In the iconic movie Tin Cup, actor Kevin Costner plays the title character of Roy McAvoy who says to his caddy, “When a defining moment comes along, you can do one of two things. You can define the moment, or you can let the moment define you.” It’s a piece of wisdom that should be taken to heart by everyone in the financial advisory profession.
Step Up And Stand Out
The financial industry finds itself at yet another defining moment in time. Advisors nationwide are staring at the uncertainties of current events and wondering what’s next. No one has the answers because the situation is so fluid and unlike anything that’s happened before. While some advisors stay fixated on things they cannot change, other advisors are rising above the challenges they face and defining the moment in ways that prove their true value.
These are unprecedented times. Clients are feeling the shock and awe of their portfolios in decline. Most are fearful and yearn for clarity and direction from their advisors. How advisors respond will either solidify or shatter their client relationships. What is occurring now is a critical event that will cull the advisor herd from those who talked the talk and those who show they walk the walk. Amid unparalleled challenges, some advisors will step up their game and seize upon the extraordinary opportunities that exist.
Communicate Your Value Proposition
The most proactive starting point is client communications. When you communicate with clients, be pragmatic. Tell them the truth. Clients don’t want their reality sugar-coated. They want the facts and they will appreciate the facts even if it’s not what they want to hear. Next, offer guidance. Explain your solutions. Remind them of your expertise and experience during other critical crossroads in the markets. This is the perfect time to explicate your value proposition and the very reason why having a value proposition is so important.
Put empathy in your client communications. These are very humanizing times, so listening to your client’s personal stories and sharing your own can help maintain the trust you’ve worked so hard to earn. They need to feel you care, so be relatable to their fears and concerns. Embrace their emotions and inquire about the well-being of their family and friends. Some of them may not be getting answers from their advisors and offering them your counsel can create acquisition opportunities that would never have been possible under different circumstances. It’s also an opportunity to build the case for clients to consolidate their assets with you.
Don’t forget about your prospects. Their mindset is the same as with your clients. Communicate with them in the same vein, factual and empathetic. They will appreciate you thinking of them and it could create opportunities for more meaningful discussions.
Seize The Opportunities
Creating focused messaging can be a powerful differentiator for advisors during these difficult times. It can favorably set you apart from your competition and propel your practice to a higher level. If you define the moment instead of letting it define you, clients and prospect can’t help but notice and remember the greater value you provide.
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