Biggest Challenges Of Working In The Financial Services Industry As A Wealth Advisor
Koushik's biggest challenge as a younger wealth advisor at J.P. Morgan is "acquisition and business development," requiring uncomfortable outreach like "cold calls" and "dropping off a bottle of wine" to build a client base. This necessitates persistent effort and creativity to overcome the low conversion rates inherent in prospecting for new business.
Business Development, Client Acquisition, Networking, Sales, Resilience
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Koushik Gopineedi
Wealth Advisor
J.P Morgan
UC Berkeley
Economics
Finance (Banking, Fintech, Investing)
Sales and Client Management
Transfer Student
Video Highlights
1. Building a client base and developing business requires proactive outreach, including cold calling and networking, which can be challenging but necessary for success.
2. Younger advisors may face more difficulty in acquiring clients due to a lack of established connections.
3. Persistence and creativity are crucial in overcoming the challenges of business development, as success often involves many attempts before achieving results.
Transcript
What is your biggest challenge in your current role?
In my current role, my biggest challenge is acquisition and business development. As a banker, you are measured on your ability to bring in clients and revenue to the firm.
When you're a younger advisor or banker, it's much more difficult. You haven't yet established those connections, friendships, or family ties with people who are in a later stage of life and in situations where you can ideally help them as a banker.
So, you really have to put yourself out there. This may be uncomfortable, whether you're making a cold call, sending a cold email, or even stopping by people's offices. I've dropped off a bottle of wine for Christmas and introduced myself.
That's difficult to do, but you have to. I think that's where you can get creative and try different approaches. You might call a hundred people and set up an appointment with one or two, and maybe be able to close one.
So, how do you keep yourself going to make that 99th or 100th phone call? I believe that's the biggest challenge you'll face.