Nine Expert Tips for Becoming a Successful Financial Adviser

Growing at a rate much faster than the average rate for all other occupations, the job outlook for personal financial advisers entering the field is a bright one, according to the U.S. Bureau of Labor Statistics. And while no industry seems immune from technological and cultural changes, many of the factors that made someone a successful financial adviser years ago are likely to make someone successful now. It’s all about understanding your clients and offering a service they can’t get from anyone else.

Having each been in the financial industry for some time now, the advisers and financial experts of Kiplinger Advisor Collective know what it takes to build successful businesses in the advising space. Below, they offer their top tips for anyone new to the industry on what they can do to set themselves apart and launch a profitable business from the ground up.

Improve your empathetic listening skills
“Build skills that help you understand the client's perspective, acknowledge their emotions and improve your ability to respond with compassion and support. It is my belief that the better you understand the client, the better adviser you can be.” — Nicholas Pope, Washington Avenue Advisors

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Prioritize building a niche
“Developing expertise in a specific area of financial advising — whether it's retirement planning, high-net-worth strategies or tax-efficient investing — sets you apart and attracts clients looking for specialized knowledge. This focus not only helps you provide deeper insights and solutions, but it also establishes your reputation as a go-to adviser in that field.” — Greg Welborn, First Financial Consulting

Understand your own definition of success
“Consider how you would identify and define a successful adviser. One might use many variables to define success. Whether it is assets under management, how many plans you have created and implemented, how many clients have felt that your services were valuable or something else, understanding what you consider a definition for success will be more apt to lead you in that direction.” — Deborah W. Ellis, Ellis Wealth Planning

Go where you can grow
“Go where you can grow … your skills! Anytime I speak with a prospective adviser, I suggest they go wherever the learning curve is steepest to dial in their technical planning skills. Too many advisory businesses prioritize sales and asset gathering but do little in the way of actual planning. If you're playing the long game, becoming a quality planner behooves you.” — Dennis McNamara, wHealth Advisors

Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives. Learn more >

Make client success your main goal
“Financial advising is a service business. This means you should only succeed and make money if the client makes money. Occasionally, there may be some instances where this is not your fault. But in general, you should succeed because the client succeeds. If this is not your goal or what you are seeing, you should leave this industry ASAP.” — Zain Jaffer, Zain Ventures

Pave your own path
“Accelerating rates of change have driven the industry forward from mainly financial product sales to many new evolving business models — from a niche market focus like doctors-only to investment specialties, advanced holistic financial planning and many others. You have a unique opportunity, so take time, think strategically and build a mindset to create your own path as the adviser you want to be.” — Bill Hortz, Institute for Innovation Development

Become someone clients can trust
“Focus on being a trusted adviser. Be trustworthy and genuine, and build true relationships. Always have your client's best interests at heart. Finances can be deeply personal, and you need to be genuine and listen to the client’s concerns. Success comes from putting clients first and putting yourself in their shoes.” — Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management

Prioritize networking and relationship-building
“Networking is essential for building relationships, gaining referrals and expanding your client base. Connecting with other professionals and clients not only opens doors, but it also helps you stay updated on industry trends and best practices. A strong network provides valuable support and insights that can accelerate your growth and success as a financial adviser.” — Dr. Clemen Chiang, Spiking

Remember to be patient
“Building a practice takes time. Rushing it can set you back further if you onboard bad clients or spin your wheels with ‘cheat codes.’ There is no substitute for learning, becoming well-known in the community and focusing on your niche or special skill set. Your clients will notice, and they are why you are in the business in the first place.” — Stephen Kates, Annuity.org

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