Five ways for new advisors to succeed GlobeInvestor
For some young advisors, mentors make all the difference. Look to experienced colleagues or network with other tenured advisors at professional associations.Given the growing number of financial advisors approaching retirement age, the financial services industry could use an infusion of more young blood to the business.
Mr. Arnold and two other young advisors – Jessica Arakgi, financial advisor at Nicola Wealth Management Ltd. in Toronto, and Dan Rudisuela, investment and wealth advisor at RBC Dominion Securities Inc. in Halifax – shared the approaches they used to build their practices in their early years.Ms. Arakgi pays credit to her mentors for helping her establish her career.
“I found that seasoned advisors really do like being mentors,” Ms. Arakgi says. “They started from the ground [floor] as well, so a lot of the time, they’re really happy to answer questions.”For practical reasons, it’s important to have a sense of the work other professionals, such as lawyers and accountants, are doing in order to improve your own skills, Mr. Rudisuela says. For example, speaking with an accountant can help advisors further understand how investment accounts are taxed.
“We don’t do any product pitching or sales,” Mr. Arnold says. “As a result, we’ve built up a good following and good financial karma. A lot of people who attend end up becoming clients because they’re impressed with the knowledge that we have and how we work with people to achieve their financial and retirement goals.”
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