You Don’t Have to Fear The Competition
You, like many other advisors, may feel you work in a highly competitive environment where the competition is trying to outmaneuver you every step of the way. In reality, however this isn’t the case. As is true of any profession, most of your competitors are not fully engaged on most days. They show up for work each day unmotivated or with an ambivalent attitude. If you, unlike other advisors, develop superb soft skills, have a great work ethic, and exude positivity – you’ve already beaten the competition hands down.
Stop comparing yourself unfavorably to others
Don’t sit around worrying that other people are doing better than you or you will create a self-fulfilling prophesy. Realize that these feelings are self-sabotaging and not based on rationality but only on fears of what ‘could’ happen. Steer yourself away from negative thoughts. Remember how much your advice has helped people in the past and identify your gifts. Focus on why someone should do business with you rather than someone else.
Do your clients believe you care about them? Do you go to great lengths and regularly exceed their expectations? Are you productive and efficient in your everyday business and do you communicate regularly with clients? Are you sensitive to any fears clients may have?
If you can answer yes to the above, then you are a valued and positive force in the lives of your clients. And for this reason, people will gravitate towards you rather than towards your competitors.
Don’t see Robo Advisors as a threat
Robo Advisors are not any kind of competition to you as a full-service advisor, any more than Keurig is a threat to Starbucks. A Robo Advisor provides algorithm-based portfolio advice and while they may rely on some of the same software as you, they cannot get involved in complex wealth management issues.
Robos have their place in the market – it’s a large market after all – and they can supply a solution to certain investors. These robo devotees would never be good prospects for your services, because your clients have heartfelt financial objectives and require your ongoing input and commitment.
Remember you’re the whole deal
Think of yourself as an iPhone. When people buy an iPhone, they don’t just want to use it to make calls – they want all the add-ons, they want the whole ‘Apple’ story. So, build your story and let prospects know that if they retain you and pay you a fee you will pay them back triple-fold. Managing their money is only a small fraction of what you can do for them.
Unlike a Robo Advisor you truly care about your clients and their long-term security. You help them formulize their goals, prioritize their opportunities, and achieve their long-term financial aims. You are there to hold their hand throughout the entire investment journey.
By putting the time in and practicing your soft skills you can offer something completely above that of a robo or mediocre financial advisor: That is a complex, customized service to help clients prepare for retirement or save for college. No Robo Advisor can hope to match the broad-based value that you can deliver to your clients.
So, don’t get frightened that there will be a race to the bottom. If you can offer a personalized service and have a caring approach that exceeds clients’ expectations, you will stand out from the crowd and be successful.
Even though there are many advisors doing the ‘technical’ part of a financial advisor’s work, nobody can do this job as well as you. So, you don’t need to see the competition as a threat. Acknowledge that the competition is there, and use this to spur you on and give you the impetus to excel and you will become the elite advisor you know you can be.