As a financial advisor you can be looking for ways to improve your current skill set and not know what resources to turn to. In this article we recommend the 5 best books for financial advisors who wish to enhance their current knowledge.
We’ll cover what you can expect to learn from these books, about the author, and a general overview of why you should read these books! As a financial advisor, continuously expanding your knowledge is essential to continuing your success.
Quicklook: Best Books for Financial Advisors
- Storyselling for Financial Advisors: Best for Learning to Communicate With Clients Better
- The Million-Dollar Financial Advisor: Powerful Lessons and Proven Strategies From Top Producers: Best for Building Long Term Relationships
- The Enduring Advisory Firm: How to Serve Your Clients More Effectively and Operate More Efficiently (Bloomberg Financial): Best for Getting Insights on the Market From Top Leaders
- Advising the Ultra-Wealthy: A Guide for Practitioners: Best for Learning to Cater to the Ultra Wealthy
- The Psychology of Money: Timeless lessons on wealth, greed, and happiness: Best for Learning Behavioral Finance
Table of Contents:
- Best Books for Financial Advisors
- Storyselling for Financial Advisors
- The Million-Dollar Financial Advisor: Powerful Lessons and Proven Strategies From Top Producers
- The Enduring Advisory Firm: How to Serve Your Clients More Effectively and Operate More Efficiently
- Advising the Ultra-Wealthy: A Guide for Practitioners
- The Psychology of Money: Timeless lessons on wealth, greed, and happiness
- What Is a Financial Advisor?
- How to Become a Financial Advisor
- How to Become a Good Financial Advisor
- What to Consider With Books for Financial Advisors
- The Journey of a Financial Advisors
- Frequently Asked Questions
5 Best Books for Financial Advisors
Here are our recommendations for the five best books for financial advisors who wish to continue to enhance their current skill set.
Storyselling for Financial Advisors by Scott West and Mitch Anthony
This book is designed for financial advisors who wish to strengthen their communication skills with their clients. In Storyselling for Financial Advisors, West and Anthony explain how to use the power storytelling has when selling financial products. It includes experiences from Warren Buffet and how advisors can better recognize different client needs.
What You’ll Learn:
- How to be a clear communicator, enhance sale skills, be intuitive on client needs
- Shows examples of success stories of using these techniques
About the Author: Scott West and Mitch Anthony are both financial services professionals who have been in the industry for more than two decades. Both have written more than three books on the principles of selling financial services and financial planning.
Pricing: $34.36 for a new hardcover copy and $16.31 for a used copy here.
The Million-Dollar Financial Advisor: Powerful Lessons and Proven Strategies from Top Producers by David J. Mullen Jr.
This 13 step book explains to readers how to achieve long term client relationships. The Million-Dollar Financial Advisor: Powerful Lessons and Proven Strategies takes advice from real interviews by some of the industry’s top financial advisors. It hones in on how to cultivate a long term approach to client relationships and provides two complete case studies.
What You’ll Learn:
- How to develop your own long-term approach
- Learn how to evolve into a top advisor mindset
- become specialized within your niche target market
About the Author: David J. Mullen Jr. had been in the financial services industry for more than 30 years. Additionally, he is a former managing director at Merrill Lynch where he has coached 500+ financial advisors.
Pricing: $20.49 on Kindle and $43.63 for a hardcover copy here.
The Enduring Advisory Firm: How to Serve Your Clients More Effectively and Operate More Efficiently (Bloomberg Financial) by Mark C. Tibergien and Kimberly G. Dellarocca
This book is dedicated to those who wish to become a “forward-thinking” financial advisor. The Enduring Advisory Firm highlights how to adapt and react to new financial markets trends. It includes case studies, clientele interactions, and other resources that support the CFP board’s subject matter.
What You’ll Learn:
- Research based perspectives on different generational clients
- Innovative tips top advisory firms use
- How to make strategic adjustments to bring in more clients
About the Author: Kim Dellarocca is a well established figure within financial services as she is a Managing Director at BNY Mellon. She has produced and published 125+ studies in The New York Times, Bloomberg, and WSJ on relative topics current financial services firms are up against.
Pricing: $48.00 on Kindle and $41.24 as a hardback copy here.
