8 Reasons Why People Will Hire You as Their Financial Advisor

In our business it is easy to be viewed as a commodity.  We all sell, promise and offer pretty much the same as our competitors…at least that’s the case if you ask the general public.  So, I think it is worth looking at why and when people are willing to pay for information.

There are basically 8 reasons people will pay for information:

Convenience – Hey, we can all read maps…we can even get a map drawn for us on Google Maps online, but what does almost every car have today?  GPS devices.  It’s just plain easier (and more fun) to have a device tell us where to go.  It saves having to stop on the side of the road to look at the map.  It saves us from having to search all over the car or house for the map.

Same thing with our lettuce and carrots… is it really that hard to wash our produce?  And yet, virtually nobody does it anymore because it’s more convenient to just buy it already washed and bagged for us.

So, what are you doing to make your practice more convenient for your prospects and clients? 

  • Do you give prospects maps to your office?
  • How convenient is your parking?
  • Do you provide information that is easy to understand and access?
  • Do you provide one stop shopping for all their financial needs
    • Tax preparation
    • Legal needs
    • Banking

Some say that the future of our industry is to have all the clients’ financial needs under one roof.  Whether you believe this or not, it still pays to sit down and think about how you can make your practice more convenient for those that you serve.

Efficiency – We could probably all change the oil in our cars if we wanted to, but with today’s cars, it is more efficient to have it done for us.  We do not have to spend time finding the right tools, setting up, taking down, and finding a place to dispose of the used oil.  It is just more efficient to drive in and have it done for us.

What are you doing to make your clients financial situation more efficient?

  • At tax time do you give your clients a tax package to save them from having to gather the info themselves?
  • Do you offer your clients easy to read, consolidated statements so they can see at a glance how they are doing?

Make sure you pay attention to even the smallest complaints that your clients or prospects have about dealing with their finances.  Use that information to come up with ways to make things more efficient for them.

Organization – People pay thousands of dollars to organize their closets and garages. People love services that can help them be more organized in the crazy, busy world we live in today.  Are you helping your clients stay organized?

  • Do you help your clients with their filing by letting them know what records they should keep and what they should throw?
  • Do you provide them with some sort of “filing system” to keep their statements?  Whether a three-ring binder or something fancier?
  • Are you their quarterback with other professionals to make sure they get their legal, property casualty and other services done?

When you combine Convenience, Efficiency and Organization together, you have a powerhouse service that people will be knocking down your door to get at.

Guarantees – Professionals often think that they cannot legally offer guarantees.  You may not be able to guarantee return.  A doctor may not be able to guarantee the success of an operation. But professionals can guarantee service.

What guarantees are you providing in your practice?

  • Do you guarantee that your clients can access you 24/7 by giving them your cell phone number? Or a call back within 2 hours during normal business hours?
  • Do you guarantee that people will find their introductory meetings with you helpful and non-salesy?
  • Do you guarantee your seminars will be helpful or you will donate $100 to the charity of the attendee’s choice?

In our industry, you just need to be a little creative… but you can come up with all sorts of guarantees if you put on your thinking cap.  People will pay for guarantees.

Authority – People pay for authority, plain and simple.  What are you doing to enhance your authority?

  • Have you written a book?  Or had an article published in a magazine?
  • What professional organizations are you actively participating in?
  • What designation or certification are you currently pursuing?

A series 7, 65 or insurance license does not make you an authority.  It merely makes you licensed.  Never stop pursuing greater knowledge and expertise.

Quality – People pay for perceived quality.  We do with our cars… our coffee… our vacuum cleaners… virtually everything that we buy.  When viewed from the outside, does your practice convey quality?

  • What does your office building say about you? Is it run down? Is the parking lot clean?
  • What does your office say about you?  What does your furniture look like? What type of lighting do you have?
  • What does your stationery and business cards say about you?  Did you print them yourself or did you spend a bit more and create really high-quality pieces?

You don’t need marble tile in your entryway to exude quality, but you do need more than threadbare carpeting.  Have someone classy that you know go through your practice and give you their impression.

Presentation and Format – Presentation and format combines many of the things we’ve talked about within how you present your information.  Do your presentations contain the following elements:

  • Organization – Is it easy to follow and understand?
  • Efficiency and Convenience – Is it demonstrating that working with you will be convenient and easy?
  • Guarantees – Is your guarantee prominently displayed?
  • Authority – Did your biography precede them seeing the proposal? Are you using 3rd party expertise?
  • Quality – What does your proposal look like… like you just ran it off your copier, or does it have gravitas?

Your Presentation will be your representative when they leave your office. What does your presentation say about you?

Balanced Information – Consumer Reports has made an empire off this one factor.  People will pay for someone willing to give them the advantages and disadvantages to aid in their decision-making process. 

