“All roads do not lead to Rome.”

Being a Financial Adviser is not the be all and end all, in fact there are different routes in the Financial Advisory Business. What you eventually take depends on what you want out of life, your talent and passion.

Are you someone who really enjoys the challenge of “climbing the corporate ladder”? Are you someone who wants to be the person in charge, make your own decisions? Do you feel you have leadership qualities inside you? These questions need to be answered before you can really decide whether you are better suited to the Financial Adviser Career, as a Practitioner or Financial Services Manager or go along the Corporate path.

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How would you like to get into the right financial advisory group right from the start? I am about to share with you the research I have done as well as my own personal observations.

A quick refresher from the previous article, the financial advisory pie is divided into three groups: personal or private bankers, tied-agents, multi-tied or IFAs. Due to the breadth of products and services offered, they tend to appeal to differing demographic groups, customer profiles, and also require different skill-set to market services to them. Their business models also have different strengths and weaknesses. Read it all..

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“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” - Sun Tzu

Make no mistake. The financial services market is a lucrative and therefore a competitive one. But does that mean that as a new entrant, you cannot compete with more entrenched players?

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How would you like to command an income of more than $500,000 per year? An established financial adviser managing $50m from 50 high net worth individuals (HNWI) can easily accomplish that. A more average financial adviser managing 100 client accounts each $200,000, manages $40m, and can earn $200,000 per year from wrap fees.

Of the three segments of the financial services market: mass market, mass affluent (between $80,000 to $300,000 per year income) and accredited investors or High Net Worth Individuals (personal net worth above S$2m or income above $300,000 per year), the last two represent great opportunities for you to build a profitable financial advisory career and business. Read it all..

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Unless you are an employed Financial Planner, being a Financial Adviser is like running a small business. And like all businesses, there is the sales/marketing, finance, operations, personnel and customer relationship management aspects in running a profitable Financial Advisory Practice. Therefore having a good business plan/strategy and being able to execute it well, is the difference between a good and an excellent financial adviser.

“Authentic marketing is not the art of selling what you make but knowing what to make. It is the art of identifying and understanding customer needs and creating solutions that deliver satisfaction to the customers, profits to the producers and benefits for the stakeholders.” Philip Kotler Read it all..

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