A society needs different people holding different profession so that they can contribute their various skills to the development of their society. But if you look at Muslims they tend to obtain popular and traditional business that give an immediate reward. then, our society could not be developed as a progressive nation and can be left behind anyway. thus, we should try to train our youths of various professions and skills without further delay, so let's have a look at various types of profession including investment adviser.
Investment advisor is a noble career. As defined by the [1]. Investment Advisors Act of 1940, any person or group that makes investment recommendations or conducts securities analysis in return for a fee, whether through direct management of client assets or via written publications. An investment advisor who has sufficient assets to be registered with the SEC is known as a Registered Investment Advisor, or RIA. Investment advisors are prohibited from disseminating advice known to be deceitful or fraudulent, and from acting as a principal on their own accounts by buying and selling securities between themselves and a client without prior written consent. Investment advisor also be referred to as a "financial advisor". A investment advisor or financial advisor is a practicing professional who prepares financial plans for people covering various aspects of personal finance which includes: cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners). In carrying out the planning function, s/he is guided by the financial planning process to create a financial plan; a detailed strategy tailored to a client's specific situation, for meeting a client's specific goals. The key defining aspect of what the financial planner does is that he considers all questions, information and advice as it impacts and is impacted by the entire financial and life situation of the client.
In Islam, there is an Islamic investment policy. Thus, investment advisor must follow the policy to ensure that every transactions are halal. Islamic investments are a unique form of socially responsible investments because Islam makes no division between the spiritual and the secular. The establishment of an Islamic investment policy, be it for the institutional or individual investor, starts with the Sharia Board, a group of Islamic scholars (jurists) that vests investment products for compliance with Islamic Law and conducts ongoing due diligence of them. Sources for interpretation follow a hierarchy of authority: the Quran, believed by Muslims to be the words of Allah verbatim as revealed to his prophet Muhammad in the seventh century; the Sunnah which are rules from the prophet's sayings (Hadiths) and actions; Qiyas which are scholarly legal deductions; and Ijma, the consensus of scholars on a particular issue. The challenges that a Sharia-compliant portfolio faces would appear to be no different than those that any other portfolio manager would come up against. A manager formulates an investment thesis which drives portfolio selection criteria. He or she then needs to decide against the appropriate benchmark against which to measure performance. Managing assets in accordance with Islamic precepts is a bit more unique in that the practice is a form of socially responsible investing with the unique specification of avoiding interest bearing investments of any kind. Because borrowing and setting aside excess funds in short-term, low-risk, interest-bearing instruments are integral to corporate finance, the application of Islamic law to corporate finance poses some interesting questions. Is it feasible for a portfolio manager to be completely invested at all times? May one remain faithful to Islamic law in the stock selection when the realities of corporate finance dictate the need for companies, even those not engaged in prohibited businesses, both to borrow and to find a principal-protected repository for excess cash? From a private client portfolio management perspective, once armed with Sharia-permissible products, an investment committee at an Islamic private wealth firm would face the same issues as any other, namely, how to develop, implement and monitor an investment policy consistent with a client's objectives. Additional challenges exist, namely the lack of both a deep secondary market for these products and the lack of uniform standards in the vetting process across the Muslim world.
Why society need to hire investment or financial advisor?[2] The real reason to hire this person is to press you to answer questions you don’t want asked, like how you plan to take care of your aging parents if you need to, whether your will is up to date, how you are going to send your kids to college, what you will do if you lose your job. These are the types of questions that make most of too uncomfortable to ask ourselves. Second, put together a financial plan. Very few people ever, ever do this on their own. And most drag their feet on doing it with their Financial Advisor, too. It takes time and it can hurt. But it matters. Third, identify risks in your portfolio that you might look right past, like being overweight the US (which is most of us in the US) or being mostly invested in tech stocks, when you’re in the tech industry. Next, talk you through market volatility. Most of us energetically claim we don’t need this. It’s hard to project forward an image of ourselves being nervous or scared, and our recollection of past pain has been shown to fade over time. (Just ask any woman who has been through childbirth more than once!) But another voice besides your own during tough markets can be invaluable. Lastly, identify your biases. This is a biggie. Many of us think we don’t really have any….which is exactly the point. One big one: women tend to be more risk-averse than men. That is neither good nor bad of itself, but it is something that should be tested and pushed at a bit, given that women as a group also earn less and live longer than men. As a result, they could perhaps tolerate a bit more risk. Even though to hire Financial Advisors are costing, but if they are able to provide the services above -- and particularly if they can do it earlier in one’s investing life -- their value can be meaningful.
