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3 steps that lead to success

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As an advisor, it’s critical to provide the most objective advice to a client, which includes a comprehensive solution to address all of their financial goals and needs. If you act in the client’s best interest and stay true to their unique financial profile, you can attract loyal and long-term clients. In addition, I encourage you to follow these three steps that will help lead the way to success.

Step 1: Don’t focus on compensation

Many firms have an obsession to maximize compensation at all costs, sometimes to the detriment of the client. New advisors should not focus on how much they will be paid for their services. If you provide the best counsel for the client, you will be paid a fair amount and this will lead to much more compensation in the future via referrals. It does not pay to be short-sighted about compensation because serious advisors know they will be in the business for a long time and need to build a sustainable career.  

Step 2: Act with integrity

It’s important to always act with the utmost integrity and never abandon your principles. I have seen advisors ruin an entire career by compromising their honesty or placing other interests ahead of their clients. It takes just one lapse in judgment to cause harm to others. This is why you need to maintain an unwavering commitment. You can accomplish this by being extremely vigilant about protecting clients’ interests and always providing the most unfettered advice.  

Step 3: Get involved in organizations

It’s important to join a financial organization because of the incredible amount of information and knowledge they provide. Personally, I am a member of the Million Dollar Round Table (MDRT), which includes some of the most successful financial advisors worldwide. The insight they share is immeasurable. These advisors are willing to share their successes and failures with other members as a means to give back to the industry and leave it better than when they joined. Joining an organization that brings you into contact with other top-tier advisors is critical to your continued success.

The financial business is one of the greatest industries to be in and allows you to build something for yourself and clients. There has never been a better time to be in this industry given the demographic shifts, immense wealth transfer and needs that millions of Americans have. People need solid, honest and consistent advice and have the right to expect this from their advisors. We have a huge responsibility, but success can be achieved by seeking excellence in the advice you give, the principles you promote and the people with whom you surround yourself.