Articles About Financial Advisor Personal/Career Development

When it comes to focusing on a niche for financial advisors, business owner clients can be an appealing target as they can have complex financial planning problems ranging from cash flow management to tax planning to acquisition strategies. However, while business owners can be compelling clients, they can also be difficult to find and prospect in the first place. One component that feeds this dynamic is that business owners have many people vying for their attention; another is that business owners have limited time and resources. So, the dilemma for advisors looking to find business owners and convince them to become clients often comes down to finding business owners who can benefit from (and want) financial planning services and demonstrating expertise in a way that can build trust.

An effective strategy for attracting business-owner clients is to engage with a CEO Peer Group. These support groups, typically comprising 10–12 business owners, generally meet monthly and allow members to discuss issues, brainstorm solutions, and share resources. Most importantly, CEO Peer Groups provide space for business owners to work 'on' their businesses – rather than 'in' their businesses – with highly trusted peers.

Advisors have a few options for getting involved in a CEO Peer Group. One is to become a Strategic Partner (SP) and create a new group, serving as both sponsor and host. This option allows advisors to establish themselves as experts and resources for other Peer Group members, where they can also better understand what business owners want and need from the complex situations they discuss with their Peer Group. Additionally, when the advisor shows up and facilitates fruitful discussions every month, providing relevant resources as the group's SP, business owners begin to see the real value the advisor can offer. Group members get to know and trust the advisor in a non-sales environment, making them more likely to become prospects (and then clients) of the advisor.

Instead of engaging with a CEO Peer Group by serving as a Strategic Partner (which can be relatively time intensive), a second way for advisors who are firm owners to engage with peer groups is to become members themselves. This lets them reap the benefits of having both the support and guidance of a Peer Group and access to a level of prospective outreach through networking within the group as a group member. A third way for advisors to engage with a CEO Peer Group is to partner with a peer group moderator to serve as a Center of Influence for the group, allowing the advisor to connect their own network of resources with group members to help solve their various problems, or even providing members with resources through their own planning services to answer questions on issues such as taxes, insurance, and scaling.

Ultimately, the key point is that for advisors who work with (or would like to work with!) business owners, CEO Peer Groups can provide an organic way to connect with, market to, and ultimately onboard new clients. Whether serving as a Strategic Partner, a group member, or a Center of Influence, CEO Peer Groups can provide advisors with a valuable opportunity to learn from like-minded business owners to help them expand their own network of trusted peers!

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One of the main goals of financial advisors who market themselves is to build a foundation of trust with their prospective clients so that they feel comfortable in discussing often-sensitive financial topics and ultimately acting on the advisor's recommendations. The challenge, though, is that advisors usually have only a short amount of time to build this trust, and while advisors can use different channels (e.g., their websites, newsletters, and social media) to demonstrate their expertise, these channels often don't give advisors enough time or space to convey what makes them ultimately worth hiring. This is because telling the full story of an advisor's background, philosophy, and expertise could easily fill up a book; in fact, many advisors have written books to share their knowledge and experience, which can establish them as trustworthy and desirable professionals for prospects to seek out.

In this guest post, Michael Levin, a New York Times bestselling author and ghostwriter, writes about how financial advisors can make a more effective impression on prospective clients by writing, publishing, and distributing a book that establishes their authority, confidence, and, above all, trust.

When writing a book, the first goal is to make the reader feel like the author understands them, which draws them in and makes them want to know more about the author. Establishing that the author understands the reader's problems (e.g., through examples of how the author has solved those problems for others) early on in the book creates a connection with the reader. And because of this rapport, the reader will want to listen to the advisor's story. Put differently, since people care (and want to read) about their own problems, then by extension, they care about the people who understand and can solve those problems, too.

After creating the initial connection, the next goal for the author is to establish expertise in a captivating way. One way to do this is to create value on every page by giving readers clear and authoritative information that they can actually use. Some advisors may be wary of giving away too much information and providing the tools that readers could use to do everything themselves (rather than hiring the advisor). However, in reality, there's almost always more that could be said when a current or prospective client is in the room with the advisor. So, while advisors may want to avoid providing so much information as to be overwhelming to nonexpert readers, being otherwise as generous as possible (for instance, by outlining a detailed process to solve a specific problem) can develop a sense of gratitude in the reader, while giving them a glimpse of what could await them if they became a client.

Finally, as with many other forms of marketing, ending the book with a call to action makes it clear to the reader what they can do next. A brief, clear description of the types of clients the advisor works with, the services provided, and what to expect after the client's initial outreach helps the reader understand whether they might be a good fit as a client and how they can become one (which, if they've made it to the end of the book, they hopefully want to!).

The key point is that while an advisor's book can showcase the advisor's expertise and empathy, the story's real hero is the reader, not the advisor. By keeping the reader and their challenges front and center, the author demonstrates relevant expertise and encourages the reader to trust them with their problems. And when the reader can see themselves reflected in the pages of the book, they'll want to know more about how that advisor can be a part of their journey!

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From the sudden changes to everyday life brought on by the pandemic to navigating the new world of hybrid or remote work, employees have endured a challenging few years. At the same time, this shock to the system has led many individuals to reflect on where they are in their careers today and where they want to go in the future. But thinking about career goals is not necessarily enough; instead, employees need to take ownership of their careers to achieve the career goals they seek.

In this guest post, Stacey McKinnon, Chief Operating Officer (COO) of Morton Wealth, discusses her career path and the steps employees can take to build their own desired careers.

The first step to career advancement is to understand your current mindset. For instance, an individual with a sense of curiosity or open-mindedness will likely be better prepared to take ownership of their circumstances than one who is merely trying to protect their current position. In addition to understanding mindset, it is vital to understand your personal ‘why’ or purpose. Defining your personal ‘why’ helps give meaning to your work, serves as a North Star that offers direction when making big decisions, and provides motivation to keep pursuing your goals during tough times.

The next step is to discuss career intentions with personal stakeholders, including friends and family. For example, if your spouse knows your ‘why’ and understands what you are trying to achieve in your career – and how that will impact your family life – they are more likely to accept when you have to stay late at work or spend extra hours studying for a designation. But when personal stakeholders in your life do not understand what you are trying to achieve, it can become much harder to grow a career because of the increased likelihood of conflict and disagreements.

Building a professional community is another important step in advancing your desired career path. Such a community could include a sponsor (a leader who has direct influence over your career and will give you advice that leads to advancement), a mentor (a person who has been where you want to go and will be a safe space for you to seek guidance), and a confidant (someone unrelated to your company that will be there to help you work through issues and solve problems). These people will make up your team of coaches and provide you with specific advice that will lead to better decision-making around your career.

Also, because companies typically look for people who will go above and beyond to improve the company, seeking ways to add value can help you advance within the firm. This could include creating a proposal to enhance the firm’s growth, resiliency, profitability, or client experience and sharing ideas with your direct manager before moving it up the leadership chain to understand better how upper management might respond to the idea. You can also be proactive about gaining expertise by pursuing relevant designations or training in soft skills like leadership.

Ultimately, the key point is that successful careers rarely just ‘happen’ to individuals; instead, the most meaningful careers typically result when people take the initiative regarding their professional development. From finding ways to add value to your firm to building your expertise and network, there are many ways to claim ownership of your career and move toward your goals in the coming year!

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