Your success as a financial advisor depends on you having it. “It” is three things…
Get It –Understanding your clients wants and needs
I’m It –Differentiate yourself from your competitors
Prove It –Give them a reason to believe you
Let’s break “It” down.
Do You Get It? This isn’t rocket science. The more you know your client, the better. So how much research have you read on your target market? Have you done a macro evaluation of your target market? Are you working with millennials, XGens, or Boomers? These three macro categories all view retirement, income, Social Security, Healthcare, the market and investing differently from each other. If you try to make your approach one-size-fits-all, you are going to do poorly.
Once you have clear in your mind what generation you are working with… how much do you know about the group within the generation you are working with? Is it nurses? Teachers? Business owners? Pre-retirees? Retirees?
Do all these groups have the same problems and concerns? Would the same solutions apply? Of course not. Put yourself in their position. If you went to the doctor with a knee problem and he’s talking about blood pressure, prostate checks, diabetes… hey! All of those things are important, but what are you thinking? That he understands your concerns or he is just going through the exact same motions he does with everyone? Are you going to stick with his recommendations about changing diet, taking high blood pressure medicine and coming back to see him in a year? Or are you going to seek out a doctor who will help you with your knee?
You MUST speak about and provide solutions for the specific things they have on their mind. And you must be able to bring things up that they have not thought about themselves. The only way you can do this is to do your homework on your best clients and prospects. Become your areas foremost expert on them and their specific needs.
Do this and your business will grow quickly. It’s worth the effort. People seek out experts.