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Jumping into the world of financial advisership can be extremely daunting. First year advisors are faced with challenges, from organizing at work to building a clientele and settling into a new job.

Any career which requires you to build up your own client base can be challenging, and often the most difficult part is making it past the first year. To help you survive your first year, you may benefit from learning some of the habits of successful financial advisors.

A fantastic way to visualize your first year would be to learn from successful financial advisors who experienced the unique hurdles of just starting out on the job, such as Dave Fadenziero, an advisor based out of Mountainside, New Jersey. He celebrated his one-year business anniversary and was willing to share extraordinary advice for first year financial advisors in an interview.

In the content below, we share some valuable help for financial advisors with our questions and Fadenziero’s life-saving answers.

Tips and Habits of Successful Financial Advisors with Dave Fadenziero

1.) How did you find your first clients?

My first client was a family member who was onboarded at a seminar during a 1 on 1 Q&A.

2.) How did you help yourself settle into the new job?

I am always preparing in the off hours. I always create a plan for everything. It gives accountability to meet goals – if not, you’re falling backwards.

3.) How do you organize at work?

By prioritizing throughout the day and preparation in the off hours of the day. The more I prepare at night, the more I am prepared for what clients need during the day.

4.) How do you maintain work/life balance as an FA?

There is no work/life balance right now. 75 percent of every waking hour is spent working.

5.)  What are some tricks to following leads to customer acquisition?

Persistence is key. Prospects want to be reminded that they have something to do. If you’re persistent, they’ll get back to you.

6.) What was the most remarkable thing you learned in your first year as an advisor?

Just how many people are underprepared for retirement.

7.) How do you learn and improve on the job?

I take a piece from every client that I deal with. It’s impossible not to learn very, very quickly.

8.) What are some important things you learned in your first year as an advisor?

Listening to the client. I was exposed to lots of different advisors – I learned to remember that the meeting is not about you, it’s about them.

9.) What source taught you the most about the job? Are there publications you would recommend that others read to keep up-to-date

Other advisors, by far. Very lucky in the way I came into the business. Take as much as you can from senior advisors. Read as much as I can – Barron’s, hard to pinpoint just one – Apple News, financial news, and market news.

10.) What are some of your tips for coaching clients through tough times?

Fear of a recession is a big thing… the most important thing is education. If you can educate the client, it reassures them.

11.) How do you sell a prospect who is on the fence, but looks like they won’t commit?

Education, really showing them your role and being genuine, really believing everything you’re saying, and letting them do most of the talking.

12.) What is the most important thing to keep in mind when communicating with a customer who wants to withdraw their assets?

Understand why and understand what I did wrong. Ask for honest feedback and wish them well.

13.) What kept you motivated when the leads just weren’t converting, and it didn’t seem like they ever would?

Two fantastic partners were very supportive, and they made it a lot easier. Remember the goal. Remember why you’re here. Tunnel vision, laser focus.

14.) How does one recover from a sales slump?

You start out in a slump. The first couple of months were a lot of work and very busy. Maintaining a high level of service results in opportunities that keep coming back.

15.) What are your tips for success in the financial advisory business?

Affiliating with the right people – those who trust and who will take care of you. Keep an open line of communication, keep up with tech – if you are more connected on the tech side, your business will be better off – more expensive, but better off.

Dunham: World-Class Trust & Investment Firm Offering Help for Financial Advisors

Dunham is a dedicated partner, adding time-tested investment options to help create lasting financial success. We are an advisor-friendly company here to help you focus on your clients' needs and expand your client base.

With any inquiries, please do not hesitate to reach out to our team at (858) 964-0500 or via our online contact form! We look forward to embarking on a journey with you.

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