Financial advisors operate in a competitive landscape. Now more than ever, you need to work hard to differentiate yourself so you don’t sound like every other advisor on the block. But for many financial advisors, articulating what you do differently can be really difficult. In this post, we look at how financial advisors can differentiate themselves.
What’s different about you?
In order to truly stand out, you need to talk about your clients and the biggest problem you solve for them. They don’t care about what your firm does at an aggregate level or how many assets under management you have. They want to know what you can do for them.
Don’t be afraid to alienate someone. You don’t need to appeal to 100% of the people you come in contact with. If you do this, you’ll blend in with the masses and no one will reach out to you. But if you alienate 90% of the people and drive the other 10% toward you, that’s a success.
Think about your niche
A good niche will set you apart. Unique would be ideal, but as long as what you do is different enough from all the other advisors in your town or market, it can be effective.
While a niche is a specific experience, the target market doesn’t have to be all that narrow. In some cases, advisors differentiate themselves by trying to tackle an entire target market with its niche specialty. However, it’s important to view target markets as separate from niches, because an advisor can have a unique niche carved out from a much broader target market as well (in the hopes of differentiating and thereby attracting just a tiny slice of the much larger market).
Differentiation is key
Differentiation is key to successful marketing. Being a service industry, the experience you provide to your particular client niche can distinguish you from other advisors – if it is different.
Invest some time drafting a profile of the client you most like to work with. Consider who they are, and what they need. Describing a target market with terms like “they value good advice”, “they are delegators”, or “they appreciate the work we do for them” will not help you. That’s focusing on what you need from the relationship. Keep the spotlight on the client.
Assess your skills, resources, and interests. Work you enjoy with people you enjoy will be more engaging. You will also be more compelling.
Try to think beyond providing better service, or just developing better relationships with clients. Different beats better. Better is hard for clients to evaluate and distinguish.
We hope you have found this post on how Financial Advisors can differentiate themselves useful.
If you’re a financial advisor looking for help, please feel free to get in touch here. Myself and my team are more than happy to help.
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