Getting your career as a financial advisor off to a good start takes a lot of work, says Jak Pullen, an investment advisor with RBC Dominion Securities Inc. in Edmonton.
Yesterday’s BYB Daily post offered advice for making the most of a rookie training program. Here are some tips on what to do after you leave the classroom:
> Be prepared to make sacrifices
Building a book of business requires a significant personal commitment. That means taking advantage of networking opportunities, which can present themselves inside and outside of regular business hours.
There are more opportunities to network and meet with people then you would think, says Andrew Munro, an investment advisor with TD Waterhouse Private Investment Advice in Toronto. Munro tries to keep a balance between work and family by planning with his wife which nights he works late.
As well, Munro says, he once had to pass on a friend’s St. Patrick’s Day celebration because of an early-morning client meeting in St. Thomas, Ont. — a two-hour drive — the next day.
“That’s sort of a trivial sacrifice,” he says, “but still it is a sacrifice.”
To be successful, you need to be selective about what you do and make some difficult decisions.
> Take advantage of resources
Make use of the tools and experts offered by your firm that can help you build your business.
Experts such as accountants and will-and-estate specialists can help you ensure that you can meet all the financial needs of your clients. Discussions with these experts can help ensure you are prepared for client meetings.
> Find your niche
Identify a niche market you would like to serve and a specific prospecting strategy for reaching that market — from the start of your career.
Rookies often make the mistake of trying to please everybody, Pullen says. Instead, aim to specialize early in your career. Find out whom you like to work with — by demographic group, profession, geography or other criteria — and focus on that group.
The same goes for prospecting strategies. For example, Pullen says, if you find that working with centres of influence is most effective in helping you get more clients, focus exclusively on that strategy.
> Listen to your clients
Remember: the most successful advisors are good listeners. Pay attention to your prospective clients.
Young advisors are often so eager to prove themselves to prospects that they try to “sell themselves,” Munro says, instead of listening to what the prospective client has to say.
Success in the financial advisory business is all about focusing on the client.
IE