When we start out as advisors, we have a broad sense of what to do and what to avoid. It is with experience we understand the tricks of the trade. Read on to know what the first lessons of these advisors were and how it helped them.
Shifali Satsangee, Funds Vedaa
Like every advisor, I too have learnt from my mistakes. The first important lesson I learnt was to be process driven. I found that if you put in certain processes in business then everything else falls in place and by sticking to them, I can reduce errors and improve efficiency. I found that setting up robust processes is necessary if you want your business to flourish.
Suresh Sadagopan, Ladder7
One of the first things I learnt is that more than knowledge, client handling is crucial to the success of an advisory business. In fact, client handling is ahead of everything else an advisor does. If you treat a client well and are responsive to his needs, he will forgive small mistakes or oversights by you or your team. Ultimately, the client expects you to be someone who is sensitive to his needs. He knows you are human and there might be occasions when you are wrong. As long as you are able to take responsibility for your mistakes and are ready to move on, he will be happy with your services.
Gajendra Kothari, Etica Wealth Management
I learnt that advisors should give enough space to their clients before they make investment decision to establish a long-term relationship. What sets advisors apart from salesmen is the absence of hard selling. I usually meet a client once and then ask him to take his time to decide if he wants to engage my services. Though the client may take time to decide, he usually stays on for long term if he decided to work with you.
In fact, in the initial years of my practice, we were growing at a very slow pace because of this. However, once we started proving our commitment to our existing clients, business started flowing in.
Jayanth Vidwans, Vidwans Financial Advisors
My first lesson as an advisor was that people would only be ready to pay a fee when they understand your value proposition. Often advisors complain that their clients are not ready to pay a fee. Truth is no one is happy about paying money, but if you show them that the value you give them is higher than the amount of fee they pay, and then people will be ready to pay.
