I AM pursuing a financial advisory course to become an adviser. I have good communication skills. What technical skills do I generally need to excel in?
WHILE there are different courses on offer, I am sure the one you are pursuing will equip you with the basic skills necessary.
Having a strong theoretical background is important but you should complement that with as much practical experience as possible as a financial adviser or wealth manager.
The financial institution you work for would normally provide additional training in the various products and services it offers.
Most organisations, particularly banks, would also have product specialists to assist their advisers with more complex or sophisticated investment products.
The technical skills required are just the 'hardware', which can be learnt.
However, 'software', such as good communication or interpersonal skills, is more difficult to acquire, and that distinguishes the top performers from the rest.
As you must deal with clients on a day-to-day basis, your good communication skills would certainly give you an advantage.
They will also be a useful asset when you interact with colleagues or superiors.
To be an outstanding adviser, you must also listen well and appreciate your clients' needs in order to recommend the most appropriate products or to develop the most suitable plans.
Unfortunately, there are many advisers or wealth managers who recommend unsuitable products just to achieve individual sales targets.
It is a short-term approach and such advisers are likely to lose the goodwill and trust of their clients.
A good adviser takes a long-term perspective of their relationship with clients and achieves sales targets by providing appropriate advice to clients.
In deciding whether to promote you, besides your ability to achieve or exceed sales targets, the company would also assess your leadership and people management skills.
A top sales person may not be a good manager or leader if he or she lacks the people skills.
Again, while there are textbook theories on how these skills can be developed, such qualities are best acquired through working and interacting with people, as well as gaining actual experience that will help you discover the best approach to leading others and motivating them to achieve the desired results.
Evelyn Teo
Managing Director
HeadStart
Advice provided in this column is not meant as a substitute for comprehensive professional advice. E-mail questions to a1admin@sph.com.sg.
