Five Things Financial Advisors Must Do to Succeed

Posted by adaniels in Blog on August 13, 2012

What are the keys to running a successful financial advisor business? Financial Advisor Magazine says that there are five important things advisors should follow. While “there are no easy steps, and there is no one path to achievement,” notes financial advisor Todd Rhine, there are indeed some things that advisors need to know and do:

Know yourself:  You should know what kind of financial advisor services you want to provide, suggests James Hansberger of Morgan Stanley. He says you should “have a clear and original vision that is well-communicated and understood.” From that, you can grow your business.

Provide great customer service: Financial advisor Brian Parker of EP Wealth Advisors says to “be available.” He advises to “stay engaged through market cycles” with clients “because we have a friendship and they know I care about them as people.” It’s also important to pay attention to your clients’ body language, and not just their words, the article notes.

Have great support staff and technology:  Financial advisor Arthur Cooper of Cooper McManus says hiring support staff as soon as possible is critical. “The advisor’s time in front of clients is worth maybe $100 to $300 an hour,” he says, while “you can pay somebody $15 or $20 an hour to handle the paperwork, scheduling and follow-up.” It’s also important to have great software, not some clunky program that last worked well a decade ago.

Market and promote your business:  Make your existing clients your marketing partners,” says David Hubbard, president of Exemplar Financial Network. “Make them want to brag about you or at least speak highly of you.” After all, many people choose financial advisors via referrals. Other advice is to get yourself known in the community, such as to CPAs and attorneys. In addition, you might want to offer pro bono services to local charities.

Continue to gain knowledge and expertise: Never stop growing.  Financial advisor Michael Kay of Financial Focus tells the magazine: “We are all works in process,” he says, “and therefore, if we’re not growing, we are moving backwards.” So keep on continuing your education, and to learn as much as you can about your field.


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