While this certainly isn't an exhaustive list of the rainmaker's characteristics, many top producers do tend to share the attributes described here. Of course, the rainmaker mindset alone is worthless if action does not follow. In the next article in this series, we'll address the activities high-producing advisors pursue to grow large businesses even larger.
But does it come naturally?
Advisors can attend sales training seminars, discipline themselves to focus on revenue-generating activities, and maintain a positive attitude, but the key question is this: What comes naturally? Most human behavior experts agree that it's important to tap our natural abilities. Forcing ourselves into roles we aren't suited for requires us to waste energy on reinventing ourselves, our actions, and our thought processes. (That's far different from working a little outside our comfort zone to master new information, behaviors, or attitudes.)
If an advisor is working hard to become a rainmaker but has no underlying passion for it, perhaps it's time to explore other alternatives. For example, as some firms grow into multi-advisor enterprises, their rainmakers look for competent professionals to take care of all the new clients they bring on-a good opportunity for an advisor who's passionate about working with clients but isn't a natural rainmaker. While it can be tough to accept that an advisor you've hired isn't cut out to be a rainmaker-or that you yourself aren't-it may be necessary if you truly want to boost your practice's revenue.
Joni Youngwirth is the managing principal of practice management at Commonwealth Financial Network, a registered investment adviser. She can be reached at [email protected].