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The Three-Step Formula for Business Fearlessness

In the financial services industry, advisers are surrounded by clients’ fears—fear of the market going down, fear of the economy not recovering and/or fear of making the right investment decisions, just to name a few. For some advisers, handling clients’ fears can feel like a daunting task while for others it’s all in a day’s work. For the latter, the formula for managing fear is increasing knowledge.

If this has happened to you, take comfort in knowing that your clients hired you because they like you, trust you and believe that you have their best interests at heart. Prove your clients right by believing in yourself, in your integrity, your honesty and your commitment to helping them. When you focus on things that you can control, you harness the power of belief.

Ralph Waldo Emerson said it best when he said, “Knowledge is the antidote to fear.”

So how can you face your fears, increase your knowledge and be the adviser that your clients want you to be?

Let’s take a look at a step-by-step approach for building up your “business fearlessness.”

Step 1: Acknowledge Your Current Business Concerns

The first step is to get completely honest with yourself by asking, “What am I most concerned about in this business?” Sit with the question for as long as it takes until you find a truthful answer. Next, ask, “What do I need to know in order to overcome this concern?” and “Who has the information that can help me?”

Take Michael S., a veteran financial adviser with five years of experience who had noticed he was holding himself back from working with higher net-worth clients. After he asked himself these types of questions he realized that he didn’t feel qualified to help them because he hadn’t done enough research on what product and services this niche demographic would be interested in much less had done some inquiry to confirm what issues/concerns they might have. Thus, he had spent five years building a business of hundreds of clients with very little in investable assets.

Step 2: Become the Expert

The next step is to do the research and make some calls to find out who could assist you in your desire to work with a new demographic. I have found that the best way to become an expert is to find a mentor in the office who has accomplished what you would like to accomplish.

I recommended to Michael that he make a list of the most successful advisers that he knew (in his office or elsewhere) that work with high net-worth clients. Then, approach the one person who he felt closest to and ask if he could take that person to lunch or for coffee to understand more about how he/she had grown their business. Take notes about their process and research all the types of products and services they mention. Michael did this and was ready for the next step. 

Step 3: Be the Message

The final step is get your message heard! It’s one thing to know what to do but it’s another to be doing it. That’s why you need to take deliberate action steps.

Once Michael got direction from a mentor in the office, we mapped out what to say to potential clients, how to frame it, how to handle objections, what the first appointment process as well as the second appointment process. We did all of this before he ever picked up the phone to make his first prospecting call. As a result of his due diligence and efforts, within weeks he had built a huge pipeline of qualified prospects and now has a thriving practice.

Why Being a Wealth of Knowledge Works

The foundation for making any sound recommendation is based in the amount of information or knowledge that you have for your clients. The more informed you are, the more confident you will be when sharing those recommendations. Clients need, want and deserve a well-informed financial adviser. So the next time you find yourself with fearful clients or faced with fears yourself, take the time to query the reasons for your decisions, support them with facts then share this insight with your clients and watch their fears (and subsequently yours) subside.

If this blog resonates with you and you would like to have a free consultation with me to see if professional coaching is a fit for you, email Melissa Denham, director of client servicing for Advisor Solutions at melissa@advisersolutionsinc.com.

Dan Finley
Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.

 


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Why Don’t People Work with You? Here Are 3 Reasons to Consider

Your firm offers a solution that people need.

So why don’t you have a line of people out your door, begging to work with you?

For one, people don’t know what you know—if they did, you could look out your window right now and see a crowd of people clamoring for your attention.

The job of good marketing is to communicate your value to people who would make excellent clients for your firm—and to do so in a way that resonates with them.

Pro tip: that might require that you talk more about your problem than your solution.

But let’s assume you’re already doing that. Let’s say your marketing does an excellent job of communicating the right message to the appropriate people at a time when they need what you offer.

Yet you still fail to get new clients in the door. What’s going on?

The Main Reasons Your Perfect Prospect Walks Away

There are countless reasons people make the decisions they do. Some are obvious and overt. Some are more subtle and harder to understand.

The first reason we, as the people making the offer, often jump to is, “people just don’t know about me yet.” Or we say, “people just don’t understand the value of what I’m offering yet.”

Those are easy. Sometimes it’s true. But many times, they’re more like excuses for yourself than reasons people don’t hire you.

If people just don’t know about you, go place advertisements in your local paper or pay to rank for important key terms like “financial planner in [your town],” or “fee-only CFP® for doctors.”

