People often seek a financial advisor when they’re feeling overwhelmed by their finances or want to ensure they’re taking the right steps to secure their future. But finding a good financial advisor can be tricky since not all of them have the same level of experience or expertise.
To help you during your research phase, we’ve compiled a list of noteworthy traits to look for in your next financial advisor. Before you sign any agreements, read on to discover the five traits of successful financial advisors.
1. They Have a Strong Work Ethic
The financial industry is constantly evolving, so financial advisors must continuously learn and keep up-to-date on the latest changes. A successful financial advisor will have a strong work ethic and be dedicated to staying on top of the latest industry trends and news. After all, you can’t expect the same advice that was good 10 years ago to be just as relevant today. Times have changed, and this tenacity is crucial as it allows advisors/planners to provide accurate and up-to-date guidance to their clients.
2. They’re Good Communicators
A successful financial advisor is a great communicator. The saying is true: Sometimes it isn’t what you say but how you say it. A successful advisor can explain complex fiscal concepts in simple terms and help their clients think more strategically about how to work toward financial goals. The guidance provided should never leave you with confusion. And most importantly, it should be communicated that their advice is never a promise. Should you come across an advisor or planner who is making promises about when you will achieve your goals, you should immediately turn the other way.
An advisor that you want on your side will also be a patient listener. They take the time to listen to clients’ questions and try to understand each person’s unique circumstances. This approach helps them provide personalized guidance tailored to each client’s needs. No client should ever receive a one-size-fits-all approach.
3. They Build Relationships of Trust
One of the determining traits of a successful financial advisor is the ability to build relationships of trust with their clients. Individuals are more likely to follow the guidance of someone they trust and feel comfortable with.
A financial advisor who has built a relationship of trust with a client will have earned that client’s respect and confidence. This relationship means the client is more likely to take the advisor’s recommendations to heart.
You can easily tell if an advisor has built a relationship of trust with their clients by observing their interactions. An advisor who is genuine, friendly, and interested in their client’s well-being is more likely to have earned that trust.
4. They Are Passionate About Assisting Others in Working Toward Their Financial Goals
While making money is important, successful financial advisors are also passionate about helping their clients think strategically about how they may work toward goals. They understand that their clients’ success ultimately determines their success, and they’re motivated by the satisfaction of knowing they are helping people have more confidence in their goals.
These advisors are also excited by the challenge of finding creative solutions to complex financial problems. They enjoy finding new ways to help their clients plan for the future.
Passion for what you do is among the most important traits of any successful person, and financial advisors are no exception.
5. They’re Organized and Detail-Oriented
A successful financial advisor is highly organized and detail-oriented. They understand that the devil is in the details when it comes to finances, and they endeavor to remain on top of all the little details that can make a difference in their clients’ financial lives.
These advisors visualize the big picture. They understand that financial planning is about more than just investing and saving money — it’s about creating a comprehensive plan that considers all aspects of their client’s lives.
Aside from being organized and detail-oriented, a highly successful financial advisor is humble. They realize that no one knows everything about finances and are always willing to share what they have learned.
6. They’re Highly Innovative
Anyone in the financial industry needs to be highly innovative to be successful. The industry is constantly changing, and those who don’t keep up with the latest changes will quickly fall behind. Successful financial advisors always look for new ways to help their clients reach their goals. For example, robo-investing.
They’re not afraid of change—they embrace it and use it to their advantage. This approach not only helps them stay ahead of the curve but also allows them to provide the best possible service.
Are You Ready to Get Started?
At this point, you should understand the most important traits of successful financial advisors. Consider these traits if you’re in the market for one. And if you’re ready to start searching for a financial advisor, we can help. Contact us to schedule a no-obligation consultation with one of our experienced advisors. We can’t wait to help you pave the way to working toward your goals!