How advisors can start prioritizing their confidence for 2017

November 30, 2016 by Derek Semenas

An advisor typing a business update email to clients to communicate his future plans and confidence in his services

About the author:

Derek Semenas

Business development representative

Derek began his career at Advicent as a mid-market business development representative after returning from playing professional basketball overseas in Denmark. Derek is passionate about being competitive and developing his career in the financial industry.

Just as athletes all over the world set goals for a new season regarding how to become a better player, financial advisors must do the same to continue to prosper and surpass the success in 2016.

Advisors must begin setting goals and a game plan for 2017 if they have not done so already. Do not let your 2017 goals mirror unaccomplished goals of the past — it is time for a new game plan. Those past goals may not reflect what you want or need personally or professionally, and the best way to improve your practice or business is to step away from your comfort zone and think outside of the box.

Communicating your confidence in your services and your future business plans to clients

In an article for Time Magazine in 2015, Stephen Curry says to time he is the best player in the world. Sean Gregory asked Curry in the interview, “Are you the best player in the world right now?” Curry responded, “In my mind, yes. That’s how I have confidence out there that I can play at a high level every night. I don’t get into debates, arguing with people about why I am versus somebody else. I feel like anybody who’s at the level I’m trying to be at, if you don’t think that when you’re on the floor, then you’re doing yourself a disservice.”

Confidence in athletes is what makes them successful not only in basketball but in other careers as well. This type of confidence is a goal for which advisors should strive as they enter a new year. If you are not confident in the advice and services you are providing, how can your clients feel confident putting their financial future in your hands?

In an article on Financial-Planning.com, Chris Kirby states that one way advisors can communicate this confidence to clients is through a yearly business update. According to Kirby, this business update should include information regarding the strengths and competitive advantages of your business and how you will continue to provide this high level of service; what improvements you will be making in the next year and how it will affect your clients; and an expression of gratitude for their role in your firm’s success. This not only demonstrates confidence in your own services, but lets the clients know that you are continuing to improve.

Looking ahead to a post-DOL world

As we approach the full implementation of the DOL Conflict of Interest Rule, trust and transparency become much more important in the client-advisor relationship. By demonstrating confidence in your advice and your planning process, you make it easier for clients to trust your insight and view you as a credible partner in their financial life.

We believe technology will play a large role in creating these trusting relationships by increasing transparency, collaboration, and communication. While there is no single solution to ensure compliance with the DOL Conflict of Interest Rule, Advicent has created The Compliance Blueprint to empower firms and advisors with the tools to deepen client relationships through increased trust and transparency, remain profitable in the facing of changing regulation, and create a streamlined and repeatable process — all while keeping financial planning at the core.

Technology is constantly changing and new services are being offered every year. Is it better to stay with a software that you are comfortable with and does the job which has made you successful? Or should you revaluate yearly and potentially find a software that will help make you a better advisor while helping your business get to that next level of success?

Click here to learn more about leveraging The Compliance Blueprint from Advicent in your DOL compliance strategies and empowering a trusting, transparent relationship with your clients.