How To Become A Successful Financial Advisor (In 2024)

Is it possible to attain prosperity as a financial advisor in 2024? Certainly, the answer is affirmative. 

But prepare to be intrigued, for our methodology for attaining success as a financial advisor this year deviates considerably from the conventional methods employed by many of your peers. Yet, it works, as evidenced by the growing number of financial advisors who have established million-dollar enterprises through astute practice management.

So, are you ready to step out of the box and join the winning team?

Join us on a journey of discovery, as we uncover the fundamental tenets that govern prosperous financial advisors.

Before we get started, it is imperative to note the following:

Good news: The Bureau of Labor Statistics reports a higher-than-average growth rate of 15% for financial advisors, indicating a favorable market outlook making it an opportune time to seize the moment. However…

Bad news: This favorable trend has not gone unnoticed, and consequently, the competition has become increasingly fierce leading to a staggering churn rate for financial advisors - with statistics showing that an overwhelming 80-90% are bound to fail and shut down their business within the initial three years of operation.

So, here's the deal: 

If you're an insurance or financial services pro it is imperative to embrace cutting-edge methodologies to remain relevant and excel. Among these, the Taylor Method stands out as a transformative sales technique that revolutionizes conventional financial services and product selling practices. With this approach, you'll be able to unleash your full potential and soar to the top of your field. Trust us, it is unequivocally the system of choice for those who aspire to be victors in this dynamic field.

Back to the matter at hand…

3 Steps To Build A Successful Financial Advising Career In 2024 And Beyond

Step 1:  Qualify For The Role

This one's a no-brainer, but if you don't get this right, you'll be stuck in the mud, spinning your wheels like a hamster on a wheel. And you don't want that, am I right? So pay attention and tick the following boxes:

• The right education. A degree in finance or a related field, such as economics or accounting.

• Obtain the necessary licenses and certifications. This would not only help you establish your credibility but would also help you differentiate yourself from other financial advisors. Therefore, consider pursuing a professional certification like Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Chartered Life Underwriter (CLU). Additionally, obtaining a certification can help you comply with regulatory requirements and demonstrate your commitment to ethical practices.

• Gain hands-on experience. While academic credentials are essential, hands-on experience is equally crucial. If you haven't already, consider starting your career as an intern or a junior financial advisor at a financial advisory firm to gain practical experience in the industry. Alternatively, consider shadowing an experienced financial advisor to learn the ropes and get a feel for what the job entails.

• Develop soft skills. Excellent communication, time-management, organizational, interpersonal, analytical, and problem-solving skills are essential soft skills financial advisors need to possess to build trust with clients and foster a thriving practice.

• Embrace technology. To optimize productivity and augment client engagement, one should contemplate the adoption of financial planning software, investment analysis tools, and customer relationship management (CRM) software, which can streamline workflow processes.

• Build a strong personal brand.  And we don't mean just slapping together a website and some social media profiles. No, no, no. You have to be intentional and strategic. That means pumping out high-quality content on industry-related topics, getting your name out there, and establishing yourself as THE go-to advisor.

But here's the thing: building a brand isn't just about online presence. It's about embodying the core values that make you an exceptional advisor - putting clients' needs first, communicating with complete transparency, and always acting in their best interest. Trust me, when you've earned that reputation, you'll have clients banging down on your door to work with you. 

• Stay Compliant. The financial industry is heavily regulated, and as an advisor, you must adhere to strict rules and regulations to protect your clients and business.

• Avoid self-sabotage. This can take many forms, from fear of rejection to imposter syndrome, and can manifest in behaviors such as procrastination, avoidance, and self-doubt. To avoid self-sabotage, it's essential to cultivate a growth mindset and adopt a positive attitude toward challenges and setbacks. This means reframing failure as an opportunity to learn and improve, rather than as a reflection of your self-worth or competence.

Step 2: Master Objection-Free Selling

You can have all the talent and good intentions in the world, but they don't mean much if you can't close a deal or attract new clients. That's just the truth.

While we are here, let's clear up a common misconception, shall we? 

Being a financial advisor does NOT mean you're just a salesman. We mean, sure, selling is a part of the job. But it's not the whole enchilada.

As an advisor, you're more like a trusted confidant. Someone who listens, understands, and helps clients achieve their financial goals. Your role is not just to push products or services onto people. You're to build relationships and provide real value.

