7 Wealth Management Tips for Independent Financial Advisors

Here are some top wealth management tips to independent financial advisers who seek to secure financial wellness for their clients.

In addition to finding experienced wealth management firms to partner with, financial advisers are subject to routine battles with securing the highest possible returns for clients – wealth management. One of the best way to increase clients’ returns is for IFAs to partner with educated, experienced firms that can ensure that the asset they advise their clients on actually performs according to expectation.

In this article, we’ll discuss 10 top tips for enhancing your offering to clients as an independent financial adviser.

1. Know what really matters to your clients

It pays to invest more time and energy into knowing your customers better. Only they can lead you to more business within your vertical. Understanding what matters to your clients will help you provide a valuable service. In turn, this results in stronger relationships and new sales through positive word-of-mouth.

In addition, be careful not to venture too far into a space of assumption – even if you have known your clients for several years.

Misalignment is more than just an annoyance to clients and can damage trust in the relationship.

Strategic misalignment occurs when operational initiatives do not align with defined outcomes. Experienced wealth managers know this and guard against drifting off target any way they can. In addition to delivering on set expectations, customers value knowledgeability, good communication and listening skills, friendliness, a positive attitude, honesty, consistency, promptness, and personal attention.

2. Invest in your professional growth

There exists little doubt that a higher qualification will set you apart from peers and that any additional learning will ultimately benefit clients.

Keep in mind, though, that further studies is just one way to explore in your journey of always-on learning, and it involves significant challenges like juggling work, clients, studies, and family life.

For a quick injection of knowledge and thought leadership, watch our first IFSA Prosperity Session below:

3. Test your strategy

When last have you tested your strategy? Does it allow the space to embrace uncertainty and put you ahead of trends? Are you 100% convinced beyond the shadow of a doubt that your strategy will beat the market in 2022?

If not, our guide to smart investing might help:

4. Aim for what you want

Aiming for what you want could sound a lot like Nike famous slogan “Just do it”. Truth be told, it may not be that far off course. You’d be surprised how many people make a habit of “hovering around” what they really want to achieve in life. Here are a few pointers to identify your target better and improve your aim:

  • Be clear on what you are trying to achieve
  • Become an expert in a niche market
  • Venture above and beyond expectations
  • Do not compromise on your price
  • Develop a unique and loyal support network

5. Expand your offering with alternative investment options

A good wealth management strategy incorporates a combination of traditional and alternative investments. When most people think of investing, they generally tend to think about traditional investments such as stocks, bonds, and cash.

But that's only part of the picture. There's another category of investing beyond traditional investments, called alternative investments. One of the most dynamic asset classes, alternatives cover a wide range of investments and feature a range of distinctive characteristics.

Many alternatives are becoming increasingly accessible to retail, or individual, investors – making knowing about them increasingly important for all types of investors and industry professionals.

These types of investments can vary wildly in their accessibility and structure, but they share a few key characteristics:

  • Private equity (PE) is a great option to diversify your investment portfolio, especially for individuals with high net worth and institutional investors.
  • One of the main reasons for investing in private equity is to improve the risk and reward characteristics of an investment portfolio.
  • Private equities provide investors the opportunity to generate high returns. However, while private equity can potentially provide high returns, it also comes with risks.
Learn more about some of the most popular private equity models.

6. Make humility part of your practice

Humility is perhaps an underrated virtue. However, just because humility might be old-fashioned does not mean that it is no longer important. The golden rule for any individual in business will always be to put yourself in your customer’s shoes. Not only is humility good for attracting and retaining business, it brings you closer to the problems your clients are facing. In return, this will help you find the best possible solutions to mitigate those challenges.

Make no mistake, while assertiveness and passion are both traits that you will need to make your mark in the financial industry, humility shelters us from the undesirable consequences associated with excessive pride.

Practice mindfulness and self-restraint wherever possible. Focus on hearing your clients out. Ponder their problems and imagine them as your own. In doing so, you will get up close and personal with your clients’ problems and find solutions that will serve them well in the long run.

7. Partner with an experienced specialist

Wealth management partners like IFSA Private Equity work with independent financial advisers to track financial performance and provide financial advice, forecasting, and analysis to help guide better decision making and financial wellness strategies.

If you’re an independent financial adviser looking to partner with a forward-thinking private equity firm and diversify your offering, take a look at our fact sheet – the numbers speak for themselves.

Ideally, you should be looking to find a partner for life – someone who is both willing and able to join you on your long-term financial journey. This means engaging the services of a financial firm should not be taken lightly. When deciding on a wealth management firm to partner with, consider asking specific questions around track record, fund size, client base, experience, and assets under advice.

Learn more about who we are and how we work.

Book a free no-obligation consultation with IFSA

Continuously gaining knowledge aids the success of both independent financial advisers and their clients. Have a question or two? Please reach out and we’d be happy to answer them – or give our FAQs a try.

Want to learn more about what IFSA Private Equity offers independent financial advisers? Contact us to set up a no-obligation session to talk about your business and client needs – we’ll be happy to share our experience.

IFSA (Pty) Ltd Registration No. 2000/005153/07 An Authorised Financial Services Provider Licence No. 43337

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