Seize the Opportunity: 8 Tips for Young Advisors
September 15, 2015 4:31 PM
Seize the Opportunity: 8 Tips for Young Advisors
A survey by the CFP Board a few months ago found that less than 4% of planners are younger than 30 and more than 20% are older than 60. Its obvious there will need to be a bigger influx of young advisors for our profession to thrive.
Some of the newest advisors joined the field this summer, when they graduated from school and got their first job. They have a great opportunity in a burgeoning field, but success is hardly a given. - Dave Grant
Scroll through to view eight suggestions for how newbies can increase their chances of succeeding or click here to view a one page version.
Some of the newest advisors joined the field this summer, when they graduated from school and got their first job. They have a great opportunity in a burgeoning field, but success is hardly a given. - Dave Grant
Scroll through to view eight suggestions for how newbies can increase their chances of succeeding or click here to view a one page version.
Listen and learn
Receiving feedback and understanding a clients planning issues is crucial to success. But discerning the fears and goals behind what a client says is essential to being effective.
A great way to gauge the effectiveness of your communication is whether or not the client is carrying through on your planning recommendations. When clients dont follow your prescriptions, ask Why? and then allow them to explain. Their reasons may reveal more about their psychology, and you may discover that their hesitation may be something as simple as a fear of change.
A great way to gauge the effectiveness of your communication is whether or not the client is carrying through on your planning recommendations. When clients dont follow your prescriptions, ask Why? and then allow them to explain. Their reasons may reveal more about their psychology, and you may discover that their hesitation may be something as simple as a fear of change.
Remain humble
While no advisor will ever make perfect recommendations for their clients or manage their staff flawlessly, you should still strive for perfection, while realizing you will never attain it. But you will get closer if youre aware of your limitations and the areas you need to improve on. Recognizing this, you should seek out mentors and coaches who can help you sharpen your skills. A humble attitude will endear you to others and help you to be viewed as approachable.
Invest in yourself and others
Investing in others will benefit you as well those youre investing in. One way to be of great value and help the profession at large is to mentor a younger financial advisor or student. Guiding another advisor by engaging in discussions and brainstorming sessions forces both of you to assess what you know and believe about the profession, helping both of you to better understand what you need to do to advance your career.
Express gratitude
Entering the profession at this time is an extraordinary opportunity. While challenges will persist, the foundation for professional success has already been laid: Financial planning career designations have been established, career paths forged and women, in particular, are gaining greater traction in a historically male-dominated field. Find a financial planner who has helped lay this foundation and thank him or thank her.
Dont be afraid to be yourself
Knowing who you are and confidently expressing this to others is an important step toward success. Its exhausting trying to project an image of what you believe others want you to be. Not only are you most likely wrong about other peoples expectations, you are being insincere and disrespectful to those you interact with. People can instinctively sense when someone is pretending, and even though they may not know precisely why, they feel a sense of discomfort.
Embrace contrary thinkers
Seek out financial advisors who think about things in a different way than you do. Look for those who have more experience, espouse different philosophies and are willing to share their ideas.
Exploring different ideas and goals is crucial to professional development. This profession is constantly changing and you never know when you will find yourself working within a different business model. Knowing why someone else might prefer that model helps inform your opinion going forward.
Exploring different ideas and goals is crucial to professional development. This profession is constantly changing and you never know when you will find yourself working within a different business model. Knowing why someone else might prefer that model helps inform your opinion going forward.
Be honest with yourself
Step back and look at where you excel. What part of the financial planning process provides you with the most satisfaction? We ask our clients to be honest, and we arent afraid to ask them hard questions such as Are you truly happy with your current career and job?
Have you joined a broker-dealer when you wanted to work for an RIA? Are you putting off considering the next big career jump? What is it that you really want? Recognize that you have chosen to be in the position youre in, but that you can also change it should you desire.
Have you joined a broker-dealer when you wanted to work for an RIA? Are you putting off considering the next big career jump? What is it that you really want? Recognize that you have chosen to be in the position youre in, but that you can also change it should you desire.
Youth isnt a disadvantage
Being new to the industry means you bring a fresh perspective one that isnt jaded. You dont see the financial profession the way its always been, but the way it could be.
Make sure to express these opinions in order to validate them, but also to shake up the status quo where needed. Most likely, your recent education and other experiences have exposed you to original ways of thinking. The best firms know how to tap into this to improve their business.
Make sure to express these opinions in order to validate them, but also to shake up the status quo where needed. Most likely, your recent education and other experiences have exposed you to original ways of thinking. The best firms know how to tap into this to improve their business.
