Quora Answer: What is Your Best Advice for a Junior Financial Planner?

The following is my answer to a Quora question: “What is your best advice to a junior financial planner?”

Here are a few things I picked up in all those years.

Firstly, always dress well.  A good impression is very important.  Look professional, and people assume you are competent.  Having all the competency in the world, but dressing like you are going to run away with their money will not get you business.

Secondly, always do your homework.  Know your client, and know your product.  Know your market, and be abreast of developments.  Never waste a single meeting.  If you do this, it is possible to close when you meet.

Thirdly, in an industry where there are thousands who are doing exactly what you do, stand out by offering superior service.  Treat every client, no matter how big or how small their portfolio, the same, and service them.  This includes follow ups, this includes regular updates, this includes communication.  This is even more so when the market is bad, and people are running for cover.

Fourthly, get rid of toxic clients.  These are people who do not respect your work or your time.  These include people who are greedy, because greedy clients will never be satisfied.  These include people who are stupid, because stupid people say things that get you in trouble with compliance and regulators even when it has nothing to do with you.

Fifthly, focus on your warm list, and work at expanding that warm list.  You can do this by getting involved in the community, in events, or in clubs.  The intent is to demonstrate your credibility as a person, not to hard sell.  People who like you enough will eventually trust your professional opinion when it comes to their finances.

When I first began, I worked every single day for three years, including weekends and public holidays.  I made five appointments a day, if I could.  But once that client list is built up, you can ease off and focus on servicing them.