Advising the Ultra-Wealthy: A Guide for Practitioners by Gregory Curtis
This book is an imperative resource for advisors who cater to ultra wealthy clients. It differentiates wealthy and ultra-wealthy clients and how to appropriately adjust their financial planning depending on this subgroup. Advising the Ultra-Wealthy: A Guide for Practitioners helps financial advisors expand their usual approach on tax strategies and retirement planning to better suit this type of client.
What You’ll Learn:
- Complex tax strategies
- Trust structures
- Understanding family dynamics
- The practices of ultra-wealthy money management
About the Author: Gregory Curtis has shared his advice at universities such as Harvard Law and Carnegie Mellon University. He has published three other investment books focusing on the preservation of wealth.
Pricing: $22.50 on Kindle and $51.74 as a hardback copy here.
The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel
This resource is great for those who wish to learn more about behavioral finance and how to leverage this knowledge for their advisory skills. The Psychology of Money centers around the psychology behind financial decisions and how human emotions can fog potential investment opportunities. This book shares 19 short stories showing how these behaviors manifest themselves in financial decision making.
What You’ll Learn:
- Behavioral tips to enhance sales pitches
- Benefits of compounding
- The difference between staying wealthy and getting wealthy
About the Author: Morgan Housel has been published in the Wall Street Journal and The Motley Fool. Currently he is a partner at The Collaborative Fund and a two time winner of the Best in Business Award.
Pricing: $10.99 on Kindle and $17.09 for a paperback here.
What Is a Financial Advisor?
A financial advisor is someone who provides financial advice to their clientele. In short, these advisors help clients reach their financial goals by creating financial plans.
These plans include investment opportunities, saving methods, budgeting goals, insurance options, tax strategies and retirement planning.
How To Become a Financial Advisor
The process of becoming a financial advisor can take around five to seven years. A prospective advisor needs at least a bachelor’s degree from an accredited university specializing in finance, business, accounting, statistics, or economics.
However, financial advisors tend to also need a CFP (certified financial planner) or a CFA (certified financial advisor) to differentiate themselves and have more credible backing.
How To Become a Good Financial Advisor
Even though financial advisors need to be well-versed in understanding the financial sector, there are soft-skills that can help advisors stand out from the crowd. Thoroughly understanding your clientele’s needs, being a clear communicator, and focusing specifically on your niche can go a long way in the financial industry. Additionally, continuing to educate yourself on the current financial trends is an invaluable asset.
What to Consider With Books for Financial Advisors
Before choosing a financial advisor book, there are three main components that you should consider. These are whether the book has an accredited author, clear learning objectives, and thoughtful insights.
It is important to know what credentials the author has before listening to their advice. By knowing their background, you can better understand what angle they are coming from when explaining a subject.
For example, if they come from a more academic background maybe they will lean more towards giving advice based on historical data rather than current trends. In addition, seeing the author’s career, education, and expertise in the financial field can help build their credibility.
Clear Learning Objectives & Thoughtful Insights
What are you looking for in a financial consultancy book? Are you looking for how to build stronger client relationships or how to strategically find potential investments? Do you want it to be more general or specific advice?
Once you fully understand what you are looking for, it is easier to find books that align with your criteria and lessen your selection. Additionally, understanding the book’s clear objectives and insights are crucial prior to reading it.
The Journey of a Financial Advisor
As a financial advisor you have to both be technically strong in financial analysis and spotting financial trends while also being able to maintain strong client relationships. These resources are a great place to start to enhance your current skill-set as a financial advisor. These recommendations cover topics ranging from how to manage the ultra-wealthy to behavioral finance.
Frequently Asked Questions
As a financial advisor, you most likely already have a solid foundational understanding of financial markets and personal finance. We recommend that financial advisors should read insightful books that will continuously expand on their foundation of knowledge, not just tell them what they already know. Some of the best books for financial advisors are: the Storyselling for Financial Advisors, The Million-Dollar Financial Advisor, The Enduring Advisory Firm, Advising the Ultra-Wealthy, and The Psychology of Money.
The top 10% of financial advisors make more than 200k a year. This is the baseline for financial advisors within this skill range.
The banks know to have the best financial advisors are JPMorgan Chase & Co., Bank of America, and Citigroup.
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