By Tessie Sanci<\/p>\n
The question many rookie financial advisors dread hearing from a prospect is: “So, how long have you been an advisor?”<\/p>\n
When faced with such a question, it may seem difficult to compare your skills to those of your senior colleagues, who may have decades of industry experience and the established client base to prove it.<\/p>\n
But a little self confidence and a clear idea of why people should work with you will help you instill trust among your prospects, says April Lynn Levitt, a coach with the Personal Coach in Toronto.<\/p>\n
Here are four ways to answer tough questions about your qualifications as a rookie:<\/p>\n
> I have first-hand knowledge of my market<\/strong> In fact, many rookie advisors work with clients who are within 10 years of their own age, Levitt says.<\/p>\n Working with clients in your age bracket makes it likely you and your clients will share qualities that can help develop the relationship. For example, a client who is a young professional starting a business may feel more comfortable sharing his financial anxieties when he knows you’re in the same situation and can understand those issues.<\/p>\n That doesn’t mean you have to limit your target market to your own age group; it’s simply a matter of understanding your market. So, if you are a rookie whose parents are immigrants, you might wish to work with older immigrant clients, partly because you know first-hand that the challenges of starting over in a new country can make it difficult to focus on long-term saving.<\/p>\n > I have access to experts<\/strong> When you bring in a colleague who specializes in an area such as insurance or estate planning, you are presenting a strong team, which is appealing to clients. This strategy even applies to more experienced advisors, Levitt says, because one advisor cannot be an expert in everything.<\/p>\n > My current education is an asset<\/strong> Be proactive in discussing your education and any plans you have to continue studying to demonstrate that you are always developing your expertise.<\/p>\n > I emphasize strong service delivery<\/strong> Some older advisors might be winding down their businesses and working fewer hours. Use your energy to your benefit and make yourself available to your clients. As a rookie advisor, you might be able to hold more meetings, conduct more research regarding client portfolios and contact clients more frequently.<\/p>\n
Choosing the right people to form your client base can give you an advantage over other, more experienced advisors who might not know your market as well as you do.<\/p>\n
A rookie should never hesitate to make use of the experience of his or her colleagues, whether they are senior advisors or other specialists within the firm, Levitt says.<\/p>\n
Having received your license or a designation recently is nothing to scoff at. It means you have the most current knowledge regarding the industry and the skills required to provide excellent financial planning.<\/p>\n
“What a young advisor can lack in experience, they can make up in their energy, enthusiasm and service delivery,” Levitt says.<\/p>\n