Advisors who focus on what they enjoy and do well are more likely to stay consistent and refine their skills over time.VioletaStoimenova/iStockPhoto / Getty Images
Breaking into the financial advisory business can feel like a trial by fire.
The first few years are fraught with challenges that test one’s confidence, expertise and perseverance. But advisors who learn to manage rejection, build on their strengths, focus on holistic financial planning and commit to continuous learning will lay the foundation for lasting success.
Here are seven lessons for new advisors:
1. Early setbacks are learning opportunities
When starting out, every advisor will face moments when optimism fades after clients cancel or fail to show, or when that new business lead doesn’t pan out. One of the greatest early challenges is staying motivated despite rejection and slow progress.
Working toward milestones is a great way to stay on track and build resilience. Whether it’s the number of client meetings, referrals or completed financial plans, recording these metrics can prevent feelings of stagnation and demonstrate how consistent effort compounds over time.
Equally, advisors need to maintain perspective on how they’re helping clients meet their goals. Because people tend to weigh negative feedback more heavily than positive feedback, advisors should establish a system for collecting encouraging interactions.
Keeping a folder of thank you e-mails, kind notes and positive feedback and reflecting on them when times get tough can help break out of negative thinking cycles.
Above all, advisors must trust the process and believe their diligence will pay off. Successful advisors view setbacks as opportunities to learn, grow and serve their clients better.
2. Play to your strengths
An advisor’s business strategy should reflect their unique strengths and preferences. Advisors who enjoy educating others might consider hosting public seminars or workshops. Speaking in front of a group demonstrates knowledge and establishes credibility, which can be especially valuable early in a career.
Others may find success through networking events, referrals, cold-calling or building a personal online brand. What matters most is choosing an approach that feels natural and leverages personal strengths.
Advisors who focus on what they enjoy and do well are more likely to stay consistent and refine their skills over time. In this profession, sustained effort always outperforms short-term enthusiasm for strategies that don’t fit one’s abilities and personality.
3. Trust your knowledge
With the abundance of financial information available today, it’s hard for clients to know what’s accurate and relevant for their situation. Early-career advisors with formal training and accreditation should be confident about their understanding of financial advice and their ability to apply it.
Honesty also strengthens relationships. Every advisor will face questions they can’t answer immediately. The key is to be transparent and inquisitive, and to know when to consult trusted specialists.
4. Focus on financial planning over products
A common mistake new advisors make is focusing too much on investments and products instead of holistic financial planning.
While returns are important, clients care more about their goals, family and sense of security.
It’s crucial to remember that advisors are in the profession of helping people achieve their financial goals and navigate life’s challenges, not simply selling financial products.
5. Develop communication skills
The ability to communicate clearly and with empathy is one of the most powerful skills an advisor can cultivate, and it’s essential to establishing trust.
When discussing sensitive topics such as estate planning, skilled communicators go beyond the technical checklist. They explore what legacy means to their clients, including the values they hope to pass on, the memories they want to preserve and the impact they wish to have on future generations.
These deeper conversations help clients connect their finances to their values and can reveal priorities they may not have fully articulated before.
6. Fill knowledge gaps with accreditation
Professional accreditation, such as the certified financial planner designation, provides a strong technical foundation. The goal for pursuing accreditation should be to fill knowledge gaps and develop well-rounded expertise.
As clients increasingly seek comprehensive support across areas such as estate and intergenerational wealth planning, broadening one’s skills is essential to stand out from the competition.
7. Seek mentorship
Mentorship is one of the best ways for advisors to accelerate the early stages of their careers. New advisors should identify the areas in which they want to improve, whether technical expertise, communication skills or leadership abilities, and seek mentors who exemplify those qualities, both inside and outside their organization.
Advisors can also benefit from joining professional associations, such as the Financial Planning Association of Canada, to meet other advisors. Connecting with peers who share similar challenges helps maintain perspective through the profession’s inevitable ups and downs.
These networks can offer valuable insight into how others have navigated setbacks and encourage new advisors to stay the course.
Evan Riddell is a wealth and investment advisor with Riddell Wealth Management at Richardson Wealth Ltd. in Victoria.