You know a lot of people, and they all talk to other people. You might be able to assist some of them if you were their financial advisor. Will they want to be your client though? When someone brings up your name and asks, “What do you know about (name)?” or “What does she do?” how can you influence their answers to attract high-quality clients?
Let us get an obvious answer out of the way. Let us assume they won’t reply, “I don’t know” or “I have no idea,” because you likely planted some seeds or discussed work before. So, what might people say about you? Consider a few of these possible answers:
- She sells insurance. They might say “He is an insurance agent,” even though your role might include wealth management, and you consider yourself a financial advisor. If you have done the same job for a long time and helped other friends buy insurance, they may think of you as only an insurance salesperson.
- He works for (financial services firm name). This applies in the scenario where your firm’s identity is a major part of your personal identity. Your firm’s name conveys prestige.
How can you influence their response so people understand both your dedication and how you can help them?
Get your who, what and why out there. When you meet people socially, try to learn three things about them: who they are, where they work and what they do. Then, share three pieces of information about yourself: who you are, what you do and why you are good. Your first two points come across quicky. The last takes place over time. Here are some ways you can convey your professionalism and excellence:
- Lean on your credentials. It’s done in many other professions, such as with doctors or professors. Accountants are often referred to as CPAs. If you have a CFP or other credentials, make sure clients and prospects know that.
- Focus on a broader term. If you are described as an insurance agent, that implies you only provide insurance. Do you offer other products though? Do you hold other licenses? If so, is a “financial professional” or “financial advisor” more accurate?
- Does estate planning fit in? People want to keep as much of their money as possible in the family when they die. Insurance, trusts and other strategies help. Are you active in this area?
- How do you help people? This is a drip marketing exercise over time. Share short, anonymous stories about how you made a difference in people’s lives or how you helped them avoid a major problem. If one or two stick in your friend’s mind, it could become part of their response to questions about you.
- Have you received third-party recognition, such as in your industry or in the media? Barron’s might have been the first publication to publish a list of the top financial advisors by state and nationwide. Forbes and other publications followed. Local magazines often recognize readers’ choice awards. If you achieve this recognition, it could be part of the description friends share, such as “She was rated the top financial advisor for 2024 by (publication name).”
- Share your MDRT membership. In the 1981 film “The Four Seasons,” the character Nick Callan mentions he is an MDRT member and “one of the most successful estate planners in New York.” Anne, another character in the movie, tells him he is an insurance salesman. He defends his estate planner description and his MDRT membership. That was the first time I heard about MDRT. That was almost 45 years ago.
Bryce Sanders is president of Perceptive Business Solutions Inc. His book, “Captivating the Wealthy Investor,” is available on Amazon.
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