For most of us, working is a necessary and essential part of our lives. According to a study by Gallup, a staggering number of workers have indicated experiencing disengagement and unhappiness in their current careers. If you’ve found this article, you may be experiencing similar feelings when it comes to your job or career and you’re ready to do something about it.
Enter the financial advising world. Consolidated Planning was founded in 1981 with just four advisors and has now grown to over 110 fully licensed financial advisors, and growing. There’s a reason this number continually grows, all of which can be attributed to the uniqueness of the industry itself, as well as the planning-based processes in place at Consolidated Planning.
We know it can be scary to change jobs, and even more so, change industries but if not now, when? In the article that follows, you will be able to make an informed decision if the benefits of building your career as a financial advisor outweigh the associated risks.
What Challenges Might You Face As A Financial Advisor?
Like any career, facing challenges is an inevitable part of the process. For career changers, it’s no surprise that a career in financial advising has a high failure rate. Building a career as a financial advisor isn’t for the faint of heart, it’s hard work, especially in the beginning. It’s ultimately up to you to put in the work and see it through.
Let’s look at some common challenges you may face in the financial industry.
#1 The learning curve
Consolidated Planning is a full planning firm, meaning interactions are not just transactional. Planning means spending extensive time doing just that, planning. With that being said, there is a lot to learn. It’s not just insurance or just investments – it’s possibly a client’s entire portfolio.
#2 Putting in the work
Even when you don’t want to. This is a big one. As the owner of your practice, you determine when you work, how much you work, and how effectively you work. Your success will directly correlate to doing, or not doing, the work.
#3 Not knowing your market
We all have natural markets just based on our experiences or lifestyle. Start building your business with your natural market and things will fall into place more organically.
#4 Being told no
Even the most seasoned financial advisor still hears ‘no.’ Being told no is a natural part of the business but what’s important is how you respond to that.
How to Ensure Success As A Financial Advisor
Now that we’ve discussed some roadblocks you may face, let’s look at how we get to the rewards of a financial advising career. Ultimately, that reward is a successful career. But how do we get there?
A successful career doesn’t come without effort. As a financial advisor, most of your success is reliant on yourself, how you’re wired and how active you’re willing to be. Aside from learning Consolidated Planning’s playbook, it’s important to continually look inward at your personal insights. These insights, and their answers, will help guide your career to the success you hope to achieve.
4 Personal Insights for Success as a Financial Advisor
#1 What’s your why?
A reason, a purpose, a constant reminder. Why do you want to be a financial advisor? If your answer is people-oriented, success will follow.
#2 Are you open-minded?
Be receptive to learning new ways to think about things, and conducting business. Our processes at Consolidated Planning are in place to help you be successful, you just need to be willing to put in the work.
#3 Are you willing to go outside of your comfort zone?
Being a financial advisor means there will [hopefully] be plenty of meetings and discussions with new people. Chances are, you’re already a people-person, but take that a step further and get comfortable having tougher, more in-depth conversations.
#4 Are you able to give yourself grace?
Even the most successful advisor will face tough days. Be easy on yourself, learn as you go, and keep moving forward.
What Does A Rewarding Career in Financial Advising Look Like?
Now that we’ve addressed some possible challenges as well as some personal insights for success as a financial advisor, let’s look at what the rewards might look like for you. Keep in mind, a rewarding career can be defined differently based on who you ask, but these are some commonly shared rewards for financial advisors.
#1 Work-life balance
This is one we are all after, balancing our work and our personal lives. In a career as a financial advisor, your day is shaped by you. Whether that means starting your day earlier, bringing your work on the road, or taking that vacation. On the flip side of this incredible coin, it’s also up to you to carve out the necessary time to build your practice. You are the only one responsible for your success.
Have you ever heard that the best compliment you can give someone is a referral? Well, it’s true for financial advisors as well. The goal of building your practice is that clients will eventually come from your current, happy clients.
#3 Making good money
It’s no surprise that you want to make good money. If you put in the hard work, especially in your first few years, the planning-based processes at Consolidated Planning will help get you there.
#4 Making an impact
Since we are people-oriented, this reward is hard to beat. In this business, you will find you can make a meaningful, positive impact on your client’s and their families’ lives.
Is Financial Advising the Right Career Path For You?
Risks and rewards you may face as a financial advisor have been weighed, now it’s time to ask yourself if this is the right path for you. Circle back to your why, why are you interested in becoming a financial advisor? Your why will get you through the hard days, so your answer here shouldn’t be ignored.
If you can wholeheartedly say that your why is centered around people and not money, it’s time to make the move.
We know it can be daunting to think about entering a new industry but the seasoned advisors and teams at Consolidated Planning will provide guidance in building your practice from the ground up.
Are you ready to get started? Reach out to our recruiting team to start building your career as a financial advisor at Consolidated Planning.
2022-146801 Exp. 11/24
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