When people still don’t hire you, you can no longer say it’s because they aren’t aware you’re there for them.

When it comes to the financial planning industry, we need to dig deeper to find the main reasons people don’t work with your firm (even when it would be to their own benefit to hire you as their planner).

Here are some of the real reasons perfect prospects choose to walk away from your ideal solution for their needs.

They’re afraid of change. Going from the state of being that is called, “I don’t have a financial planner or a financial plan,” to “I have a financial planner and plan” requires a change. Some people get overwhelmed by that change.

It’s human nature to be afraid of change before you have to go through it. There’s a big unknown on the other side—even when that change is probably going to be good for you.

So we get stuck or refuse to take action, because we don’t want to deal with the discomfort of altering our current state of being.

When you market your firm, consider how you can make that change less scary. Usually, that means eliminating uncertainty and making it very, very clear what’s involved with the process.

They have a problem different from the one you’re trying to address. When you market your business, you need to understand what problems and challenges people have. Then you can offer a solution or provide relief.

The thing is, understanding the root of someone’s problem is really hard. It’s more art than science, and requires a little bit of research, a lot of empathy and a dash of guesswork.

As we discussed a few months ago, you can (and should!) ask your audience what they want from you. But you have to do that knowing people:

  • Might not know what they want.
  • Don’t want to tell you what they want.
  • Can’t articulate what they want.

In identifying someone’s problem—even when they explicitly tell you what the problem is—there is always room for error. You might misidentify the problem. You might misunderstand it and represent it the wrong way in your marketing.

As a result, your perfect prospect is going to walk away thinking, “this firm doesn’t understand my actual challenge.”

Always work to hone your message and your market research. Obsess over understanding your market and take consistent action to get deeper and more accurate insights on how they think.

They don’t trust you. When it comes to the financial industry, this is the reason of all reasons that a prospect won’t work with you. They just don’t trust you.

They don’t trust that you have their best interests at heart, they don’t trust that you’ll deliver on your promises, they don’t trust you can do what you say you can do… the list goes on.

It’s a very simple problem that can feel impossible to solve. It’s going to take time and a lot of effort—but you can win people’s trust before they work with you.

Here are a few ways to do it:

  • Always be authentic. Strive for transparency and full disclosure.
  • Use content to show people who you are (don’t just tell them). Share personal stories and experiences. Deliver that content as if you were sharing it with just one person (so be personable; don’t act like you’re delivering an address full of facts to a faceless crowd).
  • Make it easy for people to learn more about you and understand how you work before they have to commit.
  • Don’t carefully guard your processes, knowledge or ideas. Share them freely and distribute them widely. People who are open and generous with their knowledge attract far more paying clients than those who are mysterious, secretive and stingy.

If you’re struggling to get clients in the door, don’t just assume it’s a failure on the part of your target market—like a failure of being aware you exist or a failure to understand how fantastic your firm is.

Consider taking responsibility instead. Consider if one of these reasons might be the cause. Doing so will lead you to far more productive action than just shouting louder for attention, or arguing more aggressively to make your case that you’re better than the other guys.

KaliHawlk
 Kali Hawlk is the founder of Creative Advisor Marketing, an inbound marketing firm that helps financial advisers grow their businesses by creating compelling content to attract prospects and convert leads. She started CAM to give financial pros the right tools to build trust and connections with their audiences, and loves helping advisers find authentic ways to communicate in a way that resonates with the right people.


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5 Tips to Help You Take Charge of Your Social Media Strategy

If your biggest challenge as a financial planner is finding and acquiring new clients, you’re not alone. Nearly two-thirds of financial planners recently surveyed by the Financial Planning Association listed “client acquisition” as their top challenge.

And yet, the money and skillset required to come up with an effective prospecting—and what it might take to execute the plan—can make attracting new clients seem impossible.

While certainly not a magic bullet on its own, social media can be a cost-effective way to build your personal and professional brand and connect with potential clients in a genuine, authentic manner.

This post offers five tips to help clear up common misconceptions about using social media in business and to help you begin building a social-driven prospecting strategy from the ground up.

1.) Recognize the Uses of Each Platform. One mistake when using social media is to immediately build a profile on every platform without thinking through how to create or curate content for each separate entity.

Placing the exact same content on multiple platforms can make your brand look lazy and out of touch. What works on Instagram may be the opposite of what drives engagement on LinkedIn. Further, creating and curating the amount of content required to run a functional blog/website and generate activity on four to five separate social platforms is simply not an option for most small businesses.

