Are You Selling Life Rafts or Sailboats?

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

If you serve diverse groups of clients, you can find messaging that resonates with all of them by considering whether your clients are in the life-raft or sailboat category of financial planning.

If you have read any of my articles over the last few years, you know that I strongly advocate that financial advisors focus their practice on a niche market. The reason is that it is much easier to reach a small group of people with similar needs and mindsets and persuade them to work with you than it is to do the same for a broader audience with diverse needs.

That being said, most advisors still cater to everyone who will pay their minimum fee. One of the marketing challenges these advisors face is finding one marketing message that connects with people facing different life experiences.

Let’s say you are a generalist registered investment advisor working with widows, retirees, and people experiencing sudden windfalls. What message would you use that applies to all three of these groups?

Messaging is difficult because some of these clients come from a place of survival, while others come from a place of abundance. To reach all three of these groups, you have to use a generic message like “Helping you achieve your financial goals.” But this message doesn’t deeply resonate with any of these clients, which means you lose out on your chance to connect with your prospect through your marketing.