From a love of numbers to the growth potential of being your own boss, there are a number of reasons people choose to pursue the profession of being a financial advisor. However, there is a high volume of turnover in our industry, including both short-lived and stagnated careers. Whether you are looking for ways to take your business to the next level, or perhaps defining characteristics to consider when bringing on a junior advisor, keep the following seven traits of highly successful advisors in mind:
1) The right attitude. Possibly the single most common reason for burnout in our industry is taking rejection personally. Having the right attitude for this business requires a dedicated focus on the controllable. You can control your education, your efforts, your output. You cannot control the outcomes or people’s reactions to your efforts. Focus your energy on what you can control, and let go of everything else.
2) Is persistent. The statistics are overwhelming: most salespeople give up far too early in their follow-up efforts to reach the final “yes.” There will be plenty of setbacks, no shows and just plain “no’s” paving the road of a financial advisory career. It is the successful advisors who keep going.
3) Maintains consistency. The freedom and challenge of being an entrepreneur is the necessity to create and complete work consistently. It requires great discipline and focus to create a to-do list of meaningful tasks that break your goals into daily, weekly, monthly and quarterly achievements. Identify your key activities, make a schedule, and stick to it. This consistency of output leads to consistency in results, which helps get past feast and famine lifestyle that can come from a career in sales.
4) Is system oriented. Systems are the key to efficiency, productivity and accuracy. Avoid missed details, forgotten call-backs and any number of setbacks from being disorganized by creating and following systems for your daily procedures. As we have shared in a previous issue, the power of a great checklist can redefine your business and is an absolute necessity for a successful advisor.
5) Is improvement obsessed. Top producing advisors are always trying to do things better and competing with their own success. From reading self-improvement books and blogs, listening to podcasts and webinars, and attending conferences, it is essential to both self-reflect on areas you can improve and to dedicate time to make it happen as part of your scheduled routine. The world is constantly changing, and standing still means getting left behind.
6) Is a creative problem-solver. A successful advisor is able to take what works and maintain an open mind to continue to improve upon it. From prospecting methods to business management, never be afraid to ask, “How can I do this differently to improve my results?”
7) Cares about people. The final necessary ingredient to a successful advisor is having an honest passion for helping people and an ability to convey this connection. Even more than being an introvert or extrovert, this requires empathy and active listening skills. Refer back to our previous issue on behavioral selling for more tips on improving these communication fundamentals with various personality types.
Looking for more resources to improve your financial practice? Contact your wholesaler today to discuss how Beacon can be of help.