Daniel Weiss, CRPC • Philadelphia, PA
W Financial Advisors • Cetera Advisor Networks LLC
People become financial professionals for deeply personal reasons. In my case, I have repeatedly seen people struggle to find help to map out their financial future. I want to guide every client in a way that is appropriate to their situation, working as their advisory partner.
I am confident that with my understanding of personal finance and training, as well as my ongoing commitment to building our firm’s knowledge base, I can help people better prepare for the future. After years in the business, our firm has developed a reputation for communicating complicated financial concepts in an easy-to-understand manner so clients can use those concepts to pursue their financial objectives.
I recognize that I am an ambitious and hard-driving person. I try to temper those personality traits by understanding and being sensitive to how critically important financial education and planning are to any individual’s or family’s life goals.
I think the following principles and factors define how I see my role as an advisor and what makes an advisory practice successful:
- Self-motivation: In this line of work, you have to be willing to push yourself and work harder than your peers. You need to constantly set both short-term and long-term goals. Some should be realistic and some should be “unrealistic.” I have always found that the most far-reaching and ambitious goals were the ones that made me work harder.
- Competitiveness: The success of those around me drives me to do better. I am always happy for my competition and can selectively learn from them. However, the competitor in me always wants to keep up with—and eventually eclipse—my peers.
- Entrepreneurial mindset: You have to be creative and willing to think outside of the box. A lot of my ideas and aspirations were shot down by peers and managers early on. However, if you truly believe in something, stick with it. That one idea could be all you need to set you apart or take your business to the next level. Yes, I am an independent financial advisor and love doing that. But I am also a business owner. If you don’t approach this line of work with an entrepreneurial mindset, you’re better off working in a salaried position somewhere else.
- Education: I cannot stress enough the importance of continuing education for every financial advisor. In my opinion, too many people in our industry stick with what they’ve known and learned in the distant past, which results in passing on that unchanging point of view to their clients. I spend a few hours every week updating myself on new strategies, products, or funds that I believe could be vital to the success of my clients. If you are unwilling to adapt your practice and how you approach the ever-changing market environment, you will eventually be left behind—and perhaps find your clients have moved on without you. People and economic conditions change. As advisors, we need to be willing to change too.
- The ability to listen: This seems rather apparent, but if you merely “go through the motions” during each meeting, you could end up making the same old recommendations for each client. When you decide to truly listen to what they are saying, it’s amazing what you will pick up. Your clients want to be listened to the same way you would want to be in their shoes. I treat all of my clients as individuals, with different goals and aspirations. The meetings we hold, the guidance provided, and how we move forward all depend on the needs of the individual or family we are working with.
- Strong client relationships: Unfortunately, the level of neglect for clients in this industry is high. Whether it’s a lack of money managed for the client, a comfort level reached by the advisor, or just poor practice management, too many people don’t hear from their advisors regularly or are treated as just one of the herd. It has always been important to me to get to know my clients thoroughly, which means understanding their communication preferences and what they expect in terms of timely and valuable guidance—and then exceeding those expectations as best as I can.
- Referrals: It’s not how many times you ask—it’s how you ask and who (more of a “quality versus quantity” approach). A lot of people are taught to ask, ask, and ask again. I learned early on that this approach wouldn’t bring the level of success I was looking for. Yes, you should always plant that seed and ask early on, but if you listen to your clients and treat each situation individually, you’ll quickly see who is and who isn’t willing to make a proper introduction. Finally, do not rely on the referral to contact you; you have to be persistent (not pushy, there’s a huge difference).
Disclosure: Securities and advisory services offered through registered representatives of Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRA/SIPC, a broker-dealer and a registered investment advisor. Cetera is under separate ownership from any other named entity. Branch phone number: 610-304-5551.
Photography by Michael Branscom
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