However, what is the benefits of becoming investment advisor besides investment returns? [3]The top ten benefits that investment advisor will receive; first Goal Formation. In my experience, individual investors have a great deal of trouble establishing appropriate, realistic and manageable goals. Often they don’t even know what they should be concerned with or what they should include as part of a list outlining what they want or need to accomplish. A good advisor will. Second, Investment Policy Statement. An IPS should state one’s investment philosophy, goals, guidelines and constraints to be adhered to with respect to money management. It also in stills structure and discipline. Every investor should have one but only a competent advisor is likely to be able to make sure the IPS created does what it is supposed to do. A (much broader) financial plan also makes great sense. Third, Asset Allocation. The total return of any portfolio has three components, which may be positive or negative: (a) returns from overall market movement; (b) incremental returns due to asset allocation; and (c) returns due to market timing, security selection, and fees. The best research suggests that, in general, about three-quarters of a typical portfolio’s variation in returns comes from market movement (a), with the remaining portion split roughly evenly between (b) and (c). To the extent that research differs from that stated above, it concludes that asset allocation is more important and the elements that comprise (c) are less important. The exercise of allocating funds among various investment vehicles and asset classes is at the heart of investment management. Asset classes exhibit different market dynamics, and different interaction effects. Thus the allocation of money among asset classes and among investment vehicles within asset classes will have an enormous effect on the performance of an investment portfolio. Passive market weighting cannot do anything like that.[4] Fourth, Persistence-Weighting. Various studies demonstrate that certain investment characteristics can and do outperform with persistence over time (even though they can and do underperform for significant periods).
These include size (the small-cap premium), value, momentum, low beta and concentration. Passive market weightings cannot take advantage of these opportunities. By following competent advice, investors can and should. Fifth, Risk Management. Passive management (at least as generally construed) looks to “stay the course” through all times and seasons. Thus it can only manage risk by adjusting one’s asset allocation and, even then, will only do so on account of non-market factors (such as advancing age, a change in goals or a change in circumstances). Good advice can make such adjustments more effective. It can also provide other tools for managing risk, including asset/liability matching and tactical adjustments due to long-term factors such as a secular bear market or low expected returns (even though I recognize that the distinction between market-timing and tactical adjustments can seem mighty small indeed). Good advice can also offer various hedging and insurance strategies. Next, Behavioural Management. We are all prone to behavioural and cognitive biases that impede our progress and inhibit our success. We are prone to flitting hither and yon chasing after the next new thing, idea, strategy or shiny object. Our behaviour typically corresponds to the following chart. A good advisor can mitigate these tendencies. Since we frequently act too fast, a good advisor can also slow us down to allow us to “check our work.” Losses on account of delay will almost always be out-weighed in the aggregate by more careful and thoughtful analysis keeping us from taking action too hastily and without sufficient reason.
