Bank Investment Consultant is reaching out to the million-dollar producers from our most recent BIC Top 50 and Next 50 lists to solicit their advice on how they achieved their success.

Each month we will showcase a few of the responses, first online and then in print. This time we asked two questions: 1) Tell us the biggest challenge you’ve faced in recent years and how you met that challenge; and 2) Tell us one of the mistakes you made as a younger advisor, and what advice you would give young advisors today to avoid such a mistake.

We will publish the first three answers in the next print issue. But first, we are unveiling them online.

Brett Everhart (Addison Avenue Investments/Raymond James)

Biggest challenge you’ve faced in recent years and how you met that challenge: Many aspects of our business we have no control over, such as market volatility. Always being there for your clients during challenging times and offering defensive strategies shows a sign of a courageous leader. As one example, assume we are looking at a client’s portfolio at a time when interest rates are showing signs of increasing. We would proactively rebalance the fixed-income portion to short duration, senior floating-rate and high-yield positions, which typically can fare better during a period of rising rates.

Mistake from early days: One mistake was offering just one solution, which creates problems. Although you may be an expert on that strategy it will limit your flexibility. Make an effort to take a broader approach to clients. Say a client has left their job and are nearing retirement. Their risk profile is shifting from moderate to conservative. Consider setting up three different accounts. A conservative allocation may have a guaranteed annuity utilizing a lifetime income rider; another may focus on fixed-income using actively managed mutual funds; and another may have a balanced equity exposure using funds and ETFs. Be open-minded to a variety of different investment solutions and obtain a respected designation like the CFP.

Read more: Million-Dollar Advice From the BIC Top 50

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access