Aug 09 2022
How can financial advisors effectively evaluate their performance and achieve their goals
Now, more than ever, financial advisors have taken on a more significant role during the pandemic in protecting the health and finances of people to secure their future. Financial advisors must consistently assess their performance and effectiveness in making a difference in the lives of their prospects and clients.
Three financial advisors from the Philippines share how they evaluate their work to help more people while achieving their goals at the same time.
Review and evaluate thrice a month
“At the month’s start, middle, and end, I check my progress with my goals. This way, I’ll be able to calibrate my activities in terms of the people that I need to meet to hit my targets, the effectiveness of my presentation, and the number of prospects I’m able to convert to clients,” Joanne Palad, a three-year MDRT member, said.
Palad added that she evaluates her delivery style to connect with prospects and clients. “Being creative with our presentations is essential to differentiate us from other advisors. We must find ways to connect better through our plans, stories, and advice. We aren’t just selling insurance to people. We are securing their future and their loved ones.”
Sustain what you started
Ivan Cyril Tonog, a two-year MDRT member, says, “Start strong and keep the momentum going as much as possible. I make it a point to meet my goals monthly. Sometimes, I fall behind, but I always make up for the deficit.”
Be sure to track your progress –— the things accomplished, those still in the pipeline, and pending items. “This way, you can focus your time and effort on the things that need to be done to hit your targets," Tonog said.
Tonog mentioned the importance of a good mentor. “Mentors give us timely advice during our bi-weekly or monthly calls, especially when we’re on the brink of giving up. They give us that extra push, and they’re even our source of leads. The more people you have in your corner, the better.”
Establish a productive routine
MJ Inciong Revilla, a five-year MDRT member, stressed the importance of a daily routine. Every hour must be productive. The structure is critical because it starts as soon as you wake up. “After grabbing a bite, I’m on the phone with my clientele, prospective clients, managers, or teammates. I may give several daily presentations or craft proposals to prospects and clients.”
Inciong stressed the importance of his daily habit–talking to people. “For example, if a meeting with a prospect gets canceled, I find other people to talk to. They may be other prospects, family, or friends. We don’t have to discuss business.” What’s important is that he was able to relate to another person that day. He chalks up the interaction as a win, considering it essential to connect with other people.
“When I started, I made it a point to add value to one person daily. Whether helping them budget their funds or trading stories and life learnings, it is important to nurture relationships. When the time comes for them to avail of insurance, I’ll be top of mind,” Inciong said. “It might not be immediate, but my efforts have been effective in helping me hit my targets and achieve my goals.”