Investment professionals need to constantly upgrade and develop skills. A recent CFA study titled, ‘Future of the Investment Profession’ reveals the five significant skills financial professionals must possess to succeed in the future.
Creation of a compelling vision
Ability to articulate a compelling vision for the future is the top ranked skill needed to succeed in the long run. A vision statement communicates to all your key stakeholders where you want to see your business. Also, knowing where you want your business to go will inspire you to get there.
Relationship management
The study shows 35% of investment professionals believe that staying in constant touch is the key to relationship building. “Good relationships develop over time. Research shows that people are much more trusting when working with consistent partners—a situation which offers a chance to build a good reputation through repeated interactions,” the study said.
Analytical skills
Each client’s financial portfolio is unique and requires different approach. This is where analytics can help advisors understand their clients better. In addition, an advisor should possess strong problem solving and mathematical skills to help his client make prudent financial decisions.
Practicing corporate governance
Maintaining a transparent process and communicating regularly about your business can help you develop a strong advisor-client relationship. The study shows that 25% of respondents believe that advisors should disclose all conflict of interests to their clients to strengthen their relationship.
Technical knowhow
Globally, leading advisors use technology that combines the best of customer relationship management, portfolio management, performance reporting and financial planning and risk analysis to provide their clients with the latest insights.
Source: CFA study