A good advisor will help to manage our cognitive and behavioural tendencies. Doing so is vital, not the least of all because we tend to disbelieve that we are susceptible to them. Next, Productive Simplicity. Simplicity is a good thing, but with a careful qualifier. Per Einstein, the goal is to make things as simple as possible but no simpler. A competent advisor will know the difference. Next, Senior Protection. Research confirms what most of us have seen among our families and friends. The ability to make effective financial decisions declines with age. Thus those age 60 and up unnecessarily lose nearly $3 billion to fraud annually. To put it starkly, research shows that financial literacy declines by about 2% each year after age 60. Despite that decline, our self-confidence in our financial abilities remains undiminished as we age. That’s a scary combination that a good advisor can guard against. Next, Tax Efficiency. Experienced money managers routinely argue that you shouldn’t “let the tax tail wag the investment dog.” And it’s true that a poor investment isn’t often salvaged by good tax treatment. But tax efficiency still matters a lot and a good advisor providing the best approaches for dealing with taxes offers tremendous value.
Lastly, Financial Planning. Each item on this list relates to financial planning in one form or another. Yet consumers often mistake investment management with financial planning. Financial planning is much broader, involving far more than the managing of investments. It involves budgeting, goals, appropriate insurance, comprehensive planning for lifestyle, retirement, legacy and more. It also involves crisis prevention and management. Great investment management can be undone in a hurry with poor financial planning. A good advisor – a good financial planner (as Michael Kitces points out) – can work to help individuals formulate, monitor, adjust and meet their personal and financial goals. Real expertise is required to do so. Ultimately, a good advisor can and will influence and even change your behaviour. In a world where personal financial issues have become increasingly and often unnecessarily complex, a good advisor can help you figure out what is true and what isn’t, what works, what matters, what is useful, and what can go wrong. There are few enough people with the expertise sufficient to begin to do that for themselves. Nobody can do it objectively. That’s why, irrespective of any active vs. passive investing debate, good advisors are an absolute necessity.
Next,[5] how to become a successful investment advisor? First, Great Advisors Take Great Care of Themselves. Advisors who have achieved real success do not ever forget about the need to take good care of themselves. Eating healthy and a regular workout routine keep the mind and body sharp. Some would say they are self centered when it comes to this, but if you as the top advisor are not healthy, it impacts all those you employ and your clients who trust you are on the top of your game. Second, Maintain a Clear Vision. Advisors who find long term success know exactly where they want to go in life, all the way to the end. They know what needs to be done to truly live that vision. Writing it out and recording your vision in your own voice is a great way to program your mind to success. Top advisors use this technique to remind themselves of their vision daily. This keeps them focused and allows them to push through when things get hard. Third, Remain Focused. Yes, top advisors work hard, really hard. They work a lot, but it is very focused work. Yes they need to have vision and take good care of themselves physically and mentally, but they live for what they do. They work before everyone else is up. Come on, you know the saying the early bird and so on. Fourth, Make Mistakes. Falling down only means you have another chance to get up. Failure means you have a humble way to remind yourself you are human and there is something to learn from the failure. All successful advisors do not dwell on failures or mistakes; they learn and try hard not to make that mistake again. Fifth, Control Your Time.
A great advisor does not let their day control them; they have to take control of it. Successful advisors will block out their day so they can spend the right amount of time on each task. They close their door; turn off their phone and email notifications empower them. They feel in control of their day. One of the best ways they control that time is they have the right processes in place to know when things leave their hands they will be processed correctly and efficiently. Sixth, Find a Coach, Not a Consultant. Great advisors have been through every consulting program out there. They glean what they find important from each and implement the important details into their practice (and their life). Now, they have a coach because they know they have the tools to be successful; they do not need to be clones of another anymore. They focus on becoming the best they can be; only a great coach can help you with that. Next, Learning Never Stops. Top advisors are voracious learners, they have multiple designations, licenses, and take time each day practicing and studying their craft. Their day begins with reading.