Do you only present one side of things?  Or do you:

  • Clearly explain the advantages and disadvantages of every product you recommend
  • Give clients more than one option, even if one of the options causes you to make less money
  • Spend time covering things of importance to your client, even though you make nothing by covering such information

Of all the things we talked about, this is the one quality that people will pay the most for, all things being even.  Always ensure that you and your practice are known for your balanced, non-biased advice!

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How are You Leveraging This Free Audience of 1.8 Billion?

1.85 billion people log into Facebook every day AND that is a 16% increase from last year!  How are you leveraging this fact?

Do you have a Business Facebook page?  If you do, how much thought have you put into what your page looks like?  How do you curate your content?  How do you interact with your readers?

Knowing how to leverage this free “advertising” can create a never-ending line of people reaching out to you for your help.

You can use your Business Facebook page to:

  • Engage with your clients and target market
  • Listen to what’s on their minds and their real-time concerns
  • Have contests and giveaway strategies to gamer interest in you and your practice
  • Promote your events, webinars and seminars
  • Leverage any Facebook advertising that you do

How do you create a Business Facebook page… here’s a great resource that walks you through it in 7 easy steps… https://blog.hootsuite.com/steps-to-create-a-facebook-business-page/

Stay tuned because in future newsletters we’ll talk about ways you can leverage this tool to create really effective, ongoing marketing.

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What is the One Characteristic that Most Billionaires Have?

Just Google “Billionaire failure”… you will find resource after resource detailing how billionaires failed before succeeding.  Now, here’s the important part… when they failed, they tried again, but in a very specific way.  They tried to do the EXACT same thing but incorporating what they learned from their previous mistakes into their next attempt.

As humans, when we fail, we tend to want to say, “Oh I’m no good at this.  I should try something completely different.”

No!  The key is to try the same thing, but to not make the exact same mistake again!  You might make a different mistake, and then learn from that one and try again.  Then, keep doing this until you finally succeed!

That is exactly how I went from making $50,000 a year, to well over $1 million a year.  I came up with a script for my first meeting with clients… and a script for my closing meetings with clients.  Then, I started to record all my meetings.  I listened to them with the express purpose of looking for something in the meeting that did not work.  

When I found it… I came up with a different approach to try on my next meeting.  If it worked… TERRIFIC!  I kept it in the script.  If it didn’t work… I kept revising it until I found something that did work.

Fast-forward 20 years… not only did the script that was created by doing this process work for me… it has worked (and continues top) for hundreds of advisors who have used that exact same script to triple and quadruple their production.  Some have even seen 20-fold increases in their incomes. 

This is all because of a script was devised by fixing one failure after another, until there were no more failures to fix.

Are you learning from your failures?

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How to Leverage Your Expertise to Find New Clients

How do you effectively let people know that you are an expert?  How do you let them know how you can help them? 

People will just assume you are like all the other advisors out there unless you can demonstrate what makes you different… why meeting with you will put them (the client) in a better position.

One way to demonstrate your unique expertise and difference is to write an eBook.  eBooks are a great way to both generate and convert leads.  You can use eBooks to educate clients and encourage them to give the eBooks to friends and relatives thus boosting referral opportunities.  And eBooks can give you credibility which can be leveraged by distributing them to local newspapers, TV, radio and podcast outlets.  If it is interesting, you may just get some great advertising for free!

Writing an eBook is not as daunting as you might think.  It doesn’t have to be long to be effective… in fact, shorter is probably better.  Also, there are many resources that can make writing your eBook a snap.  Here’s a link to a great resource to get you started!


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Grab Their Emotions

A Stanford University Study found scientific evidence that emotionally compelling messages work better than just presenting straight facts.  Yes, we all know people buy on emotion vs. facts… but when I look at advisor’s advertising… guess what it is full of?  Facts.

A very successful Carnival Cruise magazine ad campaign featured a couple embracing on the deck of a cruise ship.  It was shot so that the only part of the ship you saw was the railing they were leaning on… and the beautiful blue sea and sky beyond.

It had NO headline… but instead just a list of phrases:

  • Mike and Sandy Moore
  • Thrill seekers
  • Piano bar regulars
  • Dancing fools
  • Fine dining aficionados
  • Underwater explorers
  • Sun lovers by day
  • Star gazers by night

These are 7 emotionally motivating reasons to take a cruise.  Not a factoid to be seen.

So, how do you advertise?  Facts or emotions… 

Here is a few ideas to get you started:

  • Best grandparents in the universe… took their grandkids to Disney World
  • World explorers
  • Conquerors of their own destiny
  • Sleep easy every night
  • Not a care in the world… when others are fretting over retirement
  • Excited that they found a way to take a 6-month European trip and it didn’t put a dent in their retirement… they found the money!
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Find Money for People and You’ve Got a New Client

Leading advisors find creative solutions to their clients (prospects) problems.  They create plausible avenues of escape from financial shortcomings.  Very successful advisory firms have been built around this concept.

