Advisors are typically investing more time running their business than growing their business, i.e., becoming well known and trusted in the markets in which they desire to work. Part of the challenge is that many advisors are unsure just how to position and promote themselves to the affluent and wealthy market. The result is that their positioning and promotion is replete with mixed messages and weak value propositions that diminish their access and acceptance. Once the advisor has identified the market in which they intend to focus their efforts, they need to be clear about the value they can bring to these targeted groups and promote themselves appropriately. Unfortunately, few advisors understand the difference between selling and marketing. The confusion is largely due to the fact that most advisors believe their success path lies in their ability to make a sale. However, contrary to this belief, the fact is that the affluent and wealthy will only conduct business with advisors with whom they have developed a relationship and they feel they can trust. What are your advisors doing to become known and trusted in the markets in which they want to work?
Merchandisers Focus on Products-- Marketers Focus on People
Much communication in the industry supports the concept that affluent and wealthy individuals buy solutions to their problems. For this reason, many advisors typically focus on promoting products and services to penetrate this market. However, successful market access requires more than targeting individuals with a product approach just because they have money in motion or have substantial assets. What significantly ncreases the advisors opportunity for success is their ability to focus on the “people side” of the business—getting to know and understand them and discovering what they are most passionate about. Effective advisors act as marketers by identifying how their best clients and prospects network and communicate with one another based upon where and what they do for enterprise and/or recreation and what their special interest involvements are such as cultural and charitable. Thus, advisors gain favored access into their targeted markets by: (1) demonstrating a passion for their clients and prospects as individuals, (2) getting involved and becoming visible in their network, and (3) being authentically curious, interested, and engaged about their goals, dreams, lifestyle, and business activities. This approach establishes and cultivates the relationship. Further, the client or prospect gains confidence in the fact that the advisor has the desire to partner with them to address their particular issues rather than solely to sell a product or service. Are your advisors focused on marketing to the people or on merchandising the products?
Stop, Look, and Listen
The affluent and wealthy buy people before they buy products and services. By cheduling a meeting, they have already acknowledged that the advisor has the capabilities and credentials and the brand represented has value. That portion of the “sale” has been made. Therefore, instead of the advisor spending time at the meeting presenting a lengthy review of their credentials and experience, they should attend with a mindset to engage the client or prospect, observe, listen, and learn—listen intently to what they value and prefer, ask questions that reveal issues, and be open to discussion. With the insight gained, the advisor is more attuned to the particular needs and issues of their clients and prospects. This new awareness will enable the advisor to present an entire platform of specialized services and products available through them instead of pushing singular concepts or products. The end result is a positive presentation of informed solutions that differentiate. When meeting with prospects and clients, are your advisors focused on themselves or gaining insight into issues?
