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The Circle of WOW

On a recent flight home, after giving a keynote speech on driving deep client loyalty in the financial services industry, the woman sitting next to me asked about my business. It turns out that she was a public relations executive for the dental industry.

Intrigued, I asked, “What is the most effective slogan you have ever authored in your world of teeth?” She responded, “Simple. This one: you don’t have to floss every tooth, just the ones you want to keep.”

Instructive! So it is for clients in the financial services industry: you do not have to connect emotionally, or make meaning with every client, just the ones you want to keep.

Let’s be candid: nobody can control market events, but investment advisory teams can control how they connect emotionally with clients, colleagues and others. Regulatory changes and challenging investment environments should remind us that making stronger connections is more important than ever. And a key way of doing that is what we at Janus Henderson Labs affectionately refer to as The Art of WOW—focusing on actions that build impactful connections with those we care about at work and beyond.

Launching a meaningful wow journey requires planning. We like to start with “The Circle of WOW,” a four-step business development approach designed to fire up your business development efforts and start a perpetual upward spiral of results:

Step 1: Evaluate. Find your super-niche that helps you grow on purpose, not by accident. No matter what your profession—cultivating a “happiness advantage” is a natural outcome of discovering your unique business tranche (UBT) and developing your business around it.

Step 2: Activate. Identify and WOW your “Client Marketing Officers” and never ask for a referral again. Learn to consistently deliver WOW experiences to key members of your UBT, and leverage their guidance on how to grow your business with the help of other extraordinary members of the group.

Step 3: Replicate. Curate ideal clients and quit prospecting as you know it. With the help of your Client Marketing Officers, identify best new prospective clients and connect with them based on the fundamentals of WOW. Design each prospect’s experience based on a customized assertion schedule.

Step 4: Perpetuate. Create a magnetic ecosystem. Stop promoting and start attracting (and connecting). Deliberately cultivate personal rituals and design your environment to continually attract and nurture your UBT. Maintain a strong presence as an expert and dominate your space with unmistakable joy and command.

While WOWing our clients is certainly an art, we follow an actionable playbook on how unexpected, thoughtful behavior can elevate you from a professional resource to a provider of truly personalized service.

To learn more contact Janus Henderson about The Art of WOW. Our program, designed to drive extreme client loyalty, was developed in partnership with Dr. Joseph Michelli, internationally recognized client experience expert and author of The New Gold Standard: 5 Leadership Principles for Creating a Legendary Customer Experience Courtesy of the Ritz-Carlton Hotel Company and The Starbucks Experience.

JohnEvans
John L. Evans Jr., E.D., is the executive director of Janus Henderson Labs of Janus Henderson Investors, formerly Janus Capital Group. He is a practice management expert who conducts extensive consulting and training with top financial intermediaries and businesss leaders worldwide.

 


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How to Sell the Benefits of Financial Planning

Do you ever struggle to communicate the value of financial planning to prospective clients, such that they are willing to sign your planning agreement and write a check for the deposit, enabling you to move forward?

That was the question I was asked recently by a financial planning practice. They sent me sample copies of their proposal as well as examples of their executive summaries, action plans, fee schedule and even some success story descriptions.

I am confident that this is a practice that provides an excellent planning process and product—certainly well worth the fees they charge.

So what did I recommend? Here are the steps I suggested:

Before your Introductory Conversation:

  • Thank them for their interest in learning more about you and your practice.
  • Send a link to your website, pointing out any description or case studies you have there about your planning process and results.

During your Introductory Conversation:

  • Learn enough about them to determine whether they’re a good fit for your business model and how you can help them.
  • Explain your background and approach to help them understand whether you’re a good fit for what they need.
  • If you provide different “tracks” based on your clients’ situation (such as plan only, plan plus solutions or even solutions only), describe them. Tell them that the basis for determining which track is most appropriate generally becomes clear in discovery. Avoid discussing fees at this point; you want them to understand that you will recommend the track most suited to their needs.
  • At the end of the introductory conversation, if you believe they are a good fit for moving forward, say something like: “Based on what you told me about your situation, and how we generally serve our clients, I think we’d be a good fit to move forward to our discovery process.”

During your Discovery Meeting:

  • Your goal during discovery is to develop a list of the problems they need to have solved—the ones they’ve identified already and the ones they may not have realized they have.
  • At the end of discovery, you can talk through the list of issues to be addressed, particularly focusing on the ones you uncovered.
  • Then you can say something like: “Based on what we talked about today, and to help you address each of these concerns, I believe X is the most appropriate track for you.”
  • Then stop and listen. Test for agreement to move forward.
  • If they’re ready, provide your planning agreement and set an appointment and expectations for next steps.
  • If they’re not ready to sign your agreement today, go ahead and schedule a follow-up meeting and give them what they need to prepare for planning. Assume they will be moving forward, but need a bit more time.

