“Old age and treachery will always overcome youth and skill.” This is attributed to David Mamet and has been heard by everyone. Experienced advisers are here for a reason. They survived. Even better, they thrived. Many newer advisors might think the business has changed. It has, but the lessons those older advisors learned back then are still valid today.

1. It’s all about ringing the cash register.Some people enter the business thinking it’s all about researching companies and analyzing stocks. This is a business about opening accounts, gathering assets, keeping clients long term and generating revenue, while keeping clients happy and delivering good results.

2. Paperwork is important, but it comes second. Opening new accounts and bringing in business is critical. If you are great at bringing in business and lousy at paperwork, the firm will help get the paperwork done. If you are great at paperwork and lousy at bringing in business, the firm will fire you.

3. Prospecting never stops. Newer advisors might think prospecting is a rite of passage, like hazing used to be when joining a fraternity years ago. Once a couple of years go by, you are done. You always need to be adding clients if uyou expect to grow.

4. There is no silver bullet. Everyone has looked to technology for the magic prospecting strategy that will bring in plenty of new clients with little or no effort on the part of the advisor. Over the years, it was considered to be mass mailings, e-mail, the internet and social media. All these might play a role, but it still requires hard work driven by the advisor.

5. Everything works and nothing works. When trying out prospecting strategies, something works for one advisor but not another. Who knows why? Consistency is most important. Stick to as strategy, modifying it as you go along.

6. Markets are cyclical. There are times when you think the market will never stop going up. The good times will last forever. There are times you think it will keep going down or stay down. It’s difficult to time these things. Remember markets are cyclical.

7. Clients have short memories. When the market is going up, some clients get greedy. They assume to old rules no longer apply. They have forgotten the bear market they got through with your help. You need to remind them.

8. Keeping in touch with clients is important. You cannot assume clients will call when they need something. They need to hear from you. They want to know you are “watching their stuff.” You aren’t doing this exactly, but you are paying attention to what the market is doing. They need to know you are on top of the situation.

9. Remind clients what you do for them. Clients sometimes feel you are like the friendly croupier at the casino, not emotionally invested in their success. They might think you are watching as a spectator. They need to know you are accountable for your recommendations through those quarterly reviews. Remind them how you helped them solve problems. This showcases your value.

10. Everyone loses clients. We think of losses to competitors as the obvious reason. You lose clkients to death and reolocation. Assume they have more than one advisor. They might get closer to the other. Their child might marry an advisor and they need to move funds over to them. Assume there will be shrinkage.

11. Clients give warning signs before they leave. You don’t get put on probabation, bvut they get more distant. They don’t follow advice. They complain about fees. Try to address these warning signs as soon as possible.

12. Be involved in the community. You are successful. This gets you into the same circles as other successful people, if you make the effort. These connections canm become future clients and sources of referrals. You need to spend money to make money.

13. Give back. Give money to local charities. Attend events. Volunteer. You want to be seen as a giver, not a taker. You want your clients to see yuou are recycling the fees they pay into the local community.

14. Do business with your clients. If your client owns a hardware store, shop there. If another owns a restaurant, become a regular. You should not be violating any gift laws, but you should be communicating you do business with people who do business with you. It’s a good message.

15. Compliance is the secret police. Most firms try to spot problems early. They have great technology. You probably know little about it and they keep it that way. You might feel they erect barriers to doing business. They are keeping, you, the client and the firm safe. Don’t resent them.

16. Treat staff well. They are not servants. They are not easily replaceable. They are the first person your client encounters. They work as hard as you yet earn a lot less. Treat them as equals. Treat them with dignity.

Eventually newer advisors will become experienced advisors. Then they will have lessons to pass along.

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