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Many advisors believe they are trustworthy (which they are), but it completely perplexes them as to why they don’t see a steady stream of new clients.
They say to me, “Ari, I’m a trusted advisor in my space... why am I still having to hunt for new clients? Isn’t trust everything?”
I say to them, “In 2023, trust is only half of the equation, The other half is authority.”
The fact you are a trusted advisor with your current clients has zero relevance to your prospects, who don’t yet have a long-standing relationship with you.
They may be aware of who you are, but they are seeing other advisors similar to you, offering similar services.
This may come as a shock, but the trust equity you have with your clients has no leverage in acquiring new clients (except for occasional client referrals) who don’t know you.
That’s hard to accept for advisors who have been in the profession for many years, and especially for those who’ve built a stable practice.
It’s easy to get comfortable with your inner circle of contacts, those who know you well. But the “real world” of new opportunities lies outside your inner circle, with prospects who have yet to meet you.
Being a trusted advisor only has leverage after a prospect becomes your client and has experienced your skillset in solving their specific problem. But pre-sale, you need to be a trusted authority.
Imagine how your sales process of acquiring new clients would change for the better if by the time you have your first prospect meeting, your status as a trusted authority was so blazoned in their mind that you don’t have to sell yourself -- they’re simply ready and open to working with you.
This is why the classic advisor mantra of: “Get me in front of the right kind of clients or prospects, and I’ll be fine. They'll trust me and like me,” has to change to, “Help me create a trusted authority sales process so that before I meet a potential client, they already know and trust me.”
It’s not a pipe dream… it’s a reliable and repeatable process once you create your trusted authority positioning and sales system.
Unless you project authority to your ideal clients, you’ll be seen as “one of many.” That is exactly what you need to avoid.
In 2023, to break away from being compared to other advisors, you need to attract your ideal clients only. You need to differentiate yourself at the front end of your sales process and be seen as the trusted authority in your market.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trusted Authority” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.