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“Five Hurdles Successful Reps Need to Clear"
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As a rookie, or a seasoned pro needing a fresh start, you confront a host of challenges, not the least of which are your own personal stumbling blocks. Here's a list of the five most common personal pitfalls reps encounter—and the best strategies for overcoming them.
Do you ever suspect that you might be your own worst enemy? You're not alone. The most common obstacles to success are often self-induced, intangible, and hard to uncover. Some of us become too close to a situation to judge our behavior objectively; others tend to be overly critical of ourselves. Whatever the circumstances, if we aren't careful, success can develop into a mountain we just can't seem to climb.
If you're on the road to building or rebuilding your business, consider these common rookie challenges—and the strategies that will help you overcome them.
- You think you're too young. Many advisors with no prior business experience fear that age will be an impediment to landing accounts with older, wiser prospects. If you're a rookie, you might feel that your 23-year-old face is like a neon sign flashing "inexperienced!" for the world to see. You might fear that your youth will prevent people from trusting you or believing what you have to say, resulting in lost opportunity. And if you're winging it or unprepared, your fear might very well be valid.
Solution: Take heart: Alexander the Great was well on his way conquering the world when he was in his 20s. And as a recent graduate, you're more likely to be on top of the newest ideas, technology, and insights. Focus on showcasing your professionalism, preparation, product and service knowledge, and communication skills. Stress the strengths of your firm and those of your colleagues and partners. If you commit to becoming the best that you can be, you'll ensure that you present not only a professional image, but also a memorable and impressive one. And ultimately, your age can become an asset; you'll notice your clients remarking, "He is so sharp, particularly for such a young guy."
- Fear of failure. This presents a daunting challenge for rookies. On top of your own personal goals and desires, you're dealing with your boss—who is probably monitoring your activities and productivity on a weekly basis—as well as the basic stress of earning a living. Fear of failure is a very real concern in a business where you're tackling a range of duties, but where your main responsibility is seeing people who have a need for investment products and services.
Solution: Never waste a moment. Make every minute count. Be organized. Listen to positive messages and tapes, and relax with uplifting entertainment. Stay physically active, balanced, and rested. Plan and measure your progress. Review and regroup when necessary. Stay away from the office whiner, and spend as much time as possible in the company of successful colleagues. If you are doing all of this, there will be no room for fear and worry—and the downward cycle these feelings perpetuate.
- Kicking back too soon. "Success fever" can strike suddenly if you've had an awesome month of business. The symptoms? You spend a lot more time out of the office and on the golf course—or at long lunches celebrating your prowess and early success. Then you have a month of zeros and can't figure out what went wrong.
Solution: Celebrate success by doubling whatever you did to contract the fever in the first place, setting new goals, and adding creative activities to expand your business.
- Lack of confidence. This malady strikes at everyone's heart. Barbara Streisand has candidly admitted to suffering stage fright, famous athletes often question their phenomenal success on national television—even presidents have expressed doubts about their ability to lead the nation. Knowing that you're not alone is comforting, but how do you climb out of that awful black hole?
Solution: First, make sure you that work diligently toward becoming a consummate professional, and that your lack of confidence doesn't stem from inadequacies that can be solved through knowledge and research. For those normal fears, keep a success journal. Every time you accomplish a goal, write it down. Keep a file of notes and cards you receive from satisfied clients and well-wishers. Never utter a self-deprecating comment. Program yourself to avoid those who are negative, and review your good qualities regularly.
- Inadequate work ethic. Beware this trap. You might have picked up some bad habits at school—or maybe you never had to perform according to the level of expectations you're laboring under now. This may not be your fault, but you still need to change your habits. If you are chronically late, sloppy, poorly dressed, or insensitive to corporate culture and values, your goose will be cooked before you begin.
Solution: Take a personal and professional inventory. Make sure you are well informed and competent by learning, participating, and engaging in research. Watch those who are experienced and respected, and emulate them. Avoid gossip and company bashing—leave that for the folks who are on the train to nowhere. Always give 100% effort, and take full responsibility for your actions. Keep the best interests of your clients uppermost in your mind. Avoid office romances and other shenanigans. Look sharp, speak well, and be a team player. Once you've cleared these hurdles, you'll be on your way to reaching your highest potential—and joining the ranks of the successful, happy, wealthy, and well-adjusted top-performing advisors.
