The hidden challenge for advisers

Vanessa Stoykov,  creator,  No More Practice

I spoke at an event recently to over 200 women about unlearning their habits around money, and planning their lives intentionally. Not just for their financial situation but also their overall life plan.

By the time I had finished I definitely felt a wave of positive feedback in the room. People wanted a plan. They wanted to be intentional with their money. But who should they trust to help them?

This was in fact the biggest elephant in the room. While around 80% of the room were convinced that they needed financial planning advice, most felt they didn't know anyone, and were unsure whether they could trust someone they found on Google.

I get asked all the time who my adviser is. I know I have sent him many leads over the years, by simply answering that question. What that means is the person people are really trusting is me. If I use someone and trust them, then they should to.

This mouth to mouth referral system is most likely the best way good advisers are going to grow their practice. While PR, and digital marketing may help, existing clients saying good things is the most powerful way to build transferred trust. The hidden challenge in this of course, is having clients who are happy to spread the good word. The opportunity is to find those clients with broad networks who can be asked the question “who is your adviser?”.

It’s been an interesting experience watching the advisers on our show Secrets of the Money Masters deal with their celebrity clients. I know for a fact it has translated into more clients for many of those advisers, because our celebrities went on record with their financial experience, others could see first-hand the process, and build trust via that. While not everyone can get celebrity clients and have it recorded on TV, there are lessons we can take from this.

The first is that video works. People seeing first-hand the experience clients have had with you can really help. So can you identify a couple of clients who don’t mind talking on camera, who are willing to share their experiences? This is certainly not for everyone, so you need to choose your targets carefully, because they will become your sales force for your business.

The second is that clients with a profile or a big network are a massive advantage. If you consciously look for clients in this space, it can help you build your practice significantly. Here you are not looking for profitability as much as influence.

While none of this is rocket science, it is about being intentional in planning for your business growth. The right clients can help you. And of course, you will help them, so it’s a win /win for all.

Because without ways to proactively build trust, spread the good word and demonstrate your value, the challenge of building your business in the future is a lot harder. After all, the value of advice is worth spreading.

 

Until next time


The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.

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