To succeed in the financial advisory industry is in itself a formidable task. It is important that you get off on the right foot, to have a reasonable chance to last the journey. To start with, ask yourself: have you selected the right financial advisory platform or firm for you?

Assuming that you already decided that this is the right career path for yourself, there are 5 key things you need to look at when choosing what financial advisory firm you are going to join. The 5 key things are:

#1 – What type of advisory platform should you join? A bank, an insurance company or a multi-tied or IFA?

This depends on your target market, current network, abilities, working preferences and your view of the market development. If you are not confident of able to pull in clients by yourself, perhaps the bank environment will be a starting point for you to hone the necessary skills. If you have an independent streak and love challenges, a bank environment, then may not be suitable. If you are transiting to a second career, with good network, you might like to consider an IFA, which offers a larger choice of products for your natural market.

#2 – Is the firm credible, a market leader and has a decent reputation in the market?

If you are joining an IFA, you should ensure that the firm has strong financial backing, because IFAs are on their own and not supported by any financial institutions. It’s not surprising that smaller IFA firms can go under when the going gets tough. You should ask around trusted sources for feedback on the firm’s leadership position and reputation in the market. If you want to join, then joint the best!

#3 – Look out for firms and groups with a strong culture, and sense of purpose, and if it aligns to your aspirations of what you want to be as an adviser.

You’ll need a positive group of colleagues and role models to work with. Some financial advisory groups may be very profitable but somehow inside you when you associate with them something is tingling. That’s your cue that your inner alignment may not be suited with the style of working of this group. Be open and talk to more people, listen to your heart as well as your logic.

#4 – Join a group with Good Mentors and Training System.

Verify the track records of the manager and mentor you are going to join. Talk to both their very successful advisers and less successful ones. Ask how has the mentorship enabled them to grow in the business, ask about their experience and track record. Success breeds success, find successful mentors that can guide you, and you can see eye to eye with. Ask the advisers how they have been trained and if they can show you some of their methods and ways of developing the advisers.

#5 – Ask about the how the Marketing activities are supported by the company and group.

Most people fail as financial advisers because they did not have the right marketing activities to bring them enough profitability. The way that the group or company supports marketing activity can make a huge difference. Firstly, avenues are open to you to expand your circle of prospects, secondly with a strong culture of marketing activities, you will be motivated by fellow workers also working diligently.

To be read after you read “What’s the Competition Landscape in Financial Services in Singapore? Part II” and “Am I suitable as a Financial Adviser?”

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