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Written by: Jack Heintzelman | Boston Wealth
In the competitive landscape of financial services, success has traditionally been measured by the ability to acquire clients and generate business. However, these metrics may not align with every advisor, especially those at the beginning of their careers. This article seeks to redefine success for early career advisors, emphasizing the role of the relationship manager over the traditional salesperson.
The Salesperson Paradigm: The conventional advisory firm model prioritizes time and effort spent with prospects, aiming to convert as many as possible into clients. For those who perform well in this environment, the rewards are plentiful. Yet, not all advisors perform as well in this environment, and this should not only be accepted, but also supported and commended.
The Relationship Manager Approach: For those who don’t fit as well in a salesperson role, there is an alternative path: the relationship manager. This role focuses on building trust with senior advisors and their clients, fostering relationships that can lead to organic growth and success. By strategically assisting senior advisors, relationship managers can help them gain more flexibility in their lives, which can translate into improved business success.
Building Trust and Accelerating Success: Trust is the cornerstone of the relationship manager’s success. But how can one accelerate the building of trust? Patience is essential, but proactive strategies can shorten this trust cycle.
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Continuing education
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Networking
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Establishing a strong online presence
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Taking initiative and volunteering for projects
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Focus on efficient communication
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Specialization and differing expertise
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Building a niche offering
By focusing on these areas and accelerating trust there will be clear results in the growth of the business.
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Growing Wallet Share: By focusing on client needs, relationship managers often uncover additional accounts and opportunities for comprehensive financial planning, leading to an increase in wallet share.
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Client Referrals: The additional care provided by relationship managers can result in referrals, expanding the client base without the traditional sales approach.
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Firm Referrals: As trust grows, senior advisors may begin to refer clients who are a better fit for the relationship manager, recognizing their unique value.
The journey of an early career advisor does not need to be defined by sales targets and benchmarks. By embracing the role of the relationship manager, advisors can find fulfillment and success through building meaningful relationships and trust. This approach not only benefits their career but also contributes positively to the lives of their clients and the industry as a whole.
So, for those who question their fit in the world of financial services due to a perceived lack of sales talent, remember: your value lies in your ability to connect, understand, and serve. Stay the course, and let your unique strengths guide you to success.
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Jack Heintzelman is a motivated next generation advisor that is passionate about providing support and mentorship to next generation advisors in the industry. Jack began as an intern at a small firm with 3 other senior advisors. They had a great focus on planning and doing the best for their clients but were not best prepared for training and developing the next generation. This is a common place in our industry and is not the fault of the senior advisors. The industry has changed rapidly and we’re lacking the formal support, training, and process for hiring and developing next generation advisors. It is his mission to make this process better for both senior and next generation advisors, so we can better support the clients that need our help. Jack has grown to serve over 100 families with his approach of high touch service and customized planning for the next generation, both in life sciences and technology as well as multi-generational families. He has built his reputation within a firm that has grown from the 4 at his initial hire to the 15 advisors and staff they now support. He is constantly working on internal projects to improve the development and path of next generation advisors at the firm. Jack is involved in the industry as he serves on the FPA National NexGen committee and locally on the FPA NexGen New England committee. He also gives back to the community as a council member of Good Sports, Inc., a charity that supports underserved youth sports programs. Jack has been featured in many industry sources for his guidance to both clients and advisors. CNBC, Bloomberg, InvestmentNews, WealthManagement.com, FinancialPlanning, to name a few.