Financial advising is all about relationships. Your network needs to not only hire you to manage their finances, but also refer you to others.
There’s no faster way to grow your practice than with referrals from people who trust you. They’ll sound confident when speaking on your behalf. Make sure you enlist website design for financial advisors so you have a place for clients to join your mailing list.
Always go above and beyond the call of duty to make your customers happy. You might feel like you’re working for free at times, but you’re building good will that will pay off in the end.
Continue Your Education
It’s important to remain on top of the latest financial trends. Things like cryptocurrency and other financial fads can distract customers from your advice.
You need to be well versed in how to steer clients away from certain products. Global financial events are always in flux.
Set alerts on your computer or phone to get headline news first. New technologies can help you better manage the portfolios of your clients.
You’ll also need to stay on top of new regulations in your field. Political tension can quickly change a client’s ability to invest in certain foreign financial products.
Legal conflicts can impact both you and your client if you’re not on top of continuing education. The best way to learn everything you need to know in one place is by attending an industry conference.
Going to conferences gives you an opportunity to network with other financial advisors in your area while learning about trends. Read industry magazines or newsletters that highlight relevant financial news.
An online training course can help you strengthen your knowledge of popular products. As a financial expert, you’re always on the hunt for ways to improve client returns.
Don’t fall into a trap of routine under the guise of consistency. You can keep your clients investments consistent and lucrative by understanding how to choose the right tools for the job.
There is no better way to learn this than research and classes.
Speak to Personal Needs
Money is an emotional topic for most people. This is because its a deeply personal subject.
A person’s plan for his or her money is based on their hopes and dreams for themselves or their family. This is a sensitive topic that should be handled with care.
Avoid getting too ‘salesy’ or technical with clients during your consultation. You’ll need to be personable so that they feel comfortable opening up about their biggest fears.
These are the fears you’ll be able to quell with a clear plan toward their financial goals. Helping them achieve their dreams for their families is the best way to boost trust.
More trust means more referrals.
Avoid Conflicts of Interest
Tread lightly with commission based products. You can’t gain client trust if you’re only offering products to make a profit.
Any product you recommend should fit the client’s needs. If you’re caught referring a client to a mediocre product, you’ll lose trust that may have taken years to gain.
Expect clients to hear rumors or recommendations from other people. They’ll ask about strategies they hear about that work for other people.
You need an honest explanation of why you aren’t getting the best returns possible if the situation ever arises. Needing to earn a high commission can’t be one of your reasons.
If you’re well versed as an advisor, you’ll have a wealth of information on how clients can accomplish goals without sacrificing your credibility.
Practice Listening Exercises
Listening is one of the top skills you’ll need to be a successful financial advisor. Listening means getting the right details you need to make strong decisions on the client’s behalf.
Always restate the client’s expectations so you are clear you are both on the same page. You’re being entrusted with hard earned savings.
Before you make any move, make sure you have a full understanding of how you can serve your client.
Starting a Financial Advising Career
Launching a new career is never easy. But a financial advising career offers many opportunities to quickly grow your client base if you use your resources.
Family and friends are your first line of offense when reaching out to new clients. Use your network to practice your pitch until you feel comfortable approaching people in public.
Over time, your referrals will create exponential growth in your client base as you continue to prove your skills. For more information and tips, visit our blog for updates.