It’s no longer a secret or surprise to most financial advisors that the ability to connect with their clients and where they are in their personal lives is more valued than the ability to vet which funds are going to outperform. In fact, advisors who can listen to what their clients’ aims are and address how they will solve specific problems are likely the same advisors who reap more referrals.
Despite the evidence that connecting to the softer side of financial issues sells, too many RIA firms market around their business IQ and not their emotional IQ. According to the Vanguard Center for Investor Research, client feedback indicated that emotional outcomes account for 45% of total perceived value from the financial planning process, while 55% of perceived value is associated with tangible aspects of the relationship, such as portfolio management and financial planning.
It’s not just a question about values versus valuables. It’s about the client experience, or specifically, the client’s experience with how their money works to support them.
The financial advising process, if done right, will often uncover long-held secret concerns, fears or hopes for the future, and a sense of what keeps clients up at night. This speaks volumes about the intimacy of the advisor-client relationship and how advisors can truly change the lives of entire families. It’s time to make sure your marketing matches up to where clients’ hearts and minds have gone.
Creating the mindset
When creating a marketing plan, whether it includes social media, advertisements or a blog-content calendar, it is important for wealth management firms to understand that clients and prospects do not want to feel like they are being sold to. Rather, they are looking to be heard and understood on a deeper level.
According to the American Marketing Association, “The best empathetic practices aren’t all that different from choosing the perfect birthday gift for a loved one: Think less about what you would want and more about how it would make the recipient feel.” This is the mindset that advisors should always have when it comes to crafting marketing collateral with the goal of attracting and retaining clients.
Current environment
The COVID-19 pandemic and ensuing market volatility have presented prime opportunities for advisors to show off their soft skills. Now more than ever, people are looking for empathy and compassion as they grapple with whatever economic situation they might be facing. With all that is going on in markets today, clients throughout the wealth spectrum might be feeling uneasy about their money. They want an advisor who can anticipate their worries and respond to their needs while keeping their emotions in mind.
Now more than ever before, advisors who put these skills at the forefront of their practices and reflect them in their marketing materials will have a better chance at winning over prospects. Hard skills like economic expertise and investing acumen are important, but most clients and prospects will likely assume that you already have those attributes if you’re a practicing advisor. What will set you apart is an ability to connect deeply and create a genuine bond with families that is truly rooted in your desire to impact their lives for the better.
Putting a plan in place
If you have not been highlighting your soft skills in your marketing plan, it’s never too late to start! When evaluating your marketing strategy and content, ask yourself the following questions:
● Does it reflect who I am and what my values are?
● Am I coming off as genuine or salesy?
● How can I humanize this content more and make it relatable for the audience?
A great starting point is to create content that does not focus on your credentials and capabilities, but instead provides useful information to your audience. This shows you are not just reaching out to try to get them to work with you, but rather are here to offer helpful insight that can make their lives easier.
Being an advisor is all about building long-lasting relationships and improving the financial well-being of clients. These days, the advisor-client relationship is so much more than just a monetary transaction and investment management process. For many families, it is a bond that can last for generations. Showcasing that you are a human being first, who is dealing with the same ups and downs of life as everyone else, can go a long way when you are marketing to attract new clients and build relationships.
● If you are an advisor who wants to learn more about how to market your soft skills, please contact us!