January 20, 2020 / by Don Connelly / Marketing Yourself / 0 comments
There are thousands of pizza vendors in the United States. But only one of them is known for, “Fresh, hot pizza in 30 minutes or less, guaranteed.”
There are thousands of clothing retailers in the United States. But if I say the words, “You’re going to like the way you look. I guarantee it,” I guarantee you’ll know exactly whom I’m referring to. You can probably see his face.
If you don’t already know what your value proposition is, you probably don’t have one.
Your value proposition establishes two things: The value that you bring to the relationship and why you’re the one they should engage to bring it.
A great value proposition has six characteristics:
It defines who you work with;
It focuses the client experience – not your qualifications.
It addresses specific problems you can solve for the client.
It’s unique to you in your market. None of your competitors can quite say the same thing.
It connects with the client on an emotional level.
It helps you justify your fees so you’re competing on something other than price.
Here’s how to create your value proposition so it has these six characteristics.
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Stop Justifying Your Fees and Start Explaining Them in the Context of What Your Prospects Value
March 6, 2023 / by Don Connelly / Best Practices / 0 comments
The financial services world has undergone significant change in the last few years, mainly for the benefit of those seeking financial advice. They have more options, investment costs are decreasing, and they have more protections thanks to the regulators. However, for financial advisors, the more things change, the more they seem to stay the same—at least as it relates to fees. Advisors still find themselves in the unenviable position of having to withstand fee compression while, at the same time, justifying them to their clients.
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How to Clearly Demonstrate Value so Your Clients Don’t Question Your Fees
April 12, 2021 / by Don Connelly / Marketing Yourself / 0 comments
As a financial advisor, you know you bring value to your advisory relationships, which, in your mind, justifies the fees you charge. Your challenge is that, from your clients’ perspective, value is difficult to define. It doesn’t make it any easier when you consider that a client’s assessment of value is subjective, which can vary from client to client. A study by Vanguard attempted to quantify an advisor’s value in terms of how the right advice—primarily keeping clients from abandoning their strategy—can potentially increase a client’s returns by as much as 3% annually. The problem is that difference in performance isn’t apparent in your clients’ statements.
So, how do you demonstrate value in a way that makes your clients not feel the need to question why they’re paying the fees you charge—that they are getting their money’s worth? It may be as easy as simply giving your clients what they want.
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Sales Jiujitsu: How to Introduce Yourself as a Financial Advisor
July 20, 2020 / by Don Connelly / Presentation Skills / 2 comments
Occasionally I get asked about the best way to introduce yourself as a financial advisor.
That’s an important skill. But in some ways, focusing on introducing yourself to other people is looking at the problem from the wrong direction. There’s always the risk that going to a business mode when the prospect is not yet receptive to it will cause them to go into “shields-up” mode.
Instead, turn that process inside out: Consider finding ways to get prospects to introduce themselves to you.
The difference is fundamental.
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How to Create a Value Proposition
January 20, 2020 / by Don Connelly / Marketing Yourself / 0 comments
There are thousands of pizza vendors in the United States. But only one of them is known for, “Fresh, hot pizza in 30 minutes or less, guaranteed.”
There are thousands of clothing retailers in the United States. But if I say the words, “You’re going to like the way you look. I guarantee it,” I guarantee you’ll know exactly whom I’m referring to. You can probably see his face.
If you don’t already know what your value proposition is, you probably don’t have one.
Your value proposition establishes two things: The value that you bring to the relationship and why you’re the one they should engage to bring it.
A great value proposition has six characteristics:
It defines who you work with;
It focuses the client experience – not your qualifications.
It addresses specific problems you can solve for the client.
It’s unique to you in your market. None of your competitors can quite say the same thing.
It connects with the client on an emotional level.
It helps you justify your fees so you’re competing on something other than price.
Here’s how to create your value proposition so it has these six characteristics.
Read more
5 Steps to Attracting and Retaining More Clients
December 9, 2019 / by Don Connelly / Best Practices / 0 comments
Lack of success in this industry can be a result of many failings – from a lack of business acumen to ineffective soft skills. In this post we’ll look at some key areas many advisors might consider focusing on in order to attract and retain more clients.
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How to Make The Most of Your Value Proposition
October 7, 2019 / by Don Connelly / Marketing Yourself / 0 comments
Too few advisors know what a value proposition is or why they need one. Others understand the importance of identifying their unique value, but don’t know how to articulate it.
This is a serious mistake, because unless a prospect understands what you do and why you do it, they’ll remain unconvinced about your worth. In fact, without a strong value proposition your business won’t even get off the ground – it’s the first step in building your financial advisory practice.
Here are some tips on creating and expressing your value proposition.
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5 Reasons Why You Should Take The Time to Educate Your Clients
September 23, 2019 / by Don Connelly / Best Practices / 0 comments
Don’t shy away from being a coach and educator to your clients. Adding in this extra element can help set you apart from the competition and deepen your relationship with them.
If you aren’t already educating your clients, here are five reasons why you should start doing it right away.
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How to Elevate Your Brand and Justify Your Fees
August 12, 2019 / by Don Connelly / Marketing Yourself / 0 comments
If you provide above average service, you deserve to charge above average fees. Don’t underestimate yourself. Make sure you get paid your worth by focusing on creating a business brand and style that clearly communicates your value.
Price is never the only consideration.
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The First Client Meeting: Are You Making Any of These 10 Common Mistakes?
March 11, 2019 / by Don Connelly / Managing the Relationship, Prospecting / 0 comments
It’s all too easy to slip up in the first meeting and lose any opportunity to open the account – and this is especially true for new advisors.
In this post we’ll help you identify mistakes you could, without realizing it, be making. Take an honest appraisal – do you recognize yourself doing any of the following? If so, take action to fix these mistakes.
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