The Seven Tools Of High-Performing Financial Advisors

By Todd Resnick

In the wake of such a stressful and tumultuous year, people are taking a fresh look at their lives and determining what truly makes them fulfilled. Financial advisors are no exception to this trend. To be an effective advisor, advisors must practice self-care and support their self-development. The pandemic is forcing advisors to take a deeper look at their practices and their lives.

With the financial turmoil the pandemic has caused, clients also have developed new and unique needs. Advisors who want to better lead their clients must first ensure they are supporting their own self-development.

The 7 Tools

In today’s world, the advisor-client relationship no longer consists of only talking about how money should be managed. A new study from AIG Life & Retirement and the MIT AgeLab revealed 85% of clients who reported the most satisfaction with their financial advisors said they discussed their future goals and aspirations, and 72% discussed potential expenses for their own care. The more advisors discuss these topics, the deeper the relationship is with their clients. This allows advisors to understand what matters most to them, and results in better client service.

A high-performing advisor has seven key traits and tools that help them excel in all aspects of their business. To be successful and lead a more balanced life, advisors must naturally obtain and continue to support a certain set of attributes that will enable them to give clients what they need.

Passionate advisors will go a long way. The advisors who are highly driven and want the best for their clients are the ones who will come up with solid recommendations for each of their clients’ unique goals.

Creative advisors are top-level problem solvers. When faced with a problem, they know exactly how to deliver a solid solution, whether that is through critically thinking through a problem or outsourcing to an expert.

Advisors must be relational and listen to their clients. Only 20% of an advisor’s time is spent actually spent meeting with their client. Without a full grasp of what makes that client happy, advisors will never be able to provide long-term solutions.

Advisors must always be growing and learning. Financial advisors struggle to serve their clients when the investment world is continually gaining new and complex products. Elite advisors stay on top of these trends. Not only is it important to grow and learn as an advisor, but it is just as important to grow in your personal life. Life is not just about watching the markets change. Growing as a person, parent or spouse is just as important for self-development.

Attentive advisors have shone through this past year. With the pandemic causing a financial crisis, the best advisors were proactive in their solutions and planning for their clients.

Advisors who are mindful can focus their attention on the things that matter most. Being aware and present gives advisors the ability to respond to problems appropriately.

Most importantly, advisors should naturally be adventurous; they are energetic and want to live their best lives, and they want the same for their clients.

Radiating these seven traits will not only ensure a clients’ happiness, but it will also help advisors experience their lives to their full potential and help them become happy, healthy and high-performing. Certainly, advisors should continue to develop their skills and knowledge to provide quality service to their clients. This is ultimately the key to success in an advisory career.

What An Advisor Needs

To capitalize on their self-development, advisors must have the right tools and equipment to build their business and give them more freedom in their lives. That also means they must be in an environment with a team that will support them in growing their book of business. When supported by a team around them, advisors are far less stressed and live more balanced lives.

Too often, financial advisors stretch themselves too thin. Every advisor can't specialize in every aspect of the field. Advisors should prioritize their areas of expertise, handle what they can control and problems they can solve, and delegate the rest to other experts.

Advisors should be the general managers of their business. That includes having a mix of industry tools and solutions in a variety of management, personal development and business development areas. Through these solutions, advisors can provide clients with quality service to navigate through a problem. This approach will show clients their advisor can facilitate access to the best answers, even if those answers are sourced indirectly. In conjunction with one another, the seven tools and an encouraging environment will support advisors’ self-development and business growth.

When advisors feel as though the weight of the world is on their shoulders, they must take a step back to reassess what matters most to them and practice self-care to reach that goal. Supporting self-development will not only create a passionate, successful advisor but also a passionate and successful person. By expanding their own lives, advisors can bring more to the table for their clients.

Todd Resnick is the president and co-founder of One Seven, a registered investment advisory providing a comprehensive business management platform to financial advisors. Todd may be contacted at [email protected].