What to Look for When Choosing a Financial Advisor Career
With continued growth of the global financial market, the demand for financial advisors is increasing, and many ambitious professionals are considering this career path. But while opportunities at some financial firms sound alluring on paper, they’re often not structured to give you the support you need to succeed.
According to Lucy Bosworth, Vice President of Strategic Initiatives at M Financial Group, it is smart to “do your homework” when you’re considering a career move, as you’ll want to know how your new firm plans to prepare and support you as you grow in your new career.
“A lot of young professionals are beginning to understand the benefits of working in this industry,” she said. “There aren’t many roles that offer the level of flexibility, satisfaction, and earning potential that a career as a financial advisor will provide. But success doesn’t happen overnight. It’s important to find the right organization, the one that will invest in you and provide you the training and support to succeed.”
Look for Personalized Training
Many organizations provide a training experience that is more focused on selling a particular product than on holistic solutions to help their clients reach their financial goals. Delivered classroom style or online, a new advisor could expect this type of training to last from 90 days to 6 months.
In contrast, M Financial’s Magnet Training for Financial Advisors offers a very personalized training experience over a two-year period. According to Lucy, “This allows us to help our participants to gain the deeper understanding and develop the strengths they’ll need to succeed in our market.
“We also pair participants with seasoned mentors who can provide valuable advocacy and insight, which is important to a professional’s career progression, “Lucy said. “I’ve heard advisors refer to our program as being like attending private school because of the intimacy of our training cohorts and the personal attention we give their growth. Our training cohorts will have no more than 12 participants by design, so we can give each participant’s success our full attention.”
M’s commitment to their new advisor’s success is shown in other ways, too. In traditional roles, a new advisor might be on commission within the first two months. Magnet gives advisors two years on a salary while they learn, so they have a better chance to succeed.
Demand Innovation and Support
Technology that is focused on supporting the client-advisor relationship also contributes to the attractiveness of the advisor role.
That’s why companies like M have made significant investment in customized mobile apps, behavioral modeling financial software, digital client service portals, real-time financial activity reporting, advanced risk-profiling software, and other innovative technologies that can free advisors to spend more time building meaningful client relationships and less time managing them.
“Our M Anywhere mobile app is a great example of our commitment, “Lucy said. “It allows advisors to spend their time with clients and handle data and follow-up on their mobile phone, wherever they may be.”
M’s underwriting platform is another. “M has the only multi-carrier accelerated underwriting platform up to $3 million. We also have one of the only multi-carrier annual review reporting platforms. From client acquisition and onboarding to servicing, M’s entire client experience is digital and multi-carrier,” Lucy said.
“We’ve created an entirely digital experience that really no other distribution network or independent insurance company has,” Lucy continued. “Couple that with our proprietary products and the training to succeed in our unique market, and it’s a compelling reason to bring your career to M.”
Find the Right Organization
Many advisors aspire to be or think of themselves as high net worth advisors. M Financial is a leader in this space, serving over 30% of the high net worth market through an exclusive network of more than 145 Member Firms across the U.S.
Because M firms work mainly with affluent and corporate clients, they know that “off-the-shelf” products don’t meet the needs of their clientele. Instead, M works with the most prestigious insurance carriers and investment firms to develop their own innovative and exclusive products that are flexible and offer features as unique as their clients.
M advisors have access to an array of exclusive products other firms can’t match. “Ours is the only distribution network with this array of products,” said Lucy. “The strength and stability that you have with M far surpass any other insurance distribution network.”
M’s strong partnerships also give financial advisors a competitive advantage, providing them access to thought leaders who can bring the industry picture into focus.
“It’s why M Financial is the place for your career if you want to work with the best in the business and provide your clients the best solutions,” she added.
