What makes a great financial planner? In this highly competitive field that promises not only great financial freedom but also a flexible working schedule, standing out from one’s peers could be difficult to manage. However, if as a financial planner, you have the passion to help clients achieve financial health, here are seven traits that you can adopt to become a successful financial planner!
They are the success-driven types, not money-driven
If one is only in it for the money, suffice to say that they would have a hard time staying fierce and competitive in the financial services industry. Ask any veterans working today, at its core, the work of financial planning will always be about the clients, first and foremost.
Although primarily not the reason why they joined the industry, financial planners normally find offering meaningful advice to customers who are stumped by varying financial circumstances as the most rewarding part of the job. They strive to provide the best solutions to clients so that the clients could make informed and effective financial decisions.
They take a proactive approach
As part of the job comes with uncompromising flexibility, financial planners must be well organised so that they would not fall into complacency in a highly dynamic job. To do that, they need to often keep tabs on the latest happenings in the financial industry to look for new opportunities for their clients. For example, in case of an economic downturn, a great financial planner should be able to work out new alternatives to guide and support their clients. Staying positive in times of uncertainty will help clients to overcome their temporary fears and keep them on track to mutual success.
They take a holistic view of clients’ finances
There rarely exists a one-size-fits-all approach for every kind of work. Good financial planners know this better than anyone as they do not provide valid financial advice solely based on their clients’ income level or the types of assets they are interested in. Instead, good financial planners are the ones who put themselves in their client’s shoes, take the time to learn one's financial situation and discerning one’s banking, investment, insurance, and credit needs in order to optimise each aspect of their client’s financial plan and understand how these elements could work together to help their client reaches their goals. Meaning, the financial planners must take into account the client’s ideal goals, lifestyle, values, and priorities to formulate the best financial solution.
They prioritise clients’ interests
Good financial planners always place their clients’ interests first and theirs second. For things to work efficiently, both parties’ financial interests must be aligned or else it could result in a relationship that bears no fruit. While sealing deals or meeting sales targets is undoubtedly important, one should not only sell for the sake of earning, instead, they should ensure the client achieves financial health for the long term.
They work closely with clients
Teamwork makes the dream work, as the saying goes. Good financial planners know this better than anyone as they will always keep their clients in the loop to ensure that both parties are satisfied and remain on track with their financial goals. As every financial matter is highly confidential, it takes time to build trust for a client to hand their hard-earned money over for advice and planning. And to build trust, good communication is required.
They are problem-solvers
It goes without saying that when one is entrusted with a large sum of money, they would be expected to help turn around a predicament or build something out of nothing. Sometimes, financial planners are likely to come across clients that are facing financial difficulties due to poor financial management or simply because they have poor financial literacy. This is where the good financial planners come in, as they are given an opportunity to start a beneficial relationship, one of which clients can confide their wants and needs for the financial planners to come up with detailed solutions that work well!
They have great communication skills
Good financial planners know their way around verbal and written skills. In fact, they are doing this on a regular basis as they explain the complex financial solutions in layman’s terms to ensure that their clients could understand the problems in order to devise a solution together. Moreover, good financial planners are also great listeners as they pay heed to clients’ wants and needs to gain a better understanding of the client’s financial issues.
A good financial planner tends to be a people person as they understand the importance of relationships built on meaningful communications instead of transactional ones. Investing your time to work on yourself and your clients will be key to ensure a healthy relationship that lasts.
Think you have what it takes to become a great financial planner? We have just the place for you here at KWO. And even if you are lacking in some of the traits mentioned above, as long as you are willing to learn and improve, our team will guide you in your journey to becoming a financial planner. Join us today!