Next to oxygen and water, money is probably the most basic essential to living in the modern world. Which is why financial planning services continue to be a high-growth, and therefore, high-earning industry.
Financial consultants enjoy a wide range of work flexibility and diversity. From where, when, and how much to work, to who to work with. Of course, the returns are closely correlated to how much the consultant is invested in the work.
Monetary gains aside, a career as a financial consultant can be immensely satisfying to the soul. We play a positive role in helping our clients navigate the financially demanding milestones of their lives.
So if you are in the market for a career where you can be your own boss, earn in tandem with your aspirations and help others reach their life goals, financial consultancy is a worthy consideration.
“Do you have what it takes?”, you may ask.
I’ve spent close to two very fulfilling decades in financial consultancy.It hasn’t always been easy, of course. But I’m happy to say, today I lead one of the top-performing groups at SG Alliance Pte Ltd.
Here are my thoughts on what it takes to be a successful financial consultant.
First, there are some basic paper qualifications, a.k.a. the easy part.
By law, aspiring consultants need to be at least 21 years old, possess certain post-secondary academic qualification, and pass the required modules in the Capital Markets and Financial Advisory Services (CMFAS) Examination.
Beyond the paperwork, successful financial consultants have a few defining character traits. See if you have what it takes:
For a financial consultant, integrity is not only everything, it is the whole deal.
The obvious deal breakers include giving misleading, inaccurate, or incomplete product information, or recommending unsuitable or unnecessary products.
Beyond not doing the wrong things, consultants have a responsibility to really care. Take a genuine interest in clients’ needs and aspirations, and advise them clearly without the sugar coating.
It also means walking the talk. Our consultants manage their own financial planning just as how they would advise their clients to.
For some, growth is regarded solely in terms of increasing sales and income. Professional financial consultants always take a holistic view.
Consultants with the capacity for self awareness and character growth are able to ride above challenges and emerge stronger.
For example, individuals who are able to maintain a positive and learning mindset during the challenging COVID pandemic period viewed the business slowdown as an opportunity for innovative thinking, creative client engagement and self-improvement.
From macro events such as market volatility and unfavourable regulatory changes to day-to-day sales activities not translating into income, consultants will face unfavourable circumstances beyond their control.
Consultants who are discouraged by obstacles may fall into despair or give up even.
Resilient consultants will instead have the discipline and the iron in them to continue to strengthen client relationship, expand their network and build personal credibility.
For some, productivity is like a hit-and-run. The deal is closed fast, then it’s quickly on to the next client to drive up more sales.
Top performing financial consultants are self directed and motivated without undue pressure or scrutiny. They are their own greatest competition, staying true to their values and emphasising results through using the right process, skill sets and tools. Every deal, win or lose, is seen as an opportunity to sow the seeds of a long-term client relationship to be continually nurtured.
As the Group Director of iGnite Wealth at SG Alliance Pte Ltd, I believe in doing the right things the right way with the right people. We select and develop our consultants to their best potential in accordance with our four core values: integrity, growth mindset, resilience, and productivity.
We have empathy for the adjustments consultants have to make. We invest in our talents in a systematic way to equip our consultants with the knowledge and skills to succeed in the long run.
As you enjoy your work while putting in your best efforts, we will impart our strategies so you can chart your own path according to your personality, interests and lifestyle.
Most of all, we will be ambitious for you. We will support you to become an outstanding and upstanding member of the finance community. One who could become a passionate advocate, and in turn, pay it forward by mentoring others to ignite more positive impact through financial consultancy.
If like us, you view financial consultancy as a noble profession and share our core values, we welcome you to come and start a conversation with us.
