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Business Development Eight winning traits of a successful advisor

Eight winning traits of a successful advisor

On Cafemutual’s eighth anniversary, we bring to you the eight traits of successful advisors.
Shreeta Rege Dec 21, 2018

Over the last eight years, we have been your go to portal for news and business growth insights. Continuing the tradition, we are sharing eight attributes top advisors on the eve of our eight anniversary.

Develop expertise across products

‘Knowledge is king’ and there are no two ways about it. Most of you have through knowledge of products that you sell. However, you need to go a step ahead and delve deeper into other relevant financial products for your clients. Knowing that you are well versed in a wide array of products will make your client seek your advice before investing his money elsewhere. You will also be better equipped to help him make the right financial decision, which do not clash with your suggested financial plan.

Seek mentoring

Having an experienced mentor who can guide you on the nuances of the business is extremely important. Right guidance can help you avoid mistakes as well as put things in perspective during a slump in business. A mentor can also help you identify the right strategies and incorporate them in your business to help it grow. You can also seek mentorship from multiple people. This will help you learn from their varied experience.

Connect with the right people

We all know the importance of networking. However, what is more important is ‘right networking’. While interacting with peers is crucial, you also need to connect with people from different backgrounds. For instance, an internet-marketing expert can help you spot trends in the online space. He may also help you identify strategies, which will help grow your business digitally. A social media person may share his insights on how to connect with the millennials. Interacting with a wide array of people can give you great ideas but do not go overboard. Only select events, which will help you connect with the right people.

Manage time well

Time management is another key challenge faced by advisors. You need to ensure that at least half your workday is spend in client interactions or interacting with industry officials. Do not let operational responsibilities eat away most of your time. It is wiser to hire an operations team and delegate these responsibilities to them. This will free up your time, which you can use to engage with existing clients or meet prospective clients.

Have a goal in mind

Having a clear vision for your business is important. Many believe that having a clear goal in mind can help you plan better strategies to achieve it.  It also ensures that you do not give up easily when faced with difficult times. So, set down a 3 year and 5 year plan for your business and a path to achieve it. Things may not always go according to your plan but knowing where you want to reach will motivate you to try harder and modify your strategy basis the circumstances.

Have a strong team

Having a strong team whose vision is in line with yours can be a real asset to business. Firstly, the increased work force can tap more clients, thereby growing the business faster. Secondly, your clients can connect with your team in case you are busy with some other commitments. In short, having a team reduces your workload and helps you focus on providing superior service to your clients.

Engage in effective communication

Effective communication involves staying in touch with your clients regularly to understand their changing needs. Regular interaction will help you identify any major life events such as change in job, job loss or birth of a child. Consequently, you can decide if they need to rebalance their investments due to those changes.

Have a succession plan in place

Life is unpredictable. Having a succession plan will ensure that your clients, family and team are not left in a lurch in case of an unfortunate mishap. Remember you have built the business with a lot of love and efforts. You would not want it to be in shambles after your demise.

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1 Comment
S U PAPDIWAL · 3 months ago
How an IFA make succession planning if he don't want to convert into Pvt Ltd/LLP.Is there any other way .IF he joins any national distributor is it possible will his successor get trail ?
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