So, stop thinking of financial advisors as just salespeople. They're so much more than that. And don't let anyone tell you otherwise.

What do we mean by “objection-free selling?”

The premise is that the traditional approach to selling, which involves pushing products or services onto prospects, is no longer effective in today's marketplace. Instead, successful financial advisors focus on building relationships, providing value, and addressing the unique needs and concerns of each client.

To achieve such a goal, an “objection-free” selling system minimizes and effectively addresses objections along the entire aspect of the sales cycle - the process by which you identify, qualify, and convert prospects into paying clients.

It typically includes these four key pillars. And the first is…

The Approach

"Prospecting strategies that aim to solve the biggest challenge most advisors face in this business - name flow!."

Why is this important?

Two main reasons:

Firstly, a steady steam of new clients is crucial for the growth and sustainability of your financial advising business. Without a consistent flow of prospects, your practice is likely to stagnate.

Secondly, prospecting is the bread and butter of the entire sales cycle. Effective prospecting can help you attract the right type of clients - those who align with your niche, philosophy, and expertise. 

And let's not forget: you're only as rich as your clients. So it's crucial to focus your prospecting efforts on those who have the potential to generate the most revenue for your business.

This then leads to the million-dollar question:

What are the most effective prospecting strategies for insurance and financial advisory professionals?

Here are a few tried-and-true strategies to consider:

• Referrals :This is a classic approach for a reason - happy clients are your best marketing tool. Encourage satisfied clients to refer their friends and family to you. 

• Prospecting-up: We tell our students to think of it as referrals on steroids. Here's how it works: prompt your clients to refer you to those in their circle that they look up to financially that might benefit from your service.  The result? You expand your outreach and cater to a richer audience, thus increasing your chance of writing bigger cases and growing your AUM business.

• Personal observation: Another powerful strategy that has helped our advisors close 6 figure deals. Here is the gist: contrary to the conventional wisdom that suggests the need for formal attire and office settings to secure leads and clinch lucrative six-figure deals, personal observation entails leveraging your perception, personalized engagement, and attention to detail. Examples of personal observation can be noticing what kind of car someone you just met is driving, what they might be wearing, or what neighborhood they live in. One Saturday morning, when I took my girls to the park, they became friends with another kid who lived in the neighborhood. I knew then that if they lived in that neighborhood, they could invest in and write a check for at least as much insurance as I had. Over time, that relationship resulted in a 6 figure commission, all because I noticed that they lived in my neighborhood. 

• Networking: Attending industry events, joining professional organizations, and connecting with other professionals in your field can help you build valuable relationships and generate new leads. At the end of the day, finance is all about people. And that means building strong relationships with your clients, colleagues, and industry peers.

• Cold calling: Yes, it can be intimidating. But cold calling can still be an effective way to generate leads. Just make sure you have a clear script and value proposition, and be prepared to handle objections.

The Fact Find

“A process that will guide you through fact-finding interviews, quelling objections before they arise.”  

In fact, this is the essence of the advisor-client relationship. 

And advisors who master the art of fact-finding can uncover their clients' deepest needs and concerns and tailor their recommendations accordingly leading to more personalized and effective service, resulting in long-term client loyalty and referrals.

So, what exactly is fact-finding?

Probably the best way to describe it is as a structured interview process that advisors use to gather information about a client's financial situation, goals, risk tolerance, and other relevant factors. The aim is to gain a comprehensive understanding of the client's financial needs and objectives so that the advisor can provide tailored recommendations that meet those needs.

It entails:

• Asking the right questions. Open-ended questions and follow-up questions.

• Active listening and empathizing with the client's concerns

• Building a rapport with the client and creating a safe and non-judgmental environment where they feel comfortable sharing their personal and financial details.

What it is not:

Assuming you know what the client wants or needs without taking the time to fully understand their unique circumstances. This can lead to recommendations that are not aligned with the client's objectives or risk profile, and ultimately result in a breakdown of trust in the advisor-client relationship.

We can help!

Our innovative process embodies a unique approach that facilitates an unparalleled level of engagement with your prospects. With this approach, your prospects will voice their concerns and express their needs proactively. This client-centric methodology fosters a deeper understanding of their needs, enabling you to offer customized solutions and reinforce your professional reputation as a provider of top-tier services.

