Staying relevant and knowledgeable about industry trends requires more than attending conferences every now and then. While this can be a valuable activity, financial advisors can benefit from other avenues to expand skills, knowledge and their networks. It also might be required, depending on the specifics of your certification. For example, CFP® professionals are required to complete 30 credit hours of continuing education (CE) each reporting period. That translates to two hours of CFP Board-approved Ethics CE and 28 hours of General CE.
The benefits of development can’t be overstated either. Learning on the job satisfies two of the five essential elements of well-being, according to research from Gallup. The bottom line benefits, too. Organizations that are intentional about employee development, Gallup finds, report 11% greater profitability and are twice as likely to retain their employees.
That said, here are some effective ways to approach professional development outside the physical limits and scope of conferences.
1. Take Advantage of Online Learning Platforms
Online education has democratized professional development. Platforms like Coursera, Udemy and LinkedIn Learning offer material of interest to financial advisors, ranging from investment strategies to client relationship management. These on-demand courses allow users to learn where and when they prefer, making it possible to align professional growth with a busy schedule.
Keep in mind that niche organizations like the Investments & Wealth Institute (IWI) market mini-courses and webinars covering topics like advanced financial planning and wealth management. As a bonus, you might be eligible for continuing education (CE) credits.
2. Invest in Mentorship and Peer Learning
Mentorship can help you unlock the next level of professional growth. Seasoned advisors can offer insights that come with experience and help you navigate challenges. Similarly, peer learning groups offer venues for exchanging ideas in a supportive environment that sets the tone for continuous learning.
3. Read Industry Publications
As the saying goes, leaders are readers. Following industry trends is a must. Following respected publications like Financial Planning or Investments & Wealth Monitor keeps you current on strategies, regulatory changes and consumer behavior. The same goes for technical journals and newsletters, which offer additional color on topics of interest.
4. Engage in Online Communities
Knowledge sharing doesn’t have to be top-down or feel elitist. Digital platforms and peer social media groups can bridge the gap between networking and knowledge sharing. Here, advisors can contribute to threads and access resources and real-time developments shared by peers and industry experts.
5. Participate in Webinars and Virtual Events
Webinars and virtual seminars can often provide just as much value as in-person conferences. These sessions bring industry leaders and subject matter experts to the fore without the hassle of travel. The most engaging ones allow participants to ask questions and engage in real-time discussions.
6. Develop Soft Skills
Most clients don’t hire an advisor based on their textbook knowledge alone. They’re looking for the full package. While technical expertise matters to some extent, interpersonal elements like communication, empathy and problem-solving also enter into the equation. Financial advisors can refine these skills through workshops, role-playing exercises and public speaking opportunities. Being well-rounded is the best way to earn trust and long-term clients.
7. Consider Volunteering and Leadership Roles
Dedicating your time to professional organizations or volunteering for committees can get you out of your comfort zone and help you acquire new skills. Possible outlets include speaking at events or writing articles that elevate the industry.
Professional development is more about the journey than the destination. Staying humble and curious will serve you well as you look to level up. And speaking of leveling up: Docupace helps firms of all sizes modernize financial operations through a unified platform for advisor transitions, document management, compliance and workflow automation. Click here to schedule a discovery session and discover how our solutions can support your individual and practice goals.