Avoid the temptation to build a profile on any social outlet until you have worked out why and how you plan to use the platform. Here are a few tips on some of the heaviest hitters:

LinkedIn is primarily a professional network, and the content that performs best on the platform follows suit. Investopedia reports in its article “LinkedIn: How Advisors Can Use It to Grow” that nearly three-quarters of U.S. advisers maintain a profile, so it may be a good place to look at focusing your initial efforts.

Facebook and Instagram are more personal, with Instagram focusing heavily on imagery. This is not to say that you can’t or shouldn’t have a profile on these platforms, as many advisers do—it all depends on the type of clients you’re trying to reach, the content you are looking to create and/or share and whether you can support many platforms at once.

Twitter is essentially a newsfeed and, while the content required for each post is smaller in volume (140-character limit), the platform requires a larger volume of posts to maintain a semblance of activity.

2.) Find Your Formula. Businesses that use the social platforms for promotion often treat the content as a one-way street to aggressively push product and sales-related information. In his blog post “Why Content is Fire and Social Media is Gasoline,” marketing guru Jay Baer said, “Social media was not intended to be the world’s shortest press release.” I believe social media was designed to replicate human conversation, and building a healthy following is dependent on how well you tell your personal and professional story.

While advisers are somewhat limited in how much they can engage in two-way discussions on social media, one area that can make a major difference is in how you curate and deliver content. If your profile summary, original posts and retweets on Twitter reflect the tone of a sales brochure, you risk driving people away.

Instead, as you’re crafting your profile, writing your first few posts and deciding what to retweet or share, think about how you prefer to get to know someone when you meet in a face-to-face conversation. What do you want people to know about you? What are the things that are most important to you? What defines you? Answering these questions will help you frame your presence in a way that best reflects who you really are.

My good friend (and social media expert) Steffen Kaplan (@SpinItSocial) shared a formula for building an online presence that I have found to be unbelievably valuable, especially when it comes to attracting followers on Twitter. He recommends parsing the content you create, what you share and what you like into three separate buckets: one-third of your posts should be designed to create awareness about your business (think of this as your “branded” content), another third should be personal (answering the questions outlined above) and the last third should be content designed to engage and inspire (quotes, photos and videos that might make others smile).

3.) Share Content That Tells Your Story. Most advisers know they need to do a better job promoting their practice and value proposition, but many don’t consider themselves to be marketers or know where to start in communicating with prospective clients. In the past, promotion didn’t matter as much, as a high percentage of new clients came via referrals from happy customers.

In today’s world, communications should be more persuasive and educational than a simple list of your services. But who has time to create all that content and send it to the right people at the right time? The beauty of the level of saturation in the blogging and social media world is that you don’t need to spend all your time creating your own materials—you can easily find educational content that you appreciate and share it with your clients.

When you share content, you are advocating for the message of the material, and that’s often the closest thing to putting your name on it. Beyond saving time and money, shared content comes with its own set of advantages as it allows you to send powerful messages from a credible third party. Relevant, useful and valuable content is an effective way to build trust with current and prospective clients. As content marketing expert Drew Davis puts it, “Content builds relationships. Relationships are built on trust. Trust drives revenue.”

4.) Don’t Overdo It. You don’t have to post content 50 times a day to be successful. Sure, social media requires creating and posting content with a high level of frequency, but that doesn’t mean you must spend your entire day brainstorming your next tweet.

Like any other marketing medium, social media success depends on the quality of the content you distribute—including the actual post, the attached image or GIF and the post’s linked content. To help focus on quality over quantity (and maintain your sanity), create a simple editorial calendar and plan out posts for each week or month. You can find countless free content calendar templates with a quick online search, but a traditional printed cat or firefighter calendar will also work just fine.

5.) Have Fun! Seriously, have some fun with it and do your best to be you. Your readers and followers will appreciate it, and it will make your content better in the long run.

Happy Tweeting!

Disclaimer: Before you go down this path, it’s important to understand FINRA’s regulations surrounding the use of social media, as well as any guidelines provided by your broker-dealer or RIA, if applicable.

Dan_Martin_Headshot
Dan Martin is the director of marketing for the Financial Planning Association®, the principal professional organization for CERTIFIED FINANCIAL PLANNER (CFP®) professionals, educators, financial services professionals and students who seek advancement in a growing, dynamic profession. He is an award-winning author with a diverse financial services industry background in marketing and communications. He earned a journalism degree from the University of Denver and his MBA in marketing from the Daniels College of Business.