How to Make Confidence and Risk Taking
Developing a top advisor mindset is a distinct strategy that can be implemented to elevate your practice. In fact, it is probably the most important principle to tackle. Without the right attitude, none of the other success principles can exists. Your mindset drives everything else in your business; it forms the foundation from which highly successful careers are built. There is nothing easy about attaining the right frame of mind, but the top advisors will tell you that the rewards far exceed the work required.
Confidence is a quality that is often developed over time. The majority of our top advisor started their businesses at a young age, and while they had high goals for themselves, they didn’t have the experience required to portray a high level of confidence. However, they all recognized that to acquire the most affluent clients, a sense of confidence was critical.
How to become More Confident
Developing a high level of confidence in yourself and your business strategies can be accelerated when you become comfortable with your investment process and you begin to see positive results. At the same time, you also need to develop a comfort level with the uncertainty that inherently exsits in this business. The right process will produce good results over time, but short-term volatility will always exists and must be put in proper perspective. Your process of investing is more important than the specific investments you choose.
Development an investment process that works will give you the confidence you need to convey your strategy. Then, when clients follow your well-thought-out process, you know that over the long term they can reach reasonable objectives.
How to Become a Confident Leader
Leadership skills are one of the hallmarks of a highly successful financial advisor. The mindset qualities of leadership and confidence. Confidence comes from preparation, experience, and a commitment to professional development. Leadership is transferring that confidence into action. Because investment have an uncertain outcome, clients need to be “led” to take action.
When the stakes are high and the outcome is uncertain, being a leader is required. The top advisors are strong leaders to both their clients and team members. They tell their clients how to invest their assets and never hesitate about how that should be done. When they make investment recommendations to their clients, they expect the client to follow their recommendations, our top advisors often divest themselves of that clients.
One of the important qualities of successful people in this business is that they have the drive to complete necessary but difficult activities. It’s not easier for successful people to do difficult tasks, but they have the ability to make themselves do whatever is necessary to get the job done. For example, in financial services, rejection often occurs because many affluent prospects already have an existing relationship with another financial institution and/or another advisor.
To convert a prospect to a client you must disrupt an existing relationship. Affluent prospects can be reluctant to change advisors because of the importance of their investments and the uncertain outcome. It takes time to gain the confidence of a new prospect, so be prepared to face rejection numerous times before the prospect becomes a client.
They kept raising the stakes by working with more and more affluent individuals, and as the sophistication of their comfort zone. Some of their more risky strategies that have paid off include:
Cold Calling: Anne was a financial planning specialist before she was a financial advisor. She never made a marketing contact prior to becoming a financial advisor, but that didn’t stop her from calling high-powered CEOs from day one. Rob moved to America from his native country of India after college and stated to work with a major investment firm.
He become a master cold caller and established a million-dollar practice by his sixth year in the business. Despite their multimillion-dollar practices, both Anne and Rob still make cold calls every week to wealthy individuals in their target markets. Mike, too, started his financial career right out of business school and started making cold calls to some of the wealthiest individuals in his market.
Creating a Niche: David worked in a rural state where finding affluent individuals was a challenge. Early in his career he developed a strategy of contacting institutions and competing for their retirement plans. He did not let his lack of experience keep him from competing for institutional clients; he simply worked hard at becoming a consulting services expert so that he could compete in this more sophisticated market.
Having a New Market Focus: Dana moved her practice to another part of the country and developed a new marketing strategy focusing on nonprofit organizations. Within six years she had doubled her assets, bringing in hundreds of millions of dollars.
This Article is taken from The Million-Dollar Financial Advice
Written by Arshad. A