Here’s my recommended response to the question, “How are you different?”
Before every talk, I ask participants to send me their most pressing concerns. At, or near, the top of every list is “justifying fees.” That concern will grow as technology invades every aspect of the advisory industry. But you have a secret weapon that few advisors will use effectively to respond to this challenge.
We’d all like to get more done in our day. Recently, best-selling author Dan Pink outlined three powerful, research-backed ways to improve your productivity.
What’s the most difficult question you get asked by prospects? Most advisors say it is how to justify fees and value. The problem is that very few advisors know the right way to answer this.
I meet hundreds of advisors every year. The extremes fall into two categories: supremely self-confident and supremely reticent. Self-confident advisors are typically extroverts. Reticent ones are often introverts. Which personality type is more likely to be a successful advisor?
I don’t know how I missed this referral opportunity for so long.
When dealing with problematic clients, there is no cookie-cutter formula that works all the time. But by getting clarity on and being proactive in dealing with what is causing the issue, you will manage the damage from problematic clients for you, your team and your practice.
Advisors should focus on establishing trust with potential clients, but what happens when all that person wants to do is talk about risk?
Despite the anxiety and cost they inflict, dentists have mastered the skills that allow them to persuade patients they will have pleasant and positive outcomes. Advisors can learn from them.
If you lapse into a lecture about the overwhelming evidence supporting passive investments, remember you might as well be showing the prospect an article about bird feeding.