Having what it takes to make a business thrive takes passion and know-how.

So here we are! We rent an attractive office space, we employ one or two administrative staff, we have a few clientele and we are optimistic thinking that with just a little luck, our practice will flourish. But after a while, the phone stops ringing, we obtain no new prospects and the hope of building a successful practice becomes a fleeting elusion. Panic sets in and we wonder if we truly have what it takes. For the most part, the culprit lies within our internal structure such as inadequate planning and faulty sales techniques. The truth is, we cannot just sit back and expect success without actually charting some sort of strategic course to reach the objective of a lucrative business venture. Having a vision is one thing, but having a determination along with your vision to ensure success is purely another. Some of us have this inner desire to meet people and coupled with financial planning expertise, we mistakenly arrive at the conclusion that we will automatically lead a thriving business. The enjoyment of meeting people is in fact a prerequisite to steering individuals in the right financial path; however, the onslaught of rejection by prospects can sometimes be too daunting for some to bear, especially when one has not mastered the art of listening and asking appropriate questions and being able to work your way around objections posed by the prospect. More importantly, you need to know what value your service is providing your customers.

Building Your Client Base

Start by assessing your market: Make an effort to find out about what are the key characteristics of your territory. Think about it, before you decide to move from your place of residence to another, common sense dictates that you should do a little research to find out about the area in which you are desirous of living. You would want to investigate whether or not a mall is close by, the accessibility of transportation and if you have kids, a major factor would be if they are any schools in that location as well as the types of schools that exist there. Likewise, if you are going to sell your service, you need to know who you are selling to and the characteristics of your territory. Questions to ask are: What types of customers are best suited to your service offering? What are the demographics? You should also be aware of who your competitors are and ensure that you know their service offering. Once you know that, you will be able to distinguish your practice from the competition. Find certain features and benefits of your service that differs from that of the competition. The aim of this exercise is to determine the amount of potential business that is out there for you. If you are not inclined to do your homework and invest your time to do research, you may not have what it takes to build a successful practice.

Knowing a few persons to market your service to is not enough:

From the start, you must make a decision to expand your vision. You need to determine how effective you have been in prospecting in the past. What about training? Do you have the necessary knowledge, skills and ability to get the attention of your prospect? What will be your source of business leads; referrals, social media marketing campaigns, email marketing or networking? Building a successful practice also involves investing money in skill-upgrade. Do you have what it takes to be conscientiously and consistently seeking out ways in which to increase your knowledge, skill ability to market your practice?

Set aside Time for Prospecting:

Create your own calendar and commit towards a scheduled time each week for prospecting. Remember, you are charting a course to success. This means that you will not just set a time for cold-calling, but also follow through on calls as well as return emails. These minor elements are critical to becoming a winner. Your prospects expect your dedication and attention to details such as simple timely responses to emails or repeat calls. By setting aside dedicated time to prospecting, you can be completely focused on your clients.

Build Relationships:

Before embarking upon a career in the financial services industry, you must come to the realization that you have to conduct your business transactions in a sincere and trustworthy manner and not by trickery. The RFC knows very well, that the Code of Conduct that he ascribes to, should not be taken likely. Customers want to buy from someone who they can trust. They want to buy from a friend. The advisor will have to learn how to build relationships that are based on comradeship. Don’t treat each business transaction as a sale; make it become part of your job to educate your clientele on how to manage their money using simple terms that your customer can understand.

Be Prepared for Rejection:

In all walks of life and in all nationalities, one thing is certain; some people will like you, and some people will not like you, some will even hate you, it’s all apart of life. Such is the case in the business of financial planning, not everyone will be willing to purchase your service, they will reject you. It’s an occupational hazard, it comes with the territory. You plan a daily schedule to cold call and sometimes you make 200 calls, and only 1 person responds. Actually, sometimes no one responds positively. In fact, you stand the chance of being the brunt of someone’s verbal abuse. Do you have what it takes to withstand the frustrations? The financial planning profession should not be viewed as a get rich quick business, but if you have the patience and resilience, it can easily lead to a source of unlimited income potential. Not everyone has what it takes to succeed in the financial planning service, it takes a certain type of individual to consistently obtain and retain customers. It takes individuals who can perform the necessary research and create a comprehensive marketing plan and follow through even when they experience negative responses from all angles. Are you willing to devote specific times to follow up on call, and emails during extremely busy periods? Are you prepared to be first and foremost a friend to your client? Wouldn’t you rather be more comfortable sitting in a quiet office crunching numbers all day instead of moving out of your comfort zone to obtain prospects? Becoming an advisor is similar to becoming a professional in any field. Success is dependent on an investment of time, talent as well as a hearty dose of tenacity and a sense of purpose.

Are you sure you have what it takes? If Yes, give your career a new path with our Business Programs.