In an increasingly competitive environment, in which investors have no shortage of advisors to turn to for help, it is necessary for you to stand out in the crowd to attract clients.
“You must be able to differentiate yourself — be unique in some way,” says Raymond Yates, financial advisor and senior partner at Save Right Financial Inc. in Mississauga, Ont.
Adds Heather Holjevac, certified financial planner with TriDelta Financial Partners Inc. in Oakville, Ont.: “You want people to know who you are and what you stand for – drawing them to you.”
Follow these tips to help you differentiate yourself from other advisors and stand out in the crowd:
> Find your niche
“Select a target market you will enjoy working with,” Holjevac says. Your target market could be a specific profession, such as teachers; a demographic group, such as retirees; or a specific ethnic market.
For example, Margaret Yang, a financial advisor with Edward Jones in Mississauga, focuses primarily on Chinese-Canadians, a market she believes has unique needs. Yang’s strategy involves developing initiatives and programs that are tailored to the specific needs of her Chinese-Canadian clients and prospects.
Learn all you can about your target market, Holjevac says, and become an expert in the area you have selected. That might include obtaining relevant qualifications. Holjevac, who specializes in divorcees, women and the elderly, holds a certified divorce financial analyst designation, which identifies her as an expert in a niche area.
> Become a “go to” resource
By getting involved in the community and networking with centers of influence, Yates says, you can promote yourself as a valuable resource.
“Do not sell product,” Yates says. “Get the word out that you are a resource, which will elevate your level of recognition.”
Holjevac suggests giving talks to specific associations and groups — without expecting a sale. This way, she says, you can build trust with people who will see you as an expert.
“It becomes a natural progression,” Holjevac says. “When people want help in that particular area, they will call you and also may pass your name on to friends.”
Yang advises educating your target group to help you gain further recognition as an expert.
> Put your clients’ interests first
“If you do what’s right for clients in your target group,” Yang says, “your reputation will go up. With largely similar products, this is easier said than done.
“You must be truly caring,” she continues, and provide them with the most appropriate solutions. This approach is an effective referral strategy.
By delivering on your promises, Yates says, you can enhance your value and recognition as an advisor.
> Take advantage of media
“The media is one of the most powerful tools for increasing your visibility,” Yates says. You can make use of media in several ways. You can write articles for your community newspaper, local trade publications or web-based publications. And you can appear on local television.
Write articles on topics that appeal to your target audience, Holjevac suggests. You will be seen as an expert on that subject matter and potential clients might call you.
Let journalists know that you are available for interviews. When you are quoted as an expert source in articles on subjects that are relevant to your niche, Yates says, you build your profile.
Yang’s visibility increased dramatically, she says, since she began appearing on several television segments aimed at her target market.