As financial advisors, your role is to provide expert guidance and support to help clients make informed decisions about their financial future.
In today’s world, however, many clients are more informed than ever before, with access to a wealth of financial information at their fingertips. This can make it challenging for advisors to maintain their position as a valuable resource for their clients.
Here are more specific tips so advisors can reposition the value of their role with more informed clients:
Redefine your unique value proposition
In other words, why would someone choose to do business with you when they can get the information themselves?
When you’re looking at more-informed clients, that means they have access to information at the tip of their fingers.
If you’re an advisor and all you’ve ever done is give simplistic answers to your clients, you’re going to have a hard time illustrating your value.
So a lot of advisors now worked towards what’s called exclusive experiences and insights, things that are much, much harder for people to get to because it requires them to go through a lot of information.
So if you can position your service offering as a mix of in-person experience and digital experience, you’ll stand out as an advisor.
Here are some tips for crafting a strong value proposition as a financial advisor:
Identify the target audience: Think about who you are trying to reach with your value proposition. Are you targeting individuals, families, small business owners, or another group? This will help you tailor your message and make it more relevant to your audience.
Highlight your unique value: What sets you apart from other financial advisors? Do you have a particular area of expertise, such as retirement planning or investment management? Make sure to highlight your unique value in your value proposition.
Emphasize the benefits: Focus on the benefits that your clients will receive from working with you. For example, will you help them save money, reduce stress, or achieve their financial goals faster?
Keep it simple: Avoid using jargon or technical language that your audience may not understand. Instead, use clear and simple language that is easy for anyone to understand.
Test and refine: Once you have a draft of your value proposition, test it out on a few potential clients to see if it resonates with them. Use their feedback to refine and improve your value proposition.
Let your clients be part of the process
Remember that clients want to co-create with you, they want to be involved, and they want to work with you.
Sometimes advisors get that cringy feeling: “Well, I’m the expert. I’m supposed to guide you through this.”
But it’s important to avoid this way of thinking because clients want to walk next to you and learn from you. Those clients are the best because they actually understand what you’re doing and why you’re doing it.
Furthermore, clients know that you’re busy. Therefore, they should have access to self-service tools.
They don’t want to call you for a check, for a wire, or to change their address. Give them these tools and you’ll greatly improve the customer experience!
In conclusion, financial advisors can reposition their role with more informed clients by shifting their focus from simply providing information to providing insight and analysis, becoming a trusted resource, building strong relationships with clients, and expanding their services beyond traditional financial planning.
By adopting these strategies, you can maintain your position as a valuable resource for your clients and continue to help them make informed decisions about their financial future.