Posted: Aug 20, 2016
Working with money always a risky business. When you are managing someone else’s money, you have the added responsibility of the possible stress any errors on your part will bring. As a wealth advisor recruiter, you will need to know your "stuff" before sitting down at the table with your client. You need to have complete understanding of securities, insurance, pension plans, retirement plans, insurance, real estate, and taxes. You will need to know investment strategies. If you are going to earn the trust of your clients, you are going to have to do your homework. Alternately, your clients need to understand your role as their financial advisor recruiter. This should be the first topic of conversation upon meeting your client so that you can enter into what will be a very important relationship. Not only will you have the responsibility of meeting with and keeping in contact with your clients, but you will also from time to time be meeting with other advisors who play a role in clients’ lives and finances; for instance, accountants and attorneys.
Meeting with these will help you to understand their plans and their goals, both short term and long term.
Another part of your duty to your clients is to advise them on cash flow management and to be able to interpret for them financial documents and the different types of insurance coverages they can take advantage of in order to reach the goals they have set. As their advisor, you will need to be able to recommend money saving ways to make home improvements to their homes, as well as the best and most energy-efficient forms of construction to use so that they will continue to save money long term. You will need to keep your client’s portfolios up to date and keep them informed of any changes needed to keep their finances healthy. If a client instructs you to, you will open up accounts for them with different creditors and make payments to the creditors as agent for the client.
The obligations that accompany this career very importantly include keeping up to date with technical changes and making sure that your client is aware of anything that would serve to change their finances for the better. It is important that you, as an advisor, not only cultivate your financial relationships with your clients, but maintain them over time. The level of trust you build with your client is paramount in your relationship with them.
Because both financial needs and income change with time, an advisor must be abreast of these changes and be able to devise plans that are conducive to a constant even or upward flow within the clients’ portfolio.
Communication is of the utmost importance when developing your relationship not only with your clients but with your associates and coworkers as well. You will have to be able to influence others to increase their knowledge and encourage them to cooperate with you and each other, as you build teams that will work together, sharing information for the good of your clients.
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