Financial Advisor Value Proposition

Financial Advisor Value Proposition – This blog is about finding a killer financial advisor value proposition. I’ll give you three examples of a value proposition that a financial advisor could use, but first I’ll talk about where you’ve probably messed it up.

For those of you who are new to my blog/podcast, my name is Sara. I am a CFA® Chartered Financial Advisor Marketing Consultant. I have a weekly newsletter where I talk about financial advisor lead generation topics that are best described as “fun and irreverent.” So please subscribe!

Financial Advisor Value Proposition

Financial Advisor Value Proposition

You know what I mean. Product push – custodian, software provider, wholesaler with million dollar marketing budget. These are some of the jargon-heavy foreign market brochures they send you. Too many technical words, too many marketing slogans, all that. After a while you get used to talking the way they do because you bought into their marketing pitch.

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All of them are closely related to the products that the sellers sell to you. Don’t overload the marketing pitch to your customers and call it your value proposition!

So stop flexing your AUM and start talking about the experiences people actually have as your customers!

You drive a wedge between yourself and the client when you say something like, “My results are the best in the industry. Send your financial statements with ACAT money and let me do the work. Separate, isolated, non-interactive We don’t really work together, it’s just that I follow your commands and you follow mine.

See, that’s it. In a way, it is very treacherous because you are taking the customer away. In a way, you did not include them.

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Also, many of you say you have a kicka show. But you really don’t. And even if you did, you have no audit trail to back it up because you all say you don’t track performance due to client incompatibilities (difficult to group into compounds).

Then the market crashes and then people run like a bullet to another advisor. Because they did not grow, they are so out of step with the jump, and when the product does not turn out like you said it would, 100% of the time they are not interested.

I had an incredibly rewarding experience donating last month. I hate the suffering in Afghanistan and to IRC. A few weeks later I received a phone call. An Afghan woman called me personally to thank me for helping her people. Then a few weeks later I received an email. a letter and some Afghan recipes.

Financial Advisor Value Proposition

This goes beyond the return label they usually send you. That’s not to say I don’t appreciate not having to write on my return address, but it made me feel:

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If I were to donate again, I would give to IRC over any other charity. Honestly, it was great value for money because the experience was great.

The best financial advisors are those who don’t talk about paper and balance sheets, but about the client’s personal growth. They don’t just change the customer’s money, they change the customer by encouraging them to grow – by growing their knowledge, their mentality, their behavior better. Not just learning, but almost as if they were taught how to behave.

No matter the market, college tuition, life goes on, no matter who lives or dies, sick or not, they are

More in control and seems to be able to make better decisions no matter what happens. It’s not what you do for them, words on a piece of paper, numbers on a bill.

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It is more difficult for people to underestimate what they belong to. The way human psychology works, we naturally appreciate something more if we are part of it. If we

Most of us don’t do anything anymore. Either you use eMoney or MoneyGuidePro. Or you patronize Schwab or Fidelity. There are some exceptions, but for the most part you all do the same thing.

So you have to change that and focus on things from the points of consciousness. Remember the “you, not them” I said earlier?

Financial Advisor Value Proposition

If you want to answer the question “what is my value proposition?” Here are three examples of how to do it. They can also be used as examples of value propositions for banks or as examples of value propositions for insurance agents.

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Guess why it’s important – here’s a hint. Most people wouldn’t need a financial advisor if they thought they could do it themselves. And why can’t they? They are smart people, aren’t they?

It’s not because of a lack of knowledge, it’s because of a behavioral bias that makes them approach you. Places like confirmation bias, action bias, herd bias, anchor bias. All the psychological tricks our minds play on us make us make bad decisions about money and investments.

Make a list of all the things your client has learned from working with you. List 50 specific things.

You see, because this is where you really understand the value you give, but it’s their experience, not yours.

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If you don’t know 50 things, start asking your client, “What did you learn from working with me?” Yes, you will have to work hard.

Look at the list of 50 and choose 1) the learning that is most universally applicable to the largest number of clients and 2) the most powerful learning that any client has learned.

“The most universal benefit my clients take away from working with me is understanding how their estate planning affects their legacy. The best example of this is when a customer could donate 5 million dollars. $ to a charity that uses the donation strategy he learned from me.

Financial Advisor Value Proposition

You have to be willing to give them permission to throw the relationship out the window. Because you took it and threw it out the window first. It takes the pressure off.

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“There are many people who do what I do. Some of them say that they will get the best returns. Some of them claim to save more in taxes. Others say that they have the best financial planning process.

I can’t say any of these things and believe it, and personally I think these people are exaggerating anyway. My value is not so much about me, but about what my clients have and how it affects their ability to make decisions in their daily lives. I will say that my customers

Easier with my money because I teach it to make smarter decisions. I teach by example, I teach through experience and results, and I teach through what I convey to you through my words.

Brief in these types of financial statements advise the value proposition is rare because people become so nervous and frantic. If you can make a simple statement and go silent, you might just win the customer over.

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“I’m here to save you from the high tax rate that will kill you if you retire here in Manhattan, and it’s worth over 12,000.”

“I am here to be the easiest person in the world to talk with your money when you are busy being a neurosurgeon, and for this reason alone I am worth the $12,000 you will pay me this year.”

“I am here to save you from your worst enemy because as we all know, sometimes our mind plays tricks on us with money.

Financial Advisor Value Proposition

You can only say this when you are sure you know who you are talking to. This is not an elevator pitch or the beginning of a meeting. It’s a summary line, like an exclamation point at the end of a meeting. During the meeting, you’ll need to listen to them to find out what their unique needs may be – and that’s how you justify your value as their property manager.

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Work hard to express your values. Yes, you will have to spend time and energy to figure it out. But the alternative sounds like everyone else, and it’s going nowhere.

Some of you may not value much. Maybe you don’t give them anything other than the nuts and bolts of the services you offer and hope that they will be satisfied enough with the performance without asking too many questions.

If you are struggling with your clients, not getting enough referrals, struggling with fees or performance, you need to work on it. You must try to communicate with them in a way that nurtures and teaches them, because once they understand what is going on with you, they will see more value in you. Because then they will see why they can’t do it better, and they wouldn’t want another counselor to do it better because you communicate with them better than anyone else.

If you lose customers due to fees, performance,

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