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A Client’s Evolution

It’s no secret that advisers want to have a client base made up of loyal clients. However, most advisers may not take the time to fully understand why some clients are one-time customers while others are lifetime advocates.

Let’s take a brief look at what I call “the client’s evolution”—an evolution that we all have with our clients to some degree—so that you can better comprehend how you can build client relationships that last a life time.

The Customer

More than 20 years ago, I began building my business by following some simple advice from my branch manager: Find a good double tax-free municipal bond and tell everyone you can about it.”

As an eager rookie I did just that and soon I was opening up new accounts with what I thought would be “forever” clients. Unfortunately, I soon realized that many of those clients were simply one-time customers—people who had decided to buy a product. They were trying to find the best-yielding bonds and it didn’t matter who they were buying from. Some of those individuals bought additional bonds but for the most part I was one of several advisers they were working with and my value was merely a function of how well my product was doing at the time.

If you have several “customers” working with you and you would like to forge stronger relationships with them, you must find a way to show your value to them. One of the best ways to do this is to stop being a product pusher and start being a problem solver by getting to know them. Once you do, you can find their needs and fill them.

The Client

As my practice grew, I decided to take a different approach and offer prospects a complete plan to help them achieve their financial goals. This opened the door to creating solid connections from the start because I was able to identify specific needs that the prospect had and share with them how my products and services could be their solutions. I was no longer pushing any specific product but rather solving their financial concerns. As a result, these types of people became clients.

If you have customers you’d like to turn into clients and get to know even better, it’s time to get to know them on a more personal level.

The Friend

After a number of years, I noticed that some of my clients had turned into close friends. Just as any friendship evolves with communication and respect, so can an adviser/agent/client relationship.

I never started out to form friendships with my clients, but friendships occurred naturally over time after I showed genuine interest in their lives. They were no longer just clients to me, but friends who I wanted to help—not only with their financial goals but in any way that I could.

The Advocate

At some point in my career, I realized that a select group of clients whom I had formed friendships with had an interest in my success. I had developed a level of professional and personal trust with them and they were absolutely convinced that I was not only capable of helping with their financial advisory needs, but that I truly had their best interests at heart.

That’s when I realized that I had what I now called “advocates” or clients who willingly wanted to help me succeed by introducing me to their friends and family. In addition, some of these people shared their own experiences in business and suggested marketing, staffing and even branding strategies to help me.

Why Clients Evolve

I’m sure by now you might relate to having clients of every stage that I mentioned. The secret to evolve your client base is to evolve as an adviser yourself and be involved with your prospects and clients from the very start.

If you are ready to evolve your practice, schedule a complimentary 30-minute coaching session with me by emailing Melissa Denham, director of client servicing.

Dan Finley

 

Daniel C. Finley
President
Advisor Solutions
St. Paul, Minn.


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Put Me In, Coach: How to Improve Like An Athlete

Being a financial adviser is a lot like being an athlete. If you have ever played on a team you can probably relate to the feeling of anticipation while waiting to play and all you wanted to say was, “Put me in, coach!” Once you got in the game it was up to you to make the most of the moment and shine.

One example of using this analogy is Amy, a ten-year veteran adviser who wanted to succeed and she needed my help to do it. As her business coach, I helped her determine what her goals were and what actions it would take to work smarter rather than harder. Next, we practiced by role-playing so she could get back to actually prospecting. However, it didn’t take long for her to realize that she was not applying what she had learned because her fears where getting in her way and thus she would rather sit on the sidelines than risk losing the game.

Let’s look at the steps I utilized with Amy to create her amazing comeback:

Step 1: Be All-In
What Amy was experiencing is very common for veteran and rookie advisers alike. It’s easy to want to win but it’s not always easy to risk the possibility of defeat. Many advisers choose not to even try. In other words, it’s like asking the coach to put you into the game but you choosing not to be all-in and not playing the best you could once you were in because you didn’t want to make a mistake and contribute to a loss.

The first step with Amy was to get her to commit to taking action and being dedicated to being all-in when it came to her own success. So, I had her make a list of reasons why she wanted to get to the next level and what would happen in one, three, five and even ten years from now if she continued not prospecting. After realizing the pleasure she would have by being a top producer and the pain that she could have by being a low level one, she committed to getting back to prospecting!

Step 2: Think on Your Feet
All athletes know that sometimes plays don’t go as planned. You may practice the play over-and-over again but on game day anything can happen. So too is practicing for an appointment and realizing the conversation isn’t going in the direction that you want it to. That’s why you must be able to think on your feet.

Amy realized that setting appointments with new prospects was getting easier but from time to time she was getting caught off guard with specific objections. I assured her that this is natural and all we needed to do was to increase the tools, techniques, strategies and solutions to handle any objection that came her way. It’s not about memorizing what to say but understanding the formula of how to say it. Once we did this, she could easily adapt to any conversation path.

Step 3: Assess Your Actions and Results
All great coaches know that the best way to take their players to a higher level is to help them assess their actions and results. Most teams watch game films so they can duplicate their successes and learn from their errors.

Within weeks, Amy was excited to tell me that her pipeline was full. She had eight appointments set for the week and had already turned a few prospects into clients since our last session.

Wanting to Win
Amy knew that just getting into the game wasn’t enough. Instead, she had to focus on her desire to win. If you take a page out her playbook you too can create this level of success.

If this blog resonates with you and you would like to have a free consultation with Dan Finley, email Melissa Denham director of client servicing for Advisor Solutions at melissa@advisorsolutionsinc.com.

Dan FinleyDaniel C. Finley
President
Advisor Solutions
St. Paul, Minn.


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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