How can you do this?  One idea is to develop strategies that can help clients liquidate nontraditional assets to help those struggling with retirement.  Focus and become an expert on ways to creatively convert assets into retirement income and you’ll have people seeking you out and then sending friends and family.

Here are some ideas to get your creative juices flowing…

  • Become an expert on Reverse Mortgages and how they can boost people’s income by 25% or more
  • How to take loans against anticipated inheritances
  • Converting unneeded life insurance into needed retirement income
  • Family business succession planning or sale
  • Farmland and undeveloped land conversion
  • Estate sales planning and assistance

Find a niche… become your area’s foremost expert… and you’ll never struggle for new clients

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You Gotta See the Big Picture

Movie theaters are big.  Movie theaters are empty.  Movie theaters are hungry.  And your clients are longing for something to do.  Yes!  I know we are having a Pandemic, but theaters are big, and it is easy to social distance.

Theaters are offering an entire movie theater for $99!  AMC theaters… Marcus theaters… (just Google—”rent movie theater”). Give your local theater a call and tell them you’d like to host a movie for a small group of clients and their families.  Ask about some oldies but goodies… Jaws… Babe… Close Encounters… Fidler on the Roof.  Most theaters are going to bend over backwards to help you.

Then, contact your best clients and tell them that you’ve rented a theater just for them and 4 or 5 other clients and their friends.  Let them know how many seats there are, how many people will be attending, and that you’ll be obeying all social distancing criteria. 

Also, let them know there will be free popcorn… candy… and drinks!  They are welcome to bring friends that are in their bubble as well, but you are limiting them to just one other couple.

This will not be everyone’s cup of tea, but you will find many of your clients will jump at this fun idea.  AND, they will bring their friends.  Now guess what you’ve done?  You’ve shown your client’s friends that you are the kind of advisor THEY want, because their guy doesn’t do anything like this. 

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Be Music to Their Ears

Want your marketing message to resonate with retirees?  There is a simple way to reel them in, almost immediately.  They respond to inspiring images and words, communicated simply.

Can you finish these phrases?

  • With a little help from my ________
  • Turn on, tune in, drop ____________
  • Only the good die _________
  • Burn baby, ________
  • Do you believe in ________
  • You’ve come a long way ________
  • The thrill of victory, the agony of _________
  • Like a bridge over troubled _________
  • I’d like to teach the world to sing in perfect _____
  • Does anybody really know what ______ it is
  • Born to be ______

Most of these phrases are from iconic boomer songs.  If you want to get their attention quickly… and grab them emotionally… wrap your marketing message around the phrase of a song that gets immediate recognition and reaction.  Rock and Roll is the unifying thread of the boomer generation. 

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Give Yourself the Gift of More Business

Several years back a good friend of mine, Tom, gave me the book Gift-ology.  I respect Tom’s opinion because in the 35 years I’ve been in the Financial Services business, I have yet to find someone that does better follow-up than Tom.  No one escapes his grasp… they become a client now… or they become a client 2-years from now… but they DO become a client.

The book is packed with wisdom and ideas that will grow your business manifold in a fun and effective way.  If you aren’t a reader, you can instead go to www.giftologygroup.com as it is packed full of great ideas and free resources on how to grow your business and become the talk of your town!

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It’s a Gut Feeling

By the time someone has reached retirement they have made a million decisions.  They have a lot of experience.  Weirdly, this doesn’t make them better decision makers… it makes them worse.  Why?  Because they start making more decisions with their gut… than with their head.  Their emotions… instead of the facts.

So, you must make sure both your marketing and your sales process is leveraging emotions… far more than facts.  Emotions… far more than features, advantages, and benefits.

The process that my advisor coaching clients and I have used for the last 20 years to close 94% of tire kickers and plate lickers… for all of their money, utilizes this concept.

We all want to get in front of the mass affluent.  So, let’s talk about them.  Are they able to go out to eat whenever and wherever they want (pre and post COVID of course)?  Yes.  Go on vacation where they want?  Drive the car they want?  Yes!

So, how much of their pinky finger will they lift for a good idea?  NONE!  They already have everything they want… and the only thing that could screw that up is making a change of any type.  If you approach them with facts and figures they’ll say, “You are probably right, but I think I’ll just keep doing what I’m doing.”

Has that ever happened to you?

So, the solution I use with my 5Q Group advisors is a process where we get the client to tell us, in their own words, that their current advisor is taking advantage of them… padding their own pockets at the client’s expense.  WE don’t tell them this.  THEY tell themselves. We do this with a series of 21 questions that gets them to say it.

But here’s the magic, when a client tells themselves 21 times that their guy is screwing them… sometimes in little ways… sometimes in big ways… their decision is made for a hugely EMOTIONAL reason… not because of facts and figures.  And the kicker is, when they loathe their current advisor… that advisor becomes helpless to retain the client.  You win every time.

Make your marketing and sales process about EMOTION… not facts.

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