Three Things the Best Financial Advisors Have in Common

If you’ve been a financial advisor for long enough, you see the impact your work has on people by now. You see how it gives families peace of mind. How it helps business owners save money. How some clients are seemingly unaware of the concepts and ideas you shared and relieved that they had that discussion with you. This is real life impact. We’re so close to the information we know that it’s easy to think successful people also know it. This is a misconception. Ask yourself, “What are they successful at?” If it’s not financial advising, then you can add value.

ADDING VALUE

This is where we make a living. It’s up to us to be educators, analyzers, and solution finders. When you first start out, you know 5% of what there is to this business. As you survive the early years, you become more knowledgeable with products and how they work. Then you become good at product selling but are susceptible to being stuck at the same commission level for years. Why is that?

Well, product selling is inherently flawed, because of 2 reasons:

1. You’re going to get more objections 2. You’re going to leave money on the table On top of this, you’re doing the client a disservice by not pointing out other gaps in their planning. If these aren’t reason enough to change the way you work, I don’t know what is.

THE BEST ADVISORS

So what do the best financial advisors have in common? 1. They provide solutions as opposed to selling products 2. They have a strong process with language that is proven and repeatable 3. They have thick skin and a positive mindset – in other words, CONFIDENCE! When you put these 3 things together, you’re going to be an unstoppable financial advisor. The first step to all this is building your confidence. The way you build confidence is by having a process you can get behind. Language you can easily remember and repeat. (Product knowledge is also important but more so the features and why they can be a solution to your clients problems. You don’t need to memorize every detail!) Beyond that, do joint work – A LOT of it! Find a mentor (we can help). Set goals and break them down to achievable milestones (i.e., daily). Look for any and all ways to invest in yourself and don’t be content with where you’re at.

TAKE ACTION

Whether it’s the Taylor Method bootcamp, or any other coaching program you feel matches your needs, take action. Training programs are developed because someone figured out the “secret sauce” and how to teach it to the masses. I know advisors who swear by ONE system, and others who like to dabble in any new sales program that can give them an edge. Knowing how you learn best will help you choose the right program(s). Think about what you can add to your arsenal to be better than the previous year.

Some good examples of things you can focus on are…

1. Reaching a new market 2. Creating an online presence 3. Learning new planning strategies 4. Scaling your office 5. Saying “no” to time sucks 6. Developing centers of influence

You get the point. (We can show you the way) But this is what our business is. Even myself, in my 21st year as an advisor, am still learning new advanced planning strategies and the way I implement them year over year also improves. I went from making ,000 a year to ,000 a week over my 20+ year career and there’s still more to come. If you want to cut years off of your learning curve, find a system that works for you, get a mentor, and do joint work with an advisor whose success you want to emulate. – Eszylfie Taylor