With today's headlines, proactive transparency becomes even more important. Madoff surrounded himself with an opaque wall, not showing anyone what he was really doing. How can you show that you are the opposite of that? Combat the assumption (association) that all financial firms are hiding something, and do it by becoming proactively transparent. Specifically, become transparent about:

How you make money. Be upfront and specific about when and how you get paid.
All fees and charges they'll incur. Be upfront and specific about all fees and charges, even the little ones.
Oversight. Let clients and prospects know about the checks, balances and oversight in place to protect them. Mention specifically your broker/dealer, custodians, accounting firm, etc. along with specific oversight measures in place.
Client commitment. Outline your commitments in writing. This way you can graphically show your clients what they can expect from you. Call it a "Bill of Rights" or your "Unconditional Promises." Otherwise, it's possible that your prospects may imagine a black hole into which their money could go if they gave it to you.

Step 2. Prove Your Credibility

It is no longer enough to merely BE credible. Now, you must be able to prove and demonstrate your credibility. The most effective way to do that is to prove it before anyone questions it, and you do that in these ways:

Publishing. Publish books, articles, and white papers. In them, you would tell stories about specific situations in which you made appropriate and successful decisions. You would discuss specific strategies and show your relevance and expertise in areas that are important to your clients. (Warning – If you can't write at a professional level, get help.)
Speaking. Book yourself to speak at every luncheon meeting for every organization you can find. (Warning – These are very different from sales seminars, so if you're not trained in how to write and/or deliver a speech, get help.)
Introductions. We call these "credibility introductions" It means finding someone to introduce you who the client already perceives as credible. This enables you to gain credibility by association.
Explanations (of Credentials and Licensing). The financial services industry has more designations than any other industry and as such, it's difficult for clients to know which are credible and which are suspect. Help your clients make the distinction. Develop a simple explanation of the professional designations and licenses. Show your target market what they really mean. Expose the less credible ones, and highlight the highly credible ones.

In Conclusion

In this first installment, we've given you some steps to help you separate yourself from the bad press, show yourself as different and better, and use this challenging environment to your advantage.

Instant Insights /

8 Ways to Distinguish Yourself in a Challenging Market (Part I)

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