It takes a lot more than licenses, certifications and product knowledge to succeed as a FA.

Many financial advisors enter the industry with lofty goals and an entrepreneurial drive only to find their hopes and dreams crushed at the foot of one of the large wire houses. Thankfully as technology has advanced, RIAs now have options when it comes to finding a broker-dealer that offers a more independent approach to client management.

An advisor is in many cases also a business owner, and so there are a certain set of characteristics that are key when it comes to having success both in terms of client returns, but also as a FA.

Entrepreneurial drive

Success as an RIA hinges on an innate entrepreneurial drive. Being an entrepreneur requires a wide array of personality traits such as motivation, creativity, versatility, decisiveness, and persuasiveness. It’s critical to be realistic about how much time and effort it takes to find and properly serve clients and reach you own personal financial goals.

Tech savvy

While some financial advisors may look at technology as a threat, successful RIAs leverage the latest technology and tools in a variety of ways such as working with a FinTech platform like Wentworth’s to ensure their client needs are always front and center. Strong advisors will ensure their clients receive constant updates and information about their holdings and risk tolerance to help cement the value of working with an experienced FA.

Salesman’s mentality

Sales is a key component to running any business, but especially as a financial advisor. Having a sales mentality ensures that an advisor can compartmentalize challenges and not let them impact the ability to move on and go after the next sale. This personality trait often takes time and is something that should be constantly fostered to improve success across a RIA’s entire career.

Organizational skills

One of the primary roles of an advisor is to gather and disseminate information. If an individual can’t track information effectively, they may struggle. The most successful advisors are meticulously organized and focused on ensuring their clients are constantly updated with pertinent information related to their portfolios and risk profile. Sloppy record keeping can greatly complicate an FA’s life, and even threaten their livelihood, should client disputes or compliance issues arise.

Commitment to integrity and transparency

Integrity and transparency have become more critical to success not just because of rising consumer and regulatory scrutiny in the wake of the global financial crisis, but because consumers have so much more access to information today. In fact, an absence of transparency regarding costs, fees and conflicts of interest is one reason so many successful FAs have left wirehouses to join independent broker-dealers and RIAs or strike out on their own. Wealth management at its core should be focused on fostering relationships and the best way to do that is through full disclosure and honest and authentic communication.

With a constantly changing regulatory and technological landscape, advisors are always looking for ways to differentiate themselves. With a best-in-class FinTech platform designed to foster the needs of successful RIAs, Wentworth is poised to help you better serve the needs of your clients. Let our team handle the complexities surrounding regulatory compliance and risk vigilance, so you can focus on honing the traits above to better serve your clients.

Wentworth Management Services LLC is focused on offering the best open-architecture broker-dealer platform to successful advisors, custodians and their clients. If you are looking to explore a new broker-dealer arrangement, feel free to contact our team today.

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