There is a major issue in financial services, and it very
well may be holding you back from getting the new clients you desire. I wonder
if you have recognized it also. When you walk into a business function or
cocktail party and introduce yourself as a financial advisor, the majority of
people will want to get away. Why are advisors so repelling? Shouldn’t you be
attractive based on all the meaningful work that you do in this noble
profession?
Don’t assume that people are excited to talk about the core deliverables of your firm. After all, those things are supposed to be there (i.e. sound investments, good service, good food, etc.). What people will remember and talk about are the unexpected things you have done or said that set you apart. And, it’s often the small things that grab their attention.
A memorable interaction should result in leaving something behind with the people you encounter: a thought,
Referrals are generated most often due to the excellent work of your team of passionate people, not because someone asked for a referral. And, the more loyal and passionate your team is, the more referrals seem to magically come into your business.
I have observed many firms attempt to create loyalty and inspiration for excellent work amongst their staff. The problem: loyalty and passion are not something you can force upon people or manufacture.
Fee compression is a trend many are talking about. Rather than reading into the gloom and doom headlines of fee compression, take a step back and look at the VALUE you provide your clients. You see, value is in the eye of the beholder. The problem is, the beholder – your client or prospect – may not know the value you are delivering.
Most of the advisors I have worked with over the years are providing significant value through investment advice,
Can the words we use predict our success in our business? This is a growing area of research – where the data analyzed is the words that we use. This language analysis has been done to predict the success of athletes, movies, books and more. Can they predict your success as a financial advisor too?
Researchers at Stony Brook University have developed an algorithm that will indicate whether a book will be commercially successful with 84% accuracy.
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