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Why Are These Survey Results Happening?

Industry experts all agree that these are the Steps To Build A Successful Advisor Practice;

1. Create a Vision for the future
2. Develop a Business Plan made of Sharp Strategies and Robust Systems
3. Implement Excellent Financial Controls
4. Recruit and lead a Championship Support Team
5. Refine your Marketing and Sales Skills
6. Own a Unique Brand in an Affluent Niche
7. Focus on Specialized Products
8. Become the Recognized Expert for your Clients
9. Deliver Amazing Customer Service

Yet a recent survey revealed the following statistics;

– 33% of Financial Advisors have no Vision or Business Plan
– 23% of Financial Advisors over 63 years of have no Succession Plan
– 12.4% of Financial Advisors are very satisfied
– 49.1% of Financial Advisors are not very satisfied
– 40% of Financial Advisors are unsatisfied
– 77% of Financial Advisors believe there isn’t enough wealth in Canada while a 2002 report states there are over 200,000 Canadians with over a million dollars in assets

These survey results point to some deeper and more revealing questions.

– Are you living in the past, slow to change and criticize the future?
– Do you believe that the challenges that you are facing are so big that you may not make it?
– Do you have to get pumped up to sell?
– Are you trying to fly solo?
– Are you selling too many products?
– Do you feel a lack of acknowledgement for the work that you do for your clients or company?
– Do you make clients feel nervous because clients sense a lack of your energy, money and time?
– Do you have way too many clients and are not making enough money?
– Are you doing way too many favors?
– Do you lack the support and systems to provide a consistent experience?
– Do you have conflict with management, staff and other advisors and are just winging it when it comes to hiring new people?
– Do you fail to delegate, try to do everything yourself and are too busy doing $20 per hour work?
– Do you have poor customer service?
– Do you try to serve anyone and everyone?
– Are you addicted to growth?
– Are you too busy to form strategic alliances because you have to get to the next sale?
– Is your marketing system automated?
– Is your client relationship system automated?
– Are you afraid to ask for referrals because of a fear of rejection?
– Are you only marginally interested in professional growth because you are too busy?
– Do you have no clue about what success would mean to you?
– Even though you are still working, have you already retired emotionally?

In a world where there is a notion that “money buys you happiness”, therefore working in the financial industry would equally make you happy, one has to ask “WHY” these survey results are happening.

Simon Reilly
The Financial Advisor Coach