Whenever I interview a prospective coaching client I first ask them to describe their practice to me as if I was a potential client. Most people stumble around because they don’t have a clear understanding of what they are offering beyond the investment. I was working with several strong advisors from Florida and asked each of them to give me bullet points that demonstrate the strength of their practices. I heard the following:
When I heard those bullet points I though back on training I had very early in my career. That training was knowing the difference between features and benefits. Facts are important. However just stating the facts doesn’t specifically tell the prospective client what these facts mean to them. It’s too vague. How could they expound on those bullet points so the client/prospect really understands their value. Here are a couple of examples.
1. 45 years of experience is a fact and it is important. But what is in it for the client that a team has a lot of experience? Among the benefits for the client:
2. Proactive advice is a fact. The benefit to the client would be making decisions in anticipation of changes in markets. You don’t chase the “hot dot”.
3. Having a planning driven practice is the core of a Supernova practice. However, for the client it is:
Answering this question is easy for a Supernova advisor:
“I have a small, concierge- sized practice with 100 or fewer clients. And because of that we offer exceptional client service, which we call, 12-4-2. That means we contact every client at least one time per month and 4 of those contacts are reviews, 2 of which are in-person. We also have a planning-based investment process that manages risk as well as fulfilling investment goals. We work best with those clients who have $1,000,000 or more in investable assets.”
In just a few short sentences, a Supernova advisor makes clear the distinction about their practice compared to other FA’s.
And, when speaking with a prospect or COI, a Supernova advisor can always add that this question to a conversation, “Tell me, what are the value-added things you receive from your current provider? What’s their service commitment to you?”
Very few advisors can comfortably recite their distinguishing characteristics.. and, of course, their clients can’t either.
The next time you are telling a prospective client about the facts of your practice, make sure you telling them about what these facts mean to them. It makes your practice a lot more appealing.
Write down your bullet points and see how you can break them down even further into concepts that relate directly to the person you are talking to. You should be able to immediately launch into your “story” without having to think about it.