Six traits of successful advisors

While there is no quick way to achieve success in a financial advisory practice, here are six traits shared by most successful advisors:

1. They have a good visualization of their practice
Successful advisors have a clear idea of the way their practice should look, Andrews says.

Their vision is detailed in a business plan, which outlines the strategies and tactics that would get them to where they want to be.

“They must be able to communicate their vision as well as their plan to their team,” Andrews says. This communication ensure that everyone is on the same page in striving to attain the goals of the practice and in serving their clients.

2. They don’t sell; they counsel
“When building client relationships,” Andrews says, “successful advisors take into account their clients’ best interests.” They avoid attempting to persuade clients to accept the advisor’s views.

Andrews recommends taking a “big picture” approach when making client decisions — one that embodies a holistic view of each client’s situation.

3. They keep it simple
Successful advisors construct the most efficient and effective portfolios for their clients, says Andrews, taking into account their unique objectives.

“They are willing to add or remove specific investments from a portfolio,” he says, “based on the experience of the client.”

In addition, he says, they favour simplicity over complexity in portfolio construction, and strive to ensure that clients understand the basis of their decisions.

4. They manage time wisely
“Successful advisors recognize that time is limited and make an effort to control its use,” Andrews says.

They also understand the art of delegation and let other team members take care of administrative tasks so that they can concentrate on developing and maintaining client relationships. Mot successful advisors have an assistant who eases their time burden, making them more efficient and productive.

5. They take care of themselves
“Successful advisors are always at the top of their game,” Andrews says. They are active mentally and physically. In order to maintain their mental and physical strength, top advisors they eat well, get adequate sleep and keep physically fit.

“They take care of themselves,” he says.

These personal attributes complement advisors’ professional qualifications, their skills, their experience and their ability to stay on top of industry and market developments that have an affect on their clients.

6. They give back
Successful advisors are active members of the communities in which they work, Andrews says. They are conscious that their business is doing well and willingly make a visible contribution.

“They just don’t write a cheque,” Andrews says. They are actively involved in charitable and community events and act as mentors to young individuals who wish to pursue a career in the financial advisory business.

“Be genuine in what you do,” Andrews says. Pursue community activities that truly interest you.