Strategies for Becoming a Top-Notch Advisor

Strategies for Becoming a Top-Notch Advisor

iCapital Network set out to discover if there were any trends or similarities in business practices among the leading financial advisors.

Their researchers zeroed in on the top five percent of advisors, who were defined as those who consistently earned at least $1 million annually.  This entailed surveying over eight hundred professionals, all while scrutinizing forty aspects of their business strategies and activities. Included below are some of the more important and pronounced findings from this attempt to uncover the factors that lead to extreme success.

Those who sit atop the world of financial advisory direct all of their efforts at servicing high-net worth individuals. This makes sense for a couple of good reasons. First, it allows advisors to spend a greater amount of their time and energy on fewer people, thereby allowing for a greater level of individualized service. Second, the advisor is able to implement similar strategies for their clients because their clients possess similar goals and risk profiles, saving additional time that would have been required to develop different strategies for clients with a very diverse set of needs.

It is vital to network through other professionals who have regular access to high net worth individuals. These professionals who provide other valuable services to the ultra-wealthy already have an extensive list of desirable clients, and therefore working in conjunction with them will save you countless hours that would have been spent researching leads.

If you want to expand your access to high net worth clients, then you’ll have to expand the product lineup you make available. This is an area where you will have to make a genuine attempt to expand the scope of your expertise. iCapital Network’s survey found that only twenty percent of advisors give clients access to hedge funds, and a miniscule eleven percent offer access to private equity.  

One of the key characteristics that marks the advisory elite’s business is the ability to provide referrals to a wide swath of other services. Again, networking plays a major role in this aspect, and clients will be extremely grateful for leading them to other experts who can provide guidance on topics ranging from estate planning to philanthropy.  

If you’d like to learn about the other ways that the best advisors made it to the top, read the full article at the link that follows:

Six Strategies of Top Earning Advisors | Wealth Management


Better Delegation Can Improve Your Leadership Skills Win Elite Clients by Exceeding Expectations