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:
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..
“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?
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..
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..
Are you looking for a career that will allow you to have time flexibility, run a small business, write your own pay check and be able to help people in a way that makes a big difference in their lives? Well folks, this is what part and parcel of what a being a financial adviser is.
USNews.com listed the financial advisory business as the top 15 Best Small Businesses to start in 2009 and CNN Money listed the Financial Adviser as the top 10 careers to pursue. This is taking into consideration the compensation, job fulfilment as well as quality of life.