This gets them into the mindset needed to focus all day. Your clients want an advisor who is well read on current issues and ideas. Next, Master the Art of Delegation. Everyone needs someone in their corner that can take care of the minutia. This can be a spouse, partner, or an assistant. All successful people do not get there without the support structure to allow them to focus on what they do best. They know what delegation really means. Delegation means you are able to totally hand off that responsibility to someone who can truly do it better than you. Delegation is not a sign of weakness; it is a sign of intelligence. Delegation is not losing control; it is a sign of real control. Next, Have a Brand. Top advisors have the best brand they can sell, because it is them to their core. All great advisors have a successful brand that they can spout off at a moment's notice. It is in their DNA. They have a story of why they do what they do and how they do it. It is something they are proud of and ready to say. They believe in their process, because it is structured and works, it is totally in line with their brand. Last but not least, Give Back. This can take the form of charity, mentoring, great benefits to their employees and team members. No matter what form it is, a truly great and successful advisor gives back.
The example of successful person in investment area. [6]When the world's richest investor speaks, people listen. Warren Buffett, an 82-year-old American worth about $44 billion and nicknamed the "Oracle of Omaha", is the most quoted investor on the planet and countless financial experts swear by his words of wisdom. Here are 10 of the most common Buffett quotes, and some lessons we can learn from them. "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1." It's a handy rule to follow, but even an expert such as Buffett lost billions in the global financial crisis and said he did some "dumb things". However, over the long term he has benefited by being conservative with his share investments and avoiding fads. Bourke Shaw Financial Services principal Lawrence Orlando says that people can minimise losses by doing their research and avoiding a potentially fatal "she'll be right" attitude. "Investing ultimately is about making money, not losing it," he says. Second, "It is better to hang out with people better than you ... you'll drift in that direction." Orlando says people should never be afraid to ask successful investors what they did and how they got there. "I have found that experts are always willing to help out where possible," he says. Catapult Wealth director Tony Catt says people should look for attributes in others that can help them. "Success leaves clues," Catt says. Wealth For Life Financial Planning principal Rex Whitford says you should avoid people who like to point out they are better than you. Third, "I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. "Huge gains often only come from taking huge risks where the chances of losing everything are magnified. "Too often investors go for a single big win rather than do the many small things that are already available such as having a strategy, reviewing regularly and diversifying," Whitford says. Fourth, "I buy on the assumption that they could close the market the next day and not reopen it for five years." Catt says this mindset is crucial for investing in shares. "The quote truly tests your decision-making and your ability to think long term," he says.
Fifth, "Someone's sitting in the shade today because someone planted a tree a long time ago." This is one of Catt's favourite Buffett quotes and illustrates perfectly why taking a long-term view is important. "We should never forget why we enjoy some of today's luxuries - most of them are because someone else had a long-term vision and was prepared to invest for the future," Catt says. Orlando uses a bank savings account as an example. "Saving $50 a week over 10 years will allow you to save $26,000, not including interest, and like the tree it has taken years to grow," he says. Sixth, "Price is what you pay. Value is what you get." The price of an investment can mask its true value because of factors such as emotion, market booms or busts, and even tax considerations. "Sadly, all most people see is the price," Whitford says. "They are often unable to perceive value." Orlando suggests following Buffett's strategy of seeking undervalued assets. "Sometimes buying the worst house in the best street may provide good value for money," he says. Seventh, "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." This is probably Buffett's most famous quote and is at the heart of his belief in avoiding the herd mentality. Catt says share markets are often priced on emotional reaction and not logic. Lastly, "The investor of today does not profit from yesterday's growth."
