Top Mistakes Made By Financial Advisors

December 15th, 2020 · 3 min read

It's not uncommon for Advisors to become successful and then start discounting the habits that created that success. If you feel like a plateaued advisor, you're not. The simple fact that you're reading says that you are still focused and aware of the influence you have over your career.

Here's a list of mistakes that are commonly made by advisors:

Stop prospecting

You need to be utilizing some program(s) to keep the pipeline full. Prospecting should never cease.

Not using or learning new technology

Communicate with your clients where they are most comfortable. Get comfortable with Zoom, FaceTime, and any other platform they understand. Remember, it's about them at the end of the day.

Being out of touch with the next generation

Consistently get to know your clients next generations. Ask to meet them, invite them to holiday parties, and start to develop those relationships.

Thinking your clients know about all of the services you can offer them

Educate your clients about your process and what it takes to come to the conclusions you do with their finances.

Assuming the client has given all of their financials

Does your client influence others or manage the financials for an organization? What about their parents, what happens to their financials? Nine out of ten times, there is money your client hasn't told you about. Ask questions.

Thinking no one else is prospecting your clients

Think about your client like you would a romantic partner... keep reminding them how important they are and that you're always available for them.

Assuming the mood of your workplace is the same as the outside world

Who you surround yourself with is who you become. Make sure you find the driven co-workers who are positive and successful. Just because the office tone might be "why bother" at times, that doesn't mean the rest of the financial world feels the same way.

Not planning for retirement

Ultimately your clients are paying for your time and attention. You need to make sure you have a system that reminds you to contact every client often.

Resisting change in products and services within the firm

Know that your firm researches to provide the best products for the clientele. At least share the new offerings as they are implemented.

Seeing your firm as an adversary

Always assume that changes made in the company are for the benefit of the whole team. Being resistant to change can cost you your career.

Thinking no contact from a client means everything is great

Make sure to treat each client like they may be having an emergency and needs to get tended to before situations get out of control. If you are always prepared, you're ready for anything that may happen.

Forgetting to be thankful for those that support you

Who answers the phone when you're not at the office or out with a client? Check-in with your support team and make sure they are not overwhelmed. Offer bonuses, notice hard work, and always give back.

Not paying attention to behavioral changes

When your clients start to get overly involved or begin making moves without you, it's time to check-in. These types of red flags should not go unnoticed.

Neglecting your health

Balance is critical, especially a work/life balance. Ensure you're taking care of your nutritional intake, getting exercise, and investing in your personal relationships.