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One of the most emotional topics I discuss with advisors – male or female – is about appropriate dress. This was evident in a recent conversation with an advisor who tried to look “cool.”
Before I relate that story, let’s review the evidence-based strategy upon which my marketing is based. To increase your conversion rate, you should rely on peer-reviewed studies in psychology and neuroscience.
Here are some tips that will help you convert more prospects into clients – including whether it makes sense to be cool.
The science of first impressions
The science of first impressions can be quite terrifying if you understand the ramifications.
There’s evidence that we can make accurate impressions of others within 1/10 of a second.
A Princeton study reported on five experiments. The researchers manipulated the exposure time of unfamiliar faces shown to participants. They found increasing exposure beyond 1/10 of a second did not increase the accuracy of judgments for attractiveness, likeability, trustworthiness, competence and aggressiveness.
Many factors go into making a first impression, including facial shape, vocal inflection, attractiveness and emotional state.
Some of these factors are within our control, like smiling more, making eye contact and nodding.
An issue that often arises in my coaching is how clothing impacts first impressions.
What you wear is critical to the impression you will make because clothing communicates extensive and complex information like social status, culture and gender.
What to wear
After many failed efforts to come up with something that resonates with respect to the best dress code, I’ve changed my approach.
Recently, a young male advisor asked me how he came across in his YouTube videos. He had a three- or four-day-old, fashionable beard stubble, a baseball cap on backwards, sunglasses and a white t-shirt and shorts.
Instead of answering directly, I asked this question: Do you know any successful advisors in your area?
When he indicated he did, I followed up with: How do they dress?
His response was: Boring, business casual, blue blazer, nice dress shirt, no tie.
I asked this final question: If you had a choice between looking cool and hip or converting more prospects, which would you pick?
He got the point.
I call my strategy “plagiarizing what you wear.” There’s no need to innovate when it comes to clothing. If it’s working for your peers, emulate how they dress.
More support
My approach to this sensitive subject was recently validated by an unlikely source. I was speaking with a user interface (UX) website designer about doing an “out-of-the-box” design for a small advisory firm.
He told me he loved my creative input but won’t recommend implementing my ideas. When I asked him why, he said that a basic principle of UX design is that readers expect navigation on a website to flow the same way it does on similar websites. If it doesn’t, they get confused and leave in frustration.
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My micro-learning course will increase your AUM and deepen your relationships.
If not, I’ll give you a 100% refund of the $29.95 cost.
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That made perfect sense.
If prospects in your city are used to seeing advisors (of both genders) dressed a certain way, they will expect you to dress similarly.
Finally, you should be aware of the McGurk effect. When we are presented with a visual image that’s inconsistent with what’s being said, we prioritize the visual.
My cool-looking client was highly qualified, but his appearance was inconsistent with what his prospects expected in a financial advisor. The visual impression overrode his oral communication, resulting in a lower conversion rate.
Dan trains executives and employees in the lessons based on the research in his latest book, Ask: How to Relate to Anyone. His online course, Ask: Increase Your Sales. Deepen Your Relationships, is currently available.
Read more articles by Dan Solin
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
