Top 5 Mistakes Financial Advisors Make


Far too often I see Financial Advisors focus on the wrong things… especially when they’re just starting out. I know because I did this as well.

When you’re starting a new financial advisory business (or any business for that matter) all that matters is proof of concept, sales, and refining the message to the marketplace. You accomplish this by doing calls, emails and meetings with people who have the need and ability to buy your product or service.

That’s it!

Unfortunately, that’s not what most people focus on.

Instead, they make these 5 mistakes:

Mistake 1: Focusing on website, logo and business card.

A website, logo or business card is not going to generate revenue. You may think they will — but they won’t. Yes, you probably do need them at some point. But not at the beginning.

At the beginning, you need sales and to generate revenue.

That should be your only focus.

Mistake 2: Trying to be all things to all people.

Listen, to be successful in business, you need an audience with a pain (the greater the pain, the more they’ll pay), a solution, and an offer. That’s it.

The fastest way to find success, generate more revenue, get more testimonials, and become an expert in your industry, is to focus on providing 1 service to solve 1 problem to 1 specific Audience. Later, you can expand to offer additional services to additional niches. But starting out, 1 service to solve 1 problem to 1 audience.

Mistake 3: Not creating a game plan.

Do you have a game plan on what you need to do each day, week and month?

To be successful in business, you MUST be intentional in what you do each and every day.

Otherwise, there are way too many distractions (emails, Facebook posts, YouTube videos, etc.).

The best way to create a daily game plan is to start with the end in mind…

What is your goal this month?

Okay, what do you have to do each week to accomplish the monthly goal?

Okay, what do you have to do each day to achieve your weekly goal?

Mistake 4: Not knowing your numbers.

Do you know your numbers?

You need to know what it takes to acquire a customer…

How many emails, calls, strategy sessions, etc. do you need to do to acquire a client.

And you need a largest enough sampling so the numbers are consistent.

What I mean by that is you cannot send 10 emails and acquire 1 client and say I have to send 10 emails to acquire a client. 10 emails is not a largest enough sampling.

Out of 100 new connections and conversations, how many led to phone calls? Out of those 15 calls, how many did you close to new clients?

Once you have a large enough sample, you’ll know on average what it takes to acquire a client.

Mistake 5: Not organizing and monitoring your finances.

If you’re just starting out, it’s tempting to neglect your business finances — especially if you have little or no revenue coming in.


From the beginning, use something (software, a bookkeeper, accountant, etc.) to track and monitor your business.

It’s amazing how many entrepreneurs have no idea how much they’re actually making and spending each month. How much are you spending on overhead? How much are you spending on fulfillment? What are your profit margins? How many days of cash on hand do you have?

Treat your business as a business… and not as a hobby.

Need help growing your financial advisory business? 

Schedule a time for us to chat.

Talk soon,

Michael Kittinger

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