As a broker AND a branch manager, I am consistently amazed at how difficult it is to explain the importance of starting the day early to other reps. The conversation goes something like this:
Branch Manager: Where are you, the market is opening in 20 minutes…
Broker: Yeah, I know, had to take care of a few things, I’m on my way.
Branch Manager: Not good enough, you told me that yesterday, do you work the AM shift at Dunkin Donuts? What could you possibly have to take care of every morning that gets you here after the opening bell?
Broker: Well, I was here late last night. Besides, my clients don’t need to hear from me at 7 in the morning, there are no trades to do before the open anyway.
Here’s the deal, in every industry, the most successful people are those who are in earliest. In our business, being able to digest the news of the night before and the morning of prior to the open puts you in a position to formulate that day’s game plan and be ready to update clients on what’s going on.
In this day and age, everything is global, there is simply too much data to process everyday to be ambling into the office once everything is in full swing. If that’s how you run your schedule, you will be eaten for lunch on a regular basis in your trading and servicing of customers.
For anyone reading this that currently works with a financial advisor or broker, try this simple test out. Give your guy a call early in the morning and see how long it takes to get a response. If your broker is already on the phone, you may not know that when you get his or her voice mail, but you can certainly judge how serious he or she is by what time your call is returned.
The real advisors who have a commitment to being informed are in by 8 or 8:30 AM no matter what day of the week it is or what the weather looks like outside. They owe it to you.