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How I Became a Financial Advisor



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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

[Music]

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

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until next time

you