How Financial Advisors Are Thriving

Three Ways Financial Advisors Can Thrive Now

History has shown us that crises and extreme circumstances often inspire courage, innovation, and unexpected benefits. That’s because we’re forced to change our traditional approaches and paradigms in response to our new environment. New and incredible possibilities often emerge as a result.

Those who seek out and uncover these possibilities are what we like to call “thrivalists” at heart. These are individuals who address extreme challenges head on, finding ways to improve, reinvent, and reimagine, no matter how difficult the circumstances may seem at first.
 

How You Can Become a Thrivalist—and Grow Through the Crisis

If you can start thinking of yourself as a thrivalist—someone who rises above and emerges from a difficult time stronger than they were before—you may find exciting opportunities in your financial practice and even, perhaps, your life as a whole.

Here are some practical ways you can position yourself and your business to thrive:

• Client engagement. How can you use the learnings you’ve gained from the remote-work environment to enhance how you engage with clients going forward? Might you be able to combine technology and a personal touch to develop a new and exciting client experience? Consider taking some time to design a client experience for the future that will set your financial practice apart from the competition.
• Practice management. Has this crisis revealed any gaps or particular strengths in your practice? Perhaps you found your workflows were disrupted and need an update. Or maybe you realized your client meeting process is exceptional and should be a part of your value proposition. Maybe do a “stop, continue, start” analysis to determine what to stop, continue, or start doing in your practice to thrive as you forge forward into the future.
• Investment management. Especially during the COVID-19 market volatility, how has your investment management arm functioned? Were you able to nimbly respond to client needs and help clients stay committed to their strategy with you? If you see opportunity for evolution in how you manage your clients’ portfolios, times of market volatility can be a good time to consider a change—rather than when everything’s going smoothly. Perhaps take a moment to  analyze your investment strategy and determine how you can enhance it for a competitive edge going forward. 

The COVID-19 Crisis Has Revealed the Thrivalists

At LPL, we’ve seen many of our advisors embrace a thrivalist mindset and focus not just not surviving this crisis, but on helping their investors—and their businesses—thrive, coming out the other side stronger and better for it.

We have the scale and ability to quickly adjust our approach based on our advisors’ needs, as well as the emerging demands of our industry. So we’ve been enhancing our existing tools and building new ones to enable LPL advisors to guide their clients through this unique time in history.

This is the first in a four-part series of blogs where we’ll introduce the tools in this kit and how you could leverage them to thrive as an LPL advisor. We’ll also discuss how you can use your own tools to thrive now, where you are today.

In the end, just as doctors and nurses will be considered heroes on the frontlines of this healthcare crisis, so too will advisors for your role in helping millions of American families overcome the economic crisis that followed.

At LPL Financial, we’re here to support our advisors however we can, so you can be heroes to your clients. To find out how LPL can help you thrive, contact your local LPL recruiter today.