6 habits that make a successful financial advisor

6 Habits That Make a Successful Financial Advisor

6 Habits That Make a Successful Financial Advisor

As a Coach for Financial Advisors, I often discuss with my clients what habits are crucial to success in the financial planning field.

Being a financial advisor allows you access to a whole range of incredible rewards – both professionally and personally – as an occupation with incredible career progression opportunities, and an essentially unrestricted earning potential, all while you’re able to help people save for their future.

Having said this, there’s a huge gap between the top earners in the industry, and those at the bottom of the pile. Moreover, many new financial planners don’t make it past the first year, failing to garner enough clients – and make enough money – to go the whole way.

So, what separates the success stories from the cautionary tales? The answer could lie in these 6 daily habits that the most successful financial advisors abide by.

Financial Advisor Success #1 – Waking up early

Wire house advisors and independent advisors alike know that getting to the office early is crucial  If you’ve read any articles about success before, then you’re bound to have come across this tip – probably a number of times – and with good reason.

Waking up a couple of hours before the workday begins allows you to spend time on personal projects, do some exercise, and/or plan the rest of your day.

Doing this allows you to arrive at your office feeling refreshed, alert and motivated, bolstered by the personal successes of your morning, and allowing you to do the best possible job you can do.

Financial Advisor Success #2 – Doing mindless admin tasks in the evening

The most successful financial advisors use the limited time in their working day effectively – and they conduct their working day in a similar way.

Rather than using their precious daytime hours to create a list of prospects, reply to emails, or complete any other task that isn’t mentally demanding, they spend these crucial hours to do two things: meet clients and prospects, or tackle some marketing, since these tasks are more cognitively demanding, and directly related to their turnover.

On the other hand, they save mindless admin for when the working day is over, to ensure the best possible start for the next day.

Financial Advisor Success #3 – They invest in themselves

One thing that successful financial advisors have in common – and successful people in general, for that matter – is that they invest in themselves, and in their career.

The most successful financial advisors take the time – and the money – to develop themselves personally and professional. This can include taking courses, enrolling in coaching sessions, attending conferences, learning more about Social Media Marketing, and more.

Not only can this improve yourself as a financial advisor – and even as a person – but these things can help you to make valuable connections in the financial advising sphere.

Financial Advisor Success #4 – They make it a habit to call ‘just one more’

Part of your Marketing Plan is making phone calls, right?

When the most successful, prolific financial advisors have packed up their things – and are just about ready to leave the office – they make one more call to a prospect.

Each month, this can add up to scores of new prospect-to-client conversions, and this can lead to a skyrocketed monthly income, helping the most successful financial advisors to shoot past their peers in terms of business growth.

Financial Advisor Success #5 – They surround themselves with like-minded people

The quote from Jim Rohn, ‘You are the average of the five people you spend the most time with’ has become a commonplace idiom in the world of business, productivity and self-help. And, while the quote could be accused of harnessing motivational hyperbole, the people you surround yourself with do make a difference to your life trajectory.

For example, if you surround yourself with determined, ambitious people who inspire you, then you’re more likely to be motivated to be the best financial planner that you can be.

Moreover, lots of financial advisors meet up in study groups that allow them to collaboratively find solutions to problems they face, in addition to sharing knowledge and boosting motivation.

And, surrounding yourself with these kinds of people can – similarly – put you in the path of other influential people, making them a valuable networking commodity.

Financial Advisor Success #6 – They make goals

In order to achieve success, it’s essentially to qualify what success looks like to you, when it should be achieved by, as well as a plan to illustrate how you’re going to make it happen.

The most successful financial advisors have monthly and yearly goals, and an action plan to accompany them. More than simply having goals, they figure out exactly what steps they need to take to achieve the success they want. This can relate to earnings, number of new converted prospects per month, business operations, or anything else.

Having goals ensures that your priorities are kept top of mind, and enables you to track your progress, a allowing you to see whether you need to adjust your working behavior in order to meet the targets you set for yourself.

Final Thoughts

So, if you want to be the most successful financial advisor you can be, consider incorporating these 6 habits into your life, and watch your success skyrocket.

About Suzanne Muusers