Your private client advisors may be well-versed in their craft but there is always room for growth. As a private wealth firm, your advisor is an asset to the team. It is important for the advisors to be educated and have a positive mindset.
Here are five books you should give to your private client advisors.
Simple Wealth, Inevitable Wealth
When clients and advisors are dealing with investment portfolios, having the right mindset is crucial. Client needs to keep their emotions aside and not feel discouraged by constant market fluctuations. An advisor needs to support the client during both certain and uncertain times. This book teaches investors how to gain long-term perspective on investing. While asset allocation and diversification is important, having patience and discipline is equally essential.
The Power of Now
In this book, Eckhart Tolle focuses on the importance of living in the moment. In the wealth management industry, getting fixated on the uncertainties of the future is quite common. During economic uncertainty, an advisor may feel stressed and anxious thinking of ways to communicate losses to the client.
The Power of Now teaches lessons on how to let go of the past regrets and worries of the future and live in the present. There are many things in life that we cannot changes (client’s behavior, market fluctuations, bankruptcy) but we can change our mindset towards these situations.
Four Thousand Weeks: Time Management for Mortals
If you live for 80 years, you will have four thousand weeks in your life. Most of us have lived many of those weeks already. From the little time we have left, we are scrambling to complete tasks, manage our familial affairs, and fight against distractions.
In this book, the author Oliver Burkeman shares insights from philosophers, psychologists, and spiritual teachers to redefine time management. Out of the services that are beneficial to clients’ wealth management, time management is key. Private advisors can learn about time management themselves and also teach a thing or two to their clients.
Setting the Table: The Transformative Power of Hospitality in Business
Anyone who deals with clients on a daily basis can benefit from this book. This book is about wins, struggles, and failures in life. It teaches you how to deal with setbacks and use the lessons from failure to set yourself up for success.
Managing clients’ expectations can be hard in the wealth management industry. Some clients have unrealistic expectations around money and investment. An advisor may at times feel that they are failing with the client. However, adopting some of the strategies from this book can help your private client advisor deal with those challenges better.
The Psychology of Money
This book shares 19 stories of how people think about money and deal with it. The difference between the wealthy and the poor lies in the way each “behaves” toward money
Behaviors evolve over time and are hard to change. An advisor’s job is to teach their clients the proper mindset with money. How should they manage their money, when to take risks, and when to cut down the losses — all should be communicated properly.
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