CheckMate

I’ve mentioned Louise Fletcher at Blue Sky Resumes before - she wrote another priceless post a few days ago about not telling yourself what you can’t do called “Are you getting in your own way?”.

I have a feeling this is one of those things that happens to a lot more people than you realize - maybe all of us at one time or another. You get excited about something you really have an interest in, feel you might even be really good at it, but then start listing all the reasons why you can’t do whatever it is, and talk yourself out of it.

There’s nothing wrong with an honest assessment of your capabilities, likes, personality, the thing you’re thinking about doing, or the possibility of your success doing it. The trick is to do that without crossing the line into unnecessarily talking yourself out of something.

The way I figure it, things are already tough enough on their own, and there’s already plenty of people out there (some of whom say they are your friends) who’ll be very happy to tell you why you can’t do something, so why do the job for them?

Read all of Louise’s post, and if you take nothing else from it, remember her closing sentence:

“…whenever we find ourselves saying ‘I can’t do that,’ we should challenge the assumption and maybe give it a try anyway.”

My intent from the beginning with this blog has been to provide solid information on becoming a financial advisor. Not things like the technical details of which investment is better, but the career aspects, in particular what firms are looking for and the qualities that will make somebody successful as a financial advisor.

Here’s a perfect example of exactly what I’m talking about. If you want to know what your potential clients are going to be looking for, take a good look at “The Five Attributes of Highly Successful Advisors”. In the article, Vanessa Richardson discusses the results of a recent survey of 1,500 affluent investors aged 27 to 83 about what’s most important to them in a financial advisor.

The top five things:

• Customized Advice
• Trustworthiness
• Addressing Personal Needs
• Managing Expectations
• Frequent Communication

Another very interesting fact: “More than half of investors surveyed said they seek an advisor’s help for more than just investment planning.”

All of this confirms what we know through long experience working with major financial services firms - this is a relationship business. I can’t think of any concept more important to firmly grasp if you’re considering a career as a financial advisor.

The title of this article in the new Financial Advisor pretty much says it all:
“Brokers And Advisors More Likely To Switch Firms in ‘08″

I’m certainly well aware of how much movement there is between firms by experienced financial advisors, but I was a little surprised that, according to that survey, the number of people willing to move has almost doubled from 5% to 9%.

Then again, it’s actually not really surprising, given the current turmoil in the financial services industry and some of the major offers being waved in advisors’ faces right now, something I discussed in the last post.

There’s some other good information in that article, including key job satisfaction factors - note that compensation was not number one on the list.

So, as I’ve said, there’s lots of opportunities, but also lots of angles in the deals, too. Most of those are good angles, but they still really require a close look and probably a fair amount of negotiation as well. And, in the end, many times it still comes down to fit - do you like them and do they like you, and can both of you effectively communicate that to each other.

Firms are always looking for experienced financial advisors with solid books of business to jump ship and move.

And I see things all the time - some rumored, some confirmed - about what firms are offering top producers to come over. No question, there are some great deals out there, but many are complex enough that a financial advisor considering them really has to take a hard look at just what’s actually included in the deal.

In that vein, there’s a good article titled “Big Perks for Big Producers” in the latest Registered Rep. It doesn’t “name names”, but it does give good background on the kinds of things being offered right now to people producing $1 million or more annually. Well worth the read - take note of how complex some of these things have gotten.

I know it goes against the grain to suggest that people who are so used to thinking for themselves, understanding complex financial arrangements, making deals, and so on should look for help, but if you’re an experienced financial advisor looking to make this kind of move, that’s exactly what I’m going to suggest. Talk to a recruiter you can trust with experience in this area (sure, I’d love for it to be us, but even if it’s not, talk to somebody), or colleagues who’ve been through a move, or maybe even an attorney who’s been involved in these kinds of negotiations.

Whatever you do, get the best advice and guidance you can, and be very sure before you make that big move.