10 tips for a successful journey to become a top financial advisor

Top advisors have one thing in common – they all are on a lifelong journey that begins in the mind, according to a recent study.

Two vice presidents at North American described Project Apex, a study that delves into what makes top advisors tick, during a recent webinar from the National Association for Fixed Annuities.

Isaac Norton is associate vice president, strategic marketing at North American and Josh Woodvine is vice president, annuity sales at North American. They presented the findings of the Project Apex study, pairing qualitative and quantitative data to tell the story of the top advisor’s journey.

In their study of top advisors, they found the following steps that this journey takes:

• Building the foundation.
• The journey to the ascent.
• Staying on track despite roadblocks.
• Next steps and beyond.

Norton and Woodvine provided 10 strategies or tips for successfully completing the journey and joining the ranks of the top advisors.

Tip 1: Foundation and growth

The study found that for top advisors, the foundation to success “is about self-reflection and getting themselves ready and right,” Norton said.

“They’re always aspiring to that apex but they’re never done, they’re never a finished product.”

Tip 2: Learning = experience + reflection

Advisor confidence relates to experience, Norton said. “You need to get out there and do things but you also need to reflect on them. The flip side of this is networking. You can’t do things alone.”

“The top advisors are those who are connected in their community or within their own financial services network.”

Tip 3: Building relationships

The No. 1 reason people to into the financial services profession, the study showed, is because they want to help others, Norton said.

“You must look at the human side of the equation first,” he said. “The relationships come first and then the business comes from that.” For example, he said, a client appointment isn’t an appointment; it’s a visit.

Tip 4: Coaching and mentoring

Top advisors want to be mentors for the next generation, Norton said. But they realize the reason they are successful is because they themselves had a mentor or coach.

“Find people who are doing it better than you and bring them around here,” he said.

Woodvine added that it’s important to find mentors “who challenge you and help you up your game.”

Tip 5: Communication skills are essential

The ability to listen to clients is the biggest skill that top advisors have, Norton said.

“Not only listening, but translating it into helping clients solve a problem,” he added.

Tip 6: Top advisors are client-focused

It’s easy to believe that you are the hero of your story and your practice, but that’s not the case, Norton said.

“Your client is the hero and you are the person who guides them along the way and helps them achieve what they want.”

Tip 7: Educate, personalize and empower

Top advisors realize clients need someone to educate them, Norton said.

“You’re a teacher first,” he said. “Clients say, ‘Help me be smarter about money.’ People don’t want to feel powerless about their finances.”

Tip 8: How top advisors use social media

When it comes to advisors using social media, Norton said, “If you can’t do it right, you probably shouldn’t do it.”

He said the Apex study showed that LinkedIn and Facebook are the most popular social media sites for advisors.

Tip 9: Prioritize daily tasks

The study data showed a breakdown in the percentage of work time a top advisor spends in various daily tasks.

The majority of time (55%) is spent taking care of existing clients. That is followed by prospecting (26%) and other non-client-related activities (19%).

Tip 10: Even top advisors face obstacles

Every journey contains obstacles. Norton said the study showed the top three obstacles top advisors experience are:

1. Money
2. Rejection and failure.
3. Experience and age.

He provided some tips on overcoming these obstacles.

• Educate yourself. Ask yourself, “Who am I being educated from and how am I dedicating time to educating myself?”
• Inform the client. Get over your fear of talking to clients about difficult subjects.
• Have resilience. Accept the fact that rejection is part of the business.

 

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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