To land clients, advisers need to come up with a story — and stick to it

When Ross Ozer talks advisers, they usually want to discuss ways to build their practices. So what does the senior vice president of Fidelity Institutional Wealth Services tell them?
Develop the “story” of their business.
Mr. Ozer was in Chicago on Thursday to lead a business development workshop with about 50 RIAs who are focused on improving their marketing. Many of them said their best chance to win new customers was through referrals, with an emphasis on building recognition with so-called centers of influence such as area accountants, lawyers or bankers who were asked to recommend a financial adviser.
“That is an area they haven’t been as focused on,” Mr. Ozer said in an interview. “It is a large opportunity that maybe has been untapped.”
Mr. Ozer believes the way to win over prospects, whether they are potential clients or influential professionals, is to develop a good story that explains who you are, and to tell it well, he said. The story should describe your typical client and what kind of services you provide them, and what makes you different from your competition. Once a firm’s advisers develop the story, they should present it consistently in all its marketing materials.
“For a lot of advisers, they don’t know exactly where to get started,” he said. “I call it demystifying marketing.”
During his presentation, he suggested that rather than focusing on how wonderful the firm is, the story should answer the unspoken question of every potential client.
That question? “What’s in it for me?” he said. “Nobody cares about your new app.”