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.
How to Introduce and Position Yourself the Right Way
Introducing yourself – more to getting it right than you think!
What do you say when someone asks you “so what do you do?”
You might say, “I’m a financial advisor”. Or “I’m an investment advisor”. If you’re a top advisor, you might be compelled to say “I’m Vice President and Portfolio Manager”. Or even “I’m a CFA”.
Well put all of those away if you’re introducing yourself to a woman you might want as a client. None of the above will impress her – she might even “run for the door” thinking you’re going to try to “sell” her something.
Your goal is have her say “tell me more about that”.
So what do you say?
Here are 4 quick tips:
- Make it about your clients
- Make it about outcomes
- Make it interesting
- Make it fun
How about something like this: “I help people have their cake and eat it too”. Doesn’t that beg the question “what does that mean” or “how do you do that”.
Okay maybe that’s a bit over the edge but it’s important you make it about the people you help and not about what you do to help people get there.
I help <type of people you serve”> <achieve this>. Something like:
- I help retirees create a sustainable income.
- I help women understand money on their terms.
- I help young couples get a good start towards financial security.
Now you try it! Send us your best one.
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