Success as a Financial Advisor For Dummies
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The first step to achieving success as a financial advisor is to adopt the right mindset, which requires understanding what all being a true financial advisor entails. A true financial advisor must practice according to the following guidelines:
  • Uphold the fiduciary standard. Recommendations and advice must always be in the best interest of the client, not swayed by commissions or pressure from the firm.
  • Provide holistic financial advice. Advice must cover all aspects of a client’s financial health and wellbeing, including budgeting, savings, investments, taxes, insurance, and estate planning, although some areas can and probably should be outsourced.
  • Embrace transparency. Fully disclose conflicts of interest and compensation — fees and commissions.
  • Perform due diligence. Identify the client’s unique financial goals, research products and solutions to meet those goals, plug any gaps, and adjust as needed.
  • Be a team player. Be willing and able to bring in other financial and legal expertise to meet the client’s needs.
  • Be accountable. Take responsibility for the advice and recommendations given. The buck stops here.
  • Appreciate the gravity of the situation. Financial advice can have a huge positive or negative impact on the lives of clients and their families.

About This Article

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About the book author:

Ivan M. Illán, CFS, has directly raised and managed over $1B in assets from both institutional and retail clients. He's the founder and chief investment officer of an independent wealth management firmbased in Los Angeles. As a Forbes Contributor, an Investopedia Premier Advisor, and Five Star Wealth Manager, Ivan's insights are published routinely on both the financial advisory profession and capital markets.

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