How to be a Million Dollar Financial Advisor – 3 Personality Traits for Financial Success
"Success is a state of mind. If you want success, start thinking of yourself as a success." Dr. Joyce Brothers
The definition of success varies with each of us. What does success mean to you? Is it a 100 million AUM practice with million dollar revenue? Is it a happy home life? Is it friends and family? Is it happy clients? Is it having the money to take time off to travel the world?
I've been coaching financial advisors since 2004 and I've learned that successful advisors have specific success traits that take them to the top of their profession. Knowing these traits and putting them into practice is the secret to your success. This article focuses on three personality traits that will help you create a million dollar practice.
The Ability to Handle Fear
There is plenty of information to help you be successful. It's not the information that will lead to success it's the successful implementation of that information. But sometimes fear holds us back from doing the difficult things. Public speaking is one of those difficult things.
John came to me two years ago gung ho and ready to take on the world. He said he was willing to do what it takes to reach his goals. The one thing I could not get him to do initially was to take control of his fear of public speaking. It took time, but we were able to overcome this fear by facing it and working past it. Today John uses public speaking regularly in his marketing plan. His is perceived as an industry expert, has his own radio show, is interviewed by the media consistently, and gives seminars to his ideal clients. His close ratio is 90% and he has achieved the success he was seeking. He learned to face his fear, work on it, and overcome it. What are your fears?
A Willingness to Invest - In Themselves
An advisor who is unwilling to continually invest in himself is an advisor who will not grow. When you don't grow you fail to attract new business. Having an inquisitive nature and desire to be the best in your industry will give you the momentum that will carry you to the top.
Most top advisors you read about have a business coach they have worked with for years. Some may not tell you this because they consider their coach to be their secret weapon. This is why I don't receive as many referrals as I would like. Financially successful advisors think that if they tell their advisor friends they have a coach, they will lose their competitive advantage.
Steve is a Registered Investment Advisor who the principal of his own firm with $300 million AUM. He has coached with me for years. He uses our time to work on his practice weekly. I am his business partner and confidant who looks out for his best interests and pushes him to do more than he would do on his own. I help him to see things he can't see. It's the old "Can't see the forest for the trees" scenario. What are you missing in your forest?
Persistence and a Never Give Up Attitude
Success doesn't come easily or quickly. Any advisor looking for a quick fix or magic marketing tactic that will bring him a million dollar practice without much work is not living in reality. Building a successful practice takes time and persistence. I love the Thomas Edison quote "Opportunity is missed by most people because it is dressed in overalls and looks like work."
You have to be willing to do the work that gets you out of your comfort zone and into the limelight. Creating a great Marketing Plan with 5-7 tactics and then working the plan for a minimum of six to twelve months is a winning strategy. Work and persistence pays off.
Take a good look at yourself and find where you need to invest. Imagine the sense of accomplishment you will feel when you do something difficult and find success. There's no better feeling to know you have what you want because you did something others are not willing to do. Feel the fear and do it anyway! And keep on trying.
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Suzanne Muusers is an ICF-Member Business Coach who has worked with hundreds of successful independent financial advisors, investment executives, and finance career professionals since 2004. She helps clients develop their Value Proposition, Ideal Client Profile, and Branding Strategy so that their marketing message appeals to affluent clients.
Suzanne has created exercises and programs that help her clients get straight to the point and avoid mistakes other advisors tend to make. Her clients save time getting to the next level due to her extensive knowledge and experience in the business growth field.