[1] Morgan Lewis The Investment Advisers Act of 1940 – Overview - Steven W.Stone - Christopher D.Menconi
[2] The 5 Real Reasons to Hire a Financial Advisor - Sallie Krawceck - Former Head of Merrill Lynch and Smith Barney
[3] Top Ten Benefits of Financial Advisor, Besides Investment Returns - Bob Seawright - Chief Investment and Information Officer for Madison Avenue Securities - June 11, 2013
[4] Top Ten Benefits of Financial Advisor, Besides Investment Returns - Bob Seawright - Chief Investment and Information Officer for Madison Avenue Securities - June 11, 2013
[5] 10 Keys to Becoming a Successful Financial Advisor - Matthew Halloran - President and Founder of Top Advisor Coaching
[6] 10 brilliant quotes from Warren Buffett - the world's greatest investor - Anthony Keane - National Feature - October 15, 2012
Investment advisor is a noble career. As defined by the [1]. Investment Advisors Act of 1940, any person or group that makes investment recommendations or conducts securities analysis in return for a fee, whether through direct management of client assets or via written publications. An investment advisor who has sufficient assets to be registered with the SEC is known as a Registered Investment Advisor, or RIA. Investment advisors are prohibited from disseminating advice known to be deceitful or fraudulent, and from acting as a principal on their own accounts by buying and selling securities between themselves and a client without prior written consent. Investment advisor also be referred to as a "financial advisor". A investment advisor or financial advisor is a practicing professional who prepares financial plans for people covering various aspects of personal finance which includes: cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners). In carrying out the planning function, s/he is guided by the financial planning process to create a financial plan; a detailed strategy tailored to a client's specific situation, for meeting a client's specific goals. The key defining aspect of what the financial planner does is that he considers all questions, information and advice as it impacts and is impacted by the entire financial and life situation of the client.
In Islam, there is an Islamic investment policy. Thus, investment advisor must follow the policy to ensure that every transactions are halal. Islamic investments are a unique form of socially responsible investments because Islam makes no division between the spiritual and the secular. The establishment of an Islamic investment policy, be it for the institutional or individual investor, starts with the Sharia Board, a group of Islamic scholars (jurists) that vests investment products for compliance with Islamic Law and conducts ongoing due diligence of them. Sources for interpretation follow a hierarchy of authority: the Quran, believed by Muslims to be the words of Allah verbatim as revealed to his prophet Muhammad in the seventh century; the Sunnah which are rules from the prophet's sayings (Hadiths) and actions; Qiyas which are scholarly legal deductions; and Ijma, the consensus of scholars on a particular issue. The challenges that a Sharia-compliant portfolio faces would appear to be no different than those that any other portfolio manager would come up against. A manager formulates an investment thesis which drives portfolio selection criteria. He or she then needs to decide against the appropriate benchmark against which to measure performance. Managing assets in accordance with Islamic precepts is a bit more unique in that the practice is a form of socially responsible investing with the unique specification of avoiding interest bearing investments of any kind. Because borrowing and setting aside excess funds in short-term, low-risk, interest-bearing instruments are integral to corporate finance, the application of Islamic law to corporate finance poses some interesting questions. Is it feasible for a portfolio manager to be completely invested at all times? May one remain faithful to Islamic law in the stock selection when the realities of corporate finance dictate the need for companies, even those not engaged in prohibited businesses, both to borrow and to find a principal-protected repository for excess cash? From a private client portfolio management perspective, once armed with Sharia-permissible products, an investment committee at an Islamic private wealth firm would face the same issues as any other, namely, how to develop, implement and monitor an investment policy consistent with a client's objectives. Additional challenges exist, namely the lack of both a deep secondary market for these products and the lack of uniform standards in the vetting process across the Muslim world.
Why society need to hire investment or financial advisor?[2] The real reason to hire this person is to press you to answer questions you don’t want asked, like how you plan to take care of your aging parents if you need to, whether your will is up to date, how you are going to send your kids to college, what you will do if you lose your job. These are the types of questions that make most of too uncomfortable to ask ourselves. Second, put together a financial plan. Very few people ever, ever do this on their own. And most drag their feet on doing it with their Financial Advisor, too. It takes time and it can hurt. But it matters. Third, identify risks in your portfolio that you might look right past, like being overweight the US (which is most of us in the US) or being mostly invested in tech stocks, when you’re in the tech industry. Next, talk you through market volatility. Most of us energetically claim we don’t need this. It’s hard to project forward an image of ourselves being nervous or scared, and our recollection of past pain has been shown to fade over time. (Just ask any woman who has been through childbirth more than once!) But another voice besides your own during tough markets can be invaluable. Lastly, identify your biases. This is a biggie. Many of us think we don’t really have any….which is exactly the point. One big one: women tend to be more risk-averse than men. That is neither good nor bad of itself, but it is something that should be tested and pushed at a bit, given that women as a group also earn less and live longer than men. As a result, they could perhaps tolerate a bit more risk. Even though to hire Financial Advisors are costing, but if they are able to provide the services above -- and particularly if they can do it earlier in one’s investing life -- their value can be meaningful.
