I was speaking with friend of mine the other day who is a high profile financial advisor for a huge financial services company, we were talking about what it takes to become a financial advisor and he was telling mea bout how easy many people think it is compared with the reality. My friend is Adam Rosenfeld Merrill Lynch financial advisor and wealth manager, he has worked in the financial services industry for 16 years since finishing his MBA and he has worked for industry giant Merrill Lynch since 2011.
Amazingly, during this time Adam has been featured in the Barron’s list of top 100 advisors and has managed assets in the multi millions of dollars. In my opinion Adam provides the perfect package for would-be financial advisers and he is great role model for anyone wishing to enter the field of financial advice.
Are You Confident
One of the things we spoke about was the level of confidence which you need to have in order to be a great financial advisor. You need to have confidence when speaking to very wealthy people, confidence in your own abilities and confidence to be able to speak on a level with these people. Another area in which you need to have great confidence is when you are making analyses of the market, you must be confident in your decision making ignored to give out advice. When you are giving advice out to your clients you are selling them your advice and you need to get your customers to invest their own hard earned cash on the back of you words, this above all, requires confidence.
As a financial advisor you will be constantly on the go and your brain will need to be constantly reading, absorbing and analyzing huge amounts of statistical data which you need to break down and compartmentalize. You will also be required to work under a great deal of pressure in your role as financial advisor as you are working in a results driven industry. When someone invests heavily in your idea the you are going to feel the weight of that expectation and it is important that you have the brain functionality and mental power to be able to continue to work effectively under that kind of pressure.
In the past, financial advisors could create an entire career solely based on the success of their advice, these days however things are a great deal different. The financial services industry is fiercely competitive and each business within it needs to create a trusting and loyal client base. The job role of a financial advisor then, other than offering great advice is to be able to build and maintain excellent relationships with their clients so that they continue doing business with the company. The customer service side of financial services is not equally as important as the results of the advice that is given are.