“Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.” — Michael Jordan, American former professional basketball player and businessman
In any job that we do, there is always a challenge that is beyond our control. The only thing we can control is how well we face those challenges. Similarly, becoming a Financial Adviser is not easy. Yes, the job comes with multiple advantages and career opportunities, but it also has its obstacles.
1. Managing client expectations
Every potential client has an understanding of what a Financial Adviser is supposed to do for them—in some cases, their expectations can be unrealistic. To be able to deliver and manage client expectations, Financial Advisers need to understand client psychology and learn how to add value to clients without underdelivering their services.
To do exactly that, as a Financial Adviser, you will need to talk to your clients and ask about their previous financial experiences and financial goals to better understand their expectations.
2. Working as an entrepreneurial professional
When you embark on a career as a Financial Consultant, you are embarking on a journey of entrepreneurship. The perks of the career are that you can plan your own time and determine how much you want to earn. However, that also means you need to be disciplined to put in the hours and the tenacity to work on your business. A young Financial Consultant may need guidance in planning for their day-to-day activities and how to go about achieving their goals. Here at KWO, we have a proven system that helps Financial Consultants do just that.
3. Managing information
Clients can be easily influenced by what they see or read in the news. As a Financial Adviser, you must focus on client behaviour and direct them to reliable sources of data to avoid any misunderstandings and misinformation that could potentially lead them to make poor financial decisions. This would also require you to stay abreast of the financial planning landscapes.
4. Emotional engagement
As a Financial Adviser, you must be able to stay rational and logical when dealing with clients. This is especially true when clients start to make financial decisions based on their emotions.
When this happens, you will need to learn how to relate to your clients on an emotional level and give them a sense of clarity over how their emotions can affect their financial decision, planning, and more. This is to ensure that you maintain a working relationship with your client.
5. Facing rejections
Rejection is all part and parcel of the job. Some friends may avoid you. Some may say “No” to you. Some people may not benefit from your services—and that’s okay! Clients may have their reasons for not going ahead with your recommendations and it may have nothing to do with you. Hence, an adviser must learn to get over quickly and move on.
However, it’s good to practice, that upon every rejection, empathise with the clients and try to understand their point of view. Take a moment to reflect on the process. That way, you’ll get to detect your weak points and work to improve them. It also helps to surround yourself with encouraging team members who understand what you are going through and know how to help you improve.
That same support and encouragement can be found in KWO. Our team of Financial Advisers are always working together to improve as a group and individually. If you are looking to work alongside supportive professionals, join us today!