Financial
Advisors can have great professions and be real assets to their communities,
but they can fall prey to avoidable errors. Mistakes one through six cover
ethical concerns and 7 through 10 cover business strategy and personal
concerns.

1) Making
uninformed choices.

In order to avoid
faults, be sure to double check correct rates and facts about the product(s)
you are selling.

2) Fraudulence

In order to
prevent fraud, go into your consultations with the attitude that you are going
to do what is best for the customer whether or not you make the sale.

3) Signing an
application with fields left blank.

Make sure that
the application is completely filled out prior to signing it.

4) Requesting a
check in the adviser's name.

This should never
be done, because premiums or payments from clients belong to the firm under
which the advisor is employed and should never be intermingled with the
adviser's personal accounts.

5) Putting
unnecessary pressure on the client.

Good salespeople
can close a sale without using coercion. Always look out for the client's best
interest.

6) Failing to
disclose possible risks of an investment product

The agent is
always obligated to disclose all elements of a financial product, regardless of
whether the client chooses to buy it.

7) Forgetting to
learn

Financial
advisors should always be learning more about their functions and how to help
the community better. Good ways to do this are by reading books and attending
conferences.

8) Forgetting to
seek out new business

Even when
financial advisers are successful, they should always be making partnerships
with potential new customers so that their business will succeed in the long
run. Ways to do this are through recommendations and participating in trade
shows.

9) Forgetting
that a good perspective is vital

Even when
financial agents are active in seeking out new clients, they must have a can-do
attitude that will help preserve them during dry periods. Ways to foster a good
attitude are to read inspirational books and to set aside time to do things
they find enjoyable.

10) Neglecting to
find a mentor.

Financial
advisors need a good support system in place, because oftentimes they work
alone. A good coach can act as a coach and a sounding board with whom younger
financial advisors can share their joys and frustrations. Financial advisors
should contact their supervisors for ideas on how to find a mentor.

And also you?
What are the top errors made by financial advisors?

About the author:
A. Mulvey contributes articles for <a
href="http://www.financialadvisorcareer.net">financial advisor
career</a> , her pastime blog she uses to share her expertise to assist
people handle the facets of financial advisory.