The Real Reason Why Clients Choose You
Some advisors say they want to stand out from the crowd—but they’re fibbing. They really want to look and sound like everybody else.
We can help them define their target market, identify clear points of differentiation, and craft a targeted message. They don’t want any of it. They just want a list of generic feel-good words to put on the website. Fiduciary. Objective. Holistic. Whatever. Basic, table-stakes qualities that every advisor talks about.
The real reason they chose you
But clearly, there’s some reason why your clients picked you over the advisor next door. It wasn’t performance. It was because somehow, you convinced them that you understand them. “This advisor gets me,” they said. “Here’s someone who knows exactly what I’m dealing with, so they’ll always be a step ahead in taking care of me.”
Some advisors spend so much time on touchy-feely things. Others talk about beating benchmarks, or providing comprehensive planning. The question is, do your clients actually want any of that? You need to get to the core of what defines them, and prove that you really understand it.
How some advisors are nailing it
I’ve seen advisors achieve tremendous success by becoming deeply embedded in their clients’ worlds. There’s a Silicon Valley advisor who completely understands the issues facing tech and VC executives, like managing concentrated wealth, achieving wealth for the first time, and deploying wealth in new ways. He speaks the lingo perfectly, and he’s well earned his clients’ trust.
An advisor in the Midwest works with executives of large manufacturing firms. His firm goes through a LEAN initiative every year. Why? Because, like all American manufacturers, his clients have undergone tremendous change. Reinventing his business establishes a point of connection with their experience.
Finally, I know an advisor who works exclusively with airline pilots. He’s immersed in the details of their benefits packages, professional development requirements, and union rules. He could probably walk into any pilots club in the country and be instantly accepted.
With so many opportunities to become entrenched as a go-to specialist for their clients’ unique needs, why do so many advisors want to remain generic? Maybe they are reluctant to admit that technical investment expertise isn’t always enough to win a client. But the reality is, you need to get to the root of what makes you successful—because then, you can replicate it. And repeatable success is what every advisor really wants.
Enter into your clients’ world, and they’ll be more comfortable in yours.
Most Read IRIS Articles of the Week (February 20-24)
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, February 20-24, 2017
Click the headline to read the full article.
Becoming cyborgs is the way to go for financial advisers…blending robotics and humans into one organism. You see, I am convinced that robo-advice models will succeed and prosper. — Tony Vidler
With the global economy warming up, but political uncertainty remaining a constant, it’s more important than ever for investors to position their global portfolios to navigate long-term market volatility. That’s where the power of diversification comes in ... — Yazann Romahi
The financial world is noisy and it’s easy to become distracted from your most important long-term goals. One way to cut through the noise is to focus on just the two factors that ultimately determine your approach to everything else in your financial life; namely, Market Risk and Shortfall Risk. — James E. Wilson
It’s important to admit the truth behind our actions in order to rectify past and future mistakes or regrets. Living in denial only perpetuates making decisions that could potentially lead to financial disaster. — Michael Kay
There's one key approach that makes you invaluable to your clients so they want to stay with you for the long-term. You have to genuinely be interested in people. — Paul Kingsman
When you start dating, you usually start off sharing stories. Tales of your childhood, your previous relationships and your college days. Those stories help explain to your partner who you are and how you act. — Mary Beth Storjohann
It runs counter-intuitive to what we have been led to believe business is all about: make more money and everybody wins, surely? Talk about revenue so that everyone knows what’s important. What’s the problem? — Barry Chandler
In the wake of President Donald Trump’s stunning upset victory, however, muni investors were forced to readjust their expectations of fiscal policy going forward. Because Trump had campaigned on deep cuts to corporate and personal income taxes, equities soared while munis sold off, ending a near-record 54 weeks of net inflows. — Frank Holmes
What does it mean to be a customer-centric company? That seems to be the question of the week. It started off with one of our subscribers emailing in the question, followed by two reporters wanting my take on this now-popular phrase for their interviews. — Paul Laughlin
Everywhere I look I see organizations and people investing heavily in new initiatives, transformation, and change programs. And in almost every case the goals will never be met. One of the most crucial causes of the failure? The right questions were never asked at the outset. — Paul Taylor
Why should we think the head of a private equity company could effectively “fix” US Intelligence? It is not apparent that this individual is even remotely qualified to fix the US intelligence apparatus. — Kathleen McBride
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