QUALITIES NEEDED TO BE A FINANCIAL PLANNER.

1. Above average selling skills

You need to be able to successfully close prospects. In my video “Closing Phrases to Move Clients to Action” (available to The Taylor Method subscribers), I share one-liners I use when closing clients, and they all end with the phrase “Let’s Get Started!”

2. Above average networking skills

Again this is another skill I teach in The Taylor Method. Strive to be the ‘end-all’ for your clients by developing a strong group of networking partners that can address all the needs of your clients you cannot address. By doing so, you will be seen as a trusted advisor.

3. Ability to influence (calm your clients)

The real value in an advisor is getting a very stubborn or irrational client to STICK TO THE PLAN. That is very difficult when the market drops by 40%, so your ability to calm your clients’ stresses and make them understand that they’re in this for the long haul is critical to a lasting relationship.

4. Work ethic

Selling is a numbers game. The more meetings you get, the more proposals you present. The more proposals you present, the more clients you get; and if asked properly, you will generate more referrals. Successful sales people simply have MORE activity, which leads to more selling.

5. Ability to handle rejection

You will get almost all “nos.” That gets really old after a while. Successful salespeople have a superhuman ability to handle rejection.

I have a video in The Taylor Method where I discuss embracing rejection and failurebecause it brings you one step closer to success. Remain active, and take refuge in the fact that your hard work and sacrifice will pay off.

6. A mentor

Many advisors successfully team up with a more experienced advisor, that will teach them the in and outs of the industry and how to effectively, prospect, and close. I teach a proven strategy to all my coaching clients that have helped them double in production. Mentors make you accountable and in an industry like ours, where we’re all “entrepreneurs” building our practice, having someone who has found success teach you how to find success is a critical aspect to growing a successful practice.

7. Drive and determination

It isn’t easy to acquire clients, so you need to be sufficiently motivated to work hard to build your business. You must constantly put yourself out there and know that the more people you see, the better you will do.

8. Excellent organizational skills

Being a Financial Advisor involves some connected roles. Unless your time and task management skills are great, you will quickly become swamped. Use tools like a CRM and other file sharing services to keep you organized. We have an entire post on some of those tools you can use to stay organized.

9. The ability to interpret complex concepts and then articulate them in plain English

I.e., communication skills (written and verbal) are a must. We sell products with complex illustrations that most clients do not understand. It’s our job to simplify these complex products in a manner in which clients will understand the benefits.

10. Consistency and morality

You may not make a quick buck, but you will earn your clients’ respect, and ultimately a long-lasting (and profitable) relationship will ensue.

I can tell you it’s a very competitive field, but that should not deter you from pursuing a career as an advisor if that’s what you want to do. This is a fantastic industry to be in if you enjoy helping people solve their financial problems, plan and invest for their future, and improve their life.