Scott Hampton, a financial advisor with the Hawaii office of Edward Jones — a large full-service investment firm — shared 10 important personality characteristics with BYU-Hawaii students during the School of Business' March 20 entrepreneurship lecture in the McKay Auditorium.
Hampton pointed out even though he is an employee, he also has a lot of autonomy. "Entrepreneurship has to do with taking control...and creating something from nothing." He added that Edward Jones advisors also "operate independently as long as we're legal, ethical and profitable. Therefore, I believe we're entrepreneurs, except that I don't have to go and build the infrastructure."
"I'm a salesperson, really," Hampton said, noting he tries to get people to give him their money to invest. "I sit with people, I introduce myself and ask questions, but I listen twice as much as I talk."
Afterward, he said "some people get good news from me: I tell them you can retire today. I also focus on helping people with medium-term goals...and longer-term goals, and people who want to transfer their wealth" to foundations or families.
Hampton listed 10 personality characteristics that help him accomplish his objectives:
- Desire to achieve. To become a financial advisor, Hampton explained he first had to pass the test to earn a Securities license, and then had get over an even bigger "obstacle — knocking on doors. I had to find people who were willing to give me money. You're always selling. If it's not yourself, it's a product." He recalled he didn't even have an office at the time. "Believe it or not, that worked."
- Hard work. "Anyone that sticks it out in this career can do pretty well. For example, he told of a 24-year-old second-year colleague who "made well in excess of $100,000 in his first year...and he [just had] his best month ever."
- Desire to work for yourself. "I don't have anybody breathing down my neck, and I get to call on [company] resources, if I desire, for guidance.
- Nurturing quality. "My goal is that I'll develop enough clients on a residual basis that it will sustain me in perpetuity."
- Acceptance of responsibility. "My warm and fuzzy feelings come when somebody thanks me in the future for something I did. I really want to make an impact in people's lives."
- Reward orientation." Hampton explained this can be in the "form of money, recognition or respect. Everybody likes to be a hero." He added Edward Jones also rewards its advisors with incentives such as travel: He's already been to Africa and Switzerland, and is soon going to Brazil.
- Optimism. "I live by the philosophy that this is the best of times and that anything is possible. These are the good old days. These are the days to seize your opportunity.”
- Orientation to excellence.
- Organization. "When I first started I defined myself as a stockbroker,” Hampton said. "As a financial advisor, I dig deeper.”
- Profit orientation. "It's important to make a profit. It's motivational. We have people who make over a million dollars a year, and they go to work Monday-Thursday, about four hours a day. They've all gotten there different ways. The only common thing is they're all pretty good people, and they don't compromise their ethics.”
"If you have all 10 of these, you're going to be successful,” Hampton said.
He also told the students Edward Jones gives new hires the basics. "We have trainers and mentors. In the beginning, you don't have to know anything about this, but you have to be willing to learn.”
"If you're successful, $400,000 [in compensation] after 10 or 15 years is not unreasonable to expect. When I retire I'll still be young. It's hard to become a millionaire working for somebody else, but this is one way to do it."
