10 Things to Know for New Financial Advisors (Part 1)

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Three years ago, I wrote a post on the internal board of the wirehouse firm I was working for at the time.

I didn't think much of it.

I just wanted to share my experiences as a new financial advisor to help others that may have been in the same position as me.

So I wrote some thoughts on what I felt were some important things to know when starting out in the industry.

I had no idea that would soon change my life forever.

The post received an overwhelming amount of praise and comments.

It was crazy!

Senior financial advisors were reaching out to me from across the country!

I felt so inspired!

Then, the dagger to the heart came.

13 days after I posted the article, I was fired (more on that later).

However, even after being fired, one of my buddies would send me periodic updates on "likes" and people commenting on the article.

People were sharing their stories, struggles, and insight.

It was refreshing.

It was refreshing because the majority of the industry made me sick.

Everybody was secretive, and if someone offered to "help," you would just be wondering, how am I about to get screwed?

I watched new advisors bring their families money in, and once a senior advisor would get the word, they would befriend the new advisor with full intent of taking over the assets once that new advisor "didn't make it."

I remember a new advisor was finding some success doing a prospecting activity but kept it this great big secret because he didn't want anyone else knowing about (and stealing a potential client who of course he has was sure to get).

Fine, not that big of a deal.

Another advisor had this sweet script that apparently had like an 80% success rate or some crazy number he claimed and then when I asked to share he said "no way." Mind you this was an ultra-successful advisor, who couldn't even take on new clients. Oh, and I forgot to mention, he was my "friend."


I hated this type of culture.

You were either a shark or a lone wolf, and usually, the wolf got eaten by the shark.

I couldn't accept this.

Why can't we just help each other out?

We're all on the same ship, and there's plenty of fish in the sea.

The industry is crazy and hard enough as it is.

Instead of hiding our best secrets, let's share and try to learn from one another.

Instead of hoping someone falls, try to encourage and support them.

Instead of counting someone out, let's motivate, challenge, and inspire one another so that we can ALL grow.

Below is the original post (UNEDITED) I posted over three years ago.

All of these principals still apply today. I will release the part 2 with the next five tips soon!


Hello Everyone,

I wanted to share my experiences and what I’ve learned as a way of giving back and helping others understand what it REALLY takes to make it in this business. Like many of you, I started with $0, was given a desk, and pretty much had to figure everything out on my own. Although I will say, I am lucky to have had a branch manager who has been very supportive.

Full disclosure, I’m no chairman council producer (not even close). However, I have put several, (and I mean SEVERAL) hours trying a range of different activities I effort to gather assets. I could write a book on everything you should know, however, for the sake of simplicity I will prove you, my colleagues, with ten things I’ve learned over nearly three years of being here.


It's very easy to get bogged down, especially when you get rejected 172 times a day.


When your feeling unmotivated go for a walk, listen to a song, pray, put up a picture of your wife and kids by your computer – do whatever it takes to keep you going.

2) The Struggle Is Real

When your managers and senior FA’s are giving you, prospecting ideas remember that they were in the business in a much different time than you.

The only means of communication back then to a ‘good idea’ was either from the paper or a phone call from a stockbroker.

Today, good luck calling homes, gatekeepers have gotten better at filtering you and (as a business owner) I can download an app, register in under 5 minutes and be invested within the hour.

So, why do I need you?

This is the question you must be able to answer along with:

  • What makes you different?
  • How am I communicating my value?
  • Why should prospects hire me?

3) Find What Works For You, But Find It Fast And Do It Often

Everybody is different, so I'm not going to tell you that you should focus on a particular prospecting activity.

However, I will tell you, whatever gets you in front of the most people, you should concentrate on that.

For me, it was "warm calling."

For others, it may be seminars.

Just know the most important part of it all is having a repeatable process, a reliable contact relationship management system, and a follow-up strategy with call/mail cycles.


Having this mentality is important.

I use to get in front of prospects, and while I was giving my proposal, I would be thinking in the back of my head how important this opportunity would be for reaching my monthly goals.

This pressure created anxiety, which I'm sure the prospect felt.

It also made me call them the next day, and the following, and soon enough, my prospect was turned off.

The challenge is, how do we create a sense of urgency without seeming desperate?

If you’re going to prospect effectively YOU MUST HAVE THE RIGHT ATTITUDE AND BE OPTIMISTIC; focus on what you can control because the energy you give off will have a direct impact on your business.

5) Find Good Books To Read And People To Follow 

I recommend at any given point to be reading three books.

One self-help communication, one finance related, one prospect niche related meaning if you are prospecting physicians your third book should be about sickle cell anemia. You can see my top recommendations HERE.


Do you have some tips for advisors new in the business?

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