How to Build Trust and Gain Business in 180 Days as a Financial Advisor; basically a biased paper outlining what you would do/say if a financial services company asked the above subject heading.

Essay by ghazalkUniversity, Master'sA+, April 2002

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How to Build Trust and Gain Business in 180 Days

A big portion of being a financial advisor is sales, whereby acquiring business is a contact sport and prospecting for new clients is the name of the game. From what I've gathered in terms of outside observations, as well as inside information, finding potential customers is without a doubt the most difficult and stressful aspect of the profession. Prospecting should be viewed more as a mindset rather than merely as an activity. It is something to be constantly aware of because one never knows where the next prospect will be coming from. It really doesn't matter how competent you are or how well you know your product line, if you don't have a qualified prospect in front of you, you don't have a sale. Just as real estate brokers chant "location, location, location," financial services brokers must chant "research, research, research."

Research goes into everything, whether it be in finding new clients, keeping new clients or maintaining portfolios.

Before looking for prospective clients, the key is to understand not only what you're offering, but what your competitors are offering in comparison. This way when the time comes, you know what your up against and can explain your competitive advantage. Overall, my experiences have taught me the powerful value of the Internet. Not only would I utilize it for competitive analysis, but also in acquiring leads that are more solid than those that one might buy from a list broker. In addition, I would exploit the more traditional tools of networking and cold calling. Networking is based on both those contacts that I have already obtained, in addition to new ones that are created by joining relevant associations. An idea I have for such contacts encompasses sending out e-newsletters that will...