Four Reasons Why Your Marketing Isn't Connecting With Prospects
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If you’re struggling to attract new clients other than from referrals, it’s because prospects have a difficult time differentiating you. Prospective clients face four realities that will overwhelm their decision-making process.
1. Advisors make the same claims
All financial advisors claim they are good at the most important services a prospective client is looking for, including comprehensive financial planning and investment management. Even if your competition isn’t effective at these services, they need to keep their businesses running. They will say what it takes to get clients. You can’t stop advisors from saying they do what you do, even if they don’t.
2. Prospects aren’t qualified to evaluate advisors
Prospects aren’t qualified to evaluate whether an advisor is good or not. Have they worked with dozens of advisors in the past to know the difference? You hope not because that track record means they will be a terrible client. Unless the prospect is in a field that requires them to interact with a lot of advisors – for example, CPAs – this is the first or second time they’ve had to evaluate and hire a financial advisor, meaning they don’t have the skills to do so.
3. Prospects have too many similar choices
To a prospect, independent advisors look the same. They all offer the same basic services (financial planning, investment management, retirement planning, etc.), work with the same typical client (high-net worth nearing retirement), for the same similar price (1% of AUM +/-).
They have many similar options and don’t know how to make the right choice. They become so overwhelmed, they don’t make any decision in fear of making the wrong one, or they choose an advisor based on some factor other than being the most qualified (see reality #4).