How I Became a Financial Advisor

Today we talk about how to become a financial advisor an the best tips for becoming a financial advisor. What do you need to become a financial advisor? I became a full time financial professional by following this advice.

What’s up guys josh ulford back with another video and today i want to tell you guys how you can succeed as a new financial advisor if this is a career that you’re pursuing time to think like an investor if you guys are new to the channel my name is josh i’m obsessed with this idea of financial independence and investing and building wealth if you’re interested

In those sorts of things make sure to hit subscribe hit like and today i want to talk all about the things that i wish that i knew when i was just getting started as a new financial advisor planner just somebody in the client-facing investment business it’s a really intimidating business it’s extremely difficult to start i’ve even heard statistics like you know i

Have a class of let’s say 20 new advisor recruits only five of them will be left after three years it’s a very tough business to cut your teeth in and today i want to dive into what i would do if i was starting from scratch if i was starting from brand new in the business today because a lot of you guys are asking about this you’re asking what can i do to succeed

As a new advisor now when i started doing this channel this isn’t something that i thought would come up i didn’t think we would see other advisors watching this and trying to learn how to better their business or better themselves i thought it would be mostly retail investors and consumers but today this video is dedicated for you guys so if i were to start to

Talk about how one person can succeed as a new financial advisor the first thing i would start to think about is what’s your overall approach to this whole thing and the reality is is that there’s a lot of randomness whenever you’re going to try to start a business you’re going to try to start some new venture there’s always randomness right for instance you could

Be working with some new client and you’re all excited and you have them in the mill and it looks like it’s about to become a deal and then it turns out their cousin just got into the business and now they’re leaving to go work with their cousin instead this kind of stuff happens all the time so we have to think probabilistically we have to think about what is

The best way to increase our odds of succeeding rather than thinking about how is it that we’re gonna you know nail every single little variable and try to control everything it’s about thinking in probabilities and to me there’s really four things that i would seriously focus on if i was doing this all over again to put the odds in my favor the first one is you

Have to know your stuff i mean that’s super basic but you have to know your stuff the second you need to be producing content on the internet it’s just it’s it’s a non-starter it’s something you have to do third it’s hard because some people are born this way some people aren’t but you need to become personable you need to become someone who feels trustworthy and

Someone that’s just likable to be around and i’m not even sure if i’m there yet but that’s something that’s important and lastly you need an insane amount of patience because no matter how well you do in all these areas you’re going to have to repeat them over and over and over again for two to three years minimum my number one advantage when i started with this

Whole thing is that many years prior to actually getting into the business i was reading every single thing i could about investing in finance and economics and all these different areas that are important to know before you get into financial services and before you advise or help other people do this kind of thing themselves so the first thing you need to know

A ton and if you guys want to know some of the top books that’s all on my website i have a whole section about like finance and investing books that you can go look at you need to be immersing yourself because clients are going to have questions and they’re going to want to know why what you’re saying is the truth and why they wouldn’t have it some other way and

Why are we investing here instead of there and why do you charge this fee instead of that be you need to have great answers to all these questions so first things first is digesting as much financial content as you can possibly find investing economics personal finance you need to be reading and immersing yourself in it and what i’ve found is that you’re gonna go

Through all these different licensing exams you’re gonna do your investments your insurance your financial planning all these different credentials that you have to get but none of them none of them really teach you the things that you need to know a lot of the best lessons you’re going to learn are from the books that you read on your own and the learning that

You do on your own it’s not going to come from the exams they give you those are really just formalities to make sure that you’re passing the grade but the next thing you really want to do is for me this was huge because when i first started i was young i got into the business when i was 19 years old and everybody who was a desirable client was 10 years older

Than me or much older and what i had to do was find a way to get in front of those people you in this business you’re building your own clientele and you get rewarded for bringing in more clients and serving more people the one thing that i found that gave me a massive advantage was taking all the stuff i was reading some investing book or some economics book and i

Would take the main ideas and i would condense it into a blog post or a podcast i’d put them up on wordpress or on soundcloud and this is really the big thing is you have to get out on the internet you have to start writing you have to start doing videos you have to start podcasting because that gets you in front of so many people you share it on your social media

You share it on your business website whatever it is and this just really starts to build trust because people they see what you act like they see what they’re getting themselves into they can understand your philosophy a little better so putting yourself out there builds that trust and what you’re not trying to do is have someone come across one of your posts

And think oh my goodness i’m going to go invest with that guy immediately that’s not how it’s going to work but if you’re consistently showing let’s say your whole social media following that you are obsessed with this idea of investing and you love this so much and this whole personal finance thing is your real passion you’ll display that by posting over and

