“I had a discussion with an advisor last week about how to introduce himself to prospects. He would get introduced to someone and they would ask what he did. He would say, “I work at (and name his firm).”
Why is that the wrong answer?
It’s not about where you work, it’s about what you do. Granted, he works at a wirehouse. But what he does is ‘specialize in planning for retirement for a limited number of high net worth individuals and families.
Depending on whom he is talking to, he will add, “I created sophisticated financial plans and cash flow projections for high net worth individuals that want to know what is going to happen to their money.
He could also add “I have monthly contact with my clients and give them quarterly reviews that include two in-person meetings, rapid response to their concerns with a 24 hour resolution (the Supernova Standard)
Each team that incorporates Supernova into their business model builds their service around this Supernova Standard. That’s what you do. Supernova is an organized service model that you can deliver. There are several benefits to embracing this:
• You establish a solid brand based on competence and service that allows you to raise your fees and raise your minimum each year.
• You are building a bank of trust by doing what you say you will for your clients. They will return the favor by giving you referrals
• You will know your clients better therefore lowering their risk
• You will dramatically improve your prospecting results
Your competitive advantage isn’t being the best money manager in the world. Your competitive advantage is your service model. In a business where there is so much we can’t control it’s nice that your biggest competitive advantage is something that you have 100% control over.