Remove the obstacles between achieving great things for you and your clients
Who doesn’t want to succeed? Whether it’s scaling your practice to unbelievable proportions or delivering exiting clients outsized returns, ambitious advisors want to be winning.
It’s important to clear the path of potential obstacles that might hinder your chances. Here are 10 actions that will improve your prospects.
1, Get your clients invested
When the market is high, the temptation is to think you’ve missed the boat, wait for a pullback and keep your powder dry. But there are always opportunities. Sectors rotate and some companies pay dividends, so client gets something by owning the stock, even if your timing is not perfect (hint: it never will be).
Even if markets pull back, there’s no guarantee, so explain to clients why it’s important to be invested and why the timing makes sense in certain sectors.
2, Don’t be afraid to ask for more
Rather than thinking of yourself as a lone advisor, reminder your company’s research department. It’s already proved itself. Therefore, when you have a good idea, back yourself and don’t be afraid to ask for an order, or allocation, bigger than the client’s usual amount.
Why? It communicates confidence in the idea and the client will likely be flattered you thought they could write a check that big. Even if you have to compromise, they will still likely up their amount.
3, Don’t let (lack of) wealth hold you back
Don’t be afraid to mix with the high-net-worth even if your bank balance doesn’t match up. Good manners, clothes and decorum go a long way. Joining non-profits and attending charity events involves fitting in and being there for the right reasons, not splashing the cash.
4, Don’t wait to be the star of your office
If you wait until you have the best year of your career to make a move, that time might never come. Here’s the thing, your boss and firm want you to succeed. Tell them how you want to go about it and ask them for help. They’ll be open-minded.
Put together a business plan, with milestones and contingencies. Maybe even put some of your own money behind it. Stand out from other advisors, your firm will love it and want to help.
5, Don’t cut back on vacations
Worried about missing something? Don’t worry, the markets will still be here when you return. What’s more important is to take time to recharge. Even better, go somewhere interesting you can talk about with prospects and clients.
It’s also been said we get our best ideas when we change environments completely.
6, ‘I'm not prospecting until I’m ready’
There’s no magic bullet or system. Don’t waste too much time thinking about it – just make a start. Also, don’t be afraid to ask for advice. Some people will be protective of their methods but some, especially successful ones, will happily provide you with some tips.
7, Don’t dismiss yourself because of a lack of qualifications
Some advisors have reems of letters after their names, while you might only have a few. Get the certifications that really matter and help you do a better job for your clients. It also inspires confidence in clients to know you are improving yourself. What helps you will help them.
8, Embrace social media
Don’t think you have time or it’s not your bag? Don’t be snobby – it’s a great tool that can improve reach and image. There’s always a little extra time on evenings or weekends to send personalized messages and connect. Build momentum and results will come.
