Most investment advisors still use product and price to compete for new business. Unfortunately, neither of these is enough to win the clients you want. In my experience, clients who come aboard based on product and price are generally lower-tier clients who drag on your business.
The most effective way to compete in this commoditized industry is to brand your business process – to create and refine, then artfully articulate who you are, what you do, and what your clients can expect.
As the saying goes, a picture paints a thousand words, and creating a concise, professionally branded graphic helps potential clients quickly understand and remember the value you provide.
Your graphic should tell clients that you:
You change how you are evaluated and judged by introducing the graphical overview of your process at your initial meeting with a prospect. You are no longer competing on product, price, or investment returns that are largely out of your control. You become a professional who competes using processes and systems. Your business process is proof that you have a unique way of transforming your 'clients' present situation into a better future. That's a highly persuasive argument for doing business with you.
You can design your business process in many ways, but the fundamental rule is to distill and simplify a complex process into something visual and easy to comprehend. A step-by-step "roadmap" structure can explain your business process and show the prospect what you will do for them.
By distilling your process into a simple diagram, you can leverage it to tell your story and demonstrate your professional discipline simultaneously. This gives the prospect confidence to choose you over a competitor.
Articulating your value to your prospects and clients is the core of capturing the most significant opportunities in your market.
Jeff Thorsteinson is an industry veteran with more than three decades of professional experience. A former financial advisor, he helped build an award-winning online custodial platform and TAMP. He has also coached countless advisors and firms in the independent space on how to establish conflict-free businesses with tried and tested practice management strategies.
OnePoint BFG has added a $400 million team from Northwestern Mutual while Modern Wealth scooped a veteran-led LPL team overseeing nearly $710 million in assets.
Arnold is executive chairman of Stirlingshire Investments, which is both an independent B-D and RIA.
Also, Merrill and Wells Fargo each announced a spree of hiring, drawing experienced advisors managing more than $2 billion from across the East and West Coasts.
New Escalent research shows younger advisors are driving a shift away from self-built portfolios toward technology-enabled solutions.
A CFP with 27 years of experience joins Baird's Chandler office, the latest in a string of advisor additions fueling the firm's Southwest growth.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income