However, what is the benefits of becoming investment advisor besides investment returns? [3]The top ten benefits that investment advisor will receive; first Goal Formation. In my experience, individual investors have a great deal of trouble establishing appropriate, realistic and manageable goals. Often they don’t even know what they should be concerned with or what they should include as part of a list outlining what they want or need to accomplish. A good advisor will. Second, Investment Policy Statement. An IPS should state one’s investment philosophy, goals, guidelines and constraints to be adhered to with respect to money management. It also in stills structure and discipline. Every investor should have one but only a competent advisor is likely to be able to make sure the IPS created does what it is supposed to do. A (much broader) financial plan also makes great sense. Third, Asset Allocation. The total return of any portfolio has three components, which may be positive or negative: (a) returns from overall market movement; (b) incremental returns due to asset allocation; and (c) returns due to market timing, security selection, and fees. The best research suggests that, in general, about three-quarters of a typical portfolio’s variation in returns comes from market movement (a), with the remaining portion split roughly evenly between (b) and (c). To the extent that research differs from that stated above, it concludes that asset allocation is more important and the elements that comprise (c) are less important. The exercise of allocating funds among various investment vehicles and asset classes is at the heart of investment management. Asset classes exhibit different market dynamics, and different interaction effects. Thus the allocation of money among asset classes and among investment vehicles within asset classes will have an enormous effect on the performance of an investment portfolio. Passive market weighting cannot do anything like that.[4] Fourth, Persistence-Weighting. Various studies demonstrate that certain investment characteristics can and do outperform with persistence over time (even though they can and do underperform for significant periods).
These include size (the small-cap premium), value, momentum, low beta and concentration. Passive market weightings cannot take advantage of these opportunities. By following competent advice, investors can and should. Fifth, Risk Management. Passive management (at least as generally construed) looks to “stay the course” through all times and seasons. Thus it can only manage risk by adjusting one’s asset allocation and, even then, will only do so on account of non-market factors (such as advancing age, a change in goals or a change in circumstances). Good advice can make such adjustments more effective. It can also provide other tools for managing risk, including asset/liability matching and tactical adjustments due to long-term factors such as a secular bear market or low expected returns (even though I recognize that the distinction between market-timing and tactical adjustments can seem mighty small indeed). Good advice can also offer various hedging and insurance strategies. Next, Behavioural Management. We are all prone to behavioural and cognitive biases that impede our progress and inhibit our success. We are prone to flitting hither and yon chasing after the next new thing, idea, strategy or shiny object. Our behaviour typically corresponds to the following chart. A good advisor can mitigate these tendencies. Since we frequently act too fast, a good advisor can also slow us down to allow us to “check our work.” Losses on account of delay will almost always be out-weighed in the aggregate by more careful and thoughtful analysis keeping us from taking action too hastily and without sufficient reason.
A good advisor will help to manage our cognitive and behavioural tendencies. Doing so is vital, not the least of all because we tend to disbelieve that we are susceptible to them. Next, Productive Simplicity. Simplicity is a good thing, but with a careful qualifier. Per Einstein, the goal is to make things as simple as possible but no simpler. A competent advisor will know the difference. Next, Senior Protection. Research confirms what most of us have seen among our families and friends. The ability to make effective financial decisions declines with age. Thus those age 60 and up unnecessarily lose nearly $3 billion to fraud annually. To put it starkly, research shows that financial literacy declines by about 2% each year after age 60. Despite that decline, our self-confidence in our financial abilities remains undiminished as we age. That’s a scary combination that a good advisor can guard against. Next, Tax Efficiency. Experienced money managers routinely argue that you shouldn’t “let the tax tail wag the investment dog.” And it’s true that a poor investment isn’t often salvaged by good tax treatment. But tax efficiency still matters a lot and a good advisor providing the best approaches for dealing with taxes offers tremendous value.
