Seven Ways to Differentiate Your Advisory Business

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Financial advisors often sound like their competition. They use the same differentiators and the same language. Here are seven ways you can position your firm so that it is incomparable to prospective clients.

One of the most common frustrations I hear from financial advisors is, “How do I get prospects to understand that we are different from other firms?” Usually, those “other firms” claim to offer comprehensive financial planning but don’t deliver on their promise. The prospect chooses the company with the best marketing, not the one with the best financial advice.

When I ask advisors how they think their firm is different, I hear terms like “fee-only,” “fiduciary,” and “independent,” or statements like, “We actually do comprehensive financial planning.” These are all good qualities worth highlighting. But unless a prospect is highly informed, those “differentiators” don’t help them understand how you are different from other companies they interview – especially if they say the same thing as you.

Instead of asking the question, “How do I differentiate my firm from the competition?” ask yourself, “How do I become incomparable?”

To sound different, you must be different in a way that is obvious to your prospects.