Source/Contribution by : NJ Publications
Learning is a never ending process. We learn all our lives, in the form of formal education, practical education, experiences and life lessons in general. While learning and growing is important for everyone, as advisors, it is of utmost importance.
The word advisor itself signifies that your job is to advice individuals regarding their investments and financial planning. However, to give good advice, one has to be good with understanding the basics and also whatever update that happens. The financial industry is very dynamic and everyday there is something new to learn from it. Thus, to keep your edge, to be good at what one does, an advisor has to continuously keep on updating oneself.
Apart from the fact that you should be updated because your job is to advise someone, emerging competition from online and digital advisors is another reason why you shouldn't undermine the importance of continued education and knowledge. Even clients these days are more aware and mature and have certain expectations from their advisors. In fact, as an advisor, you also have a duty to educate your client and make them more aware, this is only possible when you yourself are aware and evolved.
Thus, to help you be better and maintain your edge, here are a few tips that will help you become more aware:
1. Keep updated on daily developments
No one expects you to be reading 10 different newspapers and magazines everyday and to be aware about everything, but as someone who's business evolves around the workings of the financial markets, it is important that you keep yourself updated on developments.
Thus, make a habit of reading a few articles everyday and understanding the direction of the market, whatever is the latest happenings and why is it happening. For example, recently the market experienced a slump because of the IL&FS crisis, now as an an individual who invests, anyone would be a little tense and thus would call up their advisor. Now, in this case, if the advisor himself/herself is not aware of the reasons, having him would make no sense to the investor. Therefore, not only is it advisable, it mandatory for an advisor to be updated with the daily developments.
2. Learn about new products
Your job is to tell an individual where he or she should invest. Thus you should know what all are the options that one can invest in. While, it is impossible to keep track of every new investment instrument that exists in the market or is newly launched, one should definitely learn about the instruments which can help your clients achieve their goals.
Also, stay updated on the performances of the current products and their relativeness to the client. Basically, stay updated with the performances of not only the products that you have suggested but also on the products that you have not suggested. This is because, you can only judge performances in a better manner when judging them in relation to other products.
3. Engage in meaningful conversations with your colleagues and industry experts
You learn not just from the traditional medium and your experiences but also from the experiences of others. Engage in conversations with other advisers, understand what outlook they have and what they are doing. Attend as many meetings and conferences as you can because you never know what you learn and also, engaging with others gives you a chance to gauge yourself, to know how deep in the water are you.
But, also, make sure that you are cutting the noise. When in the market, you will hear and listen to a lot of things, learn to chaff the wheat. Don't accept everything and also don't reject everything. Attend conferences, even we at NJ arrange for periodical sessions which can help you understand the market and the workings better, attend them, be active in them and take lessons home.
4. Meet your clients regularly
How will meeting your clients help you with getting better? It will help you understand your clients' needs and his perspective better, which in turn will help you understand the direction you need to take to serve them better. Also, educate your client, help him or her understand what is going on, this will help both of you in the future and also give you a better sense of confidence in your advice when you realise that you and your clients are on the same page.
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