Financial advisors can grow assets under management more efficiently by stating clearly your relationships with outside experts, but take it a step further than this…
Let’s face it, it’s compelling when we can go to one place and get everything we need, rather than making multiple appointments with various experts.
Still, advisors should not try to be all things to all people. This approach creates confusion and ultimately won’t bring you much business.
Yet, a key way to express added value to prospective investors and, therefore, grow AUM and your client base is to discuss your longstanding relationships with complementary specialists. This is particularly true for solo advisors or small firms who don’t have a CPA or JD on staff.
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Clarity Leads to Increased AUM
By thoroughly describing your relationships with other experts, including estate planning and divorce attorneys, CPAs, human resources consultants, mental health professionals including drug addiction counselors, professional business coaches, and so on, you’ll attract more clients and grow AUM organically.
BUT…to do so effectively, you need to add tangibility, increasing the perception of added value.
Merely mentioning these relationships really won’t do much for you. Instead, to attract more clients through added value, you need to show prospects how you possessing these relationships helps them.
Rather than say you have a relationship with a CPA, talk about how you gather together your client, a CPA and yourself in one room annually on behalf of each of your clients to help insure tax optimization.
In this example, the tangibility comes in two parts: gather together and annually. You could increase the tangibility by also describing the length of your relationship with the CPA, e.g., we’ve been working together for the past 12 years.
These days, it’s difficult to secure a timely appointment with a mental health professional unless you have a preexisting relationship, given that there is a shortage of them. However, perhaps you have a longstanding relationship with a therapist and you both agree on the following:
“I believe emotional and financial health are intertwined. Therefore, through my 15-year relationship with a local mental health therapist, an appointment is made available for my clients within two weeks of outreach. Sometimes, you just need to have a conversation with someone regarding your mental health. My clients have this access.”
The tangibility that provides evidence of your added value: 15-year relationship, within two weeks, my clients have this access.
The easiest way to distinguish yourself from other advisors is to add tangibility to your marketing copy. Even today, many advisors aren’t using this approach. Instead, most advisory websites are generic. This does not have to be the case. The more tangible your copy, the more credibility your website exudes.
Before You Go…
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