The Suit Advisors Should Wear: The Importance of Color
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The image of a financial advisor has changed but the business suit will always be a staple. There is an eternal question of what suit the financial advisor should wear and the answer is never the same. The reason it will change is that times change. Just as your portfolio strategy adapts to the times, so should you for your suits and style. However, there are some rules that will keep you on top of the game when meeting with clients.
The suits you wear should change depending on the type of meeting you are having. As Sara Grillo has written, it is not as much about the brand of the suit but the fit of the suit. Yes, but there is more to this puzzle.1
It is about color.
The colors you wear play a significant role in the impression people receive. You must use this to your advantage. The suits you wear on first, second and subsequent meetings should be strategic in your consulting and sales process.
The color for your first meeting suit should be in the area of navy blue or medium to light gray. Why? Theses colors put your client or prospect in a position to be more open and share information with you. Blue and gray suits and jackets give a welcoming presence and openness when paired with a light blue, white or light colored shirt. This positions your potential client’s mind and they do not even know it, which is vital to your strategy as a financial advisor. The more information you know about the client the more valuable you can be to their financial wellbeing. This is all strategically done by using the appropriate colors to control your meeting. Hues of navy blue or grays are the key to positioning success in the first meeting.
Interestingly, the suit you should wear during the second meeting is the reverse of the color you wore the first time, but still staying in the same gray to navy blue range. You are still priming your client’s mind for the professional relationship you are establishing. At the beginning of the relationship, you are learning from them but they are also measuring you. They are learning your communication style, the meeting flow, the investment options you can offer, and the way you present yourself as a financial advisor. When you give a strong professional image from the start, your clients will know what to expect. This will also create an easier opportunity for you to be casually dressed in the future when appropriate since they have already been primed with your standard image.