articulate your value Archives - Don Connelly & Associates

Best Referral Sources for Financial Advisors

June 26, 2023 / by Don Connelly / Prospecting / 0 comments

Any financial advisor who’s been in business for more than a minute knows the best way to grow a practice is through referrals. We’re taught from the very beginning that the best source of quality referrals is from clients. Advisors who focus on differentiating themselves by delivering exceptional, highly personalized services to their clients are often rewarded with referrals.

But clients aren’t the only source of referrals. Many highly successful advisors create a comprehensive referral marketing strategy that taps multiple sources. While building a fruitful referral network can take time and effort, it is the one sure way to establish a steady stream of qualified prospects.

Here are five of the best referral sources financial advisors can develop.

Winning the “Why Do I Need a Financial Advisor” Argument

April 24, 2023 / by Don Connelly / Best Practices / 0 comments

Winning the Why Do I Need an Advisor Argument

Long before it became a field of academic study, legendary investor Benjamin Graham knew a thing or two about behavioral finance. Graham went on to say, “In the end, how your investments behave is much less important than how you behave.”

For financial advisors, understanding how emotional and intellectual processes combine to influence investors’ decisions offers the opportunity to help their clients avoid costly mistakes and optimize investment outcomes.

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.

5 Red Flags That Will Cause Your Prospects to Dismiss You

April 19, 2021 / by Don Connelly / Managing the Relationship / 0 comments

You never see it coming, and you may never know the reason why. A prospective client you have carefully cultivated agrees to a meeting to learn more about how you can help them. It seems to go well. Their heads were nodding up and down, and they laughed at your joke. At the end of the 30-minute meeting, you suggest the next step with an offer to follow up with them. Turning toward the door, they reply, “We’ll let you know.”

You know that’s the end of it. So, you replay it in your head, asking, “What were the red flags that soured their perception of me?”

Whether the outcome of a prospect meeting is good or bad, you should always replay it in your mind. With a positive outcome, you need to know what worked and why. For a negative outcome, it’s vital to understand what didn’t work and why. Identifying the negatives is often more difficult because it’s hard to be self-critical. But that’s where the path to self-improvement begins. To help in your diagnosis, we list the five of the most common red flags that could cause your prospects to dismiss you.

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.

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.

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.

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.

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.

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.

1 2