“Coach’s Forum” is a place in which you can ask your questions, tell your stories or give your opinions on any aspect of practice management. For each column, George selects the most interesting and relevant comments from readers and offers his advice. Our objective is to build a community of people with a common interest in making their financial advisory practices as effective as possible.



> What Are You All About?

Advisor: I was attending a social event recently, when someone I had met for the first time said to me: “So, what’s your story?”

When I asked him what he meant by my “story,” he said: “You know — who are you; what do you do; what are you all about?”

It turns out, as I learned when I stumbled through my answer to his questions, that I am not really very good at telling my story. I obviously didn’t capture his attention, because he soon moved on to talk to someone else. I am angry with myself for not being able to describe myself and my business better.

I am happy with who I am and proud of the work I do for my clients. How do I create an intriguing story for myself?

Coach says: First of all, don’t be too hard on yourself. One of my business partners is a marketing communications expert and she often says that the most difficult story for people to tell is their own.

Perhaps we think we know it so well that we don’t feel the need to have a thoughtful, organized script. Or maybe we fear that being too expressive might be perceived as being arrogant or boastful. Whatever the reason, having a compelling story and being able to communicate it effectively is essential for financial advisors.

In a crowded world of choice and competition, your story can significantly contribute to your success in capturing the attention of top-quality potential clients. You also want to have a story that others — clients and centres of influence — can tell easily on your behalf if you want them to be advocates for you and your practice.

I have written often about the importance of having a strong, one- or two-sentence mission statement that conveys your value proposition in a concise and convincing way. Your “story” is what you follow with when someone hears your mission statement and says something like: “That’s interesting. Tell me more.”

So, what makes up a good story? Well, we’re not talking about the history of your business or the sequence of events that got you to where you are today. Instead, we mean the story that illustrates the essence of what your business is all about. It should be an inspiring tale of your passion as an advisor, your motivation for what you do and the opportunities and success you help others realize.

Consider a prospective client who decides to interview three potential advisors before choosing one to help manage her financial affairs — an increasingly common occurrence these days. In each instance, the client provides a general overview of her financial situation and a broad description of her goals.

Advisor No. 1 says: “I know what has to be done. I meet people in your situation all the time, which is why I have developed three model portfolios. Portfolio B — conservative growth — is the one you need.”

Advisor No. 2 says: “We use a very sophisticated software program that takes all your assets, liabilities and cash flow into account and tells us exactly what you need to do to reach your objectives.”

Advisor No. 3 says: “This is one of the most important decisions you will ever make. There are numerous ways to determine what might be the best strategy to achieve the life goals you have described, and we have a disciplined process to help us decide what would be best for you. Ultimately, however, it isn’t about the calculations we make or the investments we choose. It is about the financial peace of mind you feel every night just before you fall asleep.”

Which advisor do you think is most likely to gain the client: the one who has all the answers right away; the one who abdicates responsibility to a computer; or the one who paints a picture of how the potential client will feel as a result of working together?

@page_break@I know I’d prefer the one who inspired me emotionally, through his or her “story.”

Your story isn’t a tag line, nor is it about saying “we’re the best at this” or “we specialize in that.” It’s about describing who you are and what you do in such a way that the only conclusion your audience can possibly make is that you really are the best, without you having to actually spell it out.

In reality, your story probably isn’t just one story, but a collection of many that illustrate what you’re all about. If you can capture those moments and use them to communicate who you are, you’ll elicit the emotional response that will turn a prospect into a client.

Here’s an example from an advisor I am coaching:

Brian, an avid fisherman, was approaching a milestone birthday, so his best friend organized a stay at a fishing lodge in British Columbia’s Queen Charlotte Islands as a special gift. During the time Brian was going to be away, one of his best clients was going to close a deal to sell his manufacturing business.

The lawyers and accountants would handle the technical side of things. However, because Brian held that coveted “trusted advi-sor” relationship, he knew his client would need emotional support while selling the business he had spent his lifetime building. But even a simple telephone call of encouragement was challenging, for technical reasons, in the remote area in which Brian was fishing.

The solution: make the phone call over the Internet. By using Skype on his laptop, Brian was able to speak to the client and reassure him that that was the right time to sell his business so he could pursue the retirement plans they had worked on together.

So, how is that part of Brian’s story? When people ask him what he does for a living, Brian could simply say: “I am a financial advisor.” But that wouldn’t show how committed he is to his clients, no matter where they are. By telling the story about using Skype to reassure a client, Brian can illustrate the lengths he goes to in building trusted relationships.

Again, it’s not about hitting somebody over the head with a canned pitch; it’s about communicating in a way that undeniably leads your audience to the right conclusion. And, by the way, do you think that client tells Brian’s story with enthusiasm and advocacy? I’m willing to bet he does!

Your story is also one of your most powerful internal staff-development tools. It helps your team understand why you are in business; why you do the things you do; why you have certain policies and systems in place; and other characteristics of your practice. It brings your brand promise to life and helps everyone feel that what they are doing is important and highly valued by you and your clients.



> A Good Impression

Advisor: My team is strongly suggesting our current office space doesn’t present the right image. I believe the work we do is what matters to our clients, not how fancy our office is.

What do you think?

Coach says: Clichéd as it may be, you really don’t get a second chance to make a first impression. Even if these things aren’t that important to you, it would be wrong to assume they don’t matter to others. Of course, people will ultimately evaluate you for your expertise. But in order to optimize the possibility that you will actually get a chance to demonstrate your skill as an advisor, potential clients must have confidence in you and — whether we like it or not — things such as our surroundings, dress, etiquette and attention to detail all contribute to building that confidence.

At the end of the day, appearances are part of your overall brand image. You may have perfected your marketing materials, but have you checked the dates on the magazines in your reception area?

If there is inconsistency between the messages that people get from two sources that define you and your business, those messages could well cancel each other out, leaving no impression. Or, worse, human nature being what it is, negative imprints tend to outweigh positive ones. That’s particularly true in the context of something such as the first meeting between an advisor and a prospective client, when emotions and quick judgment are already at a high pitch.

You walk through your front door every day, and you’ve become accustomed to what you see. Tomorrow, make it a point really to see what first-time visitors see.

Start outside your building. Is the signage easy to read so people can readily find you? Is parking convenient? Is your name properly shown on the lobby directory? Is the elevator clean? Is the reception area tidy and welcoming? Is the furniture comfortable, modern and in good repair — or is it left over from another era?

What do you see beyond the reception area? Do visitors have to walk past empty offices that have become graveyards for old files and unused furniture? Do they pass the lunchroom and, if so, what do they see there? What about your own office? It doesn’t have to be posh or panelled in mahogany to make a good impression, but it should be neat and professional-looking.

If you aren’t the type to be concerned about the stain on your carpet, ask someone whose opinion you respect to simulate a prospect’s visit to your office and tell you honestly what impact the experience might have on your chances of him or her becoming a client. IE



George Hartman is president and CEO of Market Logics Inc. and a senior coach and facilitator with the Covenant Group. His latest book, Blunder, Wonder, Thunder: Powering Your Practice to New Heights, was released in January. Send questions, comments and opinions on any aspect of practice management to
george@marketlogics.ca.