5 Things You Can Do Right Now to Be a Better Financial Advisor

How can one excel above the competition as an advisor? Here are five things you can start doing right now to become a better financial advisor and in turn grow your business:

1. Avoid Conflicts-of-Interest

If you as an advisor are looking to serve your clients for a long time making a career out of it, it is best if you follow this simple but very important rule in your practice. If the interest of your clients is your primary concern, then selecting and advising on any investment product will be clear to you. Time after time, the advice given to a client, that benefited him, will help to build a solid relationship that will last for a long time. The long term relationship in the advisory business is one of the cornerstones of the successful practice because it leads to high retention rate and a high referral rate. Moreover, as a prudent advisor who acts in the best interest of his clients, you are minimizing your potential liabilities, which is as important as growing your business.

2. Connect with clients on social media:

Maintaining a relationship with your clients is as important now as ever. Staying connecting with clients on LinkedIn, etc. is a great way to stay in touch with clients and build your relationships.

3. Send a routine risk tolerance questionnaire:

Our lives and priorities are always changing and developing, and this is why it is important to make sure that your clients’ portfolios are lined up with their goals. Sending out a routine risk tolerance questionnaire is an easy way to make sure that you can keep a client’s portfolio matched up with their lives and situation. You should also know How to adjust your client’s investment goals and risk tolerance for an ideal portfolio.

4. Keep your clients educated:

Keeping your clients educated about their finances and the markets they are invested in is incredibly important. You can make sure that you are the person that your clients come to with any future questions by making ensuring that you are putting out plenty of education materials to them for easy access. Sending out a weekly social media post or blog write-up is a great way to start this.

5. Be aware of your clients’ potential problems:

In order to get more productive dialogue with your clients, investigating their retirement plan problems is a must. You need to have a clear understanding of the situation your clients deal with, so you could provide your unbiased expertise and help them to improve their current plan if it’s underperforming, excessively expensive or is not well diversified.


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