It has been almost five years since starting my career as a practicing financial planner. On my first day at a well-known advisory company, I distinctly recall our Director asking us, the newly employed financial planners, to tell him what the company will be paying us for. I noticed my four co-entrants to the internship program immediately raising their arms. One of my colleagues had an investment management background, and believed that we were compelled to help clients select the right investment solutions. The other believed that we were there to educate clients about proper financial planning. Believing that I had a very crude, yet realistic idea of what the job would actually entail, I answered that we were there to sell policies. We all chuckled. Although neither of the responses were wrong, it was not what our speaker had in mind. He told us that we were there to build relationships. And how right he was!
The key piece to the puzzle
What a fantastic career to pursue. Being a financial planner, I work when I want, with whom I want, and I get to share and deliver input into people’s financial goals. I am remunerated for building relationships, and that excites me. However, I regularly find people telling me how happy they are to not be in my shoes.
This mystifies me, and often makes me feel like this job is a well-kept secret. More than once I have also heard, “I would never want to live with the stress of possibly losing anyone’s money.” To such a statement I have a simple response. If you appoint and use a financial adviser who is licenced, educated and wise enough to limit his recommendations to solutions from the regulated product houses, the worst risk you are running is that of poor product choice, and therefore only poor investment performance. Not losing all your money.
Fulfilling society’s needs
So is this career really this straight forward? Not necessarily. Indeed, most financial planners who started out by creating their own client bases will tell you that it takes a tremendous amount of dedication, self-belief, and time. Yet, financial planners are clearly needed. The problem is that most people fail to recognize this, especially the younger generation. Planners often ask one another, “How do you get clients?” or “Where do you get leads?” Through guidance from trusted industry mentors, I quickly learned that to prosper, you have to believe in yourself, and in what you offer.
This, paired with the right work activities, will help you to acquire clients. The most effective lead generators in your business will ultimately be your clients.
Develop a unique style
I also learnt that every planner must develop and apply his own style of working. This is why I failed to get any significant value from sales training programs offered by insurers. I applied their approach to my first two prospects, and in the process not only lost two potential clients, I also lost two friends. It was a hard, yet valuable lesson.
This career has endless possibilities. Only you limit your success. We operate in a country where statistics show that the vast majority of people will be unable to retire with the lifestyle they have become accustomed to. Most people are forced to work longer, or to become financially dependent on their children. This is the reality. People require the advice, support and the encouragement from their financial planners to ensure that a larger portion of their budget is spent on the right investments. They must understand that time spent in the workforce should be used wisely.
Furthermore, many individuals need reminding of their mortality, which requires insurance, is a realisation which is often overlooked. And I have learnt, that in practice, they would rather receive this reminder from someone they have a trusting relationship with.
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