Do Not Expect The Media To Describe Your Value
If you're waiting for the press outlets to "position" you as a Trusted Advisor providing extraordinary value, I've got a slightly-used blown well-head in the Gulf of Mexico to sell you.
Here's a piece from "National Horizon" (a global news site focusing on India and other world news) dated July 30, 2010, which humored me:
This article is unlikely to inspire someone meeting your Ideal Client Profile to go online and seek you out. As a matter of fact, I doubt you have "facing mortgage foreclosure" as an item you look for in Potential Ideal Clients. This recommendation to seek an advisor when the wheels have all but already fallen off the bus and disaster is looming is not wrong, it just misses the point that a client delegating to a Trusted Advisor would likely not be facing foreclosure. The issue would have been proactively resolved long before reaching that unfortunate stage.
Because the financial industry has done a poor job of describing for the public the differences between types of financial advisors and services, each of us are left to fend for ourselves.
It is, therefore, incumbent on each of us to articulate the great value we bring to our client's lives. Each comprehensive financial advisor must embark on a crusade to clearly state their value in a clear, unambiguous, compelling and conversational way.
So here's a multiple choice for you; which value proposition do you think will appeal to your Potential Ideal Clients most?
A. I help families facing imminent financial disaster (or with modest means, or "do-it-yourselfers") select the best, among the limited, financial options available to them.
B. “For 1% of your assets (or whatever) and / or commissions I’ll give you investment advice, an asset allocation strategy, over-see the money managers, and do some tax and estate planning with you.” (Same wishy-washy proposition most financial advisors promise, making your value indistinguishable).
C. “For $_____ (flat fee) or _____% of your net worth or assets, you get comprehensive financial services. That means that I will hold a team of best-in-class subject matter experts accountable to make sure you receive the best advice to get your entire financial house in perfect order and keep it that way… forever.”
So which is it? And by the way... once you can clearly articulate your value, how many people in your community even know you exist, the value you provide and what your Ideal Client Profile is?
I think we all know that the media has no clue what value a truly Trusted Advisor provides, but the real question is have you done an adequate job fixing the confused notion that every Potential Ideal Client has about what exactly it is that you do?
