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The 9 Most Common Mistakes Advisors Make: Mistake #8

The 9 Most Common Mistakes Advisors Make

Mistake #8: Trying to Do This Alone

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Advising can be a lonely job. I know other advisors agree with that statement. You're keeping up with your clients, you're running a small business, you're managing your employees... it can be incredibly overwhelming. 

The truth is, financial advising is a team sport. No one can do this alone. It takes a village to raise a child, and the same goes for managing a wealth management firm. 

Who's walking this path with you?  

The 9 Most Common Mistakes Advisors Make: Mistake #7

The 9 Most Common Mistakes Advisors Make

Mistake #7: Not Uncovering Opportunities within Your Client Base

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One of the measurements for successful advisors is assets under management. However, I believe that a more accurate measure of success for advisors is based on what percentage of their individual clients' assets they manage.

In order to manage the full financial picture of your clients' lives, you must focus on their goals. One of the biggest mistakes I see advisors make is focusing on client assets instead of client goals. 

The 9 Most Common Mistakes Advisors Make: Mistake #6

The 9 Most Common Mistakes Advisors Make

Mistake #6: Spending Time with the Wrong Clients

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Where does the time go? 

According to the Financial Planning Association, only 13% of a surveyed group of 750 financial advisors felt they had complete control over their time. Capacity and profitability for your firm are directly tied to time management. So why is this always a problem among advisors? 

The 9 Most Common Mistakes Advisors Make: Mistake #5

The 9 Most Common Mistakes Advisors Make

Mistake #5: Being Penny Wise and Pound Foolish

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So often I coach advisors on making large decisions for their firms, and I hear the same question time and again - "How much will it cost?" 

While an important question to address, it's hardly ever the most important question. The most important question is nearly always, "Will it add remarkable value to my practice and improve my clients' experience with us?" 

The 9 Most Common Mistakes Advisors Make: Mistake #4

The 9 Most Common Mistakes Advisors Make

Mistake #4: Not Using Technology Optimally

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Do you have a CRM? An imaging system? A communications tool? A portfolio analyzer? A client portal? 

Whether you have one, two, all, or more than what's listed above, you may be committing another massive mistake: not using your technology optimally.

The 9 Most Common Mistakes Advisors Make: Mistake #3

The 9 Most Common Mistakes Advisors Make

Mistake #3: Spending Time on the Wrong Things

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I often ask the advisors that I coach what they'd want me to do if they hired me as a partner. They always tell me the same thing. They'd want me to bring in new clients, work with their existing best clients, and spend my time on marketing the firm. They would be upset if I spent my time in front of a computer or doing "busy work." 

Yet that's what they spend their time doing. I always end the conversation by saying, "If you hired yourself, and you did what you're doing everyday, you'd probably fire yourself within a week." 

The 9 Most Common Mistakes Advisors Make: Mistake #2

The 9 Most Common Mistakes Advisors Make

Mistake #2: Building the Wrong Team

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There are three sub-mistakes to building the wrong team. 

The first is trying to do everything yourself. I love the quote, "If you don't have an assistant, you are one." So many advisors try to do it all. Build processes and procedures, manage scheduling, meet with clients, manage the firm's marketing, and so on. But there just isn't enough time in the day to do it all yourself. It's literally impossible.

The 9 Most Common Mistakes Advisors Make: Mistake #1

The 9 Most Common Mistakes Advisors Make

Mistake #1: No Structure

David-Hubbard.jpg.crop_display.jpgWe're cut from the same cloth. You're a financial advisor. So am I.

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