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Your Service, Your Story, Your Value

A financial planning practice must be able to articulate and demonstrate a planner’s value, story, service menu and deliverables—these remain the most fundamental elements of your business. After all, if you can’t convey and verbalize what you do, how will you attract people to your business and grow? And, if you don’t consistently deliver your value, how will you retain clients and sustain success? As we enter the fall, it is a good time to go back to the basics.

How well can you—and every team member regardless of role—answer the following fundamental questions?

Positioning: Who are You?

  1. What is your identity as a business? How does your community perceive who you are and what you do?
  2. Do you go beyond your title and firm name when someone asks you what you do for a living?
  3. Do you have a differentiating and intriguing story? Does each team member articulate a cohesive message?

Purpose: Why Do You Do What You Do?

  1. Why are you in this business?
  2. What is your vision? What is the team’s vision?
  3. Where are you leading the team? Where are you leading your clients?

Proposition: What Do You Offer and to Whom?

  1. Can you delineate the solutionsservices and deliverables that you offer to each client segment?
  2. What problems do you solve and for whom?
  3. What is your reactive service strategy? What is included in your proactive service matrix?
  4. How do you define and delineate the ultimate client experience?

Price: How Much Do You Charge for Your Deliverables?

  1. Do you consistently execute on your pricing model or are there more exceptions than standards?
  2. How transparent are you with pricing? Do your clients understand what they are paying and what they are receiving for that fee?

Process: How Do You Do What You Do?

  1. What is your defined process for working with prospects and clients and do you consistently execute it?
  2. Do your prospects have clear expectations on what they will experience when working with your team?
  3. How efficient and systemized is your business?

Differential: What Makes You Different?

  1. Can each team member answer the question, “Why should I do business with you?”

We recommend that you schedule quarterly off-site team sessions to focus on the strategic side of your financial planning practice. You should reflect and identify successes and challenges, and then look ahead and plan for the future. The questions listed above are a starting point. Consider the strength of your value today and what changes may need to take place as you head into the future.

Sarah E. Dale and Krista S. Sheets are partners at Performance Insights, where they focus on helping financial professionals increase results through wiser practice management and people decisions.

 

 


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Why Clients Choose You

Why would a prospect end up choosing you over another adviser?

There’s really only one thing that a prospect is looking for when they begin the conversation with you. If they believe you can provide it, it’s much more likely that they’ll become your client.

What Prospects AREN’T Buying

Despite what most advisers think, people aren’t working with them because of their:

  • Superior investment selection
  • Comprehensive financial plan
  • Account aggregation software
  • Years of experience
  • Credentials after their name, etc.

We’re all proud of those things and they play a role in the decision to work with you, but they’re not the reason people choose you over everyone else. Prospects aren’t buying the products or features you provide. They’re actually not buying the benefits either.

They’re Buying Transformation

The one thing that they are buying is the transformation that they believe they will get by working with you.

What do I mean by that? It doesn’t matter what people are buying. Whether it’s a candy bar or new car, we’re all looking for the same thing: we’re living in a current state and we want to move into a desired “after state.” We believe making the purchase i going to move us into that place we want to be.

Imagine what your prospect’s thinking. Why are they talking to you? Why are they looking for a financial adviser? I can definitely tell you that they’re not calling you because everything is perfect with their finances.

They’re calling you because they are discontent with some aspect of their financial life. They’re not completely happy with everything they’re doing. They have a problem that they don’t know how to solve and they may be frustrated, worried or confused. The fact is they’re looking for an adviser because they are in a place that’s less than ideal.

And that’s your ideal prospect. Why? Because you know that you have the solutions they’re looking for.

Where Do They Want Go?

If their existing state is discontentment, then they need to move into a place of contentment.

This is the entire value of your service business summed up in one sentence: you are helping people move from their before state to an ideal after state.

If you can clearly communicate this in a way that they understand, you’ll never have to sell anything ever again.

What’s The Next Step?

Take out a sheet of paper and write down answers to these questions.

  • Where are they now?
    1. What are their problems?
    2. Why are they looking for help?
    3. What’s their emotional state?
  • Where do they want to be?
    1. How will this change after working with you?
    2. What will they have?
    3. How will they feel?
    4. What will they leave behind?
    5. What kind of person do they want to become?

Once you’ve written these answers, you’ve taken the first step to discovering the transformation your ideal client is looking for. Start using these things you’ve discovered as you talk with prospects moving forward. Pay close attention as you talk about their desired “after state.”

dave-zoller

 

Dave Zoller, CFP®
Financial Adviser
Streamline My Practice
Warrenville, IL


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3 LinkedIn Tips to Implement Today

lauravirilli“What’s your story?” has become the new value proposition, according to marketing expert Laura Virili. “Even with all of our devices, we are still humans, and we still connect through stories,” she told the planners in attendance at the FPA Annual Conference—BE Baltimore. “You need to tell your story online, offline, and you need have your story down!”

But first, you need to find more people to tell your story to. Virili is a strong believer in the power of LinkedIn, and she shared a wealth of tips and strategies for using LinkedIn to expand your reach and fill your pipeline.

If you’re wondering who on LinkedIn you should be connecting with, Virili offers these suggestions: clients, prospects, alumni, friends and family, centers of influence, community leaders, professional acquaintances, former colleagues, and the next generation.

For how to best connect, here are just some of the tips Virili shared (for dozens of online resources, visit her at lauravirili.com/resources.htm).

Make It Personal
Personalize your LinkedIn invitation to connect request. You have 300 characters in that request to differentiate yourself. Sign the request with your name and phone number; don’t make people work to reach you.

Say Thanks
Send a thank you message for accepting your LinkedIn invite. That message will plant the seed to get you in front of that person, because as Virili said, “You want to use the internet to get off the internet” and build that in-person relationship.

Update Your Profile
Google gives preferential treatment to LinkedIn, so make sure your LinkedIn profile is up to date, because it will be one of the first results that surfaces when someone Googles you. Some other profile tips are:

  • Spend money on a great profile picture, and keep the headshot casual, because social media is casual.
  • Put your certifications with your name; they help identify you.
  • If you’re not a writer, hire one to help you tell your story in the 2,000-character summary section; it’s well worth the investment!

Bonus: Virili’s Daily Best Practice
Every day, go into “my network” on your LinkedIn profile and click on “connections.” This will bring up three things that are happening in your network, they’re social triggers you should respond to: birthdays, work anniversaries, and new jobs (new jobs are potential money in motion.) Take a few minutes to send personalized messages offering congratulations or best wishes.

Schulaka Carly_resizedCarly Schulaka
Editor
Journal of Financial Planning
Denver, CO