Advisor meets with young couple in coffee shop

5 Ways Financial Advisors Can Overcome Risks to Success

As a Wealth Management Advisor at Farm Bureau, you’re equipped with ongoing support and resources to help you succeed. But even with such a strong support network in place, there’s still the uncertainty of navigating an ever-changing industry. Clients have more options than ever before, and that means financial professionals need to stay ahead of the curve in order to succeed.

The best defense for your wealth management business is a strong offense. These five tips can help you keep your wealth management business thriving in the face of a changing industry.

1. Stand Out From the Crowd

First things first: Determine your brand. Dedicate half an hour or so, grab a notepad and think through these questions:

  • How do you want your clients to see you?
  • What do you want people to say about your business?
  • What makes you stand out?
  • What value do you add for your clients?

This is valuable information you can use to develop a plan to market yourself, but it won’t mean anything unless you use it accordingly. Build your professional network and client reputation around these tenants and you’ll be one step ahead.

2. Offer the Human Touch

The rise of robo-advisors may worry you – but why not see this as an opportunity instead? For some clients, a robo-advisor might be a worthwhile consideration. For most, however, an automated solution simply isn’t a good fit for their needs. Instead of convincing your clients of that, focus on what you can offer that artificial intelligence can’t.

Although robo-advisors are cheaper, don’t undervalue how deeply personal money management is. Many high-wealth clients still prefer a face — and the personal attention that comes with it — over a screen.

3. Embrace New Technology

Budgeting? Planning? Portfolio management? There’s an app for that. Technology, and its impact on the financial world, is changing every day. In just a few years a slew of financial apps, services, and startups have changed the way people think about money.

As a financial advisor, you should not only stay informed about these offerings, but also know what your clients can and can’t get out of them. Ditch the idea that tech is competition. Encourage your clients to look to you as an authority on tech that can add to their financial success.

4. Find Your Niche

You can’t be the answer for every client, but you can be the perfect answer for a select group or demographic. Decide what you’re most passionate about, what challenges you love and where you see a need in the market — then aggressively market yourself to that niche.

By choosing a focus, you’ll be able to more easily differentiate yourself, eliminate the competition and foster loyalty. Establish yourself as the knowledgeable professional among farmers or ranchers, for instance, and it won’t be long before you start building referrals.

One caveat: Advanced knowledge in a certain topic area is key. If your niche is high-wealth retirement planning, you’ll need to put in the time and energy it takes to become a trusted leader for those clients.

5. Keep Learning

Your best defense in a competitive, fluid industry? Seek out knowledge. Being well-informed on the latest trends, technology and strategies shows your clients you care not just about the industry but also their financial well-being. And at the end of the day, that’s what clients are looking for: a savvy, knowledgeable resource they can trust with life-changing decisions.

As a Farm Bureau Wealth Management Advisor, you have access to an entire support team — a regional manager, onboarding specialist, internal wholesalers, marketing sales coach, and members of the middle office operations team — on day one. Plus, you can take advantage of a comprehensive suite of videos, webinars, and training content to continue building your wealth management knowledge and skills.

Stay Ahead of the Curve

As a Farm Bureau Wealth Management Advisor, you’ll have the resources to help you and your wealth management business stay ahead of the curve. Contact the Regional Manager in your area to learn more.