For many financial advisors, having the ability to effectively and efficiently provide solutions to new clients doesn’t always translate into prospects making the choice to engage in a planning agreement with the advisor. Sometimes, this can be caused by overlooking what many prospects truly value most, which is the path to the solution (i.e., how the advisor will implement a strategy) instead of the solution itself!
But making a simple change from focusing on what the solution is, to how it will be implemented, can have a profound effect on how prospects and clients perceive the advisor’s value. As while all financial advisors can provide a financial plan, the methods they use to implement the strategies, and that help clients realize the goals in their plan, are what really conveys the unique value that prospects seek from their advisor in the first place!
As while clients aren’t necessarily concerned about the fact that they will get a plan or have their assets managed by the advisor – they already know and expect that this is the case – what they do care about is the process the advisor will implement to deliver those services. This is where the advisor’s differentiating value is found for many prospects.
Accordingly, learning to talk about how services will be provided, with less emphasis on the specific services themselves, is important but can be a difficult shift for advisors to make. By creating a chart that clearly identifies not just the services the advisor offers (the advisor’s “whats”), but the processes they use to provide those services (the advisor’s “hows”) can be used as a reference tool for the advisor exclusively internally as they learn to focus on processes versus services. Alternatively, the chart can be created as a way to facilitate conversations with clients and prospects during meetings to explore not just their financial planning priorities but also the expectations they have of their advisor.
Ultimately, while financial advisors may find it difficult to articulate their value in ways that are most meaningful to prospects, identifying how to switch to focus on language that highlights the “how” of an advisor’s services instead of just which services are actually provided, can be a good opportunity to showcase value that will resonate with the prospect most.