Jim Baird, Partner
Plante Moran Financial Advisors
Southfield, Michigan
1. There are no small or unimportant projects. No matter how insignificant a task may be, you have the ability to do your best work and put your best foot forward, because the small things matter to clients.
2. Plant seeds now to harvest in the future. Early on, it can be difficult to see where opportunities will come from as you network, develop relationships and become active in the community, but a book of business begins with early investment.
3. Be honest with clients, always do the right thing and always put their interests first. Listen to them and understand what they’re feeling; that allows you to develop strategies specific to their needs and goals.
4. It’s critical to have strong communication skills. Technical expertise and effective communication are a powerful combination that put you in a separate class in terms of how you serve your clients.
Lynn Ballou, Regional Director
EP Wealth Advisors, LLC
Lafayette, California
1. From the heart of any firm’s mission statement should spring the creation of a service model of excellence that is completely client-centric, allowing for a consistent environment in which clients feel they are heard, supported and beloved. Train everyone from interns to principals to walk that walk every day, all day long.
2. The turning point toward success for me involved finding my “blue ocean”—specializing in what I love and not trying to be all things to all people.
3. This leads to the importance of creating a process and dialogue that both encourages and supports collaboration between all the client’s professionals—both internal and external to our firm. This is how best solutions emerge and an ongoing best practices environment is sustained.
Kimberly Foss, Founder and President
Empyrion Wealth Management
Roseville, California
1. Chase after the dream, not the money. Make sure you are passionate about your profession and what you do with your practice. If you come to work every day to do what you love, you will give your clients the best “you” possible.
2. Approach your youth as an asset, not a liability. When I was young, I thought my age was a stumbling block. Now with technology, being young is a value-add that can help build your business.
3. Know your niche. When you first start, you think beggars can’t be choosers for clients, but you will have to spend more energy down the road culling your client list. My parents struggled with retirement. That is why I chose retirement planning as a niche.
Michael Kitces, Partner, Dir. of Wealth Mgmt
Pinnacle Advisory Group
Columbia, Maryland
To be successful as a financial advisor in the future, CFP certification has quickly become the “must have” mark to demonstrate basic competency. In fact, advisors in the future will need to pursue “post-CFP” designations and certifications.
At the same time, it’s crucial for new financial advisors to recognize that there are many paths to success. The most important first step is simply to get started. Most financial planners don’t spend their careers at the first firm they ever joined, so don’t put too much pressure on yourself to do so either.
Your career is less like a sprint and more like a marathon. Just as with saving and investing, the long-term compounding benefits of continuing to invest in yourself and your career are powerful. Pace yourself, and focus on steady and continual progress for the long run!