Don’t assume that people are excited to talk about the core deliverables of your firm. After all, those things are supposed to be there (i.e. sound investments, good service, good food, etc.). What people will remember and talk about are the unexpected things you have done or said that set you apart. And, it’s often the small things that grab their attention.
A memorable interaction should result in leaving something behind with the people you encounter: a thought,
The industry discussion of advisor fees realistically is not an issue with fees. The issue is with the communication of the value associated with the fees. Most advisors provide value beyond the assets under management fee structure. But in many cases, the fees are presented only in relationship to assets under management. Do you see how that can become problematic?
When fees are presented only as AUM-related, then the only value really is the investment process that drives the investments.
People believe what they want to believe. Even if others feel they are being irrational or not considering available facts, their beliefs often hold strong. Just consider what is happening in politics these days. A simple statement of what one person believes can quickly turn into an argument.
Knowing this, we have to take a look at how we talk to prospective clients when we want them to work with us. Many can make the mistake of telling prospects why your firm is better than the firm they are currently working with,
I have observed many firms attempts to create loyalty amongst their staff. The problem: loyalty is not something you can force upon people or manufacture.
But we all want our best staff, teams, and coworkers to be loyal – so how can that be achieved?
Leadership 101, the Hawthorne Effect (study by Harvard)*, and almost all research conducted on workforce development have suggested that the way you create a loyal and inspired workforce is through changing the way employees feel about the organization,
If your marketing isn’t working the way you want, it is likely not a lack of money or time that you have invested. The most important element in ALL business development efforts is actually your words.
If someone says your fees are too high, it is most likely your words (describing your value). If a seminar doesn’t work – it’s likely the words on the invitation or the words in your presentation.
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