50 Things You Need to Succeed in the Perpetually Changing World of Modern Finance

The finance sector has seen huge disruptions over the past 20 years. Developments like fintech, cryptocurrencies and automation have totally changed the jobs of stockbrokers, traders, fund managers and bankers. With all the new innovations, stock traders from the 1980s might not recognize the finance industry at all today.

Authority Magazine recently ran a series called “5 Things You Need To Succeed In the Modern World Of Finance.” In the series, we interviewed C-Suite executives and principals at finance or financial services companies who spoke about what a young person who joins the new world of finance needs to succeed in this sector.

Here are some highlights of the interviews.

Mary Alice Hughes and Lisa Bamburg of LMA Financial Services

Mary Alice Hughes and Lisa Bamburg of LMA Financial ServicesImage credit: via Authority Magazine

  1. If you do what is right for the client, you’ll be successful! A great example of this in our business is making sure we ask a lot of questions before making recommendations. If Joe Client wants security of principal and is fearful of risk, we don’t need to recommend a mutual fund! Or, if a client needs unlimited access to funds, we won’t suggest an annuity with limited withdrawals. Also, we don’t bother a client after they leave our office! If Joan Client has said that she needs time to think, we are going to give her time to think. People don’t want or need to be harassed and bothered.
  2. You don’t sow a seed and reap rewards immediately. Success in the finance industry depends on consistently seeing people. Most people don’t make a decision at the first appointment. So, you have to consistently keep seeing people. We refer to it as “filling the pipeline.” It is human nature to want to slack off after some big sales or successful weeks. We’ve all done it. Long-term success requires full-time work!
  3. Handwritten thank you notes will set you apart! It is absolutely amazing the impact a hand-written note has these days! This is a lost art. People are blown away if they receive a thank-you note via the U.S. mail service. Both of us travel a lot and have used some of our pictures as the front of our thank you note cards. Clients will often times call or email us after receiving these notes saying how much they appreciate receiving them!
  4. Being appreciative of referrals is key! In our office, we make sure Joe Client knows how much we appreciate him sending a new prospect our way. If a person comes in for appointment and says, “Joe Client gave me your name,” we automatically send Joe Client a dozen of some very delicious cookies in a tin with our logo on it. It doesn’t matter if the person referred does business with us or not. We want the client to know just how special his word-of-mouth advertising is to us!
  5. Your success is hugely dependent on your team! Our staff has heard repeatedly, “You never get a second chance to make a first impression!” When a person walks through our door, we want our front office personnel to great them with a smile and a cheerful voice. We want them to ask if they want a cup of coffee, tea, water or a soda. We want them to engage in conversation and show them where restrooms are located. When talking on the phone, we want our staff members to “smile through the phone,” talk slowly and be cheerful. Emails should be engaging, not just the facts! And emails should always include a line about how appreciative you are of their business or the opportunity to earn their business.

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