The content of this episode is anchored in 3 necessary traits for effective financial advising. In addition, Michael provides action items for better financial practices.

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Key Links

Ken Gau and Tom Unger’s Program: The Academy of Preferred Financial Advisors

-----According to both Matthew Jarvis and our guest, very accomplished wholesaler Michael Appleby, the most successful advisors have these 3 traits:

[Focus]

Successful advisors have the concentration to take their practice to the next level.
They have garnered enough concentration to understand who their ideal client is (i.e. pursuing a narrow market versus using a shotgun approach).
They also focus on the strengths that bring their team together, turning the practice into a smoothly-functioning mechanism for success.

[Discipline]

Successful advisors are disciplined with time management: their schedule, marketing outreach, every facet of the business.
And they understand the importance of investing the necessary capital in facets that will make their business flourish: prospecting, personal development for the advisors themselves, coaching, or hiring a skilled team.

[An Affinity for Productive Business Partnerships]

Successful advisors are not hucksters; they won’t peddle or waste time on small-scale operations with prospects or business partners.
They are focused on establishing productive partnerships with their wholesalers or other connections.
They make value propositions to accentuate the most important aspects of their symbiotic partnership--and they stress honesty during their conversations about what works and doesn’t work.

[Additional Topic: Michael’s Most Common Advisor Mistakes]

They ceased to do the basic activities that brought them to success: the cold calls, due diligence on prospecting--in short, the important actions that first put them on the map.
Another common mistake is a habitual procrastination towards business planning and forward-thinking types of organization.
Advisors drop the ball when speaking events aren’t rehearsed enough: the speaking is flat, the fluidity of the event isn’t seamless, seating isn’t mapped out, directions aren’t given, the organization is clumsy, and so forth.
They don’t follow the same advice they give to clients and thus sacrifice their integrity, reputation, and the overall weight of the advice they give.

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Michael’s Action Items

Advising isn’t a commodity. Offer something that resonates personally with individuals and which communicates tangible value in a way that transcends the dollar signs.
Hire a coach, join a program, plan your work, and network.
Pick a plan and work it consistently. Be persistent with it; it will pay off.

More details at: https://theperfectria.com/confessions-of-a-wholesaler

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Produced by Simpler Media

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