This generation’s financial advisor advice for your future salespeople

According to Jim Weddle in a Forbes interview, “An estimated one-third of U.S. financial advisors are expected to retire over the next decade.” Why is this important? Because it means there will be a whole new generation of advisors starting their careers. Since the next generation’s responsibilities will be focused on advising everyone on how to invest their money, it’s important that the current financial advisors share their best advice with this incoming class.

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1) Learn how to communicate clearly

The most important tip is to find a way to communicate any relevant information as clearly as possible to your future investors. Yes – you might understand why it’s important to start investing early and keep your money in long-term investments, but your clients have more pressing short term concerns on their mind. In fact, investing might be the last thing on their minds. They’re worried about affording their mortgage, paying down student loans, and even possibly affording groceries for the week.

Since all clients have different needs, first find out what their short and long-term goals are. Next, find a way to speak to them – on their level – and explain why investing is important to start immediately, and also why you are the perfect advisor for their needs.

2) Chase young investors

Motivated new financial advisors might be looking to hook the biggest fish they can in the beginning of their careers. While big fish are a great way to begin building your client base, don’t forget about the shallow pool crowded with minnows. Find young people to target and convince them why investing early is so important. No – they might not have the same bankroll or assets as an older lead, but young prospects can stay with you long term as their assets begin and continue to grow and develop.

3) Teach the importance of long term investing

Get your clients thinking long term by first thinking short term. When you’re young or even new to financial advisement, trying to plan out a financial solution for 30 or 40 years in the future may feel daunting. First, ask your clients about their short term goals. Find out what they’re spending their money on at this point. Are they trying to pay down loans or purchase a house? Once your new clients are comfortable enough sharing their short term goals, you can begin to advance the conversation to think more long term. Where do they expect to be in 10 years or 20?

After you’ve established where your clients want to be, it’s important to teach them to invest now, even in small amounts, to achieve their goals in the future.

4) Find a mentor

The best way to learn in a new job isn’t by making mistakes. It’s by finding someone who has experience and is willing to mentor you in the early stages of your career. All mentorships are different, so find the one that works best for your needs. You may be able to create a shadowing program, schedule weekly meetings or even monthly supervision to access your skills and answer any questions.

5) Embrace changing technology

Work remotely with your clients. Today (and even moreso in the past), firms require clients to come into the office to begin their financial planning. But is that really the most convenient and profitable option? Some possible investors won’t make the time to come to your office.

For them, investing is already costing them money before they even begin. Some will need to take time off of work, find and pay for parking, or even pay for a babysitter just to get to your workplace. With work being done remotely, why not take your business practices to that level as well? Embrace technology that will help you gain leads and turn them into regular customers.

While you’re busy learning your new position, we can help you, too! We can automate your processes, like contacting assigned leads and following up with emails.

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lead-managerLet our automated software simplify your sales process.  Sign up for a 30-day FREE trial of our lead management software and turn more leads into customers with less work!

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What other financial advisor advice would you share with the next generation of salespeople?