In the case of the financial planners I spoke with, they were accustomed to sending a planning proposal that was mostly about how they would review, analyze and evaluate, but little about the specific benefits their clients would experience.

Instead, use your analytical skills during discovery to uncover issues that your prospective clients didn’t know they had and then help them see the benefits you can provide in solving each one of them.

susan-kornegaySusan Kornegay, CFP®
Consultant/Coach
Pathfinder Strategic Solutions 
Knoxville, Tenn.

 

Editor’s Note: This blog originally appeared on the Pathfinder Strategic Solutions “Perspectives” blog. 


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Persuading through Themes

Effective advertising centers on repetition. Only after a certain level of exposure will the target audience gain familiarity with the message and visuals. And, only with familiarity will persuasive messages motivate the audience to purchase. This core tenet is nothing more than how humans naturally learn.

The typical advisory firm is a small business with a limited budget for marketing outreach. The good news is the resource for persuasion today—marketing through digital means—is readily available and low cost (if not free of hard-dollar costs).

Thematic Repetition
There are many resources available to guide advisers in establishing an effective digital and social media presence; that’s not the focus here. This post emphasizes persuasion through using strategic marketing themes merchandised through various digital outlets.

A theme can be reflected in content on an adviser’s home page, detailed in a blog, merchandised in an email blast or newsletter, summarized via Twitter, captured visually in a Facebook feed and tailored in an email message. To an adviser’s relationships, the theme—and the benefits it delivers—is internalized through exposure to these different communication channels.

The WIIFM Reality
WIIFM—an acronym for “what’s in it for me”—in many ways determines the willingness for a message recipient to be moved persuasively.

While we like to think that simply imparting our wisdom and advice should be enough, the market wants the benefits clearly presented and immediate. It’s essential to understand that WIIFM isn’t just the benefits at the final sale, but at every desired interaction.

Another WIIFM marketing aspect is the trust building from successfully delivering a string of benefits, even small ones within the larger theme itself. The more a recipient experiences valuable interactions, the more likely he or she will be to engage in intensive communication indicative of meetings deeper in the sales process.

Themes Linked to Business Strategies
Think of a theme as a story. The story tells a reader what the problem is, who is involved and the outcome. The same story can be told with gripping character details in a lengthy book, as a picture book or a simple two-sentence synopsis.

A marketing theme supports a strategic service. A lot of marketing money is wasted because an adviser’s service solution, and its associated benefits, don’t explicitly demonstrate how a market’s needs are satisfied.

A Thematic Delivery Hierarchy
A properly executed theme produces persuasive content in different forms and scope. At the top level in the hierarchy, the theme is explained in its fullest form while at the bottom the theme is tailored to particular client/prospect circumstances.

Marketing Content Hierarchy“Explain” Level: In many ways, this level is the most formative since the theme is fully presented and detailed. From here, each other level can be traced.

  • Delivery Method: White papers and presentations
  • Marketing Role: During the writing process, the theme shows itself as a prototype. As ideas are described and linked, any logic, persuasion or process weaknesses are exposed before the theme becomes operationally active. Once finalized, the document—attractively presented and written persuasively—becomes a guidebook illustrating the theme’s full benefit inventory to the client/prospect audience.

“Segment” Level: A marketing theme is actually comprised of key segments (i.e. features or functions) and each has associated benefits. Think of a segment as a subplot or episode in a larger story.

  • Delivery Method: Blogs, e-newsletters and website content
  • Marketing Role: Presenting focused segments one by one results in a content calendar. A segment has its own benefits, and these are spotlighted (and especially meaningful for those clients/prospects needing one set of benefits more than others).

“Point” Level: This level emphasizes specific WIIFM benefits.

  • Delivery Method: Email blasts, Facebook feeds and website visuals/photographs
  • Marketing Role: A single, key benefit is presented to motivate recipients to learn more (through the two higher levels).

“Fit” Level: This engagement level answers a client/prospect’s questions through the theme itself. Some people call this “staying on message,” but it’s more accurate to view it as retelling the theme directly through the client/prospect’s circumstances.

  • Delivery Method: Email replies, phone calls, face-to-face meetings and Facebook posts.

Persuasion Culminates in Conversion
Today, people have many defenses to persuasion. People want to take in information on their own time and under their control. Yet, persuasion happens every day when a mind is opened because a message hits a need and a solution’s benefits are there to fulfill it. A strategic marketing theme persuades through delivered benefits.

Kirk Loury

Kirk Loury
President
Wealth Planning Consulting Inc.
Princeton Junction, New Jersey