How Can Advisors Stand Out in a Sea of Sameness?

The financial advisory industry is a competitive one. As an independent financial advisor, it can seem quite hard to compete with established firms that offer the same service that you do.

The logic is quite simple. These firms offer the same service you will. They might have been doing it longer than you have. So, why should clients choose you when they can get the same benefits from almost anyone else? What differentiates you?

Many financial advisors have found it hard to answer this question. Despite the apparent generalization of service offered in this industry, you can stand out and be unique. We have explained four concepts that will help you below.

  1. Carve Out a Niche

One mistake most financial advisors and planners make is trying to cater to all sets of people. It is easier to interact and understand your clients and their needs when you focus on a niche. You also become a professional name to be reckoned with in the field.

You can identify a niche by looking into your strengths and area of expertise. You also need to place your ideal clients and what you are comfortable doing. While not all financial advisors might benefit from creating a niche, mostly if you prefer to diversify, it works for most firms.

  1. Personalize Your Service

People like to feel like a part of your business. They not only want you to work for them, but also work with them. From your first meeting, make it about your client. Find out what they want, what type of investment they know, and prefer, gain their trust. 

You might want to adopt the strategy of co-planning with your clients. With this strategy, you are not just selling your service. You create a unique plan for each client based on your conversations with them. Your knowledge of your clients needs to be both personal and professional for this concept to work.

  1. Communicate Effectively

A lot of financial advisors ignore the communication aspect of the job. You need to send letters to your clients, make video calls, take phone calls. You might also want to send customized portfolios to your clients.

While it might seem like a lot of work to keep the communication going, you can employ technology. Software like Marsview that helps you record and transcribe meetings will make communication work easier. With the aid of technology like this, your firm will stand out to clients.

  1. Provide Great Service Consistently

According to research done by Spectrum Group, most of the reasons why investors worth $1-5 million change their financial advisors seem to be service-related. 61% left because their advisor didn’t return calls promptly, 53% left because their advisor wasn’t proactively contacting them, and 46% left because the advisor didn’t return emails on time.

These statistics show that while more than 75% of advisors claim that they provide excellent service, they don’t. You can stand out by not joining these statistics. However, it is not only about offering good customer service. It is about doing so consistently. 

You cannot return calls on one day and not do so the next. Create a model that works for you and your team with the interests of your clients at heart. Once you follow the model regularly, you will begin to see results.

Making a difference as a financial advisor and standing out to clients is not as hard as you might think. Implement these concepts in your firm, and clients will have good things to say about you. Don’t hesitate to use Marsview for all your note-taking needs.

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