There are just four questions that every financial adviser must answer if they want to attract more clients. If you can answer these questions, you’ll be able to more effectively communicate your message to prospects so that they will want to work with you.
No. 1: Who’s Your Ideal Client?
When advisers think about their business and how they help people, they tend to think the most about the services they provide. Things like the types of planning they offer, the investments and products they use for clients, the process they walk clients through, etc., but we rarely focus on defining who we serve.
The financial advisers that will survive and thrive over the long term will define their business not by the service they offer but by the people they serve.
They know exactly who their ideal client is.
No. 2: What Value Do You Provide?
You undoubtedly provide a lot of great advice to your clients. But what do your clients value the most? What’s most important to them?
Do they care about investment selection, the products, the process, your credentials, your years of experience or your past performance? I’m sure they do.
But there’s actually only one thing that your clients value above all else: their transformation.
They are seeking the positive change they experience by working with you. They want the end result. How do I know this? It’s because people buy the destination, not the plane ride.
What is the destination your clients are trying to get to? What’s the ideal end result you can help them achieve? This is the real value you give to clients and prospects.
No. 3: How Do You Clearly Communicate Your Value?
If you’re the greatest financial adviser in the world but you don’t know how to clearly communicate your value to ideal prospects, then you won’t be in business very long. If you cannot clearly communicate your value to people, nothing else you’re doing in your business really matters.
Many good advisers have failed because they didn’t know how to clearly communicate their value.
The best advisers are able to engage in a conversation with a complete stranger and within two minutes, that stranger fully understands how that adviser helps people. Even better, that stranger will have enough curiosity and excitement that they want to hear more from the adviser.
If you’re able to naturally start the conversation with people, you’ll have no trouble getting people in the door. And If you can communicate your value, you’ll have no problem getting people to become your clients.
No. 4: How Will You Consistently Attract and Acquire New Clients?
This is the most important question that advisers need to answer. It’s also the one most advisers have a hard time answering.
How do you find new clients? Most advisers rely on referrals to get new business. Some others still do seminars, lunches, cold calling and networking events. Those techniques are good but there are more and more advisers turning to newer ways of attracting prospects to them. Techniques such Linkedin referrals, Facebook ads, blogging and webinars are quickly growing in favor with advisers. This is because they are less expensive and more profitable than the “old school” ways of getting new clients. But there’s also a steep learning curve to these. You shouldn’t let that stop you from testing them out. When you find the technique that works for you, stick with it and focus all your energy there.
Take five minutes and try to answer these four questions. And be honest with yourself. If you’re having trouble with one of the questions, start exploring new ways to try and answer it. If you need ideas, download the accompanying guide to help you out.
Dave Zoller, CFP®
Streamline My Practice