Just say 'no' ... and success will follow

First, say "no" to broker-driven rather than client-driven products. We all know which products those are. They are the ones that ramp up commissions and ramp down benefits, which companies singularly promote with vacation junkets and other pricey merchandise. The more that financial-services companies offer you treats to sell a product, the less likely the product will be truly great for your clients.

Second, say "no" to bad FMOs. These are the marketing organizations that blindly push high-commission, high-expense products that burn through producers as quickly as a wildfire in Southern California, that wink at unethical business practices. For these FMOs, the goals of taking on any advisor regardless of background and mandating one-size-fits-all sales tactics trumps everything, including giving responsible advice or remaining in compliance with current regulations.

Third, say "no" to prospects who fall outside your ideal target niche. According to top IRA educator Mike Reese of Centennial Wealth Advisory, one of the biggest single mistakes you can make is taking on a client with the wrong demographics and psychographics. Doing so will often lead you to inadvertently giving the wrong advice and shirking on service, which creates dissatisfied clients, formal complaints and marks on your record.

Steven McCarty is a director of the National Ethics Bureau. Responses and questions can be sent to [email protected].