Lastly, Financial Planning. Each item on this list relates to financial planning in one form or another. Yet consumers often mistake investment management with financial planning. Financial planning is much broader, involving far more than the managing of investments. It involves budgeting, goals, appropriate insurance, comprehensive planning for lifestyle, retirement, legacy and more. It also involves crisis prevention and management. Great investment management can be undone in a hurry with poor financial planning. A good advisor – a good financial planner (as Michael Kitces points out) – can work to help individuals formulate, monitor, adjust and meet their personal and financial goals. Real expertise is required to do so. Ultimately, a good advisor can and will influence and even change your behaviour. In a world where personal financial issues have become increasingly and often unnecessarily complex, a good advisor can help you figure out what is true and what isn’t, what works, what matters, what is useful, and what can go wrong. There are few enough people with the expertise sufficient to begin to do that for themselves. Nobody can do it objectively. That’s why, irrespective of any active vs. passive investing debate, good advisors are an absolute necessity.
Next,[5] how to become a successful investment advisor? First, Great Advisors Take Great Care of Themselves. Advisors who have achieved real success do not ever forget about the need to take good care of themselves. Eating healthy and a regular workout routine keep the mind and body sharp. Some would say they are self centered when it comes to this, but if you as the top advisor are not healthy, it impacts all those you employ and your clients who trust you are on the top of your game. Second, Maintain a Clear Vision. Advisors who find long term success know exactly where they want to go in life, all the way to the end. They know what needs to be done to truly live that vision. Writing it out and recording your vision in your own voice is a great way to program your mind to success. Top advisors use this technique to remind themselves of their vision daily. This keeps them focused and allows them to push through when things get hard. Third, Remain Focused. Yes, top advisors work hard, really hard. They work a lot, but it is very focused work. Yes they need to have vision and take good care of themselves physically and mentally, but they live for what they do. They work before everyone else is up. Come on, you know the saying the early bird and so on. Fourth, Make Mistakes. Falling down only means you have another chance to get up. Failure means you have a humble way to remind yourself you are human and there is something to learn from the failure. All successful advisors do not dwell on failures or mistakes; they learn and try hard not to make that mistake again. Fifth, Control Your Time.
A great advisor does not let their day control them; they have to take control of it. Successful advisors will block out their day so they can spend the right amount of time on each task. They close their door; turn off their phone and email notifications empower them. They feel in control of their day. One of the best ways they control that time is they have the right processes in place to know when things leave their hands they will be processed correctly and efficiently. Sixth, Find a Coach, Not a Consultant. Great advisors have been through every consulting program out there. They glean what they find important from each and implement the important details into their practice (and their life). Now, they have a coach because they know they have the tools to be successful; they do not need to be clones of another anymore. They focus on becoming the best they can be; only a great coach can help you with that. Next, Learning Never Stops. Top advisors are voracious learners, they have multiple designations, licenses, and take time each day practicing and studying their craft. Their day begins with reading.
This gets them into the mindset needed to focus all day. Your clients want an advisor who is well read on current issues and ideas. Next, Master the Art of Delegation. Everyone needs someone in their corner that can take care of the minutia. This can be a spouse, partner, or an assistant. All successful people do not get there without the support structure to allow them to focus on what they do best. They know what delegation really means. Delegation means you are able to totally hand off that responsibility to someone who can truly do it better than you. Delegation is not a sign of weakness; it is a sign of intelligence. Delegation is not losing control; it is a sign of real control. Next, Have a Brand. Top advisors have the best brand they can sell, because it is them to their core. All great advisors have a successful brand that they can spout off at a moment's notice. It is in their DNA. They have a story of why they do what they do and how they do it. It is something they are proud of and ready to say. They believe in their process, because it is structured and works, it is totally in line with their brand. Last but not least, Give Back. This can take the form of charity, mentoring, great benefits to their employees and team members. No matter what form it is, a truly great and successful advisor gives back.