Over again and always trying to provide value and what’s going to happen and this happens to this day to me all the time people say josh i just wanted to reach out via text message email whatever it is i have been reading your stuff for two or three years and finally i just decided it was the right time to make a move and i’m like man where were you three years

Ago when i needed you so bad it’s hilarious because you’re gonna put all this content out you’re gonna put all this energy into producing value on the internet whatever it might be and then only a year later or two years later do those clients who have always been reading your stuff start to build the trust and come uh invest with you and i even had a story i sat

Down at a starbucks one time and some guys started writing out a check for 200 000 and i was like what the heck first of all we don’t take checks second of all don’t you want to like hear the spiel don’t you want to hear like how uh we invest and he’s like no like i’ve been reading your stuff for two years i know exactly how this goes i’ve seen how you do it all

And i was like wow at that point i really understood the power of like putting yourself out there putting your ideas out into the world and just trying to provide value trying to help other people through blogs podcasts whatever it is that stuff is so easy to do it is so easy to set up on your own but okay now we have a situation where you know your stuff that’s

Great and you’re putting yourself out there and over time you’re planting seeds and people are gonna start to come and see you but then once you get in front of them everything changes for me the first like 10 20 i don’t know meetings as a financial advisor i was red in the face i was super nervous i was stumbling over my words i was trying to like stick to some

Script but i didn’t really know how it was all really unnatural you just have to bust through that you have to repeat repeat repeat and do that over and over again but the big idea here is you need to be a personable you need to be someone who isn’t all about business when i sit with a client my main goal is how much fun can we have in this conversation and then

Fit in some finance stuff on the side you want to be someone i mean the best way to start here is go read that book by what was it called how to win friends and influence people you know call people by their first name show interest in who they are you’re really trying to listen to the person and i think the biggest mistake a lot of new advisors make and i made

Like over and over and i still make it sometimes today is you get so excited about the topic at hand that you talk and you talk and you talk and the person who is receiving that advice is like tuned out because you’re just saying all this kinds of stuff and no one really knows where this is going and it’s all going over their head it’s important to be personable

And let the person talk so if we’re in a position now where we know our stuff and we have people coming to us and we’re personable enough we’ve gone through that pain of those first like 10 or 20 really bad meetings and we’re starting to become more ourself that’s fantastic that’s great i think by doing those three things you are really maximizing the odds of

Success that you’re going to have but the last thing that you’re missing is that you need to repeat this stuff for year after year after year after year right if you are going to be doing this career you are not going to have success in the first year you are not going to have success even in the second year and i can even pull this up for you here when i was

Starting the business i had the exact amount after my first year i had 800 000 under management that was the size of my book 800 000 and if you don’t know much about this business that is nothing that is tiny um that is the size of one client nowadays for for for us at least that is absolutely crazy and the reality is in that year my first client i took had 500

Bucks and they were going to add 25 a month that was my first client 500 up front 25 every month like i was so excited to get that client i was like yes somebody trusts me but that was gonna generate like five dollars a year in fees for me so that was no way uh to actually make a living in year two i got to 2 million in assets under management so we went from 800

000 to 2 million okay so still not nearly enough to live off of you know i’d have to be doing like insurance or mortgages or financial planning fees or other stuff just to survive and then year three we got to a little under 5 million and then year four we got to eight million and now we’re sitting around ten so it’s this slow grind of this growth process and you

Need to be repeating these things over and over always learning more stuff always producing more content online even this youtube channel i never expected i mean i thought it might happen but the goal was never to get clients for my business this is just kind of a fun passion project and if youtube becomes a side income awesome but we have had so many different

Clients come to us because of this youtube channel like that’s even just case in point this stuff works and then obviously being personable getting better at honing your people skills in those meetings and getting better at communicating what it is that you’re really helping them do and then repeating those three things over and over and over for minimum two years

And don’t give up until three and if you can do those things i am almost sure of it your life will for sure change you might not become the most successful advisor ever but you are at least stacking the odds of the probabilities in your favor that you are going to have a lot of success so for all of you guys who are reaching out asking what i would recommend for

A new financial advisor those are really my three things my four things i would really invest in doing all of those so thank you so much for taking the time to watch this video if you got any value on it if you enjoyed it please hit that like button for our youtube algorithm and make sure to subscribe for more videos just like this one every single week until next time you

Transcribed from video
How I Became a Financial Advisor By Josh Olfert