When it comes to managing personal finances, some people require the services of a successful financial advisor to put a plan into action and monitor progress. Financial planning examines your income, assets, and investments to address weaknesses and set goals aimed to get you back on track. Whether you are looking to hire an advisor or would like to become one, it is important to know what characteristics will make you successful. Here are three essential personality traits to be a successful financial advisor.
Think Like a Leader:
What this means on a day-to-day basis, is that even if an adviser is an employee of a larger firm, he or she can bring an owner’s mentality to their approach and manage their clients just like it was their own business. Advisers can emulate top advisers by investing in systems, technology, and infrastructure to efficiently and accurately deliver advice and create an outstanding client experience. Top advisers pay attention to critical measures such as revenue per adviser, clients per adviser, AUM per adviser, revenues per staff, profitability per client, and other key business metrics – while understanding these trends over time so that they can identify where they need to focus their strategic attention. The most successful advisers understand the importance of these business drivers and never lose focus on their ability to impact the short- and long-term growth of a business. An example of a successful financial advisor that thinks like a leader is Ed Rempel Brampton-Toronto-based fee-for-service, financial planner. Ed Rempel excels at what he does because he thinks like a leader and has a mindset of the same and that is why he has been able to help thousands of people become financially secure.
Be an Exceptional Listener:
As a profession that depends so much on client-advisor interaction, this should come as no surprise. Having an open mind without pre‑set product recommendations, pre-determined model portfolios, or other “templated” approaches is critical to forming a lasting client relationship. Clients want to be heard and understood by their adviser, particularly as it relates to the very personal and important nature of the problems they hired an adviser to solve: Retiring comfortably, taking care of aging parents, putting their children or grandchildren through college, or the very personal orderly distribution of their estate. Clients have very specific “wants” and top advisers understand this, tailoring their recommendations to address these key client issues because they have taken the time and energy to listen to clients, and capture the financial planning and wealth management implications necessary to solve them. Bob Nelson, an American stand-up comedian, and actor truly says, “Just the act of listening means more than you can imagine.”
Have a Passion and Vision for Business & Lifestyle:
Top advisers enjoy their work so much that they never stop learning. They are always hungry for ways to improve and constantly seek out feedback from their colleagues, managers, and clients. They bring a true passion for the business of delivering financial advice to their clients and engaging with prospects because they believe in the value that they provide. They also know that they are doing great work on important issues that not only benefit their clients but contribute to a well-functioning economy and society. As part of this focus, top advisers have a clear vision for how they want their business to operate, adapt, and grow over time. They use this vision to help them make decisions about the types of clients they serve, the people they employ and surround themselves with, the quality of the client experience – and in the end, how all of it will contribute to their legacy when the day comes for them to step aside.
