Are you interested in becoming a financial advisor? It does seem like an obvious career choice as you will get to enjoy unlimited income and flexible working hours. Not to mention having the privilege of becoming your own boss.
But the truth is, just like any other job, this job also comes with its set of challenges. If you don’t know what you’re getting yourself into, you’re in for a surprise. For instance, how do you determine when to catch up with your clients? Is it quarterly, semi-annually or annually?
It’s never a bad idea to prepare yourself before you embark on this fruitful career. Here are some things that you should know before you make the switch.
Here’s what you need to know about becoming a Financial Advisor
- You cannot be in this job just for the money
Who wouldn’t want a high paying job? Although this career provides unlimited income, financial advisor must always put their customers above themselves. To do that, you need to love helping and providing value to people. The idea is to create long-term relationships with clients, not just focusing on the next paycheck.
- You work with other people most of the time
Mastering finance alone doesn’t guarantee success forfinancial advisors. You must also do well in a social setting because this career is all about working with other people. You need to know how to empathise, relate to them, and change complex financial concepts to simpler terms when talking with clients.
- You need to learn how to “sell”
When we say sell, we don’t refer to the persuasive methods of selling. Sales are all about pairing a solution to a problem. And if you’d like to become a successfulfinancial advisor, you need to know how to identify clients’ problems and find solutions to them. To start, you need to know the right questions to ask.
- You must never stop prospecting
If you wish to receive a steady income, you must never stop prospecting. Prospecting means having a system where you can ensure that your pipeline is always full. Stopping or pausing yourself from prospecting may cause you to rush to fill your pipeline in the future.
Need some advice and tips?
- Be proactive and self-driven
Financial advisors cannot afford to be reactive. You must always show a proactive approach when working with clients. Instead of waiting for the clients to tell you what to do, you must already be in control of your tasks and anticipate what the clients may need.
- Prepare a thorough checklist when meeting clients
Client meetings are important touchpoints for you as it is a time for you to build clients’ trust and confidence. Before attending any meeting, to avoid scrambling from one client meeting to the next, always prepare a thorough checklist to keep track of the whole process and keep the clients in the know.
- Follow up with the client and ask them for any updates on their life
Annual follow-ups are the bare minimum for financial advisors to check on their clients. But this also depends on the client—whether they prefer annually, semi-annually or quarterly check-ups. When following up, remember to ask the client about their life updates and changes in their financial goals to have a more informed view of the client’s situation.
- Prioritise the client’s interests
As mentioned above, financial advisors must always act in the best interests of their clients. Each client has their own concerns and financial goals, therefore, you should provide transparent and personalised services to ensure that your clients’ needs are met.
- Utilise technology and digital automation
With plenty of digital tools at our expense, choosing not to utilise digital technology is like opting to go extinct. Digital technology helps you to streamline your onboarding process, stay in contact with your clients, generate leads, and more. In simple terms, it makes your job a lot easier.
For more information, get in touch with us and one of our financial advisors will reach out to you.