"Successful advisors understand they need to differentiate themselves in ways that have nothing to do merely with numbers. In this day and age, success demands flair and uniqueness."

Characteristics of Winning Advisors

By John Bowen

In several large consulting programs with which I have been involved, assignments have taken me across North America interviewing the most successful individuals in our profession. I've learned a great deal from these folks about how to focus on building a great business without becoming distracted by the noise of today's business environment.

In working with these top advisors, I've observed that they share certain skills and characteristics that set them apart and enable their success. Because many of us are searching for the magic key that will unlock the value of our practices and allow us to climb to the next level of success, it can be extremely valuable to understand these traits.

Passion. The successful advisors are motivated by a burning desire to build the best possible business-one they could be proud of on every level. These advisors do not think of their business apart from themselves. It is like a child, in need of nurturing, as familiar as family. Passionate about success, they focus most of their time and energy on satisfying clients.

Lifestyle. Despite their passion, these advisors realize that they are not in business merely to generate more business. They know that they are in business to build a life, not just to add clients.

Differentiation. Successful advisors take the time to be introspective. They've asked themselves what they want to be and what they stand for, and have considered how their business affects their family, clients and community. Successful advisors understand they need to differentiate themselves in ways that have nothing to do merely with numbers. In this day and age, success demands flair and uniqueness.

Niches. Successful advisors take stock of themselves, understand their strengths, and then discern where they naturally fit into the marketplace. Having established themselves in this way, these advisors are unafraid to specialize even further in a particular area. Being a generalist is good, but being an expert is even better.

Acquiring new skills. Really successful advisors move beyond merely being in business to actively taking control of their businesses and business skills. Past the point of jumping from one deal to another, these advisors continuously improve their skills, investing in themselves even as they invest in their businesses.

Support systems. Successful advisors develop support systems, strategic partners with whom to share ideas and analyze developing trends. Such support systems are also important from a planning perspective since these successful advisors are not concerned only with day-to-day issues, but also with succession challenges.

Creating equity. The truly top advisors I've met generate predictable value in their business because they had linked up with larger providers of essential services. Many outsource the actual investment process so that they can concentrate more intensively on client interactions. Additionally, such linkages provide the stability that would allow others to sustain and replicate business, even without the advisor's presence.

Reprinted from: FINANCIAL PLANNING