Taking these steps will help youto better articulate why you're different from other advisors oragents. (Photo: Shutterstock)

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This article is excerpted from “Captivating the WealthyInvestor.”

1. What differentiates your firm from the competition?

Most financial services firms look alike to the wealthyinvestor. Why should the prospect choose your firm versus a competitor?What makes your firm stand out?

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Can these characteristics be quantified?

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Assignment: Develop a list of 10 reasons to dobusiness with your firm.  Include backup documentation foreach point.

2.  What differentiates you from other advisors?

You have established why the prospect should do business withyour firm. Why should the prospect do business withyou?

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How are you different from other financial advisors? Consider two categories:

  • Strengths:  What do you do really well?
  • Areas of improvement:  What are you lacking?

Assignment:  Compile a list for eachof the above categories.

3.  Package your strengths as a story.

Lead with your strengths. How can this information becommunicated to a prospect in a casual way?

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What are the benefits of these strengths to a client? Choose three or four key strengths.

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Assignment:  Develop a story you candeliver when meeting with a prospect.  Include three orfour key reasons to do business with the firm and three or fouradditional reasons to do business with you.  Include thebenefits to the client with each point.

4.  Who is your market? What are their needs?

Review the profile of your ideal client:  Are they inspecific fields or professions?

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Do they own their own business or are they part of a company'smanagement team?  Are they retired or close toretirement?

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Determine the needs of your ideal clients as they relate to yourstrengths and weaknesses.  (It's difficult to be apersonal CFO if your ideal clients are retirees from the publicsector.)

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Assignment:  Write out a profile ofyour ideal clients and compare their needs to the strengths youhighlight in step three.

5.  Discuss the subject with your currentclients.

Good clients often want to help you succeed. Explain yourprocess of quantifying the value you bring to the relationship andask for feedback.

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Good clients will be candid about both your strengths and areasof improvement.  Listen with an open mind.

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Assignment:  Develop a list of theclient feedback you received. Are strengths and areas ofimprovement consistent across both lists?  Adjust yourlist of necessary.

6.  Continue developing your story.

The client feedback you received may add other strengths to thelist or provide ideas for skills to acquire, such as expertise inmeeting a need shared by many clients and prospects.

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Take steps to address areas of improvement such as enrolling inclasses or online learning.

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Assignment:  Complete your story inwritten form based on feedback.

7.  Determine how you will deliver your story.

How will clients and prospects learn what makes youunique?  Will you incorporate the story into theintroduction for public seminars?  Explain it duringclient/prospect dinners?  Include it during the firstmeeting with prospects?

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Assignment:  List situations where youmeet clients or prospects. Develop a strategy for each situation tocommunicate the story.

8. Role play “telling your story” with peers.

Practice, practice, practice.  Develop answers toquestions the prospect may ask.  Be prepared to prove eachpoint you make if necessary.

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Assignment: Practice the story at least sixtimes at length with different advisors plus another six withfriends who will ask questions.

9. Use the story with prospects and clients.

Start telling your story when you have the opportunity. Utilizeit with clients and ask for referrals that would benefit from yourskills. Share the story with prospects as a means of explaining howyou add value.

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Assignment:  Frequently use the storyand keep track of questions asked. Develop a list of appropriateanswers. Fine tune as necessary.

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Bryce Sanders is president of PerceptiveBusiness Solutions Inc. He provides HNW client acquisitiontraining for the financial services industry. His book,“Captivating the Wealthy Investor” can be found on Amazon.

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READ MORE:

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10 commandments of time management

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14 tips for cold calling: Because cold callingstill works

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Bryce Sanders

Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”