You may have a fresh start any moment you choose, for this thing that we call “failure” is not the falling down, but the staying down.
Mary Pickford, Canadian Actress
How do you and your current proposition stack up?
You will have seen previous posts that outline what high net worth clients say they want from their professional advisers (Cap Gemini/Merrill Lynch World Wealth Report), but I wanted to strip that right back to the bare bones and consider, at the very highest level, what today’s client is looking for. Using myself as a proxy for your “typical” client. I need…
is tailored to my personal circumstances, goals and objectives
is available to me through whichever contact/communication method is most appropriate at any specific moment
offers excellent value with a transparent fee structure that doesn’t result in any nasty surprises
are tax effective
are simple to understand
allow me to see a complete picture of my assets/net worth
help me to track my progress towards my stated objectives
are flexible enough to cope with changing circumstances and priorities
is appropriately qualified
really cares about helping me to achieve my goals
I can trust
keeps me informed
keeps in touch proactively to let me know about things that affect me
sits down with me on a regular basis to review whether everything is on track
is responsive and accessible when I need them
ensures I make informed decisions
makes sure I understand what is being recommended and why
How many of those “buying criteria” does your proposition satisfy? How do you specifically make sure that you meet these requirements for all clients on a consistent basis?
I attribute my success to this: I never gave or took an excuse.
Florence Nightingale
In this weeks post I want to look at the 6 most common reasons your prospects or target audience DON’t buy from you and what you can do about it.
Reason No.1 : They don’t understand what it is you do.
You have to help your target audience to see what you do. Your service is intangible. It’s not like buying a washing machine or other tangible products, where there’s a brochure or detailed specification. They can’t see it or feel it or check the dimensions to see if it’s going to “fit”. Explain to clients, in language they can relate to (no techno-babble please!) what it is that you do for them. Better still have it written down in a professionally designed format.
Reason No. 2: They don’t want or value it.
They might need it, but people generally prefer to spend money on what they want (a sky TV subscription or an Ipad for example) before spending money on things they need (such as adequate pension provision or making a will). Your job is to ensure your audience can see the relevance, value and benefits of your service to them and the transformational impact it will have on their chances of achieving financial security.
Reason No. 3: They don’t believe you.
People are looking for someone they can trust to manage their accumulated wealth. They are looking for someone who is authentic, genuine, real. Someone who shares their values. Someone who genuinely cares about them as an individual. Remember, your clients don’t care how much you know, until they know how much you care. Telling them you care won’t convince them, because saying you care, doesn’t mean you do. SHOW them you care by being “congruent”. Keep your promises, go beyond the extra mile.
Reason No. 4: They believe they can do it without you.
Painting a vivid mental picture and helping your prospects to see how you have helped other people “just like them” to get their financial lives on track or achieve greater financial security is a powerful way of helping them to see that you can do the same for them. Genuine testimonials and a number of “typical client” case studies will demonstrate both the kind of result they can expect and that what is needed is specialist advice.
Reason No. 5: They don’t believe they can afford your services.
Your job here is to show them that they can’t afford not to use your services. Again case studies can help here but being able to demonstrate in financial terms the results they can expect in terms of reduced tax (whether now or in the future) and show them that you will be putting more money into their pocket than they will be paying you in fees. Illustrating the potential costs of not taking action/not using your services/making ill-judged or ill-informed decisions can also be an effective strategy.
Reason No. 6: They don’t want it now!!
It is easy for prospects to rationalise a decision not to engage your services. We all know that, in the absence of a lottery win, early planning pays handsomely and (to quote Paul Armson) “life is not a rehearsal and precious time is ticking away”. If the clients isn’t in enough “pain”, sufficiently worried/concerned/frustrated about their current situation they are unlikely to decide to do anything about it. Emphasising the client’s “pain” and exploring the symptoms, results and personal impact of that pain, increases your chances of them agreeing to do something about it.
If you are struggling to attract enough of the right types of client, understanding why they don’t buy from you is the first step. Once you know this, you can focus on creating compelling messages that address each specific “barrier” and significantly improve your conversion rate.
The way to gain a good reputation is to endeavour to be what you desire to appear.
Socrates
I owe this weeks post to our eldest daughter Natalie who was recently described by her boss as a radiator! Somewhat concerned by the analogy, she asked for an explanation.
Her boss, Graham, explained that some people are like radiators. They provide energy and make people feel relaxed, comfortable, positive and safe. Others on the other hand drain away your energy through their negativity and “critical spectator” perspective.
Thermostats set the tone and temperature and create the environment in which those around them work. Thermometers on the other hand simply react to the environment that’s been set by others.
Failure is only the opportunity to start again, more intelligently.
Henry Ford
You see the thing is, the bee
Adviser expectations checklist
Following on from last week’s client expectations checklist, I thought that this week we’d take a look at things through the other end of the telescope. Much has been written (including lots from me) about client expectations, but there’s been precious little comment about changing advisers expectations. I spend an increasing amount of time these days consulting with our IFA clients about attracting, retaining and motivating good quality advisers. The first question I ask (in the nicest possible way) is… “why would an adviser want to come and work in your business?”
It’s worth considering what advisers are looking for from the firm they represent (whether employed or self-employed). I believe that advisers need…
An environment and culture that…
provides a consistent flow of qualified high quality client enquiries
has a client focused culture with no high pressure selling expected
has a proposition focused on service rather than sales
is passionate about client service and focuses on building excellent long term client relationships
is highly regarded by professional introducers
means everyone enjoys coming to work
A supporting infrastructure that…
is RDR ready
makes managing existing client relationships easy
allows them to focus solely on client relationship management and delivering advice
gives them the technology and tools they need to work effectively
maintains regular contact with the client to supplement their own client contact activity
ensures that they don’t get dragged in to routine administration or servicing issues
is process driven with clear accountabilities for each task
results in a consistent client (and adviser) experience
That rewards them with…
an attractive package and employee benefits
incentives or bonuses based on client satisfaction, client referrals and file quality as well as productivity
high quality training and continuous professional development
buy out packages (for advisors bringing existing client relationships) and clearly defined criteria for equity participation in the business
Based on these key criteria, how confident are you that you’d be able to attract (and/or retain) good quality advisers in the face of possible competition from other firms?