Barrons Featured Successful Women Advisors in an Article

 A Beverly Hills, California-based wealth management executive, Lisa Detanna brings over three decades of experience in financial planning and investment management to her current role as the managing director and senior vice president of investments for Raymond James. Lisa Detanna has also received recognition for her efforts, including regular inclusion on Barron's and Forbes’ lists of women's top advisers.

Despite the COVID-19 pandemic, women advisors across multiple states in the US cemented success in their practices in 2020. This is partly attributed to their successful efforts to leverage their expertise and integrate felicitous use of technology to continue providing services to clients. Recognizing some of these successful female professionals, Barrons.com published an article in May 2021 that introduces some of these women to readers and also shares valuable insights from them. Ms. Detanna was featured in the article.

According to Lisa Detanna, healthy relationships between advisors and clients should be placed at the forefront of the financial services profession. When intimacy is present, the client and their family members feel more comfortable working with an advisor. Lisa explained that she always treats her clients like family members. For example, she said her team sends baby gifts to clients who just welcomed new family members. She also interacts with her clients' relatives and employees. By doing this, she earns clients' trust, and everyone close to her clients also trusts her.

Lisa Detanna went on to add that successful financial planning services draw sustenance from a personalized and discerning approach. Ms. Detanna and her team zoom in on the unique needs of each client with respect to their situations.

How to Avoid Panic Selling During a Market Crash

 

For over 10 years, Lisa Detanna has served as the managing director and senior vice president of investments at Raymond James in Beverly Hills, California, where she specializes in financial planning, asset protection, estate planning, and wealth management. Lisa Detanna leverages her experience to offer investment advice.

One of the ways to lose money during a market downturn is to panic sell. Panic selling is the widespread sale of an investment due to fear or overreaction instead of rational analysis. Panic selling drives stock prices down and induces more selling.

To reduce panic selling during a market crash, investors must avoid emotional investing. Fear and anxiety often lead investors to sell their investments quickly or invest less than their financial situation warrants.

Investors should see market crashes as opportunities to buy quality stocks at a significant discount. This is often the case for long-term investors who choose to ride out the highs and lows of the market.

Impact of Startups on Local Economies

Entrepreneurs who create startups collaborate closely with technology innovation to better people's lives and find solutions to pressing problems. Startups have become a well-known economic model worldwide despite the considerable risk involved. This essay aims to investigate their impact on local economic growth.

Startups help local economies grow by providing creativity and expansion to the community it resides, as Microsoft has modified Redmond and Google modified Mountain View California. Small and Medium Enterprises contribute to local economies by employing individuals seeking employment from large corporations. According to global data, startups create more jobs than large corporations or organizations in the same field in any country. As a result, unemployment in emerging countries reduces.

Startups also pay taxes and levies to the local government. Customers who shop and patronize local small businesses effectively contribute money back to their community. A successful local firm will create much income, which means it will pay more taxes, particularly local property taxes.

By creating innovations, startups build new markets or disrupt existing markets. Startups frequently take advantage of new opportunities created by new technologies. They offer enormous value over established enterprises, spurring competition and forcing the economy to change. On the other hand, older organizations are more likely to reinvest in preexisting technologies and incremental development. Startups are more fixated on cutting-edge inventions and innovative technologies since startups are more flexible and able to turn a concept into a product and enhance it in response to consumer demand because they are free of thick corporate bureaucracy. Its high quota leads staff to do everything necessary to succeed.

Employees working in startups are usually versatile. Anyone who works for a startup knows that they and their coworkers are great multi-taskers. Beyond what is on their business card, they juggle multiple responsibilities and perform numerous functions. Working at a startup entails learning a variety of skills required to grow a successful firm in an exploratory and creative setting. Furthermore, working in a small team allows an individual to understand what their coworkers are doing and how they are doing it by witnessing all work processes firsthand.

Many small businesses can react quickly and adapt to changing economic conditions. It is attributable to the fact that new enterprises are customer-centric and community aware. Many local customers stay committed to their preferred small companies despite the economic downturn. Because of this loyalty, small businesses are more likely to maintain their solvency during tough times, which helps local economies grow.

Starting a business is trickier than it sounds, and entrepreneurs face challenges before establishing their ventures. Securing funding from investors is one of the challenges that entrepreneurs confront. As a business increases, it becomes onerous to handle business administration alone. Thus funding is required to pay employees. Finding a balance between business and personal life is another challenge for entrepreneurs. Because their firm is new, most entrepreneurs spend much time attempting to increase sales, exhausting themselves and becoming overworked. It is critical to look after one's physical and mental health.

Although startups lack the political and financial clout of Wall Street enterprises, rarely reach the Fortune 500 or 100 lists, and garner significantly less coverage than large corporations, their contribution to the economy is critical.

Helpful Tips to Become a Financial Advisor

You need to be able to do more than manage money if you want to be a better financial advisor. While the monetary aspect is critical, your most vital consideration and priority should revolve around serving your clients better. While it is not an easy task to accomplish, understanding some tips to become a better financial advisor will help you achieve your goal.

To become a better financial advisor, you have to be up to date and never stop learning. Because the financial markets worldwide are continually changing, financial advisors always have to learn new things and skills to stay relevant. You need to be aware of several things as a financial advisor, and these things change periodically, such as government regulations. Your value to your customers can be improved by subscribing to industry journals, attending conferences, and engaging in other activities that will help you stay on top of research and industry trends.

To be a better financial advisor, you should know your customers better by developing a personal relationship with each of them. Having a good rapport with your clientele is key to attracting new clients and gaining referrals from current ones. “Know your customer” is an unspoken rule for financial advisors to prevent money laundering and assure the acceptability of investments for financial advisors. Hence to be a better financial advisor, you need to check up on your clients and know some rather basic information about them.

Social media can be helpful when it comes to making better connections with your clients. If you haven’t connected to your clients through social media, you should consider doing it. Especially if you have many clients, reaching out to them and talking to them will be easier by applying social media. It is an easier and more accessible way of networking. The more you learn about your customers, the better you can serve them.

Further, you can be at the forefront of your client’s mind by establishing a system for regularly sending out scheduled professional emails and posting on social media. As a financial advisor, you can easily stay in contact with your networks without spending hours a day on social media marketing with the help of automated marketing systems on social media platforms and other modern-day applications. This would make you a time-efficient and better financial advisor.

Focusing and specializing in a specific area may help you become a better financial advisor. As a financial advisor, you need to identify your target audience and tailor your services to them. There are numerous advantages to targeting a specific type of client, such as relating better with them, among other things. Through specialization, prospects can be found and connected more easily. Further, specializing will enable you and your clients to share similar interests, and with this, you’ll be able to serve them better.

To become a better financial advisor, your customers must comprehend the investment strategy you are proposing and feel confident that they are on course to meet their financial objectives. To ensure that you and your clients are on the same page, break down concepts to them as much as feasible.

Many financial advisors try to impress their clients with complicated charts and vocabulary that they are not familiar with. But what your clients are looking for is what you’re offering and how it will help them achieve their desired outcomes. The best way to help them is to be straightforward and concise.