Advisor Brian Himmelman of Halifax says building trust among clients is key to establishing a successful financial advisory business in today’s market.

“Credibility is an issue. Clients are looking for someone with experience,” he says.

That gives newcomers two options. First, they can become a junior advisor and learn from top advisors.

“It’s a tuition fee,” says Himmelman, “but you will move [up] so much more quickly.”

Himmelman is still reaping the rewards from his on-the-job education. His mentor is Jim Hutchinson, an advisor Himmelman met when he started his career with the Mutual Group more than decade ago. At that time, they connected two to three times a week. They still meet for breakfast every three to six months.

The second option is to strike out on your own. In this case, says Himmelman, don’t start small. Think big.

“Invest back in your business as if you were buying a business,” he adds.

— DONALEE MOULTON