January 2022 Issue: How to Build Sales Confidence in Young Advisors-How to Build Sales Confidence in Young Advisors by Michelle R. Donovan

How to Build Sales Confidence in Young Advisors by Michelle R. Donovan

Pdf Summary

The article discusses the importance of building sales confidence in young advisors and the potential pitfalls of relying too heavily on one rainmaker in a firm. The author emphasizes the need for young advisors to learn how to develop business for themselves rather than relying on someone else to bring in clients. The article offers four strategies to help young advisors become more comfortable with sales and referrals. <br /><br />Firstly, the author suggests setting business development goals for young advisors and providing accountability and support through recurring meetings. Young advisors should also be given time to attend networking events to grow their network and identify potential sources of referrals. <br /><br />Secondly, the author recommends assigning networking mentors to young advisors to teach them how to engage others at events, represent the firm, and develop reciprocal relationships. Another option is to require young advisors to join a business networking group such as BNI, which provides education and mentoring opportunities. <br /><br />Thirdly, the author suggests investing in the professional development of young advisors by hiring experts who specialize in working with financial advisors. These experts can provide personalized coaching and guidance on developing long-lasting business relationships and leveraging social media platforms effectively. <br /><br />Lastly, the author advises young advisors to focus their efforts on a specific niche or market segment that aligns with their interests, experiences, talents, or skills. This targeted approach can act as a natural motivator, build confidence, and make networking more comfortable for young advisors. <br /><br />In conclusion, the article emphasizes the importance of teaching young advisors how to fish for themselves in terms of business development. By implementing these strategies, firms can help young advisors build sales confidence, develop their own client base, and ensure the long-term success of the firm.

Keywords

building sales confidence

young advisors

relying on one rainmaker

developing business

sales and referrals

business development goals

networking events

networking mentors

professional development

specific niche or market segment