This week I had the privilege of hearing some magic words. A client offered tremendous praise and appreciation for our work together. We celebrated great success: happy and productive. It was wonderful for both of us!
That got me to thinking about how my financial advisor clients have the same goal as I do. We want our clients to LOVE us! We also have similar roles. I help people achieve individual goals. Advisors help people achieve financial goals. We have key similarities. We:
- Help people make informed decisions
- Provide perspective that helps keep people anchored & rational
- Prompt people to be intentional and proactive
- Offer expertise that aids their decision making & success
- Use tools that help them reach their goals
- Seek their best interests
- Learn a great deal about what matters to them
- Care deeply about them
Sound familiar? Yet, there’s more. What we can’t do is equally important.
We can’t:
- Define an exact deliverable
- Make accurate predictions
- Control outcomes
- Guarantee what they are going to “get”
Financial services frequently uses language straight out of manufacturing and product sales. There are wholesalers and retailers and lots of products. It sounds like financial services is selling stuff. Products come with guarantees, warranties and defined results. All dangerous ground for financial services advisors.
Consider other service professions like law or medicine. You don’t get a lawyer selling you an “estate-planning product”. When you visit a doctor you don’t get a “health product”. You don’t buy stuff. You retain a professional who helps you make good decisions, uses professional tools to serve you and provides guidance with your goals.
This may seem trivial but it is a different focus and I believe an important one.
Resource of the Day
Bad New: According to a survey taken by AlixPartners consumers have more distrust of financial services in 2010 than in 2009, despite market improvements
Good News: More investors plan to seek professional help from advisors (67%).
Opportunity: The fundamental drive of women investors is now true for all investors. They want help from someone they can trust. When you provide trustworthy service they will LOVE you!
Tip of the Day
Consider how the product sales focus infiltrates financial services and how it may undermine your professional practice. If you haven’t clearly defined your professional service value, do so.
