I recently had the opportunity to speak at the Women in Insurance and Financial Services National Conference and, as in years past, took away some great bits of information.
Although some naysayers claim that this business is about portfolio returns and asset allocation, I would argue that building a solid practice is much more about knowing one's value and building relationships, a message conveyed by the conference's top performers, whose incomes are well into the seven figures.
We have all heard the “Men are from Mars, Women are from Venus” comparison, and we know the two genders often approach business very differently.
So what lessons can we all learn from these women? And how can social media help financial advisers implement these lessons within their practice?
Here are three places to start:
Advisers should know their value. The top performers were very clear about one thing: the specific value they bring to their clients. Although most advisers can discuss the types of clients with whom they work, very few are able to articulate clearly and succinctly the value they bring. What challenges and fears do clients and prospects have in their financial lives? What problems do advisers solve for them?
Being able to craft the answers to these questions into, as conference speaker Maribeth Kuzmeski, president of Red Zone Marketing, put it, a “simple, relatable statement of value” is critical to conveying what advisers do for clients. It is like the modern-day version of the “elevator speech,” without industry jargon and cheesy buzzwords. Top advisers know exactly how to convey their worth to a potential client.
Once advisers have crafted that message, they should incorporate it not only into their language but also into their social-media presence. Advisers should use their LinkedIn profile summary to describe the value they bring to clients. They can create a YouTube video where they introduce themselves to viewers and share how they can be an asset to clients' financial health. Just be sure to hit the key points while keeping the video under two minutes in length so that viewers will watch and remember it.
Advisers should set themselves apart. Unfortunately, as far as the public is concerned, advisers are a dime a dozen. With such an abundance of people to go to for financial advice, the need to stand out in a sea of sameness has never been more apparent for advisers. This trait was evident among the top female advisers at the conference and is shared by my top-performing coaching clients.
There are two ways to accomplish this: 1) Have a niche market so specific that the adviser becomes known as the “go-to person” for that group, or 2) incorporate a personal passion or interest into the practice, such as a love of fitness or the theater, charitable interests, etc.
Clients like to know that their adviser is a “real” person with genuine, relatable interests. Advisers shouldn't be afraid to show their personal side — something that female advisers are often more comfortable doing than men.
For those with a niche market, use social-media channels to share articles of interest with the firm's target market. The more often these articles are not about financial topics, the better. Those who have incorporated a personal passion into their practice should use social media to research who in their network may share the same passion, and then reach out to them.
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Connect and be connected. Hands down, the top performers at the conference are nothing if not deliberate in whom they want to meet and how to get in front of those individuals. Perhaps it is because women tend to be more natural “connectors.” Advisers who aren't determining whom they want as clients and seeking introductions to these individuals need to start doing so. Furthermore, advisers who aren't proactively connecting with those in their network who could be of mutual benefit to one another are missing an opportunity to create a great deal of social capital.
Once a month, make a commitment to identify a minimum of 10 ideal prospects via a LinkedIn advanced search, and ask for introductions to them. Then build social capital by connecting or referring 10 people each month.
The balance of give and take will go a long way.
The women at the conference I attended have it down, and we should all take a lesson from their playbook.
Kristin Andree (kristin@andree media.com) is president of Andree Media & Consulting.
