Financial advisors have a reputation. If you talk to those outside the industry, you’ll likely hear they all have an agenda, are all the same, or, at the very least, that they all tend to sound alike. If you’re actually in the industry, this can be pretty disheartening. But there’s a reason why all agents tend to sound alike—and there’s something you can do to stand out from the crowd.
Instead of being trained by skilled coaches like many independent advisors are, those who work at large firms are trained by upper management. Many of these managers couldn’t make it as salespeople and so transitioned into management positions. This puts them in the position of training other advisors on the methods and tactics that they themselves could not implement. They simply train the way they’ve been taught as that’s the only way they know-how.
The Product is Confused
There are plenty of differences between independent advisors and broker-dealers. One of the most significant is that those at broker-dealers believe their product needs to outperform the competition to be a success while independent advisors know it’s not about the product at all—it’s about the guidance. Because broker-dealers can’t guarantee the performance of products and because they can only sell the same products as their competitors, almost all advisors who work for broker-dealers sell clients on their “customer service”. Unfortunately, this “customer service” usually boils down to trying to sell them products they don’t really need to increase their commissions.
When you understand the product advisors are actually selling is the advice, the message becomes much different. You won’t sound like all the other advisors when you go independent and can begin tailoring your services to your clients’ needs. You create a mutually beneficial and individualized relationship with your clients instead of using the same old language with each person you work with.
Going Independent in 2021
If you want to stand out from the crowd and be a unique voice in the industry, you need to go independent. As an independent agent, you can develop a business based on financial advice rather than selling a product and making a commission. When you leave your broker-dealer to start your own business, you gain the freedom of serving your clients the way they need to be served and creating a legacy for yourself and your future.
If you want to be successful as an independent agent in 2022, you need to start the journey today. Where we are today is a reflection of our thoughts and actions 18 months ago. Start putting the framework in place now so you can begin reaping the rewards of your independent firm.
Are you ready to get started? One of the best ways to start your journey as an independent advisor is to take a course like our Evolved Advisor. This will give you all the tools you need to break away from your big firm and start standing out from the crowd as an independent advisor.