Networking is an integral part of generating new leads, strengthening trust with existing clients, penetrating new markets and building one’s credibility as a financial adviser. It takes a lot of soft skills to be successful in the financial industry, as you must be able to forge new relationships with people from different walks of life to add value to your career.
Networking is particularly important for new financial advisers because you want as many potential clients to be aware of your services. Networking can come from fostering a mentor and mentee relationship with other financial advisers, word-of-mouth referrals and client testimonials. Your first long-term clients could be the result of a solid network.
If you are foreign to how the networking space works in the financial industry, you may find this to be an intimidating process, especially if you are someone who naturally shies away from large social events. However, networking does not need to be complicated or scary. With enough time, practice and resources—it may become your greatest asset as a financial adviser.
5 Networking tips for financial advisers
Determine your goals
Before attending an event or reaching out to people, be clear on what you are trying to achieve. Once you have set your goals, let your intentions become the template for your conversations and direct you to the right people.
It is also important to check if your objectives are aligned with what the event has to offer. For example, if your goal is to meet industry leaders, you may not get as many opportunities to meet your goals in a community service event.
Get on LinkedIn
Anyone who engages in professional networking sessions should have a LinkedIn profile. This social media platform will be the place to go after a networking event to keep in touch with important people you have met.
Overall, your profile should be clean, professional, up to date, and consistent with your brand. Make sure your LinkedIn profile accurately represents your services and has a memorable headline. It is also helpful to include your LinkedIn web address on your business card as well.
Find a networking buddy
If you are new to the industry, consider forming a team with a trusted buddy before attending events. Having a networking buddy by your side allows you to encourage one another to approach new people, take turns in conversations and help you expand your network. If they are members of an organisation that you are not a part of, they may be able to assist you in meeting the right people within that organisation and vice versa.
Share, discuss and reflect on your goals with your buddy at the end of the event. Perhaps he or she can point out errors or weak spots in your pitches or conversations that may help you do better in the following events.
Master the art of negotiation
Communities are established on giving and taking, so, be willing to give. Provide something of value, such as a contact, a potential lead, or helpful advice when you network. Show people what you bring to the table before attempting to get something from them. The act of giving fosters a sense of trust and reliability, which makes people more inclined to give you something in return.
If your conversation seems promising, consider scheduling a follow-up meeting. You do not want to cling to one person for the entirety of an event as that could lead you to miss out on the opportunity to meet other resourceful people. If you wish to discuss something in detail, ask them out for coffee or invite them to your office.
Networking takes patience and practice. Although you may not always get it right during your first try, the benefits of networking will often snowball. As you build and foster more connections over an extended period, you will flourish in this industry.
At EΛOL, you will receive mentorship and guidance from our experienced team of financial advisers because we believe in empowering people to be the very best version of themselves. And with our Trust and Recommendation Systems, you do not have to worry about having to build a network on your own. Interested to start a career with EΛOL, a leading Digital Financial Advisory Agency in Singapore? Click here and one of our financial advisers will reach out to you.