The content of this episode is anchored in 3 necessary traits for effective financial advising. In addition, Michael provides action items for better financial practices.

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Key Links

• Ken Gau and Tom Unger’s Program: The Academy of Preferred Financial Advisors

-----According to both Matthew Jarvis and our guest, very accomplished wholesaler Michael Appleby, the most successful advisors have these 3 traits:

[Focus]

• Successful advisors have the concentration to take their practice to the next level.
• They have garnered enough concentration to understand who their ideal client is (i.e. pursuing a narrow market versus using a shotgun approach).
• They also focus on the strengths that bring their team together, turning the practice into a smoothly-functioning mechanism for success.

[Discipline]

• Successful advisors are disciplined with time management: their schedule, marketing outreach, every facet of the business.
• And they understand the importance of investing the necessary capital in facets that will make their business flourish: prospecting, personal development for the advisors themselves, coaching, or hiring a skilled team.

[An Affinity for Productive Business Partnerships]

• Successful advisors are not hucksters; they won’t peddle or waste time on small-scale operations with prospects or business partners.
• They are focused on establishing productive partnerships with their wholesalers or other connections.
• They make value propositions to accentuate the most important aspects of their symbiotic partnership--and they stress honesty during their conversations about what works and doesn’t work.

[Additional Topic: Michael’s Most Common Advisor Mistakes]

• They ceased to do the basic activities that brought them to success: the cold calls, due diligence on prospecting--in short, the important actions that first put them on the map.
• Another common mistake is a habitual procrastination towards business planning and forward-thinking types of organization.
• Advisors drop the ball when speaking events aren’t rehearsed enough: the speaking is flat, the fluidity of the event isn’t seamless, seating isn’t mapped out, directions aren’t given, the organization is clumsy, and so forth.
• They don’t follow the same advice they give to clients and thus sacrifice their integrity, reputation, and the overall weight of the advice they give.

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Michael’s Action Items

1. Advising isn’t a commodity. Offer something that resonates personally with individuals and which communicates tangible value in a way that transcends the dollar signs.
2. Hire a coach, join a program, plan your work, and network.
3. Pick a plan and work it consistently. Be persistent with it; it will pay off.

More details at: https://theperfectria.com/confessions-of-a-wholesaler

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Produced by Simpler Media