The example of successful person in investment area. [6]When the world's richest investor speaks, people listen. Warren Buffett, an 82-year-old American worth about $44 billion and nicknamed the "Oracle of Omaha", is the most quoted investor on the planet and countless financial experts swear by his words of wisdom. Here are 10 of the most common Buffett quotes, and some lessons we can learn from them. "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1." It's a handy rule to follow, but even an expert such as Buffett lost billions in the global financial crisis and said he did some "dumb things". However, over the long term he has benefited by being conservative with his share investments and avoiding fads. Bourke Shaw Financial Services principal Lawrence Orlando says that people can minimise losses by doing their research and avoiding a potentially fatal "she'll be right" attitude. "Investing ultimately is about making money, not losing it," he says. Second, "It is better to hang out with people better than you ... you'll drift in that direction." Orlando says people should never be afraid to ask successful investors what they did and how they got there. "I have found that experts are always willing to help out where possible," he says. Catapult Wealth director Tony Catt says people should look for attributes in others that can help them. "Success leaves clues," Catt says. Wealth For Life Financial Planning principal Rex Whitford says you should avoid people who like to point out they are better than you. Third, "I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. "Huge gains often only come from taking huge risks where the chances of losing everything are magnified. "Too often investors go for a single big win rather than do the many small things that are already available such as having a strategy, reviewing regularly and diversifying," Whitford says. Fourth, "I buy on the assumption that they could close the market the next day and not reopen it for five years." Catt says this mindset is crucial for investing in shares. "The quote truly tests your decision-making and your ability to think long term," he says.
Fifth, "Someone's sitting in the shade today because someone planted a tree a long time ago." This is one of Catt's favourite Buffett quotes and illustrates perfectly why taking a long-term view is important. "We should never forget why we enjoy some of today's luxuries - most of them are because someone else had a long-term vision and was prepared to invest for the future," Catt says. Orlando uses a bank savings account as an example. "Saving $50 a week over 10 years will allow you to save $26,000, not including interest, and like the tree it has taken years to grow," he says. Sixth, "Price is what you pay. Value is what you get." The price of an investment can mask its true value because of factors such as emotion, market booms or busts, and even tax considerations. "Sadly, all most people see is the price," Whitford says. "They are often unable to perceive value." Orlando suggests following Buffett's strategy of seeking undervalued assets. "Sometimes buying the worst house in the best street may provide good value for money," he says. Seventh, "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." This is probably Buffett's most famous quote and is at the heart of his belief in avoiding the herd mentality. Catt says share markets are often priced on emotional reaction and not logic. Lastly, "The investor of today does not profit from yesterday's growth."
[1] Morgan Lewis The Investment Advisers Act of 1940 – Overview - Steven W.Stone - Christopher D.Menconi
[2] The 5 Real Reasons to Hire a Financial Advisor - Sallie Krawceck - Former Head of Merrill Lynch and Smith Barney
[3] Top Ten Benefits of Financial Advisor, Besides Investment Returns - Bob Seawright - Chief Investment and Information Officer for Madison Avenue Securities - June 11, 2013
[4] Top Ten Benefits of Financial Advisor, Besides Investment Returns - Bob Seawright - Chief Investment and Information Officer for Madison Avenue Securities - June 11, 2013
[5] 10 Keys to Becoming a Successful Financial Advisor - Matthew Halloran - President and Founder of Top Advisor Coaching
[6] 10 brilliant quotes from Warren Buffett - the world's greatest investor - Anthony Keane - National Feature - October 15, 2012
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