Whether retirement plans are core to your practice or part of a larger strategy to help clients, you’ll compete more effectively if you successfully communicate how you differentiate yourself from other advisors. From the perspective of many business owners, most financial advisors provide pretty similar services and say many of the same things. The key is to help them understand why a relationship with you can benefit them. That’s what we call answering the “why us?” question. It’s more than explaining what you do and what you recommend, but why they should do it with you.
To be sure, your years of professional service and your credentials matter, but in a universe with many people who share the same designations and path as you, these things may not distinguish you as well as you’d like.
The opportunity here is to focus on the solutions and the outcomes you help drive, rather than focusing on the services and products you can offer. It’s easy to forget that the rules and regs and jargon and choices you take for granted everyday are still pretty foreign to many of your clients and prospects - even if they don’t admit that to you out loud.
Tied to all of this is the goal of guiding people to being comfortable in making important decisions about their future. So, why are YOU a good choice to help them get there?
The key is to focus on your understanding of these important challenges and how you partner with other industry experts to deliver real value.
Sometimes it’s as simple as choosing the right words so clients feel like they have a true partner.
For example, discuss how and when you partner with attorneys, CPAs, TPAs and recordkeepers to bring best-in-class service. Communicate how you proactively look for opportunities to optimize participation.
Demonstrate how you and your retirement plan partners will create a customized plan to optimize participation, be tax efficient, and set a path for good outcomes. Your orientation to be a partner for the long term will help set yourself apart.