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Dummies Press
Articles & Books From Dummies Press
Article / Updated 03-30-2019
Every financial advisor knows that the best way to drum up new business is through marketing and networking, but they often don’t know how to market and network effectively. Many are too pushy and drive away prospects instead of attracting them.Here are ten suggestions for meeting new prospects and transforming them into clients.
Article / Updated 03-30-2019
Many paths lead to a career as a successful financial advisor or financial consultant. These paths can be broken down into three categories based on your starting point: right out of college, within the industry, and outside the industry.
Getting started in the financial advisory industry fresh out of college
If you just graduated from college with a degree in finance or economics, you may have determined already that becoming a financial advisor is the path for you.
Article / Updated 03-30-2019
To construct a proper financial plan for your clients, as a successful financial advisor, you must have a thorough understanding of their household’s income and expenses. If your clients have a budget, ask for a copy, so you can review it prior to your next meeting. If they don’t have a budget, one of your first tasks is to guide them through the budgeting process.
Article / Updated 03-30-2019
Fiduciary financial advisors committed to the industry and consumers are driving much of the change to the financial advisory industry today. As they educate consumers and spread the word among colleagues about how they deliver value by serving their clients’ best interests, they’re challenging the so-called financial advisors to do the same.
Article / Updated 03-30-2019
As your client’s financial advisor or financial consultant, you play a key role on the advisory team. As such, you must collaborate with everyone on the team — client, lawyers, accountants, and any other relevant professionals.
Cross-industry professional collaboration is a key differentiator among financial advisors.
Article / Updated 03-30-2019
A solid financial plan begins with the financial advisor client's input. As a successful financial advisor or financial consultant, you must have a clear picture of his current finances, goals, concerns, and any potential threats or issues that could impact his finances.Start by gathering copies of your client’s household budget, bank statements, loan statements, credit card balances, investment statements, insurance policies, and family governing documents (such as a will or estate plan).
Article / Updated 03-25-2019
Various governing and licensing entities offer a range of programs for becoming a fully functional and competent financial advisor or financial consultant. Unlike other professions that have governing boards and standards, the financial advisory profession has no clear professional education or certifying standards.
Article / Updated 03-25-2019
A client’s risk profile is the level of risk the client is willing to accept. As a successful financial advisor or financial consultant, assessing a client’s risk profile is a not-so-simple process of engaging the client in cost-benefit analysis. The client must decide how much he’s willing to pay for protection.
Article / Updated 03-24-2019
Being a successful financial advisor or financial consultant requires more than mastering a collection of tips and techniques. It requires education, experience, and dedication. However, reading through a list of tips is a great way to remind yourself of what you need to do to stay on top of your game.Here are ten tips for being a successful financial advisor.
Article / Updated 03-25-2019
The financial advisory profession has no clear professional education or certifying standards. Even so, you need specialized knowledge to deliver value to your clients. To be a successful financial advisor, you must have the following six core competencies and be able to coordinate advice from various other advisors, including attorneys and tax specialists:
Asset (investment) management
Liability (risk) management
Budgeting (household or business focus)
Estate planning
Tax management
Behavioral finance
Financial advisors who provide a single holistic solution are often referred to as wealth managers.