What do you do for a living? Many Advisors fumble over their answer to this question. But having a clear, client-oriented, benefits-laced statement of what you do and who you do it for is the critical first step in developing new client relationships.
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In the client’s mind, all Financial Advisors start out looking alike, and that’s not a compliment. Whether your call it your elevator speech or mission statement, it’s best to avoid settling for labels such as, “I’m a Financial Advisor.”
If you don’t, potential client may be thinking, “Yeah, right…So is the guy down the street who called me five years ago, took $500,000 of my money, and hasn’t been heard from since. In fact, he won’t even take my call! And he called himself a Financial Advisor. You mean you’re a Financial Advisor like that?” Focus on the benefits of what you do, not on a label or title.
Furthermore, no one wants another great hot stock tip, mutual fund or insurance policy. They don’t even want another great financial plan. What they want are the benefits. They want to find ways to protect what they’ve built, to retire early, to pay off debt, become financially independent or support a favorite charity…or any of the other multitude of benefits you provide.
Next, describe who you do it for. What are primary groups of clients you work with? Who are your target markets? Go beyond mere income and occupation to the level of common values. Income and occupation are actually disqualifiers. You may want to do business with someone because she’s a doctor worth $5 million, but she does not necessarily want to do business with you because she’s a doctor worth $5 million.
We all know that people do business with people whom they like and trust, and I would suggest that likeability and trust is based primarily upon perceived common values. Why do you naturally get along with doctors? What do you have in common? These are the keys you’re looking for.
If you don’t know, ask. You should have a good enough relationship with your clients to inquire, “What do you enjoy most about us doing business together?” Try to steer away from personal compliments, towards the more professional aspects of your relationship, drilling down to common values. You’ve got to give potential clients something to hang their hat on.
With a little creativity you can come up with a clear, client-oriented, benefits-laced statement of what you do and who you do it for that naturally compels a potential client to follow up with, “That sounds interesting. How do you do that?” Below are some ideas to get you started:
I create zero tax estate plans for doctors who don’t want
Uncle Sam to be their largest heir.
I show business owners and professionals how to retire
years earlier than they ever thought possible.
I create exit strategies for business owners
through innovative succession planning.
I show business owners how to pull money out of their business…tax-free.
I help small business owners attract and retain
superior talent in a competitive labor market.
I help seniors and retirees create a monthly income for life.
I help women create a safe environment for handling their finances.
I help gay and lesbian couples navigate their way
through the unique financial challenges they face.
I show socially conscious investors how to use and preserve their wealth
to make a difference in the world.
You can customize your statement to fit the primary benefit you provide, your particular style and personality, and the market(s) you serve. Most of all, make it authentic.