It’s either because Financial Advisors don’t understand the worldview of the market or they don’t address it effectively. However, some Financial Advisor’s behavior does show that there is at least a subconscious awareness of this issue.
Case in point: I’ve conducted many workshops with Financial Advisors. I always began the workshop by introducing myself and what I do for a living. I ask each of the participants to stand and introduce themselves as if I were a prospect. They proceed to describe themselves with some very “creative” names for what they do for a living. “I’m a Wealth Enhancement Specialist”. “I’m an Innovative Financial Solutions Provider”. If you could have been a fly on the wall you would have seen and heard each Advisor, one by one, introduce themselves to the group, not one calling themselves a Financial Advisor. By the end of the introductions we were all chuckling. When I asked why – and this took some thoughtful searching – they all agreed that it was due to consumer “attitude”, as they called it.
This “attitude” is the worldview commonly shared by most of the public, a broad distrust of the industry at large. It’s not something you can change and we find that most Advisors don’t have a strategy to address and move beyond this barrier.
The key is to develop your marketing story. When you truly understand the way clients and prospects think and feel, you can create a marketing story that subtly and effectively addresses this worldview.
Creating this story will be different from anything you’ve ever done in the past and you may need to erase some muscle memory. Presenting facts and figures about your performance history doesn’t work. What does work is a passionate story that is about them, not about you. It’s the reason they will believe in you.
When you do this you’ll find your qualified clients will become your best “client advocates”, the most productive centers of influence a Financial Advisor can have.
Dormant Asset Development is the key to consistent, long lasting growth.
It’s a simple and effective way for Advisors to create and maintain dramatic increases in productivity, revenue, and growth on an ongoing basis… and it can be quickly learned without interrupting their daily routine.
What are Dormant Assets?
They are the personally endorsed, new, warm introductions and first appointments with the high quality friends and colleagues of an Advisor’s current and future best clients… the very clients Advisors dream of duplicating.
So, how does an Advisor activate their Dormant Assets?
Advisors identify and develop their Dormant Assets by leveraging their relationships with their best clients.
Develop Dormant Assets.
Every Advisor, no matter their annual revenue, has them. These assets dwarf the assets Advisors have in hand.
It begins by having a compelling marketing story (see post – The Bad News. Your Marketing Story May Suck!)
A compelling marketing story differentiates you and makes you remarkable.
I know we said your marketing story sucks… (SEE POST) But that doesn’t mean it can’t easily be great. And it must be great. Because a great remarkable marketing story is the foundation of a successful practice. It’s the key to developing a consistent stream of warm, qualified introductions.
Here are some of best-selling author Seth Godin’s thoughts about great stories. He is “the” story guru and one of our personal heroes. He writes about marketing and the way ideas spread. Ponder and we’ll go deeper next time.
“Great stories succeed because they are able to capture the imagination of large or important audiences.”
A great story is true. Not necessarily because it’s factual, but because it’s consistent and authentic. People are too good at sniffing out inconsistencies for a marketer to get away with a story that’s just slapped on.
Great stories make a promise. It’s either exceptional or it’s not worth listening to.
Great stories are trusted. Trust is the scarcest resource we’ve got left. No one trusts anyone. As a result, no marketer succeeds in telling a story unless he has earned the credibility to tell that story.
Great stories are subtle. Surprisingly, the fewer details a marketer spells out, the more powerful the story becomes. Talented marketers understand that allowing people to draw their own conclusions is far more effective than announcing the punch line.
Most of all, great stories agree with our listener’s worldview. The best stories don’t teach people anything new. Instead, the best stories agree with what the audience already believes and makes the members of the audience feel smart and secure when reminded how right they were in the first place.