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Author's note: An 20-year veteran of the securities industry, advisor coach Patti Branco is a securities industry consultant, and founder of Patti Branco Management Solutions. And can be reached at 903-451-9800.
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Since our inception we have helped over 400 financial consultants
make the move to independence.
"I cannot express to you the joy and the increase in quality of life that I have found since leaving the wirehouse world."
Shane Merritt, Branch Manager
Merritt Capital Management
Tired of Searching for the Right Independent Broker-Dealer?
Would you like to find your next Broker-Dealer the EASY way? Would you like access to an informed executive who can narrow your options, preserve the confidentiality of your search and save you time and hassle? With over 10 years experience placing reps with independent broker dealers, we are able to offer many unique opportunities and there is no cost to you. For example:
*Companies with deferred compensation or profit sharing
*Producer groups that provide marketing programs
*Independent Broker-dealers that offer Transition funding
*Independent Broker-dealers with 100 percent payout on VA and VUL
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*Firms with proprietary research in Mutual funds, asset allocation and stocks
*Firms offering Equity participation via options or common and preferred stock
*Broker-dealers that can accommodate compliance issues
*Firms specializing in stocks and bonds
*Independent Broker–dealers that are successful with large producer groups
*A firm with 11 years experience in hedge funds that will create your own fund of funds
*Firms who are friendly to custodying assets at Schwab, Fidelity, TD Waterhouse & Fiserv
*Firms with lower ticket charges and monthly fees
*Firms with Syndicate offerings, IPOs, and market making
**For a FREE "Guide to Moving Your Book", please visit: www.goingindependent.net.
This Month's Registered Representative Opportunity:
Since 1986, this Broker-dealer has been committed to giving independent financial advisors the leverage they need for achieving success. Today, it is one of the most progressive broker-dealer firms in the country with more than 1,000 independent professionals around the U.S. and over 250 support staff in its Southeast headquarters.
This B/D provides independent financial advisors support and flexibility to assist them in finding their customers the right investments for more of the life they want to live. Because their executive team and board of directors were all once and currently are full-service reps, they understand the business and the fact that their customers are you, the reps. Regardless of your specific model, whether you are a transactional equity rep, a planner, a fee-based rep, insurance rep or traditional broker, they have the people and infrastructure in place to help you succeed. They believe they have the tools to help you elevate your business and reach your professional and personal goals. If you want a career move that will take you to new heights, thisB/D may be the right place to be.
At this Broker-dealer, the entrepreneurial spirit is on. The intense corporate pressure is off. With no incentives to sell proprietary products, you have the flexibility to advise your clients what you believe is in their best interest. If you want it, they have a support team that will scour the industry for you looking for new products and services, to keep you and your clients one step ahead in this fast-changing market.
Their approach gives you freedom to do what you do best. They have built a platform that can transform any existing platform, whether you are currently working as a lender, an insurance agent, or a registered rep. You have access to the same resources of any traditional Wall Street firm, as well as multiple clearing arrangements always at your fingertips. With that comes the flexibility to manage business and clients your way, and a payout rate that truly recognizes your talents and abilities.
Technology - Their technology department is diligent when it comes to making your tools easy to implement, easy to understand, and easy to use. They have an innovative infrastructure to keep your practice operating at its peak efficiency. And most importantly, their home-office experts are here to help you with your transition and provide ongoing support anytime you need them.
Payouts - They recognize your talents and expertise, and feel strongly that you should be highly rewarded. At this B/D, independent financial advisors typically enjoy 70-90% payouts, one of the most rewarding plans in the industry. However, payouts are flexible and often depend on the financial advisors performance and volume. A recruitment consultant works closely with you to determine a beneficial arrangement based on your individual business model.
Volume benefits and discounts - When you join this B/D, you will immediately benefit from the full-scale of benefits associated with a large organization. You gain the best of both worlds: independence with total access to a multitude of volume advantages. Because they function as a collective group with more than 1,000 advisors nationwide, they are able to contain costs and help you keep fixed expenses as low as possible. If you know someone who might be interested in the above opportunity or who might be ready to go Independent, please have them contact Jason Burke directly at 727-725-8876. | | |
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