They often ask how one professional can be so much more successful than they are and assume that there is some magic at work.
The differences between the high performers and the average ones are not magic, and nor are they unachievable. In fact, they are mostly about being better organised, being more transparent, and communicating better. These are elements that any adviser can work on immediately.
High performers are better at understanding their clients key expectations:
- Listening and understanding their needs
- Being continually trustworthy
- Depth and breadth of industry information the adviser can provide
- Being a problem solver
- Timely and personal, not mechanical, communication
- Overseeing the family’s financial affairs – not marketing products to them
- Delivering high level personal service
They get more information and know their clients better.
They listen better.
High performers also focus on the financial factors that their clients care most about, which are:
- Meeting investment performance expectations
- Protecting investments from downside risk
- Making them fully aware of fees all the time
- Helping create a financial plan and keeping it current
- Using current technology for access and reporting
- Coordinating and organizing their financial documents
- Providing appropriate insurance solutions – and only for as long as they actually need them
They are focused on what matters to the client.
They put the clients interests first.
The high performers core business attributes?
- Their team works as a unit and practices effective delegation
- Everyone in the business has clear roles and responsibilities
- They deliver a consistent client experience
- They do not try to be the experts in everything, but bring in the right experts their clients need
- Achievement focussed, with high energy levels and high job satisfaction
- They focus on face-to-face communications wherever possible. The telephone or email is a secondary preference.
- They are proactive in tough times – and raise the communication levels.
They play to other people’s strengths.
They have high expectations.
Compare this to the attributes of the less-than-average adviser:
- It is all about me, the adviser. “What is in it for me” is the dominant mindset
- Minimal delegation, and adviser tries to be the “main man”
- Blurry roles and responsibilities within the firm, if indeed there is actually a “firm”
- Non cohesive and inconsistent client experiences
- Adviser tries to do, and be, everything.
- They project their own value based on market movements
- There is a strong transactional approach, coupled with a “follow what’s hot” mindset
- Opinionated, and with a narrower knowledge base
- Tend to be sedentary, often on the phone or at the desk for bulk of the day
- Status consciousness, with accompanying money focussed
- High stress and angst, accompanying relatively low job satisfaction
As the two types of adviser are compared it becomes obvious quite quickly that the difference between the high performers and others largely begins within the advisers own mindset and attitude. Particularly the attitude towards clients. The approach they take to their clients would appear to be the primary point of difference when you get right down to it.
Related: Great Advisers Stay Simple
Combining that attitude with some sound commercial and management skill and a willingness to invest in building a business rather than executing transactions is the “magic” if there is any.
Building leverage within the business and the customer experience with a great support team that plays to individuals strengths then leads to exponential growth. Add in constant quality communications and a client service focus which improves account retention and you have a winning business model.
It begs the question: If that is all it takes, why would anyone settle for average?
11 Most Read IRIS Articles of the Week!
Why Secure Passwords Matter and How to Create Them
10 Ways to Celebrate International Women’s Day
Becoming a Great Podcast Host with Celeste Headlee
New Guiding Principles for Opportunity Zone Investors
Leaders: Do You Challenge Your Status Quo?
9 Marketing Trends That Will Dominate This Year
How To Keep Envy From Destroying Your Workplace
6 Tips to Help Your Journey to Retirement
Who Do You Sell to First
Forward-Looking Investing2 days ago
Moat Investing: Powered by Morningstar
Market Strategist2 days ago
We Are Not Convinced the Market Storm Has Completely Passed
Development2 days ago
Advisors: How To Answer “What Do You Do?”
Markets2 days ago
Higher Mortgage Rates, Student Loans and Nike
Equities3 days ago
7 Stocks That Pay the Largest Dividends of All That Trade on Nasdaq – Or Do They?
Advisor3 days ago
The Wizards of Wall Street vs. The Selbees from Michigan
Markets4 days ago
The Chameleons Are on the Run
Compliance4 days ago
Regulators Focusing on How Firms Identify, Monitor and Test Custody Scenarios With Client Assets