5 Ways Financial Advisors Can Stand Out

Attracting the ideal client can be quite a challenge, particularly for financial advisors, because the field is getting more and more crowded.First you have to determine your niche, then you must offer solutions to that market’s needs. Finally, it is critical to communicate effectively with who you are targeting—to be where they are looking, when they are looking.

Even if you offer the right products to your niche and market them expertly, standing out will require differentiating yourself with a competitive advantage. The most successful companies focus on a single capability or quality that solves their ideal client’s most pressing pain point. Think about McDonald’s: not the best-tasting or healthiest food, but you know it will be faster than Wendy’s or Arby’s.

Find out what matters to your client, then deliver it better than anyone else. Tailor all your marketing efforts to incorporate the message “We are best at ______________ “ (your differentiator or USP—Unique Selling Proposition).

Here are 5 tips for determining and sharing your differentiating quality:

1. Every financial advisor offers similar products, but clients stay with them for how well they play their roles. Are you best at educating, counseling, coaching or holding client accountable to their goals? What products, services and tools can you cultivate to enhance your abilities in your best area?
2. Think about what drew your existing clients. Why are your longest-term clients still using your firm? Are you easier to work with? Are interactions with your staff more pleasant? Do you have more convenient service delivery methods? What is the most satisfying complement you ever received from a client? Do you think other customers also appreciate that quality?
3. Position yourself as the cutting-edge expert in your chosen niche. Continually offer fresh resources specific to your target’s financial challenges. Write or provide links to blogs with of-the-moment tips. Communicate in an innovative way, or offer creative pricing. Sharpen your knowledge by attending workshops or getting new credentials. Form a partnership with another business or organization that serves your target.
4. Study the competition. Find their weak points by reading reviews. Solve the pain pointstheir clients experience.
5. Once you have your differentiating factor, determine the best way to communicate with your ideal client. What do they read, watch and listen to? Do they belong to certain organizations? Make it easy for them to find you.

It can take time, but focusing on your competitive edge will make all the difference in the success of your firm.

And you don’t have to do all this alone. EMI’s Competitive Differentiation Program can do the heavy lifting. To learn more, contact me at [email protected], 513.309.0719 or visit https://eminetwork.com/programs/.