What makes your firm stand out? If you can answer this question— or better yet, if your clients can answer it for you—it gives you a vital edge over the competition. But it isn’t an easy question to answer, especially when more than 300,000 other personal financial advisors in the U.S. are asking the same one.
Thinking about those other 300,000 advisors, however, just makes the question more difficult than it needs to be. In reality, geographic location narrows down your competition considerably.
You can narrow it further by developing a niche market. See if your existing book offers suggestions for a focus area—members of a specific generation, industry, social group, etc. Or, do your own interests lead you to focus on a certain market segment?
Targeting a specific market is effective because a large slice of a small pie is just as good as a small slice of a large pie. And, having a niche makes the answer to the question of why you are the best easier: because you have more targeted experience.
The most serious problem in finding the answer to what makes your firm stand out is looking for it in words...a series of just the right sincere and convincing words.
You may have tried describing your firm through the perfectly reasonable adjectives of “trustworthy, competent, dedicated, hard-working.” But, so have the other advisors...because those are the basic qualities investment advisors are expected to have. They don’t make you unique—they just make you qualified.
An effective way to help make your firm stand out is to worry less about who and what you are and really focus on your clients. Look through their eyes and think with their brains:
Care deeply about that and your answer will write itself. After all, what’s the more effective recommendation? “Try my advisors, they are trustworthy and competent.” Or, “Try my advisors, they’ve helped me live the life I always wanted!” Passionate advisors create passionate client-advocates.
Most financial advisors do the same basic types of services, and that’s alright. You don’t need to reinvent the financial industry to shine. If you can offer your clients service that’s more responsive to what’s important to them, that can make your firm stand out.
It’s time to Be Invincible. At Goldman PFM, we are committed to forging bonds with service-driven advisors to give them more power to help their clients live their best lives. We apply every resource of imagination, methodology, and technology that we can find to this goal.
Because not all firms and client bases are alike, we offer multiple ways for your firm to work with us.
To take the first step toward improving your end-to-end client relationship while giving yourself time to re-focus on sharing your indispensable personal knowledge and guidance, register for a demo of FinLife® CX digital tools and process.
For Financial Professional Use only. This document and any attached materials are the sole property of United Capital Financial Advisers, LLC (United Capital) and are not to be used by you other than to evaluate United Capital’s service and/or products. United Capital Financial Advisers, LLC (“United Capital”), is an affiliate of Goldman Sachs & Co. LLC and subsidiaries of the Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management and financial services organization. This document and any attached materials are not to be disseminated, distributed, or otherwise conveyed throughout your organization to employees without a need for this information or to any third parties without the express written permission of United Capital.
United Capital Financial Advisers, LLC (“United Capital”), is an affiliate of Goldman Sachs & Co. LLC and subsidiaries of the Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management and financial services organization. Investing involves risk and clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions.
The information contained in this blog is intended for information only, is not a recommendation, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances. This blog is a sponsored blog created or supported by United Capital and its employees, organization or group of organizations. This blog does not accept any form of advertising, sponsorship, or paid insertions. Certain authors of our blog posts may be influenced by their background, occupation, religion, political affiliation or experience. It is important to note that the views and opinions expressed on this blog are that of the owner, and not necessarily United Capital Financial Advisers. As a Registered Investment Adviser, United Capital does not allow any testimonials on their blog, and any comments deemed as such United Capital will remove.
United Capital does not offer tax, legal, or accounting advice; therefore all articles should not be taken as such. Readers should obtain their own independent legal, tax or accounting advice based on their particular circumstances. All referenced entities in this site are separate and unrelated to United Capital. Any references to any specific commercial product, process, or service, or the use of any trade, firm or corporation name is for the information and convenience of the public, and does not constitute endorsement, recommendation, or favoring by United Capital.