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How Advisors Can Stay in the Game

April 28, 2017

Financial advisor failure rates are high because many don’t do what’s essential to succeed, James Pollard writes on website IRIS.xyz.

For starters, advisors need to accept that they’ll need to prospect and get used to hearing “no,” according to Pollard, a marketing consultant specializing in financial services.

Even advisors who say they went into the business to help people rather than do sales need to understand that building their practice still requires prospecting through cold calling, referrals, social media and direct mail, he writes.

Following up is just as important: the best clients tend to be the ones that are hard to reach, according to Pollard. To follow up successfully, however, advisors need to ensure it’s part of their schedule or automate it as much as they can, he writes.

Keeping a positive attitude is also essential, according to Pollard. Advisors must learn to do what they can to fix a problem, but they must also move on to the next task and avoid falling victim to worry and anxiety, he writes.

Advisors who complain that the advice industry is too competitive, meanwhile, probably haven’t figured out a good niche, nor understood that it’s potentially lucrative to be thought of as a number-two advisor by those who already have one, he writes.

It’s also important that advisors learn from their mistakes in a proactive way, according to Pollard. That means asking why, measuring, and improving, he writes. It also means looking at data including the number of leads, follow-ups and so on, and for that Pollard recommends advisors get comfortable with client relationship management tools.

Finally, he says, advisors need to focus on the long term to avoid getting bogged down by short-term setbacks.

By Alex Padalka
  • To read the www.iris.xyz article cited in this story, click here.