This week I had the honor to speak at the Million Dollar Round Table (MDRT). It became immediately clear that the challenge of creating a powerful and precise description of what you do, your value, and why someone should work with you – is a WORLDWIDE issue for financial professionals.
Attending MDRT were financial professionals from across the globe that spoke many different languages (the presentation translators were amazing). Across borders and continents, one commonality appeared to be that most (polled at the event) struggled to verbalize and share their true, authentic value to clients and prospects.
Perhaps sharing value and differentiation is difficult because many have access to sell the same exact products. But the value delivered is so much more than just the products. It’s the advice, the years of experience, the assistance with making smart decisions, and the intellectual capital being delivered to clients.
More clients would want to work with a financial professional if they knew what they would receive. Why is it so hard to share (and don’t say compliance and regulations)?
It is as if a person is interested in buying a Mercedes Benz. The salesperson at the dealership tells the person that this Mercedes-Benz is $65,000. BUT, they don’t share anything that is inside of the car, nor do they allow a look inside of the car or a test drive. How many would actually buy that car? You want to get in the car and see the value for yourself! You want to drive it, listen to the sound system, check out the air conditioned seats and all the bells and whistle’s in the car – and then you will decide if you want to exchange your money for this car.
We need to let people in on the secret of the power of a financial professional in the lives of clients.
The consensus in my MDRT session from a diverse, worldwide audience was that this is an extremely meaningful industry where the lives of others can be positively impacted for decades and sometimes generations. So what is the disconnect between providing value and sharing the value that is being delivered?
The connection can be made by having authentic conversations with clients and prospects about the difference that you are bringing to the lives of clients and why you are in this business. It is the words you use to describe the work you do!
I believe that today we need to change the conversation about this industry and the value being delivered. One of the most powerful things we can control is what we say about what we do. Today we need to focus on changing our conversations and having an improved conversation for our sake … and for the sake of our future clients.