Winning the confidence of a new client can be as simple as telling a good story.
“A story can be a powerful business-building tool,” says Julie Littlechild, president of Advisor Impact Inc. in Toronto. “Craft stories that reflect what it is you do and how you have changed clients’ lives for the better,”
You don’t have to be a budding Hemingway to embrace the power of storytelling, Littlechild says. Simply sharing anecdotes about the way you have helped other clients can help demonstrate your value and gain clients’ trust.
The following tips can help you hone your skills as a raconteur:
> Start with a value proposition
A good story is one that a client can easily see as connected to your value proposition.
If you don’t have a well-defined value proposition, Littlechild says, then you should go back to the drawing board and develop one. Think about how you are distinguishing yourself from other advisors. That is the point at which your stories should begin.
> Demonstrate your value
An effective story shows clients what you have done for others and how you can make a similar difference for them.
Says Littlechild: “Clients are much more likely to respond positively to stories that are about people like them.”
So, if your client is a young professional who is starting a family, tell about how you helped a young professional set up a financial plan.
> Be specific
One of the most important elements of a good story is that it is focused on the area of expertise you want to highlight.
A pitfall that many advisors often fall into, Littlechild says, is to make their stories too general. If you want to build your business around disability insurance, for example, tell a story that reflects how you changed the life of a family who has a member living with a disability.
> Use emotion
A key ingredient in telling a compelling story is to engage the listener through his or her senses. While the story must be plausible, says George Hartman, managing partner with Toronto-based Accretive Advisor Inc. in Toronto, the most effective stories play on our emotions.
Having an emotional appeal, Hartman says, helps the listener relate your story to his or her circumstances.
For example, you might tell about the joy a client experienced when he watched his granddaughter graduate from university as a result of the education savings plan he had set up with your help.
> Create a repertoire of stories
As a rule, Littlechild says, you should aim to build a repertoire that consists of a handful of stories about a variety of client situations.
Developing good stories doesn’t happen overnight, she says. But if you are approaching your client meetings with a few possible stories in mind, you are more likely to come up with a “trigger” — a way to work a story into the conversation.
Next week: How to tell your story effectively