As a financial advisor, you’ve no doubt read a compliance manual or three in your time. These documents are typically rule-driven, which means they can be long and dense to work with. The good news: You can also lower your errors-and-omissions insurance risk by adopting ethical values and business practices. This article (Part 2) provides 20 more quick pointers for doing just that. Watch for more parts in the coming weeks.
Tip #21 - Watch Less TV
Take a break from financial news and commentary. Pay more attention to your own experience and values.
Tip #22 - Hire Great Support Staff
Don’t skimp when hiring staff. Hire the very best people you can afford. They will save you money—and reduce your risks—in the long run.
Tip #23 - Improve Your Skills AND Your Heart
Read sales books that balance skill enhancement with ethical inspiration. Stephen Covey’s Principle Centered Leadership is a classic example.
Tip #24 - Leave a Legacy
Think about the legacy you want to leave. Then make sure your business practices create it.
Tip #25 - Make Your Parents Proud
Do nothing that would hurt or embarrass your parents. Instead, strive to make them proud of you.
Tip #26 - Rules Matter
Follow all of the rules prescribed by regulators. They apply to you. Never assume a rule doesn’t matter. It does. Don’t think you’ll never get caught. You will.
Tip #27 - Get in Their Face
Send all your clients a timely news article. Then follow up by phone. The more you’re in their face, the more they will trust your face.
Tip #28 - Bottom Line Isn’t Everything
Do something positive for your clients and don’t charge them for it. Show them that the bottom line isn’t your only line.
Tip #29 - Don’t Treat Clients as Account Numbers
Clients are people, not numbers. So try hard to get to know them and their families.
Tip #30 - Do Business by the Book
Make sure your marketing (especially seminar) practices are in compliance. And know your administrative procedures inside out.
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