The Opportunity

“This is the phase where you simply become a facilitator of solutions, not a salesperson.”

Here is the thing:

Forget trying to persuade or negotiate with your pet, a delicious treat is all it takes to get them to come running. And the same can be said for people - find out what motivates them and offer a way to fulfill their desires.

And that's what “the opportunity” is all about - a process that uncovers an opportunity for a sale when analyzing the facts from the previous step.

We can assure you, this is a critical "cheat code" in mastering the art of objection-free selling.

The key is to focus on the opportunity to provide value. Here is a perfect example:

Months ago, a client wanted to plan, but there wasn’t enough discretionary money. The fact find revealed they could save some money on their mortgage by refinancing, so the smart advisor referred them to a mortgage broker in their network. Two things happened afterward: The client was able to save more money which went back into the planning. And, this approach not only added value to the client but also helps establish trust and credibility, which are essential to long-term client relationships.

In this example, the advisor did what was best for the client, regardless of what they made. 

Achieve these and ultimately, sealing the deal is not a question of if, but rather when. 

And that brings us to the final pillar of objection-free selling: 

The Close

“Present solutions that get clients to act. This is often the easiest and most rewarding phase of this sales system when the previous phases have laid the groundwork to perfect planning.”

We know the last sentence in the quote above might leave you scratching your head. But hear us out:

If you've taken the time to build a relationship with your client, understand their needs and concerns, and present solutions that align with their goals, then the close should feel natural and effortless.

When it comes time to close the deal, be confident, and clear in your presentation. Reiterate the benefits of your solution and address any remaining objections or concerns. And remember, always ask for the sale.

Pro Tip: Present a single solution, two at most. You do not want to come across as unsure or overwhelming. 

A Word About Objection Handling

Experience has taught the best advisors a valuable lesson - that closing the deal is not just about presenting a solution, but also about addressing objections and concerns along the way. Objections are not a bad thing, instead, they are simply an opportunity to address your clients' concerns and build trust and credibility. 

Equally worth noting, they can come up at any stage of the sales cycle.

Step 3: Be A Continuous Learner

Before we delve into the next step, it is crucial to acknowledge a common challenge that many face in our industry: 

The reluctance to pursue ongoing education and development, fueled by a sense of self-satisfaction and the belief that one has already attained mastery. Admittedly, we are sometimes guilty of this trap as well.

But whether you like it or not, we are in a profession that is dynamic and constantly evolving - and as such any advisor resistant to change and learning risks becoming irrelevant and contributing to the high attrition rate mentioned earlier.

Here are a few ways advisors can stay ahead of the curve:

• Attend industry conferences and events.

• Read industry publications.

• Take courses and certifications.

• Mentorship and coaching.

Regrettably, the scarcity of time and financial resources often presents a significant hurdle to the pursuit of ongoing education. In light of these challenges, many advisors have expressed a desire for an alternative that strikes a balance between flexibility and cost-effectiveness, enabling them to engage in continuous learning without undue strain on their schedule or budget.

The Taylor Method ticks these boxes and more:

• The program is equally effective for novice advisors and seasoned industry veterans with over two decades of experience;

• It offers two “self-serve” plans that enable users to learn at their own pace; in addition,

• Two virtual "Hands-On" workshops designed to provide personalized coaching by the renowned industry expert, Eszylfie Taylor, in an intimate group setting.

That's not all:

• The program covers a range of topics, including objection-free selling, prospecting, client acquisition, and more. It also includes interactive modules, quizzes, and practical exercises to help you apply what you've learned in your practice.

• Finally, the Taylor Method provides ongoing support and mentorship to help you stay on track and achieve your goals. With this program, you can continuously improve your knowledge and skills, stay ahead of the competition, and provide better value to your clients.

Last Words

As far as we can tell, this article outlines the blueprint you need to succeed in 2024 and beyond as an insurance or financial advisor. The question is: how much do you want to succeed? 

The path to success requires continuous learning, adaptation, and a willingness to embrace new ideas and strategies. The Taylor Method is uniquely positioned to provide you with the tools, resources, and guidance necessary to elevate your practice to new heights. With a commitment to excellence and a focus on results, we invite you to join us on this journey toward success in the ever-evolving world of finance and insurance.