An Unexpected Solution to the High Failure Rate Among New Advisors
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New advisors face an uphill battle. Building your clientele from scratch and producing results for your firm – all while trying to learn the business – is tough. In fact, 80 to 90% of financial advisors fail in the first three years.
This is due to three major obstacles:
- Not only is the learning curve steep, but there's often a heavy reliance on senior advisors for guidance, lengthening the time until you can offer services that will earn a big enough paycheck to stick around.
- Lack of confidence and understanding stalls your ability to offer value independently, impeding your ability to quickly build a client base.
- You’re expected to do your own prospecting, but you lack the knowledge or tools to do so, making it difficult to build a clientele, offer your services, and grow.
Put all that together, shake it all about, and you’ve got a recipe for failure.
If any of this feels uncomfortably close to home, you may be thinking, “I’m aware of my problems, Hendrik. Do you have a solution?”
I do. And it’s a good one.