Financial advisors often make simple mistakes that they can correct to improve their businesses. These mistakes reduce their potential and can cause business to slow, or even worse, start to decline. Here are the top six mistakes you should avoid making in your financial services business.

What is the one big risk that Certificates of Deposit (CDs), fixed annuities, and fixed indexed annuities share? Interest-rate risk. For example, you could miss out on higher interest credited to your savings if current rates increase during the penalty period of the fixed interest-bearing vehicle of your choice.

The independent industry doesn't do a really good job of surveying it's field force regarding what they look for in an Independent Marketing Organization (IMO). Having been around the business for more than 20 years, and having talked with thousands of insurance agents regarding their wishes and wants, I thought I'd put together a listing of the top field requests I've heard over the past few years.

How many indexed annuities do you own? Your answer should be at least “one” if you are recommending them to others. My belief is if you are selling them, you should own them. If you don’t, you are not credible.

Pink Floyd’s 1979 hit song could easily be the theme song for many Americans disenchanted with Wall Street and Washington. Many savers (yes, I am purposely using the term “savers” in lieu of “investors”) are upset with the low interest rates.They do not want to place their money into what many see as a poker game gone wild on Wall Street.

The proper discovery process when dealing with a prospect holds significant importance in the overall sales cycle – and ultimately leads to success. As a financial professional, a foundational aspect of your business is to uncover financial problems that your prospects and clients may actually have (or their perceived problems) and it is your mission to help solve many of these financial issues.

Indexed products: You’ve seen one, you’ve seen them all, right? WRONG! Fixed Indexed Annuities (FIA) have been sold in the United States for over two decades. Sales of FIAs have skyrocketed in recent years as their popularity increased.

In 2004 Morgan Spurlock released a shocking documentary called Super Size Me on the health risks of eating fast food. Although a bit extreme, Spurlock’s documentary followed him for an entire month as he only consumed fast food for breakfast, lunch, and dinner. The results? He gained weight of course!

Many financial advisors I speak with approach prospect and client meetings without a formal written agenda. Gasp! I know, right. Not a good idea. Utilizing a written agenda relieves stress, worry, and anxiety for your prospects -- and you too!

Many financial professionals are under the impression that in order to grow their business and be more successful they need to see more prospects. In fact, many have spent tens of thousands of dollars on various prospecting systems to grow their business with little to nothing to show for it. Often, the prospecting system is tremendously successful and prospects set appointments. However, they close few or none of the opportunities because they lack consistent processes.