March 19, 2014

6 Types of Financial Advisors – Be the Sixth Type !

Dinesh Jain

I was going through one of the video of Mr. Santosh Nair (a motivational trainer and business coach based in Mumbai) titled “The price and prize of success” where he was talking about  “9 types of network marketing distributor”. While I was going through the video, I realized that out of those 9 types, 6 actually fit into our advisory profession. So I tailor made the content and thought of sharing the same with you all. Here are my thoughts of types of advisors.

1. The Noiseless Advisor

He feels shy of saying that he is an advisor. He wants to bring transformation in people’s financial life but whenever he meets people he never introduce himself as an advisor.

2. The Doubtful Advisor

He always doubt his ability as well as the advisory profession. He always keeps on doubting whether:

  1. He has the ability to guide people in their financial life
  2. He will get success in advisory profession .
  3. He can charge fee for his professional advice.
  4. He will be able to service the clients properly.
  5. He can start and maintain his financial blog.

3. The Directionless Advisor: 

  1. He lacks direction in his life.
  2. He does anything and everything.
  3. He never thinks twice before doing or saying anything.
  4. He doesn’t have a clear goal in life.
  5. He doesn’t follow any system. He might be preparing a financial plan but in the middle if he gets a call from a prospect/client, he will start talking to them for hours.
  6. Before going for a meeting, he never thinks about what he will be saying in front of the client.
  7. He keeps on repeating the same mistake again and again that is he never learns from any mistake.
  8. He doesn’t have any philosophy in life.

4. The Overnight Success

There are some advisors who earn substantial amount of money by fluke in a few months which generate a belief in their mind that now they know everything and they need not learn anything new. Now, because of this belief, this advisor who at one point of time was giving a lot of importance to self development has stopped attending training  programs , stopped reading books, has stopped updating himself about personal finance. This is the point when this advisor career starts going down.

5. The Positive Dreamer 

He is a very positive advisor. He always keeps on saying I will meet x number of clients every month, I will collect y amount of fees every month but doesn’t take any action to meet those numbers. He is a great believer in “Think BIG” formula but in terms of action he is very weak.

6. The System Follower

  1. He has a plan for everything and follows it also very systematically.
  2. He has a system for prospecting/suspecting.
  3. His scripts (for prospecting and handling objection) are ready with him.
  4. He focuses on revenue generating activities and client servicing.
  5. He is very clear about who is he and what he wants to achieve.
  6. He has understood the importance of system. And not only he himself is following a system but he also make sure that he is creating a system in client’s financial life also.

So in which type do you fall into? Is that type helping you in your growth as a professional? If not then what needs to be done?

Authored by,

Dinesh Jain

Financial Coach

2 Thoughts to “6 Types of Financial Advisors – Be the Sixth Type !”

  1. Richard Dsa says:

    Dinesh well written ,piece of useful information for all advisors.

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