There are seven practices that should form the core of your practice to be successful, according to Thomas Rieman. In his book, “Bridging the Value Gap,” he outlines the fundamental operating principles that lead to the best performance.

  1. Be driven to help others succeed. The most successful advisors, Rieman says, operate with the genuine purpose to help their clients achieve greater success.
  2. Have a deep understanding of the value you offer. Successful advisors know how valuable they are and can articulate that to clients. “[I]t is the range of expertise and the tools and strategies in one’s repertoire that determines the value that one can offer,” Rieman writes.
  3. Have in-depth knowledge of financial planning. This one seems like a no-brainer, but is a reminder not to let continuing education fall by the wayside. Leveraging a diverse array of products helps advisors bring about their clients’ goals.
  4. Develop highly effective strategies. Either on your own, or through strategic partnerships, your ability to reach your market is critical to success.
  5. Utilize high performance business processes. Rieman urges advisors to be a “true advisor” in order to maximize their market impact. “How one approaches, communicates and interacts with clients influences the value clients see in them and the extent to which they will allow one into their lives,” he writes.
  6. Effectively convey value. Make the process easy for clients; use straightforward language to connect with clients.
  7. Employ a consultative client-focused approach. Successful advisors use meaningful dialogue and inquiry to determine what clients are looking for.