If a prospect is deciding whether to choose you or another financial advisor who is just as credentialed, experienced and geographically convenient as you are, why would they pick you? Most financial advisors still can’t answer this basic question!
My friend Randy Shattuck, founder of The Shattuck Group told me that’s because most high-net-worth (HNW) individuals ask friends and family or other HNW people for a referral to a financial advisor, CPA or estate planner. That process yields somewhere between three to four professionals advisors that they’ll interview. Then they have to pick. “This is where the rubber meets the road,” explained Shuttuck, who has advised hundreds of midsize professional service firms on their marketing and growth strategies. “In far too many instances, the client can’t honestly can’t why they’ll pick advisor A over advisor B,” he added.
Let’s look at it from the prospective client’s perspective:
- Are both advisors experienced, with more than 10 years of service? Yes.
- Are both registered, licensed and in good standing with their governing body? Yes.
- Do both advisors have advanced degrees and certifications in their field? Yes.
- Do both advisors serve HNW families and successful business owners? Yes.
- Do both advisors adhere to the fiduciary standard? Yes.
- Do both advisors come from credible companies or firms? Yes.
- Do both advisors seem trustworthy and honest? Yes.
- Are both advisors likable, with good interpersonal skills? Yes.
“If we look at this from the prospective client’s point of view, there is almost no distinction between advisor A and advisor B,” continued Shattuck. “They can’t tell the difference. But advisors who practice intentional distinction almost never face these questions.”
If you want to become the go-to advisor, Shattuck said you need to commit to telling your personal story which is a “unique narrative based on your life experience, told in your own voice,” that no one else can copy or share.
“For many of us, our most important memories from childhood are rooted in story time,” explained Shattuck. “We cannot resist stories. They are intoxicating, if they are good stories and told with a certain flair. One of the best reasons to tell stories is because they immediately put you in a different mindset with prospects,” continued Shattuck. “Most prospects analyze your credentials, degrees and years of experience. But stories call upon them to feel your ability to be empathetic and fully present with them. That’s a very different experience indeed,” asserted Shattuck.
5 reasons why storytelling matters
- No one else has your story. That automatically makes you distinct.
- A personal story creates affinity and trust with prospects faster and more effectively than any other vehicle. “Storytelling goes beyond the analytical mind and enters right into the heart of the matter,” said Shattuck.
- Affluent people make decisions based on emotion and use logic to justify it. Sometimes, a person cannot even tell you why they like advisor A over B. “But their gut tells them that advisor A is a better fit for them,” explained Shattuck. “Storytelling taps into those beneath-the-surface emotions that we all carry but are not necessarily aware of with our conscious mind.”
- If you tell a great story, your unique personality comes through. “At the end of the day, a prospect is choosing you as a person as much as a financial advisor,” said Shattuck. “For a client to realize the benefits of your counsel, they need to trust you and take action on your advice.”
- An effective personal story fosters trust in you and that usually leads to a client “who resists less and follows your advice more readily,” concluded Shattuck.
Components of a great personal story?
According to Shattuck, a great story has a beginning, a middle and an end. It is also revelatory about of your character. “One of the best ways I’ve seen this achieved is by telling a story of adversity that a family member overcame through perseverance,” he noted.
Conclusion
Finally, develop your story with different lengths say, 15 minutes, five minutes, one minute, even a 15-second version for the proverbial “elevator pitch.” There will be a time and place for each format. Learn to read the room and always be ready for the right version in the right situation. Randy’s latest eBook has eight great strategies for distinguishing yourself in a crowded marketplace.
#FinancialAdvisors #WealthManagement #ClientTrust #Storytelling, #Differentiation, #RandyShattuck
